LIFE INSURANCE

Q1 – What is Joint Life Plan ?

Joint Life Plan is a selected term maturity single policy on the life of husband and wife; wherein risk is covered of both lives simultaneously for a fixed Sum Assured.

Q2 – How much is the Premium ?

Single Premium is charged for covering the risk of both lives. Being an endowment plan this is Saving-Cum-Risk Plan for a fixed term.

Q3 – What are the main benefits?

• In the event of death of one of the lives Assured during the selected term, basic Sum Assured is paid to other Life and future premium are waived.
• Even after the first death claim policy continues on the life of other surviving person and again Sum Assured is paid on the date of maturity or in the event of earlier death to the nominee alongwith  accrued bonuses without payment of premiums.
• If both the live survives till the date of maturity of the Policy Term-Only basic Sum Assured alongwith accrued bonuses  is paid.

Q4 – What is disadvantage ?

Since risk on both lives is covered in a single policy the premium is quite high. If both lives survive till the maturity of the policy they would be looser.