Joint Term Insurance Plan for Couples

What is a Joint Term Insurance?

Types of Joint Term Insurance Plans

Features and Benefits of Joint Term Insurance Plan

How Joint Term Insurance Plans Work?

How is Joint Term Insurance Different from a Single Term Insurance Plan?

FAQs About Joint Term Insurance

Do Joint Term Plans Cover Only Married Couples?

Usually, married couples buy a joint term insurance. However, it can also be bought by a parent and child and works in the same manner.

What Factors Determine the Premium for Joint Term Plans?

The premium of joint term plans depends on various factors like sum assured, age, health, lifestyle of both the insured individuals.

Can I Convert my Joint Term Plan to Permanent Life Insurance Plan?

Some insurers provide the facility of converting your term plan to permanent life insurance. However, you must check the same with your insurer.

Are There Any Disadvantages of Joint Term Insurance?


A few disadvantages of joint term insurance include:

  • In case of cases like divorce, the joint term plan becomes a difficult liability to carry and then needs to be converted to single term plans or surrendered as the insurer allows.
  • In the case of a joint term plan, there would be only one death payout, both in the first-to-die types or the second-to-die types. However, in the case of single-term plans, if taken individually for two people, there would be two death payouts for each insured’s death.

What is the free look period in insurance in India?


As per IRDAI, after receiving your policy documents, if you are not satisfied with any of the terms and conditions mentioned in the policy, you can opt out of it within a 'free look' period of 15 days (30 days in case of electronic policies) from the date of receipt of policy document, by stating the reasons for your objection.

In such a case, the premium paid will be refunded to you after deducting some essential charges like medical examination, stamp duty etc.

In case of a ULIP, the insurer can repurchase the units at the NAV on the cancellation date.