A joint term insurance plan lets you protect both yourself and your spouse under a
single policy -
simpler, cheaper, and easier to manage.
Instead of paying for two separate term plans, a joint policy provides dual life cover,
meaning if one
partner passes away, the other continues to be covered, and in some cases, future premiums are waived.
It’s ideal for young couples, double-income families, or those managing shared responsibilities like
loans or children’s education.
Insurers like HDFC Life, ICICI Prudential, and Max Life offer joint term insurance
options that combine affordability with convenience.
What Is Joint Term Insurance
A joint term plan covers two lives - usually husband and wife - under one policy.
- If one partner dies, the other receives the sum assured.
- Some plans continue coverage for the surviving partner, with future premiums waived.
- If both pass away, the nominee (usually child or dependent) gets the combined benefit.
Example:
₹1 crore joint policy → if husband dies, wife receives ₹1 crore, and coverage continues for her
without
future premiums.
How It Works
| Scenario |
Payout |
Policy Status |
| One partner dies |
Payout to surviving partner |
Policy continues (premium waived) |
| Both die together |
Combined payout to nominee |
Policy ends |
| Policy reaches term without claim |
No payout (unless TROP) |
Policy expires |
Key Benefits Of Joint Term Insurance
- Dual Protection: Covers both husband and wife under one plan.
- Lower Cost: 10-15% cheaper than buying two individual policies.
- Waiver of Premium: Surviving spouse continues cover free of cost.
- Single Renewal: One date, one payment, one document.
- Tax Benefits: Both partners get 80C and 10(10D) advantages.
Who Should Buy A Joint Term Plan
- Married couples with shared financial goals.
- Double-income families managing joint EMIs.
- Parents with dependent children.
- Homemakers who contribute indirectly to family security.
Sample Premium Comparison
| Couple’s Age |
Coverage |
Term |
Annual Premium (₹) |
| 28 & 26 |
₹1 Cr |
30 yrs |
₹12,200 |
| 32 & 30 |
₹1 Cr |
25 yrs |
₹14,800 |
| 38 & 35 |
₹1 Cr |
20 yrs |
₹18,900 |
(Joint policies save ₹2,000-₹3,000 vs two separate plans.)
Types Of Joint Term Policies
| Type |
Description |
| First Death Benefit Policy |
Payout made on first partner’s death; plan ends. |
| Second Death Benefit Policy |
Payout made after both partners pass away. |
| Income Replacement Policy |
Monthly income paid to surviving partner instead of lump sum. |
| TROP (Joint) |
Premiums refunded if both survive till maturity. |
How To Buy Joint Term Plan Online
- Visit PolicyBachat → Term Insurance → Select “Joint Term Plan.”
- Enter both partners’ details (age, gender, income, city).
- Choose coverage (₹1 Cr+ combined recommended).
- Compare quotes from HDFC Life, ICICI Prudential, Max Life.
- Add riders (CI, ADB, WOP).
- Pay online and get instant digital policy.
Local Insights
- % of married buyers choosing joint plan: 34%.
- Top insurers offering joint term cover: HDFC Life, ICICI Prudential, Max Life.
- Avg. combined premium (₹1 Cr, 30 yrs): ₹13,500.
- Most popular rider: Waiver of Premium (WOP).
Pros & Cons
| Pros |
Cons |
| One plan for two lives |
Limited flexibility vs separate plans |
| Lower overall premium |
If divorced, difficult to split |
| Easy claim & renewal |
Payout structure fixed |
| Tax savings for both |
Early claim may end plan |
FAQs
What is a joint term insurance plan?
It’s a policy covering two lives (usually spouses) under one contract.
Can both partners get separate payouts?
Yes, depending on plan type - some pay twice, others once.
Are premiums cheaper than two policies?
Yes, about 10-20% lower overall.
Who gets the benefit if both die together?
The nominee (e.g., children or dependents).
Can unmarried couples apply?
No, most insurers require legal marriage proof.
Can homemakers be covered?
Yes, if spouse has stable income and insurable interest.
What if one partner stops paying premium?
The plan lapses for both - use auto-debit for safety.
Is maturity benefit available?
Only in joint TROP plans (return of premium).
Can NRIs buy joint term plans?
Yes, provided both are Indian citizens or OCI/PIO.
Can we add riders for both partners?
Yes, riders like CI, ADB, and WOP apply individually.
Do both partners need medical tests?
Yes, medicals are mandatory for both.
Are joint term plans available for same-gender couples?
Some insurers now accept - depends on policy guidelines.
Can we split the plan later?
Not easily; better to buy separate plans if uncertain.
What happens after first claim?
Depending on plan type, coverage may continue or terminate.
Which is the best joint plan in 2025?
Max Life Smart Secure Plus, ICICI iProtect Smart, and HDFC Click 2 Protect Super are top options.
Customer Reviews
- “One policy, full peace of mind for both of us.” - Arjun & Kavita Nair,
Kochi
- “Saved ₹3,000 vs buying two plans separately.” - Rohit & Meena Sharma, Delhi
- “Simple, convenient, and transparent.” - Aditya & Priya Iyer, Bengaluru
- “Loved that premiums stop after one claim.” - Amit & Sneha Deshmukh, Mumbai
- “Best choice for working couples like us.” - Suresh & Divya Reddy, Hyderabad
- “PolicyBachat made comparison so easy.” - Nikhil & Rina Paul, Pune
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