“The need for such plans has emerged with the emergence of ‘double income nuclear families’, wherein both the earning members contribute towards meeting household expenses and all aspects, such as lifestyle, loans etc, are planned based on this. Besides, the premiums paid and benefits received under these policies are eligible for tax benefits under Section 80C and 10(10D), respectively, of the Income Tax Act, 1961.įurther, some recently launched joint term plans also provide additional benefits like in-built accidental death benefit and in-built terminal illness (an advanced or rapidly-progressing incurable and uncorrectable medical condition) benefit. Some joint life plans also provide the option of adding a critical illness insurance rider to the base policy. What is more, in some policies there is an extra amount paid along with death benefit if the death is due to an accident. This regular income is in addition to the death benefit paid to the surviving spouse. For example, if either one of the spouses dies, some policies provide a regular income to the surviving spouse for a fixed period (up to 60 months in some cases). Some policies also offer additional benefits. However, in case of certain other joint life policies, there is a payment on the death of each of the two insured respectively. the sum assured is paid on the death of whomever of the two policy holders dies first and the policy ends thereafter. Some joint life term policies pay out on first claim basis, i.e. Let us examine joint life term insurance more in detail. Thus, giving due recognition to the fact that the life of your spouse is equally important, joint life insurance offers payout on death of either one of the two insured as well as, in some cases, regular income to pre-specified surviving family members. It ensures that the future of your family is secured, if either of you are not there,” says K S Gopalakrishnan, MD & CEO, AEGON Religare Life Insurance. This could be an endowment or a term plan sold physically or online. “This is a comprehensive protection plan with multiple benefits for you and your spouse. The trigger will fail, if the investor does not maintain sufficient balance in the scheme on the trigger date.Joint life insurance, as the name suggests, offers the opportunity to cover oneself along with spouse under one contract. The investor can specify an event/action when the trigger will get activated. It is a selection of an event in which the fund will redeem all the units/to the extent of capital appreciation/principal amount, automatically on behalf of the investor on the date of the happening of the event. The Smart Trigger Option is an add-on facility that enables investors to make the most of the market movements without the hassle of constant tracking. In July, it rolled out its wholesale initiative with the launch of 30-kg silver bars and silver grains.Īs an useful tool of financial planning, Motilal Oswal Mutual Fund has introduced a Trigger facility under Motilal Oswal MOSt 10 Year Gilt Fund. The silver bars, with a purity of 99.99%, will carry Assay certification, signifying highest purity of silver as per international standards. The plan offers bonus that forms a part of the guaranteed benefits and is paid in case of maturity or death.ĭhanlaxmi Bank has launched Dhan silver bars that are available in a tamper-proof laminated pack of 50 and 100 grams at branches across the country.
The second option offers sum assured and accrued bonus on the death, guaranteed payouts during the last four years of the policy, and 10% of the sum assured, every year, till the end of the premium payment term. The first option offers sum assured and accrued bonus and guaranteed payouts during the last four policy years. The plan provides guaranteed payouts during the last four years of the policy and has two benefits to choose from in case of death. The plan gives lump sum payouts during the last four policy years. Aegon Religare Life Insurance has launched an Educare plan to provide customers a secure savings platform with an insurance cover along with a waiver of premium option.