Joint Life Assurance policy

What is Joint Life Assurance policy (Yugal Suraksha) | JLA | 1 Best investment cum life insurance policy for couples

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Blog Introduction

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Generally when we want to invest money on any investment scheme , we always asks our friends and relatives that where we can invest ? and they suggests the investment schemes which they like most. Then we invest as per their suggestions, that is good as we consider them as our well wisher , But here I want to mention one thing, if we know end to end information of each investment schemes at least it will help us to understand if that investment scheme is good for us or not.

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In this blog post I will be explaining my analysis on Joint Life Assurance policy (Yugal Suraksha) . This will be a complete guide on Joint Life Assurance policy (Yugal Suraksha). Please read till end of the blog post to know the complete information about this Joint Life Assurance policy (Yugal Suraksha). Lets get started.

Before you read this Blog Post Please read the what is PLI to understand the basics of Postal Life Insurance.

What is Joint Life Assurance policy (Yugal Suraksha)?

Joint Life Assurance policy is a Postal Life Insurance Policy, It is also known as Yugal Suraksha. It is an investment cum life insurance policy for couples. If a husband and wife are looking for one policy to provide life insurance cover for both, this is the policy to go for.

It is a joint life endowment assurance policy. This policy provides life insurance cover for both husband and wife under one single policy with a single premium. Either husband or wife should be eligible for this policy. The other person need not meet any eligibility criteria. Also, the other person need not be a Government, Semi-Government or private employee.

Only the eligible person needs to pay the premium and it covers both husband and wife. Both husband and wife will be provided life insurance cover to the extent of the sum assured amount and the accumulated bonus.

How Does JLA Policy Work?

  • Between husband and wife, the eligible person to purchase the PLI policy will be the main policy holder. The other person need not meet any eligibility criteria.
  • Decide the Sum Assured amount and purchase the policy at a Post Office.
  • Choose one of the policy terms available for the age of the main policy holder.
  • The monthly premium amount will be decided based on the age, sum assured amount and the policy term.
  • The main policy holder needs to pay the premium amount every month until the end of the policy term.
  • This policy provides life insurance cover to both husband and wife with a single premium.
  • The bonus amount will be accumulated every year as per the bonus rate during the policy term.
  • If both husband and wife survive until the end of the policy term, then the maturity amount will be paid to the main policy holder. The maturity amount is the total of the sum assured amount and the accumulated bonus.
  • If either husband or wife dies during the policy term, then the entire sum assured amount and any bonus accumulated till the day of death will be paid to the survivor.

Age Of Entry in Joint Life Assurance policy

You can purchase this insurance policy between 21 years and 45 years of your age.

Policy Term

This insurance policy provides flexible term periods. You can choose a policy term period from 5 years to 20 years depending on your age of entry into the policy.

Sum Assured Amount

Minimum amount – Rs. 20,000, Maximum amount – Rs. 50 Lakhs

Bonus Rate of Joint Life Assurance policy

The current bonus rate is Rs. 52 per Rs. 1,000 Sum Assured per year. The bonus rate is not fixed and it changes from time to time as announced by the Government.

Maturity Benefit of Joint Life Assurance policy

If both husband and wife survive till the pre-determined maturity date, then the maturity amount will be paid to the main insurance holder. The maturity amount includes the sum assured amount and the accumulated bonus amount.

Death Benefit

If either husband or wife dies during the policy term, then the sum assured amount and any bonus accumulated till the day of death will be paid to the survivor. For example, if the husband dies, then the death benefits will be paid to the wife. If the wife dies, then the death benefits will be paid to the husband.

Divorce

If the couples decide to opt for divorce, then the main policy holder can convert this policy into an Endowment Assurance (Santosh) policy and then continue as per the Endowment Assurance policy rules.

Medical Test

You have to undergo a medical examination to prove that you are healthy. Only then, you will become eligible for this policy.

Loan Facility

  • Loan facility is available in this policy.
  • You can apply for a loan after completion of 3 years. But, you will not get any bonus if you pledge your policy for a loan before completion of 5 years.
  • The proportionate bonus on the reduced sum assured amount is accumulated if the policy is assigned for a loan after 5 years.

Surrender Policy

You can surrender the policy after completion of 3 years. But, you will not get any bonus if you surrender your policy before completion of 5 years. The proportionate bonus on the reduced sum assured amount is paid if the policy is surrendered after 5 years.

FAQ about Joint Life Assurance policy (Yugal Suraksha)

Where Can I open this Joint Life Assurance policy (Yugal Suraksha) Insurance Policy

You can open your account and start investing in this Joint Life Assurance policy (Yugal Suraksha) insurance policy only in the Post office. So please visit your Nearest Post Office to open the account and know more about this policy.

I am a NRI Can I invest in this Joint Life Assurance policy (Yugal Suraksha) Insurance Policy ?

No. NRI cant invest in this policy. Please read PLI Introduction Blog post to know more about who are eligible to open this account.

My Age is 45 can I open the account in this joint Life Assurance policy (Yugal Suraksha) Insurance Policy?

You can purchase this insurance policy between 21 years and 45 years of your age.

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