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Yugal Suraksha Joint Life Assurance Policy

Yugal Suraksha Joint Life Assurance Plan

“Joint Life Assurance,” often referred to as “Yugal Suraksha”, represents a unique and comprehensive approach to life insurance. This insurance product, which is a type of Postal Life Insurance, is designed to provide financial protection for couples, offering a shared policy that covers both individuals within a single framework.

The concept behind Joint Life Assurance is rooted in the recognition that a couple’s financial well-being is intricately connected. In the unfortunate event of the demise of one of the insured individuals, the policy ensures a predetermined lump sum payout to the surviving spouse or beneficiaries.

This distinctive form of postal life insurance serves as a crucial instrument in securing the financial future of families by addressing the potential economic challenges arising from the loss of a loved one. As we delve into the intricacies of Joint Life Assurance (Yugal Suraksha), we uncover the nuanced benefits and considerations associated with this insurance solution, shedding light on its role in fostering financial resilience within familial bonds.

Eligibility Details Of Joint Life Assurance (Yugal Suraksha)

Minimum & Maximum Entry Age Of Couples21 To 45 Years
Minimum Policy Term5 Years
Maximum Policy term20 Years
Minimum Sum AssuredRs. 20,000
Maximum Sum AssuredRs. 50 Lakhs

Key Features & Benefits Of Joint Life Assurance

Joint Life Assurance offers several key features and benefits tailored to the unique needs of couples. Here are some common features and advantages associated with this type of life insurance:

  • Dual Coverage: Joint Life Assurance provides coverage for both individuals (usually spouses) under a single policy. This ensures that both lives are protected simultaneously.
  • Death Benefit: In the event of the death of one of the insured individuals, the policy pays out a lump sum death benefit to the surviving spouse or designated beneficiaries. This payout serves as a financial cushion to help cover immediate expenses and provide ongoing support.
  • Pocket-Friendly: Joint Life Assurance often comes with lower premiums compared to purchasing separate policies for each individual. This can result in cost savings for the insured couple.
  • Loan Facility: Yugal Suraksha also offers a loan facility after 3 years of your policy being in force. Additional loans are allowed, contingent upon meeting the specified conditions.
  • Surrender Facility: The surrender facility under the Joint Life Assurance is available after 3 years. It refers to the option for policyholders to terminate their policy before its maturity date and receive the surrender value.
  • Last Declared Bonus: The “last declared bonus” indicates the most recent bonus distribution made by the insurance company. Policyholders share in the profits of the insurance company through the declaration of these bonuses. The plan offers Rs. 52 per Rs. 1000 sum assured per year as the “last declared bonus”.

It’s crucial for individuals considering Joint Life Assurance to carefully review the terms and conditions of the policy, taking into account their specific financial goals and circumstances. Consulting with a financial advisor can help ensure that the chosen policy aligns with the couple’s long-term objectives.

How To Purchase Joint Life Assurance (Yugal Suraksha)?

To purchase the policy, follow the below-mentioned steps:

  1. Go to the homepage of the official website of ‘India Post’.
  1. Simply select the “Quote” from the “Purchase a Policy” dropdown menu.
  1. Provide a valid phone number, email ID, and accurate PIN code to generate the quote.
  1. The system will display the name of the nearest Head Post Office based on the provided PIN code.
  1. Subsequently, customers need to fill out the proposal form.
  1. For premium payment, customers can either use the link provided in the email or access the “initial payment menu” from the “Purchase a Policy” dropdown options.
  1. After making the initial payment, customers can upload the required documents through the “Document Upload” menu available in the “Purchase a Policy” Customer Portal. The selected Head Post Office will then download the submitted documents and initiate further processing.
  1. Finally, the policy bond will be issued to the customer via registered post, thereby completing the online procurement process for postal life insurance.

Always refer to the official website of India Post or directly contact their customer support for the most accurate and up-to-date information on purchasing Postal Life Insurance online in India.

Frequently Asked Questions

Yugal Suraksha is typically available to married couples or individuals in a joint insurable relationship.

Yugal Suraksha often offers cost savings, as premiums are generally lower than the combined premiums of two individual policies. It also simplifies administration with a single policy covering both lives.

Premium payments can often be made through various channels, including online payment options, bank transfers, or at designated postal offices. The specific payment methods will be outlined in the policy documents.

The premium is typically calculated based on factors such as the age and health of both insured individuals, the sum assured, and so on.

Absolutely! You can buy the Yugal Suraksha policy directly at the post office by visiting their branch. Additionally, the policy is available for online purchase through the India Post website as mentioned on the page. Premium payments for the policy can also be conveniently made at the post office.