LIC Joint Life Plan: Is Your Spouse's ₹ Cover Worth It?

LIC has launched a joint life limited premium endowment plan for couples. You pay premiums for a fixed shorter term, both spouses get life cover, and guaranteed additions build your corpus over time. Here's what you need to know before buying.

Here's what happened: LIC's new joint life plan covers both husband and wife under a single policy, paying a lump sum on death or maturity.. It is a limited premium plan — meaning you stop paying premiums before the policy term ends, reducing your long-term cash outflow.. Guaranteed additions are added to the sum assured every year, building a predictable, market-risk-free corpus for the family..

What you should do: Compare the internal rate of return (IRR) of this plan — most traditional LIC endowment plans yield 5–6% IRR, so check if a term plan + PPF combo gives you more.. Check if both spouses are separately insured for at least 10–15x their annual income before relying on a joint plan for protection.. Ask your LIC agent to show the Benefit Illustration document — it is mandatory and shows exactly how much you get at maturity vs total premiums paid..

In a joint life plan, after the first death claim is paid, the surviving spouse's cover often continues at no extra premium — confirm this feature explicitly before signing.