Life Insurance Corporation of India (LIC) has launched a new suite of joint life insurance plans designed specifically for married couples. The innovative products allow both partners to be covered under a single policy, with the sum assured payable on the first death and the policy continuing for the surviving partner.
The joint life plans are available in three variants: a term plan, an endowment plan, and a unit-linked (ULIP) variant. Key benefits include premium discounts of 5-10% compared to two separate individual policies; simplified underwriting with a single medical assessment for both applicants; and a continuation option where the surviving spouse can continue the policy without fresh underwriting.
The launch comes amid growing demand for family-oriented protection products in India. LIC's move is expected to spur other life insurers to introduce similar products, expanding the scope of life insurance beyond individual coverage to family-based solutions.
Sources: Newspointapp (May 2026), LIC Product Brochure