This page provides all the details you need to know about the Joint Life Assurance (Yugal Suraksha) policy.
Before you read this page, please check PLI Overview to learn about the basics of PLI.
Table of Contents
What is JLA?
JLA stands for Joint Life Assurance 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
You can purchase this insurance policy between 21 years and 45 years of your age.
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
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.
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.
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.
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.
You have to undergo a medical examination to prove that you are healthy. Only then, you will become eligible for this policy.
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.
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.