This comes as a big relief to insurers who had sought clarification from Insurance Regulatory and Development Authority of India on this issue (business-standard.com)
Also, in situations where one of the insured is younger and / or in good health and the other is older and / or has health issues insurers will often issue a survivorship policy at standard class or with a rating (an additional charge). (investopedia.com)
Annuity guarantees rely on the financial strength and claims - paying ability of the issuing insurer. (alliancewealthmgmt.com)