Sparse polynomial chaos expansion (PCE) combined with the bootstrap resampling method is a viable alternative to obtain an active learning algorithm for reliability analysis. The existing learning functions in PCE-based active learning algorithms do not consider the joint probability density function (PDF) information. The present study explores a sparse PCE-based active learning algorithm based on a newly proposed learning function that maintains a balance between the misclassification probability and the joint PDF information of sample points. In doing so, the coefficients of the sparse PCE are estimated using a Bayesian compressive sensing regressor, as it is noted to be one of the best-performing regression solvers for PCE, irrespective of sampling schemes. The proposed learning function considers the weight of the joint PDF with the local accuracy measure of bootstrap PCE (bPCE) to add new samples iteratively in the existing training set. The convergence is achieved when the ten consecutive failure estimates are within a negligible discrepancy and also checks the confidence bounds of the bPCE estimates. The effectiveness of the proposed approach is demonstrated using two structural engineering examples and one well-known analytical test function and is found to be quite efficient and accurate in estimating reliability.