Life is unpredictable. No one can predict what would happen next. It’s no surprise that every person thinks that his life will always be smooth till the time either it hits them hard, or they come across a sorrowful experience with someone lovable to them. 
What’s the Solution?
Term life insurance is the best solution to keep your family safe. Surely it can’t fulfill the emotional void but it can surely fulfill the financial void which might create when you are no more with them. Term life insurance cost just a small fraction of the money of your income but you can provide them multiple benefits and most importantly peace of mind. A nominal investment of around Rs 5000 will give you a cover of Rs 1 crore.
Best Plan:
When it comes to buying Insurance policies, there are many choices available to the consumers. As a financial advisor my first choice is – Edelweiss Tokio Life – MyLife+ Term Plan from Edelweiss Tokio Life Insurance. It provides you the flexibility to choose the death benefit as lump-sum or monthly payout or a combination of both.
Key-Features:
Edelweiss Tokio Life – MyLife+ comes with many added advantages which are as follows:
a.) Cost: Term plan with no maximum sum assured limits at a very Low cost
b.) Payout Options: Depending on your needs there are different Choice of payout options. These include:
- Death benefit as lump-sum, where your beneficiary gets a lump sum payment upon your death, or
- Monthly income where the sum assured is split into monthly payouts, or
- A combination of both, where you opt for part lump-sum as death benefit and the remaining as monthly payouts
c.) Riders: There are many riders’ options such as accidental death, disability and premium waiver to make your cover more comprehensive
d.) Discount: Higher the sum assured, higher the discount
e.) Women Benefit: Lower premium rates for women – certainly a bonus!
f.) Age Cover: Cover up to 80 years of age
g.) Tax Benefits: Tax benefits on premium paid
Comparison:
Let’s see why Edelweiss Tokio Life – MyLife+ might be the best budget insurance option in comparison to other products available:
|
Parameters |
Edelweiss Tokio Life – MyLife+ | Others |
| Minimum Entry Age (years) | 18 | 20-21 |
| Maximum Entry Age (years) | 60 | 55 |
| Maximum Age / Maturity Age (years) | 80 | 65 |
| Maximum sum assured | No Limit | Most have an Upper Ceiling |
| Minimum premium (Rs.) | 2500 | 4500+ |
| Riders | Attractive riders at lower premium | Charge high for riders |
| Women benefits | Special Rate For women | NA |
| Cost per lac (Rs.) | 76 | 80-95 |
If we look from the affordability perspective; the most cost-effective plan is Edelweiss Tokio Life – MyLife+. The USP of this plan is: flexibility to customize the payout options, higher maturity age and no limit on maximum sum assured. This is beneficial to those who are not financially aware and can’t decide what to do with the lump-sum option.
Do you have a Term Life Insurance Policy??
