• 5 SEP 2016

    6 Reasons Why You Need Life Insurance in Retirement

    Retirement comes with its own set of pros and cons. The thing that worries people the most is not having a steady income and being dependant on someone.  If you are concerned about any the scenarios mentioned below, you do have reason enough to continue with your life insurance policy.

    To build a retirement corpus

    You may be concerned that your retirement corpus may not be able to support you in case you live a little longer. Invest in an retirement plan that gives you guaranteed returns upfront. So if you have crossed 50, invest a stipulated amount every year that will enhance your retirement corpus

    Loan facility for financial support

    You never know what financial emergency you may face in the future. In such a scenario, you may find it difficult to receive loans considering that you are not earning. Retirement and pension plan gives you the option of availing loans against the policy, subject to certain terms and conditions. This can be helpful to you in financial emergencies. 

    To take care of medical expenses in old age

    Your medical expenses are bound to increase as your age advances. Considering your seniority in age, you may not be eligible to avail critical care or medi-claim policies. In such a scenario, if you have an endowment plan going well, you can surrender it and be helped with some lump sum funds.

    Tax savings

    Premiums paid for and pay-outs received from endowment plans are eligible for tax exemption under section 80C and 10D respectively of the Income Tax Act, 1961. You can save some amount of taxes by investing in endowment plans.

    To pay off mortgages

    If you have a home loan going, you will do well to have some security up your sleeve. You don't want your spouse and kids to be burdened with paying the EMI's on the home loan when you are no longer around. An endowment policy can ensure that your spouse will have some funds at her disposal to pay off the home loans and live in the same house with her head held high, even when you are not around. 

    Support for your spouse

    Even after  retiring, you can make some income by being engaged in a 'part-time job' like a consultancy. Gone are those days when retirement meant complete withdrawal from occupational activities. Many people work in their 'retirement' and do bring home an income, which would need to be replaced in case anything unfortunate happens to them. A life insurance policy will ensure that your spouse is indemnified or provided for when that income source is no more available.

    Think about it. There's no point closing the stable door after the horse has bolted. Make necessary provisions to protect yourself adequately even when you are retired. 

    • Leave a Reply
  • 13 OCT. 2017

    Get a Comprehensive Life Insurance Plan for Your Family this Diwali

    While tangible gifts form an important part of the rituals between parents and children for the festive season, some intangible gifts hold a deeper value.

    read more

request a call back

for a scheduled call back, please share:

contact us

branch locator

Please enter your mobile number

enter your contact details

anything amissshare your problem

file a complaint now

what did you find amiss?

please provide us with following information

file a complaint

check status here:

Product
mascot
mascot

Don’t wait. Complete your application by entering your transaction id.

mascot

Please enter your email address to get an email summary of your needs

mascot

By entering my contact details I authorize Edelweiss Tokio Life Insurance to Call or SMS me with reference to this enquiry. This overrides the DND registration of TRAI.