- 3 AUG 2018
Do you require the same life cover throughout your life
Throughout your life, there will be a need for life insurance. It does not make any difference if you’re single, newly wed or at any stage in between, life insurance can be an important tool in your financial toolbox.
The thing about life insurance is that one shoe does not fit all. Everyone requires a varied amount of life cover. Based on your life stage, responsibilities, duties and liabilities the life cover you require will vary.
As you progress in life it is safe to say your income increases, you responsibilities increase and maybe even your outstanding debt can increase. All these are factors in determining your required life cover.
With marriage you have an additional responsibility of a spouse, your life cover needs to be adequate enough to support their lifestyle in case something unfortunate happens to you. When you purchase a new house you need to ensure your life cover is high enough to cover any debt the new house brings with it. Children are another life stage where life cover needs to be altered. With additional people to look after you need to make sure your life cover can support not one but all of them in your absence.
At these various stages most people need go through the hassle of purchasing a second or maybe even a third term plan. What if you could purchase a term plan that evolved with you. A term plan where the sum assured increases year on year. Where with every life stage you have the option to increase your life cover without having to purchase a second policy?
Keeping this consumer need in mind Edelweiss Tokio Life has launched their new term plan called Zindagi Plus.
Edelweiss Tokio Life – Zindagi Plus comes with a whole host of benefits. Each of these benefits can help take care of your growing needs. It is a term plan that understands your needs and grows with you.
The “Top-Up Benefit” offered under Zindagi Plus grows your sum assured by 5 or 10% every year. This way your term plan can keep up with your increased earning capacity, inflation rates and your cost of living.
The “Life Stage Benefit” of Zindagi plus, which comes at no additional cost allows you to increase your life cover at various important stages in life. You have the option to increase your life cover upon your marriage, birth of your first child, birth of your second child and during the purchase of a new home. This benefit can be added for free and the premium only increases if you choose to increase your sum assured during your important life stage.
But your insurance needs are not always going to be on the rise. What happens when your children grow up and can take care of themselves? What happens once you retire and your responsibilities reduce? At these stages in life you require a reduced life cover. Edelweiss Tokio Life has got your back here too. Always keeping the consumer in mind they have built features in Zindagi Plus to meet these exact needs.
Zindagi Plus provides you an option to pay premium only till 60 years of age. This way you have to only pay premium while you are earning. Post retirement you need not spend your hard earned savings on insurance premium.
It doesn’t stop there, Edelweiss Tokio Life also provides you a benefit of “Decreasing Sum Assured”. Under this benefit after the age of 60 your life cover reduces by 50%. For this benefit you pay a lower premium than standard rates from day 1 of the policy.
Edelweiss Tokio understands the various stages of life you go through and have built a term plan evolves and adapts with you. Today you may be young and at a stage in life where you think a term insurance plan is not required. This is the mistake most people make. A term plan premium is determined based on your age. The younger you are the lesser you pay. With a product like Zindagi Plus purchasing a plan at an earlier age helps you save big and allows your plan a longer period to evolve and grow.
Zindagi Plus also has multiple other useful benefits that you can learn about here, including the better half benefit which provides your spouse a life cover in case of your unfortunate demise.
Related Post: Life insurance needs at various stages in life
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