11 NOV 2016
What happens when you're gone
Mrs. Pillai is in her early 60's. She has two daughters; both working in the United States; one as a software programmer and the other as a food technician. Both are doing well in their professional and marital lives. Mrs. Pillai keeps visiting her daughters, once in 6 months for a month or so and has a good time going on a vacation with them. She has a group of friends, all elderly couples with whom she also goes for pilgrimages etc. She is having a very happy existence, isn't it? Except that she is a widow and has been living a widowed life since the past 20 years back.
30 Years Back
One fine evening, the 40 year old Mr. Pillai returned home and complained of chest pain. This was the first time he had experienced anything like this and before anybody could comprehend what was happening, he passed away. The entire family was thrown into a crisis. Mrs. Pillai was not working at that time, but was educated and was given a government job on compassionate grounds. But there was always the question of how would she manage with only half the income and double the workload considering that the kids were very small at that point in time. Somehow, with the help of friends, relatives & colleagues, she managed to bring up her children in the best possible manner. The daughters were good in academics and with scholarships and sponsorships, they managed a decent education. Today, all of them are living a very happy existence, but remind them of those days and they still remember how tough life seemed then.
A Term Plan
This story could've been different had Mr. Pillai invested in a Term Plan. A Term plan is a traditional form of insurance which provides for a fixed pay-out in the event of death of the Life Insured. Although nothing could fill the void that Mr. Pillai left, but the proceeds from the claim amount would've made life a little easier for Mrs. Pillai and her daughters. A term plan is what can help your family in times when they need financial support the most. Term life insurance is a pure form of insurance which only provides death benefit. In other words, in the event of the life assured meeting with an untimely death anytime during the term of the policy, the nominee will be paid the sum assured. The nominee would need to submit the relevant documents along with the policy bond to make a claim in the event of the policyholder's passing away. This is the best way to protect your family financially. If you add riders like the waiver of premium, it helps to reduce the burden of paying the premium in case you meet with a critical illness or become disabled.
Generate a quote today for a term plan like Edelweiss Tokio Life – MyLife+ that helps you to secure financial protection for your family at very reasonable rates. Buy a Term Plan today and ensure that the life of your dependants is secure even after you are not around to look after them.
18 JAN. 2018
Benefits of Early Financial Planning For Parents
As a parent, you must know the significance of savings in daily life, but what about the future? As unfortunate events like death can occur anytime, you have to ...read more
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