A few days ago at work, Rohan had a discussion about his friend Aditya, who passed away in a train accident. He was a commoner; fondly call as the “aam admi”. He was the sole earner of his family survived by his parents and two sisters to look after. He came from a middle-class family, with an average monthly income of Rs 40 to 45 thousand. He had never thought of a buying a term policy. What left behind was his house loan of Rs 32 lacs and the tough survival of his family members. People have always recognized that term policies are essential for people with higher income brackets. However, there are options for people with lower incomes as well. One does not have to be very rich to buy a term life insurance policy. In this case, he was undoubtedly eligible for a term plan up to Rs 1 crore.
Of Course, life is tricky, unpredictable and certainly always at risk. Securing our near and dear ones is more crucial than anything.
In Aditya’s case, his family had to go through the few sufferings.
Since he was the sole earning member of the family, his family was completely dependent on him right from paying electricity bills, daily survival, one of the sister’s education and looking after his father’s medical expenses. There was very little scope for the life competency.
Aditya had to pay a loan of Rs 34 lacs, which was highly impossible for his family members to repay in his absence. Thus, the family has to suffer the loss of their loved one on one hand as well the loss of their recently bought house. The debt collectors will not waive off or let go of their house loan, rather the family members will end up losing the house as well.
In cases like this, it becomes difficult for the family members to sustain their daily living. Imagine life without our basic necessities? The family not only has to go through the emotional loss of their loved ones but also becomes a victim of the day to day financial crisis. A situation like this can land your loved ones in trouble.
In Aditya’s case, had he planned and taken a term policy for his family, they would have heaved a sigh of relief. There is nothing peaceful than seeing a sense of gratification and see your family smile even when you are gone.
At this juncture, Edelweiss Tokio has designed a term plan, Zindagi plus, which is a comprehensive, all-inclusive solution that remains relevant in the absence of the breadwinner. Zindagi Plus, enables its customers to provide a financial protection for their dependents and go a step forward and cover their spouse as well.
If Aditya had thought of taking Zindagi Plus he would get an option of covering his wife with its Better Half benefit. It is an option available to the insured where he provides an insurance cover to the spouse in the event of his death.
Typically, in case of the death of the bread earner, the family faces an emotional and financial vacuum. While the base plan provides for the death benefit on the death of the primary insured, Better Half Benefit ensures that the person on whom the family is subsequently dependant gets life cover. This feature especially benefits non-working spouses, who usually do not opt for a term insurance.
Under the waiver of premium option, the premium waiver is triggered in case the life insured is diagnosed with specified critical illnesses. This benefit is a survival benefit in order to compensate the insured to continue to stay covered even if he is diagnosed with a critical illness.
An individual experiences multiple life-changing events like getting married, having children, buying a dream home. In order to take care of these increased responsibilities, ‘Life Stage Benefit’ increases the protection and secures your family during these key life stages.
If you have dependents or financial liabilities, then it is prudent to get life insurance and a term plan is the cheapest variety of life insurance policy available in the market
Aditya overlooked the importance of a term plan but you should take complete responsibility for your family with Zindagi Plus without any delay.
This will surely give you a sight of contentment when you are alive and even when you are gone making it a must rather than a choice.