With growing uncertainties in the world, the need for adequate life insurance has become more pressing. But when it comes to choosing a term insurance plan, the number of add-on benefits and features can be overwhelming. Sometimes what you need is a simple plan that does the job efficiently. Edelweiss Tokio Life – Simply Protect is one such term plan that caters to your specific insurance needs. It offers flexibility in terms of plan options, premium paying options, and pay-out options.
Here are 5 reasons why Edelweiss Tokio Life – Simply Protect is a term plan for everyone:
1. Choice of 4 Life Cover Variants
Simply Protect provides the option of a simple life cover. This plan also has other options that offer enhanced protection with inbuilt benefits. You can choose from:
- Basic Life cover, which covers all forms of death.
- Life cover with inbuilt Accidental Death Benefit: If the death happens due to accident then an additional sum assured will be payable to the nominee.
- Life cover with inbuilt Waiver of Future Premiums on accidental total and permanent disability: If the policyholder suffers from total and permanent disability due to accident during the policy term, all future premiums will be waived off.
- Life cover with inbuilt Waiver of Future Premiums on critical illness: On confirmed diagnosis of one of the 12 insured critical illnesses, all future premiums will be waived off.
2. Flexible Premium Payment
You may have often come across plans in which one feature appeals to you while the other does not suit your requirement at all. With Simply Protect, you don’t have to adjust to a feature that you don’t find convenient. You get three different options to choose your premium paying term; limited pay, regular pay, and one-time pay.
Limited Pay Premium: I this option, pay premiums for a shorter period to avoid liability in your post-retirement years. You can choose a premium paying term from 5, 10, 15, and 20 years.
Regular Pay Premium: Choose if you do not mind continuing to pay your premiums for a longer duration in regular installments.
One-Time Pay Premium: Choose if you wish to pay off your entire life insurance premium in one go. This option is ideal for people who have a considerable corpus to spend and would like to avoid the hassle of paying regular premiums.
3. Regular Monthly Income for Family
Many times, the breadwinner of the family fears an end to regular cashflow, in case of his demise. The Regular Monthly Income Benefit option provides the nominee 1% of the sum assured every month for 130 months. This means that the family continues to receive a steady income, even in your absence.
4. Discount on Premiums
The plan offers a discount for a large sum assured. This discount is calculated based on the sum assured, policy term and premium paying term.
5. Tax Benefits
Protecting your family is the most important job of a life insurance plan. But, saving on tax by paying insurance premiums is an added benefit. All premiums are deductible from taxable income under section 80C. The death benefit received is also exempt from tax under section 10(10D) of the Income Tax Act, 1961.
So, secure your Zindagi with Edelweiss Tokio Life – Simply Protect and live #ZindagiUnlimited. Click <here> to know more about the product.