Your family would be plunged into turmoil and despair when the strongest pillar of their home; their breadwinner-you; leave them in unfortunate and untimely circumstances. There is nothing crueller for your family than having their leader being taken away by fate. In the midst of their bereavement, if they have to face financial hardships, it would be all the more despairing for them. If your spouse has to start looking for an occupation immediately, it would be a dire situation for her. Trying to arrange for paying the children’s school fees, your home loan EMI’s and your utility bills etc would put her under tremendous stress. Wouldn’t it be very helpful for your family if there was a financial back-up that they could lean on when they are bereft of your support?
A Term Plan
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.
If you buy a term plan like Edelweiss Tokio Life MyLife+, you can avail of cover till the age of 80. You also have the option of selecting the pay-out method as either lump sum, regular monthly income, or a combination of both. A low-cost term plan is the best and most inexpensive method to secure the future of your family.