Term insurance is a life insurance product provided by an insurance company which offers financial coverage to the policy holder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary.
A term insurance plan is a form of life insurance that aims at protecting the future of your family. It is a stepping stone in the path of safeguarding your family’s future so that they can live without financial insecurities.
You have various responsibilities and liabilities. Presently, you walk that extra mile to actually provide all happiness and facilities for your loved ones. However, did you ever think about the future? What if an accident occurs and you are no longer around to provide for them? Will your promises also breathe its last? Would you wish that your family faces financial challenges and struggles for day to day expenses?
While your loved ones would already go through an emotional trauma when facing the reality that you are no longer going to be around, you can prevent them from going through a financial loss of the breadwinner well in advance.
A term plan> can keep your promise of maintaining their happiness in your absence. It provides a fixed sum assured to the nominee on death of the policyholder during the policy term. The premium amount for a higher sum assured is fairly low. Since the sole purpose of a term plan is financial well-being of your family members, it is recommended that you choose a longer life cover i.e. a loner duration of policy term.
A term insurance plan is an income replacement plan. It will ensure that the show keeps running even when you are not around.
With the sum assured received your family can manage your outstanding EMIs, household and utility bills, daily expenses and future expenses that can occur like medical and child education.
Promises are meant to be fulfilled and a term plan will ensure that your promise to secure and take care of your loved ones is fulfilled even after you are gone.
And so if your love is selfless presently then seal that selfless love for your family members even when you’re not around!
Let Edelweiss Tokio Life Zindagi Plus help you do just that!