A term insurance plan ensures that your loved ones don’t have to face financial challenges in your absence.
The lump sum amount received from a term insurance plan can be used by the nominee to meet household expenses, pay utility bills, outstanding loans and so on.
While a basic term plan will fulfill the need for protection, Edelweiss Tokio Life Zindagi Plus can go a step ahead to help the nominee manage finances in an easier manner.
Let’s take an example of Shweta. Her late husband Rajesh had purchased Edelweiss Tokio Life Zindagi Plus. While purchasing the plan he might have overlooked these amazing features but it proved to be actually very beneficial. Below are the benefits
- Top-Up Benefit
- Waiver of Premium Benefit
- Better Half Benefit
Top Up Benefit
Rajesh had purchased Edelweiss Tokio Life Zindagi Plus when he was young and unmarried. But with time as things change so does the need for term insurance cover. The amount he got covered would have been assessed keeping in mind the responsibilities at the moment, but with time he may have an evolved lifestyle which may require a reassessment of the term insurance cover.
Thankfully, Rajesh chose the top-up benefit of Edelweiss Tokio Life Zindagi Plus. Under this benefit, Life Stage sum assured can be added to the Policy while the Policy is In-Force without any medical examination, upon the occurrence of one or more of the following events during the lifetime of the life insured, provided the policy is accepted at standard rates at policy inception and at a revival:
- On 1st Marriage: 50% of Base Sum Assured
- On Birth of 1st child: 25% of Base Sum Assured
- On Birth of 2nd child: 25% of Base Sum Assured
- Home Loan which has been taken by the life insured (only once during the policy term): 50% of Base Sum Assured or loan amount, whichever is lower
All these stages could increase the liability on his loved ones and hence his cover increased gradually at all stages.
Waiver of Premium Benefit
This is one of the most beneficial features of Edelweiss Tokio Life Zindagi Plus.
Rajesh was diagnosed by a critical illness due to which he needed to be hospitalized and became incapacitated, the premium for the rest of the policy term was completely waived off but the policy still remained intact.
This amazing feature helped Shiela and Rajesh to worry less about paying future premiums when they are already in distress.
The Better Half Benefit
This is a unique benefit provided by Edelweiss Tokio Life Zindagi Plus.
After Rajesh’s unfortunate demise, the sum assured received by Shiela was used to manage her child’s education, medical expenses, daily expenses, paying utility bills and clearing of outstanding debts. But what will happen if an unfortunate event occurs to Shiela? Rajesh had taken care of that by choosing the better half benefit. Under which, life cover will commence on the life of the Shiela and will continue for the remaining policy term. On Shiela’s unfortunate demise before the maturity date, a sum assured which is 50% of the Base Sum Assured or Rs. 1 crore whichever is lower will be paid to her family members. No more future premiums will be required to be paid by Shiela for the better half benefit.
These are the three most beneficial features of Edelweiss Tokio Life – Zindagi Plus that makes it an excellent choice to provide financial security for your family.