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Ignoring Term Insurance Cover Could Be Fatal

  10/11/18 9:40 AM

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Rajeev had invited all his friends for the celebration of his wife Reena’s birthday. His friends were having a good time chit-chatting and listening to music but suddenly there was complete silence as they had just received the news that one of their friends met with a road accident on his way to the party. By God’s grace nothing happened to him and he was safe.

Everybody breathed a sigh of relief and started enjoying the party. Meanwhile, Rohan one of Rajeev’s friends asked, “When we are in a comfortable stage of our lives, everything around is warm and happy. But what if the picture changes tomorrow? What if our family has to suffer financially if we are no longer around? If there is one thing that does not come with a guarantee or warranty in today’s world, it is “Life”. Anything can happen anytime just like the accident which just happened. The uncertainty of life makes us vulnerable to various risks which may come along with unexpected events.”

To this Ajay replied, “I agree Rohan and that is why I opted for a term plan. A term insurance policy is one product that helps you mitigate with financial risks of life.

There was a sudden silence.

Rohan asked him, “How?

Rajeev replied, “Life is unpredictable and my family’s future is precious to me. And considering assets, do you think that your current savings and your car will be enough for your family’s financial security? If your answer is yes, you may want to rethink. These assets may be temporarily sufficient for your family. It will only last for the next 3- 5 years.”

Rohan asked, “Can you please explain?”

Ok. Let’s start;

“How many years do you think your savings would be sufficient?

Let’s assume a maximum of 5 years! God Forbid, what if an unfortunate event were to happen to you tomorrow? Will your family be able to survive the financial strain along with the emotional loss? You are the sole breadwinner of the family. Your parents have retired and you have a loving wife and a school going son. Will your wife be able to manage all of these finances all by herself including the Home Loan EMI? For some time, your savings will help but that won’t last for long.

Term insurance is the most basic form of Life Insurance policies, which provides financial security to your loved ones when you are no longer around. Most of us take insurance for granted and do not realise the importance of having a primary life insurance policy. Very few of us are proactive and give it a serious thought.

Having a good term insurance plan can save your family from going through the financial trauma, when you are not there to support them. I have chosen  Edelweiss Tokio Life – Zindagi Plus as my term insurance plan. This plan provides me with a better half benefit. Under this benefit, on my sudden and unfortunate demise, Reema would receive a lumpsum amount as a death benefit and not just that she would also get a life cover which would be 50% of my life cover. This means in the future when we have kids; it would ensure complete protection to them as both their parents would be covered.

Edelweiss Tokio Life Zindagi Plus is a comprehensive protection plan which provides a death benefit, critical illness cover, cover against accidental total and permanent disabilities.

Hence, a Term Plan Insurance is a must have for those who like to plan the financial security of their loved ones, throughout the incredible journey of life.

That’s when Reema said, “I’m a proud wife of a responsible man.” This is the best birthday gift I have ever got in my life.

Rajeev secured his family what about you?

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