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Is The Same Life Insurance Cover Sufficient All Throughout Your Life?

  8/3/18 4:04 AM

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Throughout your life, there will be a need for life insurance. It does not make any difference if you’re single, newlywed, or at any stage in between, life insurance can be an essential tool in your financial toolbox. The best life insurance policy can be the most important weapon in your financial planning arsenal.

The thing about online life insurance plans is that one shoe does not fit all. Everyone requires a varied amount of life cover. Based on your life stage, responsibilities, duties, and liabilities, the life cover you need will vary. Some of the best life insurance plans today even offer life stage benefit options, which you must explore fully.

As you progress in life, it is safe to say your income increases, your responsibilities increase, and maybe even your outstanding debt can increase. All these are factors in determining your required life cover. So you must buy life insurance cover online accordingly.

 

The Factors That Determine Life Insurance Cover Online

  • With marriage, you have an additional responsibility of a spouse; your life cover needs to be adequate to support their lifestyle in case something unfortunate happens to you.
  • When you purchase a new house, you need to ensure your life cover is high enough to cover any debt the new home brings with it.
  • Children are another life stage where life cover needs to be altered. With additional people to look after, you need to make sure your life cover can support not one but all of them in your absence.

At these various stages, most people need to go through the hassle of purchasing a second or maybe even a third term plan. What if you could buy a term plan that evolved with you? A term plan where the sum assured increases year on year. Wherewith every life stage, you have the option to increase your life cover without having to purchase a second policy?

The Evolving Term Plan: Get Increasing Life Insurance Cover With Zindagi Plus

Keeping this consumer need in mind Edelweiss Tokio Life has launched its new term insurance plan called Zindagi Plus.

Edelweiss Tokio Life Zindagi Plus comes with a whole host of benefits. Each of these benefits can help take care of your growing needs. It is a term plan that understands your needs and grows with you.

The “Top-Up Benefit” offered under Zindagi Plus grows your sum assured by 5 or 10% every year. This way, your term plan can keep up with your increased earning capacity, inflation rates, and your cost of living.

What is the Life Stage Benefit option? It merely comes at no additional cost, allows you to increase your life cover at various critical stages in life. You have the opportunity to increase your life cover upon your marriage, the birth of your first child, the birth of your second child, and during the purchase of a new home. This benefit can be added for free, and the premium only increases if you choose to increase your sum assured during your essential life stage.

But your insurance needs are not always going to be on the rise. What happens when your children grow up and can take care of themselves? What happens once you retire and your responsibilities reduce? At these stages in life, you require a reduced life cover. Edelweiss Tokio Life has got your back here too. Always keeping the consumer in mind, they have built features in Zindagi Plus to meet these exact needs.

Zindagi Plus provides you an option to pay the premium only till 60 years of age. This way, you have only to pay a premium while you are earning. Post-retirement, you need not spend your hard-earned savings on insurance premiums.

It doesn’t stop there; Edelweiss Tokio Life also provides you a benefit of “Decreasing Sum Assured”. Under this benefit, after the age of 60, your life cover reduces by 50%. For this benefit, you pay a lower premium than standard rates from day 1 of the policy.

The Benefit Of Choosing Life Insurance Coverage With Edelweiss Tokio

Edelweiss Tokio understands the various stages of life you go through and have built a term plan that evolves and adapts with you. Today you may be young and at a stage in life where you think a term insurance plan is not required. This is the mistake most people make. A term plan premium is determined based on your age. The younger you are, the lesser you pay. With a product like Zindagi Plus, purchasing a plan at an earlier age helps you save big and allows your plan a longer period to evolve and grow.

Zindagi Plus also has multiple other useful benefits that you can learn about here, including the better half benefit and life stage benefit option, which provides your spouse a life cover in case of your unfortunate demise.

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