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Know why Term Plan is a “Must Have” Insurance Plan

  10/23/18 7:02 AM

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Jignesh, a marketing professional, was blessed with a kid, which filled the unknown gap in his life. Jignesh always tried to fulfil all the expectations of his family in the best way possible. The happiness of his wife and kid meant everything for him.

But one day while returning from the market, Jignesh witnessed an accident between a bike and a car the person on the bike who was almost 46 years old, died on the spot. This incident shocked Jignesh and forced him to think what will happen to his family if such an unfortunate event occurs to him.

Jignesh was aware of life insurance policies and how it could save his family from such an unfortunate event, but the financial limitations were stopping him from buying a life insurance policy. He went home and searched for an economical life insurance policy on the internet and just in a minute he got what he was searching for, a term insurance policy.

After researching Jignesh realized that a term insurance policy is a traditional life insurance plan which provides financial protection for the family of the policyholder in case of death of the policyholder during the policy term. He understood that the policy gives a sum assured in the form of a death benefit to the family of the policyholder in case of death.

He also came to know that there is a term insurance plan Edelweiss Tokio Life – Zindagi Plus which provides considerable life coverage at a nominal cost. Let us enumerate the most riders of Edelweiss Tokio Life – Zindagi Plus which makes it a must buy life insurance policy for you and your family.

Say, you are in a profession like sales and traveling out is a usual occurrence. In such a situation, an accident death cover will be valuable. Likewise, if you have a family history of diseases and ailments, opt for a critical illness cover. A critical illness rider is truly beneficial because it provides the insured person with money immediately after the diagnosis. That way, the person has a chance to use the money for the treatment.

In Accidental Total and Permanent Disability rider, you’ll get the amount you have selected in case an accident causes permanent disability occurs. This takes care of all your expenses and the policy continues as usual.

In the end, there is an option of Decreasing Sum Assured in which you can avail the same term insurance for premiums less than standard rates from Day 1. The life cover will reduce by 50% after you turn 60 years old. This is good news because after retirement your family won’t be as dependent on you as they are now.

Knowing the basic riders of a term plan will certainly enable you to buy a product as per your requirement, budget and financial objectives.

On top of this, there is a better half benefit which will cover your wife as well.

With a wise and well-informed decision, Jignesh was able to provide financial security for his family at an affordable price

So, if you also have some financial limitations like Jignesh, then choosing a term insurance plan is the best decision because a term plan costs only a cup of tea and that’s why it is the most economical of buying a term insurance policy

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