Picking the correct policy period is tricky. Too short – and it invalidates the point of term protection. Pick too long a period, and you’ll wind up paying more premiums than you should.
The policy term is one of the key factors that will influence your term insurance premium. The policy term relies upon to what extent you need to support your family if there should be an occurrence of terrible projections.
For the most part, a policy term offered by most insurance agencies is between 5 years to 40 years. Most people assume that their policy term depends upon their retirement age. On the off chance that you are wanting to retire at 60 years of age and your present age is 25 years, you ought to settle on a policy term of 35 years. However, the retirement age may shift for a few people who pick to work until the age of 65.
Term insurance eventually becomes too expensive to buy when you are older, and then many go without it. If you have planned well, and made lots of good investments over your lifetime, eliminated all your debts, and no longer have anyone else dependent on your ability to earn income, then this may not be a big deal for you.
Edelweiss Tokio Life – Zindagi Plus is much more than a term plan. It gives you a variety of unique benefits. The plan not only covers your present requirements but is also flexible to take care of your changing needs and responsibilities as well as increasing cost of living.
You can choose a life cover of as low as 25 lakhs and as high as 10 crores. The policyholder also has an option to ‘Pay till 60 years of age’. Under this benefit, he won’t have to pay after 60 years of age. The advantage is that if your income earning capacity stops after 60 years (for salaried employees), then you won’t have the burden of paying premiums.
Thus Edelweiss Tokio Life – Zindagi Plus can play a crucial part at various stages in life as you’ve added a partner to your life or when you are ready for your retirement and enjoy the golden years of your life.