A term insurance plan is critical for every family for ensuring financial security and well-being. Term plans are committed to fulfilling your family’s dreams in your absence. To ensure that your term life insurance plan must have the required sum assured, you can check the required amount and premium online in a term insurance calculator and plan accordingly.
A life insurance policy offers coverage to the life insurance seeker via a prefixed sum assured during the policy tenure. Should anything happen to the insured, the sum assured is then disbursed to the nominee of the term plan policy.
This way, term insurance ensures that the insured's family does not face any financial difficulty due to the absence of the Insured, who is usually the earning member of the family.
You can either buy a single term insurance plan that only covers your life, or you can go for a joint term plan that covers you and your spouse in a single plan. Edelweiss Tokio Life Insurance has launched the Total Protect Plus plan that offers the Better Half Benefit option. By choosing this option, you not only cover your spouse under the same policy but also all future premiums are waived off, in case of your demise.
Before we look at the details of the Better Half Benefit option, let us understand the benefits of covering your spouse under the same term insurance plan.
Reasons to cover your spouse with a joint term life insurance plan
1. A couple’s role in the wellbeing of family: You and your spouse play a great role in maintaining the financial and emotional wellbeing of your family. The absence of either partner will have a draining effect on the other. Hence, both of you should be secured with term life insurance.
2. Dealing with death: Term plans are usually suggested to deal with the financial and emotional aftermath of death in any family. When situations go awry, protecting your spouse will help the remaining family if they have to deal with the same situation again.
3. Dependency on the surviving spouse: Human tendency is such that we tend to get attached to things easily. If you lose someone in the family, that feeling of insecurity further pushes you to become too dependent and attached to other family members.
After losing a family member, usually children, elderly parents tend to look for emotional support from the surviving spouse. In that case, it becomes even more necessary that the surviving spouse should also be insured for any future unforeseen contingencies. Hence, it would be best if you cover your spouse with a term insurance plan.
4. It offers complete protection: When you take a life term insurance plan that covers you, it helps your spouse in the event of your death. Covering your spouse would help the family deal with their death by offering the necessary financial support. Covering your spouse will help, either way, by offering the necessary support to deal with unforeseen circumstances. Money cannot solve all problems, but it will certainly help if you have the necessary finance to deal with any situations.
5. It secures your children’s financial requirements: Covering your spouse with a life insurance plan helps the children deal with disheartening situations. Other than this, it helps in catering to their financial needs for higher education, marriage etc.
How can you secure your partner in the same term plan?
The Edelweiss Tokio Life Total Protect Plus plan offers a comprehensive solution to the protection needs of your family, with a host of term plan benefits under a single plan. You can check the premium rates by filling in details on the term insurance calculator available at the Edelweiss Tokio life insurance website.
This life insurance term plan offers the Better Half Benefit option, which ensures you and your spouse are both protected under a single plan.
What is the Better Half Benefit offered in the Edelweiss Tokio term insurance plan?
Under the Edelweiss Tokio term insurance Better Half Benefit option, upon the demise of the life insured, the base sum assured is paid, and life cover for the spouse begins, which is called the “Better Half Benefit” sum assured. This exclusive sum assured is then paid to the nominee upon the demise of the spouse.
Let’s understand this with an example. If Mr A opts for a life insurance term plan with the Better Half Benefit option, and the sum assured is ₹1 crore, in the event of death of Mr A, two things happen -
1. Base Sum Assured of ₹1 crore is paid out
2. Additional Sum Assured of ₹50 lakhs starts on the life of his spouse.
This way, by ensuring that the term life insurance secures your spouse too, you can offer total protection to your entire family.
Some pointers on the Better Half Benefit:
- The additional Better Half Benefit provided under this policy gets triggered only upon the death of the insured.
- The maximum benefit under this option will be 50% of the base sum assured of the insured.
- This option is provided only at the inception of the policy.
- The insured should be married at the inception of the policy to opt for the Better Half Benefit.
- To opt for Better Half Benefit, the base sum assured should be at least ₹50 lakhs.
- The minimum and maximum age of entry for the spouse will be 18 and 65 years, respectively.
1. Benefits under the Better Half Benefit are not payable if both the spouses' unfortunate incidental death happens together.
2. Better Half Benefit is not payable if your spouse dies before you.
Steps to take the Edelweiss Tokio Life Total Protect Plus plan for your policy:
You can take this policy online as well. The following steps will help you in buying the policy.
1. Visit the Edelweiss Tokio Life website and navigate to the Total Protect Plus page.
2. Input the necessary details, including the sum assured, premium payment details, etc.
3. Choose riders to enhance your protection.
4. Proceed for premium payment, as displayed on the screen
You will need to submit a few essential documents. We will help you out with the list required for your unique application.
The Edelweiss Tokio Life Total Protection Plus is a recommended solution for total protection of your family. Such financial protection helps secure your children from future contingencies that may arise out of the death of both parents. These plans also offer term insurance tax benefit, thereby aiding in saving taxes and securing your family’s financial future.
Siddhant Dubey - Writer & Photographer
Siddhant works as a freelance content writer who is interested in a wide range of spheres from photography and personal finance to cooking. He is also an aspiring photographer striving to showcase life around him through his vision.