Which One Should You Choose Term Plan Or Comprehensive Protection Plan?

A wide variety of insurance plans makes it difficult for you to choose the right plan to protect your loved ones. Most individuals have a primary motive of securing their loved ones.

A term insurance plan is a life insurance product offered by an insurance company which offers financial coverage to the policy holder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary. While a term plan secures your family’s future incase an unfortunate event of death, what if you are diagnosed with a critical illness? A basic term insurance plan may not be able to help you or your family during this torment. A comprehensive plan is a life insurance product that gives benefits over and above a life cover i.e. death benefit. It also provides you with a critical illness cover which secures you against major critical illnesses like cancer, heart disease, chronic kidney disease, etc.

Life expectancy has increased over the past 5 years however health problems giving rise to critical illnesses have increased simultaneously. This means two things; one we need a longer life cover and second we need to protect ourselves against critical illnesses.

Just like how the demise of the bread winner of the family leads to loss of income, the bread winner being diagnosed by a critical illness also results in a loss of income. In fact, a critical illness exhausts entire savings, will take a toll on your health and may impact your earning capability. This makes it crucial for you to get complete protection against critical illnesses as well.

A comprehensive protection plan provides an accelerated critical illness benefit. It provides claim amount in two stages; First on diagnosis of a critical illness and second on death of the life assured.

How it works?

You can choose a sum assured of Rs 1.20 Crore out of which critical illness cover would be Rs 20 lakh and life cover of Rs 1 Crore. So God Forbid, if you are diagnosed by a critical illness this Rs 20 lakh would be given to you on diagnosis itself. You wouldn’t need to wait to get hospitalized.

This Rs 20 lakh can be used for treatment expenses, as an income replacement, to pay household expenses, etc.

The primary objective of a comprehensive protection plan is to reduce financial burden on dependents in case of death and to provide financial support on being diagnosed by a critical illness.

By adding a marginal amount to your premium you can get comprehensive protection against both death as well as critical illnesses. So what are you thinking? Calculate your premium and opt for a comprehensive protection plan here: https://ed.edelweisstokio.in/landing/tspcampaign/index.aspx?