Life Insurance plays a key role in keeping our family secure. The most important goals of one’s life are to secure his/her family’s future. Life Insurance is the simplest way to protect one’s family against uncertainties in life and financial losses associated with them. Regardless of the various investments done over the years, certain eventualities, such as critical illness or death, substantially affect your family’s financial condition and term plans help to secure an individual’s financial future against these eventualities.
At this juncture, Edelweiss Tokio has designed a term plan, Zindagi plus, which is a comprehensive, all-inclusive solution that remains relevant in the absence of the breadwinner. Zindagi Plus, enables its customers to provide a financial protection for their dependents and go a step forward and cover their spouse as well.
The USP of Zindagi Plus is its Better Half benefit. It is an option available to the insured where he provides an insurance cover to the spouse in the event of his death.
Typically, in case of the death of the bread earner, the family faces an emotional and financial vacuum. While the base plan provides for the death benefit on the death of a primary insured, Better Half Benefit ensures that the person on whom the family is subsequently dependant gets life cover. This feature especially benefits non-working spouses, who usually do not opt for a term insurance.
Under the waiver of premium option, the premium waiver is triggered in case the life insured is diagnosed with specified critical illnesses. This benefit is a survival benefit in order to compensate the insured to continue to stay covered even if he is diagnosed with a critical illness.
An individual experiences multiple life-changing events like getting married, having children, buying a dream home. In order to take care of these increased responsibilities, ‘Life Stage Benefit’ increases the protection and secures your family during these key life stages.
Typically, your financial needs and liabilities reduce when you are past the retirement age of 60 years. Under Decreasing Sum Assured, the base sum assured remains constant until policyholder reaches the age of 60 years and reduces thereafter by 50%.
Additionally, it is also important to know the amount of cover that an individual needs. Our advice is to assess and determine the appropriate coverage amount based on the financial responsibilities and choose features available in the term plan that matches your needs for example – Zindagi Plus offers Better Half Benefit which covers spouse on the death of the life insured.
If you have dependents or financial liabilities, then it is prudent to get life insurance and a term plan is the cheapest variety of life insurance policy available in the market.
Knowing the basic features of a term plan will certainly enable you to buy a product as per your requirement, budget, and financial objectives. Term plans bought at an early age will be the best financial decision which will keep you worry-free for the rest of your life and helps you to attain bigger financial goals in your life. It is always better to be safe and secure than sorry.