Steps to Buy an Online Term Insurance Plan
Step1 >> Choose your plan
Edelweiss Tokio Life My Term+
- Better half benefit option
- Limited premium paying term
- Tax benefits under section 80C
Edelweiss Tokio Life Zindagi Plus
- Better Half benefit
- Life Stage Benefit
- Death benefits
Step2 >> Determine Your Life Cover
It is usually suggested that a term life insurance cover should be at least 10 to 15 times of your annual income and 15 to 20 times is an even be tter option. If you have loans such as home loans, car loans, etc. then you should factor that in too.
You can use this simple formula to determine your ideal life cover: Life Cover = [10 x annual income + total outstanding loans + other liabilities]
For instance, if your annual income is ₹ 15 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.5 Crore, assuming that you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover.
Step3 >> Calculate Your Premium
The cost of term plan varies depending on various factors such as age, annual income, the amount and tenure of insurance coverage, health condition and whether you are a smoker/non-smoker. For example, for a 30-year-old single male, non-smoker for a policy term of 20 years with ₹1 crore life cover, the annual premium is ₹6202.
Step4 >> Make Payment
You can opt from monthly, half-yearly or yearly mode of payment and choose from a list of payment options such as:
- Credit Card
- Debit Card
- Online Wallets
Step5 >> Fill the Proposal Form
You will be asked to fill out the proposal form with your details.
Step6 >>Submission of Documents
You will have to submit the following or more documents for issuance of policy- KYC documents such as proof of name, address, identification and photo, and income proof.