Abhay Singhal was a carefree man until one day his friend Akash asked him his age. A shy Abhay, who was there to offer sweets on becoming a proud father, said, “35”.
The following question was, “Do you have a life insurance policy?” Now Abhay was perplexed where the discussion was heading. He had heard the term and seen adverts but hadn’t really thought much about it.
“Be responsible and buy a life cover, my friend,” Akash said with a comforting touch and enthusiastically went ahead.
When Abhay, an executive at a multinational company, researched about life insurance, he found he was so wrong that just the group life insurance cover provided by his company was enough.
Now Abhay has decided that he would opt for an additional insurance cover to safeguard his family’s future. He has gone through various attractive policies by different life insurance companies in the market and has finally decided to opt for a policy, launched by Edelweiss Tokio, which seems much consumer friendly as compared to other available options in the market and suits his pocket.
The new life term policy Edelweiss Tokio Life-MyLife+ brings many benefits for its consumers part from providing cheap life insurance.
Anyone between the age group of 18-60 can opt for the policy cover. Maximum maturity age is 80 years.
The policy is an online term plan with three death benefit payout options – lump sum payment, income benefit option, and a combination of the two.
Under lump sum payment option, upon the death of the policy holder, the beneficiary gets a lump sum payment. The income benefit option allows you to have monthly payments (which is 1 per cent of the sum assured for the next 130 months).
Finally, the third option means the policy holder can combine the two to have part lump sum and part monthly payments as per his/her choice.
For a person of about 35 years of age, the policy comes with a term of 25 years. For an annual premium of Rs8,510 one can get a life cover of Rs1 crore. If the person wants to break this under the income benefits then the beneficiary will get one per cent of the assured cover paid every month for the next 10 years. The total amount received by the beneficiary is about Rs1.3 crore under the income benefit plan but the premium is same.
According to industry estimates, this is one of the cheapest plans available in the segment. The fact that this policy can be tailored is the + factor which even reflects in the name.
In this ever changing times it may be tough to pick an easy insurance policy, which fits in all our requirements but with an option like Edelweiss Tokio Life-MyLife+ life will be an easy journey ahead for sure.
