In times like these, when the ongoing Covid-19 pandemic is making us realize the unpredictable nature of life, the importance of financial security has gained currency. The big second coronavirus wave in the country brought about a sudden change in the lives of several families* who lost their earning members, leaving the survivors in a financially vulnerable situation.
Besides making the right saving and investment moves, you also need to ensure that you are adequately covered. Life insurance is the answer, and over the last decade, there has been a growing clamour for insurance solutions that are all-encompassing and comprehensive in securing financial risks. The recent Covid-19 pandemic has brought this need into the spotlight.
Therefore, one should always be prepared to take on any such financial risks for the good of the family and to ensure that their dreams and aspirations are not derailed.
As one ages, there are various goals to be met at different stages of life. From sending your kids for higher studies and getting them married as years roll on, to buying a home, there’s a financial goal to be achieved at almost every stage of life. Essentially, what life insurance does is to help you secure these goals and the family to maintain their standard of living, in case of death of the earning member of the family.
While the need to buy insurance could be for different purposes – for example, protection of family or for child needs or even as a protection against medical expenses — your objective should be to look for a single plan that suffices the requirement.
Holding different insurance plans to cover various risks may become a bit inconvenient besides making it less cost effective. Therefore, look for a comprehensive insurance solution that confines the basic financial goals into a single plan.
Role of Term Insurance Plan
And a term insurance, being a pure protection plan, serves this purpose well. A term insurance plan is a low-cost, high-cover (sum assured in insurance parlance ranges from Rs 25 lakh to Rs 5 crore usually) plan. Based on your age, life cover and the period for which you want protection, the premium is calculated. Calculate your premium here.
If a family loses the bread earner, before a specific goal is achieved, the proceeds of the term insurance plan come to their rescue. In fact, nothing comes close to a term insurance plan if your primary need is to provide financial security to your family.
Getting Total Protection
Edelweiss Tokio Life has a promising solution and a complete protection tool to offer for your family’s future. Edelweiss Tokio Life Total Protect Plus is a term insurance plan offering total protection – a single plan which offers whole life protection along with additional benefit options to cover spouse and child’s financial future too.
What’s more, the plan also covers death claims arising out of Covid-19. And, what makes it a compelling buy is the 6 per cent discount in the first-year premium, if you get the medicals completed within 7 days of purchase (login).
What distinguishes and makes Edelweiss Tokio Life Total Protect Plus an inclusive plan are the two key optional benefits – Better Half Benefit and Child’s Future Protect Benefit.
- Better Half Benefit: Home makers may not be contributing directly towards family income as they may not have an income of their own, but they still happen to manage finances and household budgets. The value that they deliver in the upbringing of the children and the well-being of the family has its own economic importance.
For recognising their financial contribution towards the family, Edelweiss Tokio Life Total Protect Plus gives you the option to secure the spouse’s life, by paying an additional nominal premium.
The Better Half Benefit Option is a life cover for your spouse (which is equal to 50% of base life cover, and a maximum of 1 crore) and gets triggered after the death of the Life Insured. This helps the family get the additional protection cushion.
- Child’s Future Protect Benefit: Every parent’s wish is to make sure their children are financially supported during their educational days. They put their best foot forward in helping their kids realise their dreams and aspirations. Typically, by age 25, children start earning and become self-sufficient but until then as a parent, you leave no stone unturned to facilitate their educational requirements. Edelweiss Tokio Life Total Protect Plus helps secure this goal through the Child’s Future Protect Benefit option.
Under it, in addition to the base life cover, one can opt for an additional coverage (from 10% to 100% of the base sum assured) by paying a nominal premium. This will be provided to the child if the death of a parent happens before the child turns 25.
By opting for this benefit, you take care of your family’s protection needs as well as the child’s education needs under one plan. While your family can maintain the standard of living, your child dreams of aiming higher are also not compromised.
- Option to Cover till Age 100: There are uncertainties abound and even though you may have a meticulous plan, a financial exigency can emerge anytime. At times, there are some financial goals that remain un-achieved even during old age. In the Edelweiss Tokio Life Total Protect Plus plan, the maximum age at the maturity of the plan can be up to 100. So, you can buy the plan with a policy term equal to ‘100 minus your age’ and secure a cushion for the family to fall back upon.
- Pay out Options: Not all family members may be able to utilize the death proceeds (sum assured) properly and optimally. As a policyholder, you have three options for the family to receive the death proceeds – Lump Sum or Monthly Income or Lump Sum plus Monthly Income. Depending on how safe and secure it will be for your family to manage the death proceeds, you can decide if you want to give the sum assured at one go in Lump Sum, or bit by bit as a regular income or a combination of both.
- 5 Riders for Enhanced Protection – Riders are optional add-ons available in the plan that helps to enhance your insurance protection. You may add Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider, Hospital Cash Benefit Rider, Critical Illness Rider, or the Waiver of Premium Rider to your base term insurance policy for a more inclusive protection. By opting for these Riders, you get increased protection against critical illnesses, disabilities, and accidents, thus covering risks from all fronts.
Total Protection – Within Reach
Edelweiss Tokio Life’s Total Protect Plus is a term insurance plan which offers total protection. In addition to addressing the life insurance needs of the family, it recognises and provides for insuring the life of your spouse too. And the additional life cover during the child’s growing year is the icing on the cake! So, without further ado, choose the Edelweiss Tokio Life Total Protect Plus as the term insurance plan for all your life protection needs!