A term insurance plan that offers complete protection for your family’s future – Edelweiss Tokio Life Total Protect Plus

by Joseph K. Clark

The life insurance industry has risen by introducing various products to become financially independent with time. It won’t be an exaggeration to call the unprecedented COVID-19 pandemic a storm that has caused economic distress to millions of businesses, leading to job depletion, layoffs, and pay cuts on the one hand and increasing expenses and inflation on the other. In addition to this financial instability, many families have lost their loved ones. This loss has caused emotional hardships and affected the surviving members financially because, in many cases, it meant the loss of their primary or only source of income.

The increased importance of term life insurance after the pandemic

This crisis has brought into the spotlight the urgent need to cushion the health and economic aftereffects of the pandemic and any event that can potentially threaten financial stability. Fortunately, a notable shift has been recorded in terms of awareness regarding the benefits of life insurance. Over 90% of Indians believe that health and term insurance is essential for their financial safety and mental well-being, as per the findings of a recent survey.

The life insurance industry has risen by introducing various products to become financially independent with time. Previously, most Indians saw life insurance only as a tax-saving instrument, but they have realized the importance of protection over the years. Life insurers are offering evolved policies by adding many features such as guaranteed income, market-linked opportunities, goal-oriented wealth accumulation, and much more, all while ensuring the financial future of an individual’s family.

With so much happening around us, who wants to take on the hassle of researching, buying, maintaining, and paying the premium for multiple plans for each member of the family? It becomes cumbersome to track your term insurance, buy another one for your spouse, and separately plan your child’s education. This is precisely why Edelweiss Tokio Life puts everything you and your family need in one protection plan. The new Edelweiss Tokio Life – Total Protect Plus is designed to protect your family’s financial future. If you are dreaded of thoughts about how your family will manage their lifestyle or your child’s education in your absence, this plan is for you. It gives your life all-around protection by allowing you to address goal-linked financial risks, offering a well-secured future for your loved ones. With this Life Insurance plan, you can plan a brighter future with complete security and minimal worry!

insurance plan

How Edelweiss Tokio Life – Total Protect Plus helps materialize your family’s dreams and aspirations

Edelweiss Tokio Life’s Total Protect Plus can help you excel as a provider and caretaker of your family by eliminating worries stemming from life’s uncertainties and working towards your financial goals, as described in the following paragraphs.

1. 100-Year Life Cover: With this plan, you can opt for a cover that lasts till you are 100 years of age so that your loved ones have a financial cushion to fall back on for a long time. Apart from needing an extended cover, the product can contribute to your legacy planning strategy because it can help you leave behind a sizable financial corpus for your family. The increased focus on careers and the prevalence of nuclear families has pushed the average age of marriage and therefore becoming a parent by at least 4-5 years in the last decade. With a more considerable disposable income and growing aspirations, your children might opt to study longer and continue to be dependent on you. Additionally, the advanced medical science and increased safety around us ensure you will live well beyond the average 65-70 years.

2. The Better Half Benefit enables you to create a life cover for your spouse in your absence. Through this optional benefit, the policy kickstarts a life cover equivalent to 50% of the policyholder’s Sum Assured (subject to a maximum of Rs. 1 crore) for your spouse in case of death. This way, you can ensure that your death doesn’t affect your family financially and set a protection cycle after you are gone. Your spouse doesn’t have to pay any future premiums. Your partner has been your rock through the thick and thin of life, and they should be adequately supported in your absence. The lack of money or debts should not mar the aspiration they might leave behind.

3. Child’s Future Protect Benefit: While you toil hard today to give your children a secure and happy future, it is wise to also seal their education and career funds for when you won’t be around. The Child’s Future Protect Benefit allows you to create additional life cover for yourself until your child attains 25 years of age. This helps ensure your child doesn’t have to compromise on their career choices in your absence. You can choose the Additional Sum Assured amount (10% to 100% of Base Sum Assured) at the start of the policy. In case of your death, before your child attains 25 years of age, the Base Sum Assured plus Additional Child’s Future Protect Benefit Sum Assured is paid to the nominee.

4. And there’s more – In today’s time, getting your medical tests done is important. So, you get a 6% discount on the first-year premium if medical tests are completed within seven days of purchase (login).

5. Along with all these benefits, you can add five optional riders to your plan to enhance your protection:

  • Accidental Death Benefit Rider for additional financial security in case any death occurs due to an accident. Also, the benefit is payable in a lump sum.
  • Accidental Total and Permanent Disability Rider provides a lump sum to cater to your immediate expenses if your income-earning capacity is hindered due to an unintentional disability (total & permanent).
  • Hospital Cash Benefit Rider for daily allowance and post-hospitalization benefits, insured in case of hospitalization of the life.
  • Critical Illness Rider for a lump sum amount on diagnosis of one of the listed acute illnesses
  • Waiver of Premium Rider waives future premiums if you suffer from Critical Illness or Total and Permanent Disability due to an accident.

Age is not just a number; you can capitalize on it if you’re smart. The younger you are, the better deal you get on the premium amount to keep reaping term insurance benefits even as you grow older. An affordable premium also means you don’t need to delay buying term insurance until later.

Calculate your premium here.

Additionally, the premiums paid under this plan are eligible for deductions under Section 80(C) of the Income Tax Act, 1961. The death benefit is also suitable for tax benefits under section 10(10D).

You might be busy living a life full of responsibilities right now but don’t forget that this is also the time to plan your life aspirations and be adventurous because you’re still young. It is essential to consider the goals you want to pursue as a young, enthusiastic individual. But before you go ahead with your dreams and aspirations, it is imperative that you financially secure your family. And this security must be ‘Total’ for living a Zindagi Unlimited.

Get live Stock Prices from the BSE, NSE, and US Market, and the latest NAV and portfolio of Mutual Funds; check out the newest IPO News, Best Performing IPOs, calculate your tax by using an Income Tax Calculator, know the market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter. telegramFinancial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news.

Related Posts