Wednesday, April 15, 2015

Edelweiss Tokio Life Insurance Mylife+

Today's market is a growing market. Our country is progressing rapidly and if the policies of the government and the market trends are something to take into account then the market is only going to grow higher. In this growing market the trend is to invest in the market as much as possible so that you get as much return as possible, which I think is a sensible thing to do but we should take into account other aspects of life as well. 

What will happen if you are no longer there ? Who will support your family ? what will happen to the long term targets you have planned ?

It is very important to understand that life is uncertain and all the money you earn for your family won't be there if something happens to you. Today, we spend a lot of money and enjoy a really good lifestyle. This means that we require a lots of money to meet our daily and monthly needs. If you are the earning member of your family and somehow you are not there to support your family then they will face a huge monetary crisis.

Long term goals - All of us have try to save for long term goals. We think we will create SIPs or invest in mutual funds which will one day fund our long term goals like marriage of our daughter or higher studies of our kids or a house of our own but have you thought about a situation where you end up meeting an accident and losing your life. In this situation, your family won't have money to sustain their daily needs further all the long term plans will become useless as without you paying for the SIPs, the funds will become static and will serve no purpose. 

What's the solution ?

Term life insurance are best solution to keep your family safe. At a very nominal cost you will be able to safeguard your family's future, their monthly needs and as well as their future financial goals. 

For everyone of us family is the most important thing and it is our responsibility to keep them safe.Term life insurance cost just a small fraction of the money you invest but you provide you multiple benefits and most importantly peace of mind. A nominal investment of around Rs 500 will give you a cover of Rs 1 crore. 

Which plan to choose ?

There are so many term insurance plan available in the market that you actually get puzzled that which insurance plan you should actually buy. With so many things to consider you actually become confuse. Working with a financial organisation has taught me that buyers are becoming intelligent every passing day and whatever you tell they are going to do the comparison in the market. So, the best thing to do is to tell a product and compare it with others as well.

Edelweiss Tokio Life Insurance Mylife+ 

7 reasons why you should choose Edelweiss Tokio Life Insurance Mylife+ plan 

1. Low cost term assurance plan - This means that you get an assured sum of money from the insurance plan at a very low cost. 

2. Option to choose death benefits - You get to choose that death benefit will be lump sum or monthly payout. This means when you die your family may get a huge sum as a one time payment if you choose lump sum or they will get a monthly payment if you choose monthly option. You can also choose both the option in this case a stipulated lump sum amount will be given to your family on your death and then monthly payments will also be given.

3. Make your plan comprehensive through riders - You can also add riders like what will be given to your family if you die because of accident. These riders make your plan more comprehensive.

4. Get discounts for higher sum assured - If you assure you family with higher sums then you also get the benefit of discounts. Doesn't that make this plan even more attractive ? It gives you an added advantage as you increment the sum assured for your insurance. 

5. Low premium rates for female lives - Females upto age 21 will get a discount same as the male rate of age 18. Females age 22 or above will get 3 year age setback to male rate. This makes the female insurance even more attractive proposition. 

6. Get cover upto age 80 -  Our life span has increased hence many people think that getting a life cover only till the age of 60 is not sensible. With this plan you get the chance to have life cover till the age of 80. Since you require the life insurance cover the most at the age 60 to 80 hence this plan is valuable even if you are reaching your retirement age and a bit late in deciding for your insurance cover.

7. Get tax benefits - You get tax benefits on the amount you pay as premium. You get tax benefits on the premium paid towards life insurance under the section 80 C of tax laws. Further the tax benefit level under this scheme has been increased this year to help people plan their insurance even better. 

Competitive advantage or Comparisons

Edelweiss Tokyo Life Mylife insurance plan according to me stand out in many ways. 

1. Minimum age -  All insurance plans are not available at the age of 18. The leading insurance companies have minimum age around 20-21. 

2. Maximum age - LIC's term insurance plan has maximum age of 75 years. In this regard the Mylife plan gives you an advantage at the most important juncture of your life insurance, i.e., from age 75 years to 80 years.

3. Discounts - The higher sum you assure your family the higher discounts you get. This is definitely a double advantage which you will get in no other insurance plan.

4. Benefits for females - Females will get a benefit of 3 years age setback to male rates, which in long term means a lot of gain.

You will get low term cost and tax benefits in almost all the plans but you should choose plan which is giving you the most number of benefits.

5. Ease of processing - You want to have a term insurance plan which can be easily understood and you can but it just few steps. Mylife plan gives you this advantage, you can get yourself a term insurance quote or even a policy in just few clicks. 

Since we have very less time these days to devote to these things hence Edelweiss has made sure that you could complete the form in just 15 minutes. 

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