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Thursday, 9 July 2015

Edelweiss Tokio Life: MyLife+ (Term Insurance Plan)



In my earlier posts I have covered about the Features and Benefits of Term Insurance Plans. In this post I will cover one of the Term Insurance Plan provided by Edelweiss Tokio Life. You can read more about the Term Insurance plans in the link provided below:-

Edelweiss Tokio Life has launched MYLIFE+ plan which is a Term Insurance policy for Individuals who want to secure the future of their loved ones. It will provide them with adequate financial cover in an unfortunate turn of events resulting in death of an Individual (Insured). From the Investment perspective too Term Insurance is a must have in your Portfolio.
MYLIFE+ is one of the cheapest Term Insurance Plans available in the market, offering attractive benefits to the Individuals thereby making it an interesting Financial Product. It is a pure Term Insurance Policy thus is void of any maturity or surrender benefit.
The Policy is available exclusively Online.

Features and Benefits under MYLIFE+ which makes it an attractive Insurance Plan:-

Maximum Age Coverage: One of the best features of this policy is that it provides insurance cover till the age of 80 years. The maximum entry age has been capped at 60 years while the minimum entry age is 18 years. It is one of the very few Term Insurance policy which offers cover till that age. Even the Pradhan Mantri Jeevan Jyoti and Suraksha Bima Yojana provide cover till the age of 55 years and 70 years respectively.

Policy Tenure: Policy is available for tenure at the intervals of 5 years (i.e 5,10,15,20,25,30,35,40 years, subject to 80 years minus the age of entry).

Low Premium Rates: It is one of the Cheapest Term Insurance Cover available right now and offers flexible options to the Insured. Premium rates can be as low as Rs 2,500/- annually subject to entry age and sum assured opted by the insured.

Additional Value Added Benefits: Additional Rider Benefits such as Accidental and Disability Cover does lend more value to the policy. This additional benefit available at nominal costs not only provides additional protection but ensures extended financial coverage.

Flexible Benefits Payout Option: This makes the Life Insurance even more sensible as it offers you to chose from 3 benefits payout module keeping in mind the financial requirement of an Individual. Insured will have the option to chose from following options:
  • An one time lumpsum payment equal to Sum Assured will paid to the nominee on the death of the Insured.

or
  • Monthly Payment of 1% of the Sum Assured to the nominee for the next 130 months, starting from the same date of the month succeeding the demise of the insured.

or
  • Insured can chose the combination of the above two plans, in which he/she can opt for portion of the Sum Assured to be paid as lumpsum while the rest will be paid out on monthly basis (1% of the Balance Sum Assured) for the agreed term.

Discounts on Premium for High Value Cover: Discount is also being offered on High Value Sum Assured (Above 25 lacs) which further helps in reducing the premium. Considering the various financial needs and escalating cost an Individual may go for a cover upto 20 times his/her annual income. In this way most Individuals will be able to get adequate Insurance cover for themselves.

Additional Privileges for Women: In an attempt to encourage women to get themselves insured, special premium rates are being offered for them which will ensue they receive higher cover at lower premium.

Tax Benefits: Tax Deductions is available under section 80C and 10 (10D) on the premium paid as well as on the claim amount.

POLICY COMPARE
When compared to Term Cover provided by other Insurance companies you will find that this Policy has got couple of advantages over them.
  • Premium rates are much lower as compared to other Term Insurance Plans offered with identical Cover, Benefits and Entry Age.
  • Insurance cover is provided till the age of 80 years makes it very attractive Term Plan for many. 
  • Customized Payout option also makes this policy viable for the Individuals looking for flexibility.                                                  

All Insurance Policies are issued under the guidelines issued by the IRDAI.

Note: This article has been sponsored by the respective Business House.

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