Edelweiss Tokio Life Insurance - a new age life insurance player in India - has recently launched a new online term insurance plan named "Edelweiss Tokio Life -MyLife+". Apart from being cost effective and high age coverage, the plan is customized according to Indian family structure wherein the family often struggles to meet their day-to-day financial needs, after the death of policy holder.
This term life insurance plan offers three attractive pay-out options to the nominee, in case of policy holder's death - Lump-sum benefit, Income Benefit and third one, which provides combination of both Lump-sum and Income Benefit. Under Lump-sum option, nominee can get benefit equal to the Sum Assured. Nominee can also opt for Income Benefit option in which he/she will receive 1% of Sum Assured every month for next 130 months. This option ensures that family gets funds regularly to meet their daily financial needs and hence, limiting the financial impact on them in case of death of earning member. Under the third option which is a combination of both Lump-sum and Income Benefit, nominee can choose to take partial amount as Lump-sum and remaining in the form of monthly pay-outs.
Edelweiss Tokio Life MyLife+ plan comes with several attractive features:
- Provides life cover up to the age of 80 which ensure your family is adequately protected for longer period of time.
- Premium is competitive as compared to other plans and offers discount if you opt for Large Sum Assured.
- Lower Premium for female lives, which is equivalent to 3 years age setback to Male Rate.
- Enhance your protection cover by offering additional riders such as Accidental Death, Accidental Total and Permanent disability & waiver of premium.
Other companies such as ICICI Prudential, LIC and Aegon Religare also offer term plans. But what makes Edelweiss Tokio Life MyLife+, a best life insurance policy, is the pay-out design (called as Income Replacement) which ensures that family keeps on getting regular "financial liquidity" even after the demise of policy holder.
Given below is the comparison of few popular term plans:
Free Look Period
Edelweiss Tokio Life MyLife+ plan provides a 'Free Look Period' in which you can return the policy within 15 days from receiving the policy. For policies bought through Distance Marketing, free look up period will be provided for 30 days. Premium will be refunded after deducting stamp duty and cost of medical expenses, if any.
To get life insurance quotes for you or to know more about Edelweiss Tokio Life MyLife+ plan, click here.
Given below is the comparison of few popular term plans:
Feature
|
Edelweiss Tokio
(MyLife+ Plan) |
ICICI Prudential
(iProtect Plan) |
Aegon Religare
(iTerm Plan) |
LIC
(e-Term Plan) |
Min-Max Entry Age (in years)
|
18-60
|
20-65
|
18-60
|
18-60
|
Max Maturity Age (in years)
|
80
|
75
|
65
|
75
|
Max Policy Term (in years)
|
60+ (80 minus entry age)
|
30 years
|
25 years
|
35
|
Pay-out Options
(On Death) |
1. Lump Sum
2. Income Benefit 3. Combination of Lump sum and Income Benefit. |
Lump Sum
|
Lump Sum
|
Lump Sum
|
Free Look Period
Edelweiss Tokio Life MyLife+ plan provides a 'Free Look Period' in which you can return the policy within 15 days from receiving the policy. For policies bought through Distance Marketing, free look up period will be provided for 30 days. Premium will be refunded after deducting stamp duty and cost of medical expenses, if any.
To get life insurance quotes for you or to know more about Edelweiss Tokio Life MyLife+ plan, click here.
