Insurance is not a compulsion it is a necessity and if you have to make plans for financial responsibilities and your life goals, or if you have responsibilities like home loan, personal loan, then, you definitely need to have insurance.
Havingan insurance is very important for every person. Therefore, it is also very important to choose the right insurance policy for you. Choosing the right insurance policy is a simple task if you consider your financial situation and ability to spend on it.
Edelweiss Tokio Life Insurance Company provides each of its insurance products has its own unique features.
When You Buy Insurance policy online, firstly, you should analyze what do you expect from an insurance policy. Here are the things that should be kept in mind before buying insurance:
- Are you buying insurance for safety?
- Are you buying insurance for investment?
- Are you just buying insurance to save the tax?
Edelweiss Tokio provides its best insurance policy is Term Plan. Let us learn more about Term Plan and why you need to choose it –
In the human life, the risk of death is due to natural and accidental causes always lie in front and is completely unpredictable. When a person is killed or he becomes disabled, the income for the family ends. It becomes difficult for the family to live a life without financial restraints. You can take a Life Insurance policy directly to protect your family from such circumstances. Life Insurance Policy provides with a fixed amount of income to the family.
Life Insurance comes in many forms. It offers complete protection against and unwelcomed crisis. However, according to the changing times in the insurance sector, savings and investment have also been included in the Term Plan.
Here are the types of Life Insurance policy
- Term Insurance (Pure Insurance)
- Endowment Policy (Savings Based)
- Money Back Policy (Savings Based
- Unit Linked Insurance Plan (ULIP) (Savings-based, Market-linked)
Term Plan is the purest form of insurance policy. In this, you get a high price cover at very low premiums. Such a policy is taken fully in terms of security. After paying a nominal premium every year in the Term Plan, you get cover for a few specific years. Generally, term policies are taken for 10,15,20,25, and 30 years.
- Death Benefit
If the policyholder dies during the policy term, the full amount of the cover is given to the nominee.
- Maturity Benefit
If the policyholder survives for the entire duration of the policy, you do not get any money at the time of maturity.
- Tax benefit
Premiums paid under the Term Plan are exempted from the tax under Section 80C of Income Tax.
Different premiums charge based on the risk profile of the person taking the policy. For example, your risk profile is fixed on the following points.
- Medical History
The medical history of you and your family holds a very important part in determining the premium. If you have any current illness (which is also a threat to life) while taking the policy, then the insurance companies can charge you extra premium which is known as loading. No additional premium is taken from the person who does not have pre-existing disease.
- Non-Medical History
In addition to the medical history, your lifestyle, such as smoking, drinking, and business, are also kept in mind when determining the premium. Most people who smoke at most levels have more premiums than those who do not smoke.
Just like life and death are two aspects of the same coin, the exact same death is the absolute truth of life, which comes to every person ever and ever. As a result, a person has to work for the future and planning of his family. Because of this, Edelweiss Tokio LifeInsurance Company have made a number of plans which can help their family financially after their death. Term insurance is also one of these plans. If you have financial responsibilities or you have to make plans for the future of your family, then you definitely need an insurance plan.