Food, water and shelter have been the basic necessity of human since Stone Age. But with change in era, one more things have been added to this list,INSURANCE .With world revolving around money and the life of an individual is uncertain, there is a basic need to get insurance which can help cover the aftereffects of a Natural or Man- Made Disaster/Tragedy.
There are different kinds of insurance i.e. Health/ Fire /Property/Travel/Goods etc. exist based on requirements of the risk to be covered, but the most basic and one which must be taken by the earning member of every family is Life Insurance. Life Insurance which is usually bought as an investment tool or tax saving measure has main purpose to provide the ability to plan for unforeseen events that may adversely affect one’s family financial profile.
So pre-planning is required before going ahead to buy a life insurance which include evaluating need of life insurance considering factors like number /age of your dependents ,significant foreseeable expenses , inheritance required to be provided to take care of future regular expenses of dependent . After settling on the amount, next step involve deciding on Term Period (Up to Retirement or Beyond or till time when dependents start earning or liability became zero) , Type of Policy ( ULIP or Endowment or Plan ) , Option to avail Income tax benefit on Premium paid ( Under section 80 C) , Mode of Premium Payment (Annual or One Time) , Person to be Nominated as beneficiary , Need of Additional Riders with main policy ( Total or partial Disability , Waiver of Premium ) .
After Zeroing down on all the above mentioned point, comes the step to select the Group from which get the policy written. Currently various national and international Players are active in this field and have been working to create penetration and awareness on the need of insurance in everyone life irrespective of income level .Although Underlying purpose of all products of Life insurance remain same irrespective of Company as they are based on IRDA ( Insurance Regulator and development Agency ) but the offering , Ease of Buying , Premium calculation , Claim Process and Additional Benefit in form of waivers and coverage are different as they do have affect majorly the buying decision of person..
One of the Star rated name in life insurance sector is “ Edelweiss Tokio Life “ which is a joint venture between Edelweiss Group of India, and Tokio Marine Holdings of Japan. They provides a host of life insurance products designed to take care of individual need. They have recently launched a new Product available online in name of “Edelweiss Tokio Life – MyLife+ ““which is now marked as benchmark product by other companies:
- Max. Age Coverage : You can buy policy just a day before retirement and it covers till 80 year of age whereas the most other policy covers till 65-70 only leaving behind the senior citizen group .
- Ease of Claim : It offer two mode of Death Benefit vis Lumpsum or Income Benefit but the mostly subscribed mode is combination which have option of partial One time payment and balance via monthly /annual payout . This option is not provided by other policies offered by market players .
- Add on Riders : 3 type of add on Riders are available with the policy itself , so there is no need to buy separate plans to get 360 insurance cover from incidents like disability .
- Flexible Premium/Coverage: People can start from a small premium of INR 2500 / year to get coverage of INR 25 lakh and can increase with his income level in future. Even there is no cap on maximum coverage , which give user freedom to plan future lifestyle of his dependent without any compromise.
- Discount on Premium: They offer discount on premium based on the amount of coverage sought and it is calculated and factored in even before first premium is paid
- Save Tax : Tax Benefit Under Section 80 CC can also be availed which reduces overall premium burden on payer .
- Buy Online : For Gen X , this policy is available to purchase at click of mouse and if they face any issue it comes with a FREE LOOK PERIOD of 15 days .
After meeting with agents of 8 companies and going through their thick brochure and complicated Terms and conditions of 21-23 policy option’s, my search ended on this product which comes strongly recommended by my father who bought this one 3 days before his retirement, so his orphan school don’t face any money crisis even when they don’t remain personally to gather funds.
Buying insurance is a must and so do proper research , so your loved one’s are taken care of at least financially while you watch them over from the sky . And even in case of partial/full disability have not ot seek grant of other and remain independent forever .