Shweta lost her husband a month back. He was suffering from a lung ailment and succumbed to it after 1 year of fighting with it. The last one year was tough for her and her kids. Taking care of the medicines, making unlimited rounds of the hospital, sending the kids to school and seeing to it that their studies did not suffer during this period was a tough balancing act for her. The emotional and physical trauma used to take its toll and she used to regularly break down in solitude. Thankfully, her husband had taken a critical illness plan some years back, and hence because of the same, she did not need to worry about her financial condition. Along with the medi claim policy, which would look after the hospitalization costs of her husband’s illness, the critical illness policy made sure that she had enough money to sustain herself and her kids in terms of household expenses and paying their school fees etc. But now, after his passing away, there was another question that was bothering her? How would she arrange for the finances to keep the household and the studies of her two kids going?
A comprehensive term plan
If only Shweta’s husband would have purchased a comprehensive term plan, it would have helped her deal with this problem also. A term plan is insurance in the simplest form. This means, when the policyholder passes away, the nominee receives a fixed amount either as a lump sum payment or as a monthly pay out. A comprehensive term plan is one wherein, the critical illness cover is built-into the term plan such that in case, the policyholder suffers a critical illness, he is given the pay out of a fixed sum in the form of a lump sum payment. This amount is given to him simply on the diagnosis report of the doctor. This amount can also be used by him in any manner that he deems fit.
Edelweiss Tokio Life – Total Secure+
With Edelweiss Tokio Life – Total Secure+, you can opt for cover till the age of 80 when selecting the term plan. This way, your family will be financially supported for a longer period. Also, with cover for up to 35 critical illnesses, you get more protection than let’s say, a plan that only covers you for cancer. Again, with options for premium payment and claim pay out, you can decide which one of the options would give you better protection. For instance, if you are in a career, like the entertainment industry, where careers are generally short, you can opt for a limited pay option. If you want your family to have a regular monthly pay out after your demise, that too with a provision of covering for inflation, you can opt for increasing pay out option, where the amount of monthly pay out increases at the rate of 5% p.a (compounded). This can, more or less, nullify the effects of inflation on your family income.
Generate a quote today to find out how you can be protected and stay prepared in those tough times.