Most of us understand the importance of getting a life insurance policy. However, many of us also find the year on year premium payments as an extended liability. The thought of paying life insurance premiums till your retirement age is truly daunting. Therefore, a limited pay term life insurance plan like My Term+ can be a great solution. With this plan, you get the benefit of covering your life at your own terms.
Here are 5 Reasons Why My Term+ is the right term plan for you
Pay Premiums for a Limited Period
The biggest difference between limited pay vs regular pay term insurance is that the limited pay option, you get the freedom to pay off your premiums within a shorter duration. The premium payment term can range from 5, 7, 10, 15 and 20 years. This will allow you to pay off your insurance premiums well before your retirement age and enjoy a hassle-free retired life. Also, the cumulative premium paid with a Limited Pay plan, is lesser than the cumulative premium otherwise.
Double Protection for the Family
Edelweiss Tokio Life – My Term+ offers the Better Half benefit option. With this feature, your spouse gets a life cover too in case of your unfortunate demise. Your dependent family, especially your children get double protection with both the parents being insured.
Waiver of Premium
Edelweiss Tokio Life – My Term+ comes with the Waiver of Premium rider which entitles you to stop all premium payments if diagnosed with any one of the 35 listed critical illnesses. While all the remaining premiums are waived off, the benefits of the policy continue the same way.
Better Tax Benefits
You get better tax benefits under section 80 C, as the premiums are higher with a limited pay term insurance plan.
Critical Illness Rider
My Term+ offers the Critical Illness rider, under which, the life insured gets a lump sum to manage the medical expenses if diagnosed with any of the listed 12 critical illnesses, including cancer, kidney and heart ailments.
For more information on term insurance plans, you can visit blog.edelweisstokio.in.