Edelweiss Tokio Life – MyLife+ Online term insurance – A review

It is that time of the year when we are busy wrapping up our tax liabilities and planning our investments for the next year. Our financial advisor has been trying to convince us that term life insurance plans offer good risk coverage besides being wise investments, considering we have a 17 year old son who is on the verge of choosing his career.

It is not as if we have not done some planning for the future, but as everyone knows, no matter how well-planned we are – if there is one thing we cannot predict, it is the future. Naturally, our goal, like every family’s, is to ensure that if, unexpectedly, something happens to us, we want our son to continue to enjoy the lifestyle we are used to while pursuing his dreams.

According to financial experts, term plans are the foundation of financial planning and a must-have for any earning individual with dependants. In the event of the death of the primary bread-winner, term plans offer an income replacement option. The greatest benefits are high coverage, with low premiums and tax savings.

Today we also have the attractive option of online term insurance policies where you can save up to 60% of the premium compared to offline plans, saving you a lot of money without compromising on the benefits.

Let’s look at our financial advisor’s first choice – Edelweiss Tokio Life – MyLife+ term assurance plan from Edelweiss Tokio Life Insurance, a life insurance venture between Edelweiss Financial Services, Mumbai & Tokio Marine Holdings Inc, Japan.

About Edelweiss Tokio Life – MyLife+ online term insurance:

Aimed at those looking at a longer term period and choice of payout options, Edelweiss Tokio Life – MyLife+ term plan is a non-participating, non-linked, low cost comprehensive online term assurance plan offering you life cover and security for your family. It comes with an attractive choice of riders and payout options including lumpsum benefit and income benefit or a combo of the two. Regardless of the payout options chosen, the premium remains the same. Minimum entry age is 18 years and maximum is 60 years with the maximum maturity age being 80 years. As a pure term insurance policy, it has no maturity or surrender benefits.

7 reasons to choose this term plan:

1. Low cost term assurance plan with no maximum sum assured limits
2. Choice of payout options depending on your specific needs and the stage of life you are at. These include:
   • death benefit as lump sum, where your beneficiary gets a lump sum payment upon your death, or
   • monthly income where the sum assured is split into monthly payouts, or
   • a combination of both, where you opt for part lumpsum as death benefit and the remaining as monthly payouts.
3. Option of riders such as accidental death, disability and premium waiver to make your cover more comprehensive
4. Higher the sum assured, higher the discount
5. Lower premium rates for women – a definite plus!
6. Cover up to 80 years of age, which means benefits over a longer period for your family
7. Tax benefits on premium paid as well as claim amount under Section 80C and Section 10 (10D) of Income Tax Act, 1961.

Comparing Edelweiss Tokio Life – MyLife+ with others in the market

As one of the most affordable plans in the market, Edelweiss Tokio Life – MyLife+’s USPs are: flexibility to customize the payout options, higher maturity age and no limit on maximum sum assured. This is beneficial to those who are not financially savvy and can’t decide what to do with the lumpsum option. While insurance is best taken as early as possible to maximize benefits, the higher maturity age is an advantage for those in their 50s to consider buying term plans.

Let’s explore why Edelweiss Tokio Life – MyLife+ might be the best budget insurance option compared to other products. Some of the major players in the online term insurance plan market include HDFC Life’s Click2Protect, Aegon Religare, Kotak’s eTerm, ICICI Prudential’s iCare and LIC’s eTerm. Each one falls short of one or more of the following benefits from Edelweiss:

• Minimum entry age – 18. A majority of term life insurance providers state that the entry age is 20-21.
• Maximum entry age – 60 while with others it is 55
• Maximum age / maturity age – Cover up to 80 years whereas others offer up to 65 years
• Maximum sum assured – no limits with Edelweiss while most others have an upper ceiling
• Minimum premium – An affordable Rs.2500.00, others are much higher
• Discounts – Higher discounts as the sum assured increases along with attractive riders to make the plan even more comprehensive.
• Women power – Special rates for women. Up to age 21, the premium is same as male rate of age 18. From age 22 and above, they enjoy a three year age setback to male rate.

Choosing a term plan is always based on one’s specific needs and income, and of course a lot of research. Edelweiss Tokio Life – MyLife+ term plan comes from a respected group of life insurance companies. The cherry on the cake is the facility to transform your life online in approximately 15 minutes, less than the time it takes to order and enjoy a cup of coffee, which is a definite advantage if you have a busy lifestyle.

Do you have a term life insurance policy?

Image credit: Edelweiss Tokio