Life is unpredictable. Anything can happen anytime, anywhere without any pre-warning. It is really important that we secure our family by taking life insurance policies, which can provide financial support to your family, so that they can maintain their lifestyle and needs in the event of your sudden death. This article talks briefly about Edelweiss Tokio Life -MyLife+ plan and also features a quick comparison with HDFC Click2Protect plus plan.
Edelweiss Tokio Life MyLife+
As the name suggests, MyLife+ is an Insurance term plan by Edelweiss Tokio Life. It's a non-linked, non-participating term assurance plan which covers your life and secures your family. The MyLife+ plan comes with many benefits and is priced competitively low, as compared to other term insurance plans from other companies. A term plan ensures that in an unfortunate event of death of the insurer, the family of the insurer gets financial support to maintain lifestyle and basic needs. It is very important for the bread-winner of the family to be insured under term assurance plan, so that in the event of his sudden death, his family continues to support their life as he would have provided for them.
Benefits of Edelweiss Tokio - MyLife+ Plan
If you are thinking why MyLife+ term assurance plan is good for you then here is a complete list containing the benefits of MyLife+ Plan.
- Low Cost Term Assurance: As compared to similar term plans offered by other Insurance companies, we can say that Edelweiss Tokio Life - MyLife+ plan is low cost term life insurance plan. This makes it more affordable for people who don't want to spend a big part of their income, securing their future.
- Option for Lump Sum / Monthly Pay / or Both: With MyLife+ plan, a customer can choose the payout options as Lump sum or Monthly payout or both. In case of Lump sum, the insurer's family will get the assured amount on death of the insured and the policy will terminate. In case of Monthly Payout, 1% of the assured amount will be paid to the insurers family for the next 130 months.
- Low Premium Rates for Females: Female insurers get lower premium rates as compared to Male insurers. There is a 3 years age setback to Male rates for Females with age 22 or above.
- Cover Upto Age 80: Edelweiss Tokio Life - MyLife+ plan also has option for cover upto age 80, which is listed as Maximum Maturity Age in non-participating non-linked term insurance plans.
- Tax Benefits for Premium and Claim Amount.
Quick Comparison of MyLife+ Plan with HDFC Click2Protect plus Plan
A similar term plan popular in market is HDFC Click2Protect plus term plan. Below are some points which I got as a result of comparison with Edelweiss Tokio Life - MyLife+ plan, by reading the points below, you can say that MyLife+ plan offers more benefits and flexibility.
- MyLife+ Plan offers 1% of assured amount as Monthly payout as compared to 0.5% of assured amount monthly by HDFC Click2Protect plus plan.
- MyLife+ continues to provide monthly payouts of 1% assured amount for next 130 months after the event of the death of insurer. HDFC Click2Protect plus plan offers 0.5% monthly payouts for 10 years, which is 120 months. MyLife+ gives additional cover of 10 months as compared to HDFC Click2Protect plus plan.
- The Maximum Maturity Age for HDFC Click2Protect plus plan is 75 years, while the Maximum Maturity Age for Edelweiss Tokio Life MyLife+ plan is 80 years.
- HDFC Click2Protect plus term plan gives option to pay premiums annually, half-yearly, quarterly or monthly, while Edelweiss Tokio life - MyLife+ offers similar premium payment arrangements.
Conclusion
This quick comparison of the two of the most popular term plan products shows that Edelweiss Tokio Life's - MyLife+ term plan brings along some additional benefits and more flexibility, as compared to any other term plan (including HDFC Click2Protect Plus Plan) So if you are looking for a reliable and trust-able term plan policy then MyLife+ is something you must consider.
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