If you are planning to buy life insurance, it is essential to consider the pros and cons of different available plans. The good news is that it is easy to compare programs. So you can choose one that suits your needs and budget. But the bad news is that some of the programs offered by different companies are not worth the money. So here are a few tips to help you decide which plan is right.
Payor Waiver
Edelweiss Tokio offers various life insurance products for people to choose from. These policies help you plan for your future and achieve financial goals. In addition, you will be able to enjoy tax benefits as well.
When choosing a policy, you will have a variety of riders you can select from. These riders offer additional protection against critical illnesses. Choosing a rider is a great way to customize your plan and ensure coverage.
One of the most popular riders offered by the company is the Payor Waiver. This rider waives premium payments for a specified period if a person in the plan is diagnosed with a critical illness. Families often use the payor benefit.
Critical Illness Rider
The Edelweiss Tokio Critical Illness Rider is a critical illness insurance rider that is part of the health insurance plan offered by the company. It provides financial protection against the costs of major acute illnesses, such as heart attack, cancer, and kidney failure.
It pays a lump sum on the diagnosis of several covered critical illnesses. These include major organ transplants, myocardial infarction, open chest CABG, third-degree burns, paralysis of limbs, and kidney failure.
A rider like this can be added to an existing term life policy, providing financial security when necessary. This type of rider can also help cover expenses related to the hospitalization and recovery period.
You can buy this optional benefit for five to 52 years. The income you receive during this time is based on your age and the premium amount you have paid.
Accidental Death Benefit Rider
If you have an accidental death, your loved ones will have the financial security of knowing they will receive a lump sum. You can enhance your cover with an accident rider by adding additional protection.
An accident benefit is available with several insurance companies, but one from Edelweiss Tokio Life Insurance comes with the bonus of tax relief. You can get up to 10% of your premiums refunded.
In the event of your accidental death, your loved ones will be provided with a lump sum and monthly income. This can help them with their financial needs, including paying off loans. The option allows you to choose between a single lump sum, monthly installments, or both.
In addition, you can also opt for a critical illness rider to provide you with additional coverage in case of severe disease. Finally, your nominee will be able to receive a lump sum, which can be used to pay for any other health-related expenses.
Hospital Cash
The Edelweiss Tokio Life Insurance Company is a pan-India insurance company. It has 121 offices and 51723 agents across the country. This company offers several comprehensive insurance products. They also have a complete customer support system. For example, they have a toll-free helpline, a dedicated website, and online assistance.
Edelweiss Tokio has also introduced a new product – the Total Protection Plan. This product is a term plan that offers tax benefits. As far as premiums are concerned, the plan provides tax relief of up to 10% of the sum assured.
In addition, it provides a guaranteed annual income for 15 years after the policy maturity. Besides, it gives a spouse benefit that adds 50% of the life coverage.
Compared with ICICI Prudential
The ICICI Prudential and Edelweiss Tokio Life Insurance companies are two of the leading life insurance providers in India. They offer a variety of life insurance products that will meet the needs of a family. However, it is essential to understand the differences between the two. You can also compare each company’s premium and coverage options to make a more informed decision.
ICICI Prudential is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. It offers various products, including term and unit-linked insurance plans. There are more than 500 financial products available for customers.
The company’s network has grown immensely, with over 121 branches across 91 cities in India. In addition to its local presence, the company has an extensive online presence. Customers can access the company’s website to make an application or check their policy status.