Not 10, Not 15, But 21 Reasons to Buy Life Insurance!

Choose Life Insurance to Secure Your Zindagi in 21 Ways

Can you measure your life’s value on a weighing scale? Or with a stopwatch? You can’t, right? Life insurance can’t exactly measure the value of your life either, but what it can do is offer a monetary airbag for your dependents in case anything happens to you.

Life insurance helps you secure your family by providing you with a life cover or sum assured. This life cover is based on your Human Life Value (HLV). HLV is the present value of all future income that you could expect to earn for your family until retirement. Life insurance acts as a security net for your family by paying out the life cover amount if you pass away. This allows them to continue living their lives without financial hardships.

But safeguarding your loved ones is not the only reason to get a life insurance plan! No two individuals are alike, and there can be a multitude of differences between each person’s financial needs. This is why life insurance products come with various customizable features. The flexibility of life insurance allows you to find a plan that best suits your unique financial situation. Which is why listing down just 10 benefits is not enough! Read on to learn 21 reasons why having a life insurance plan is a must.

Here are 21 ways in which life insurance can benefit you:

Peace of Mind

Knowing that your loved ones are taken care of even after you’re gone can truly lift a burden offer your shoulders. Life insurance offers life cover plus savings, so it’s a wise option to choose to secure your future.

To life a financially stress-free life, follow our five (5) essential financial planning tips and find your way to inner peace.

Your Better Half

Your spouse is an integral part of your life and deserves financial stability. This is possible with a term insurance plan. Moreover, couples can get double security through joint life cover plans.

Edelweiss Life- Zindagi Protect is a term plan that offers the Better Half Benefit. It allows you to include your spouse in the plan, thereby providing an additional life cover. As a result, both of you can stay protected against the uncertainties of life.

Your Li’l Boss

No parent will even wish to leave their child unprotected. A life insurance plan can financially safeguard your child’s future, allowing them to live out their dreams without a hurdle. Edelweiss Life – Wealth Plus is a Unit-Linked Insurance Plan (ULIP) that offers the Rising Star Benefit. It allows you to transfer all the plan benefits to your child in case of an unfortunate situation. In addition to this, all future premiums waive off.

Parents

Your parents catered to all your needs for decades! So, they surely deserve a stress-free retirement. Term life insurance helps you do just that! With a term plan,

you can financially secure your dependent family members; in case your life takes a different turn, and things don’t end up as planned. Or you can even invest in an annuity plan for your parents. Annuity plans provide regular payouts for retirees, allowing them to have a steady income source even when they’re not working.

Tax Benefits

Life insurance premiums are eligible for tax benefits under section 80(C). In addition to this, payouts received are eligible for exemptions under section 10(10D), provided your plan meets the section’s terms and conditions. Moreover, your life cover payout is always tax exempt. Investing in a life insurance plan has dual benefits of Protection + Tax Saving.

Income

Savings plans like Edelweiss Life – Active Income Plan and Edelweiss Life – Income Builder support you with a regular income. These plans create a passive income source that are especially useful during unexpected crises like the COVID-19 pandemic!

Retirement

You can secure your post-retirement life with a savings and life insurance plan. For instance, by opting for Edelweiss Life- Wealth Secure+, you can avail the Systematic Withdrawal Plan (SWP) benefit. You will be able to withdraw a fixed percentage from your fund value at regular intervals till the end of the plan.

Alternatively, if you prefer lifelong income post-retirement, then choose an annuity plan like Edelweiss Life- Active Pension Plus.

Riders

Riders are completely optional benefits that can be added to your life insurance policy. Riders significantly enhance your policy’s coverage by financially securing you against unexpected events such as accidents, permanent disability, critical illness diagnosis, etc. Know all about our attractive rider offerings here.

Wealth

Unit-Linked Insurance Plans (ULIPs) are plans that provide market-linked investments alongside life coverage. These plans allow you to accumulate wealth systematically via regular investments, and your savings will grow as per market interest rates. Whether it is for retirement, children’s education or for personal wealth growth, a ULIP can help you fulfil your financial goals. Learn more about our market-linked fund options here.

Surplus Investment

Most Unit-Linked Insurance Plans offer a benefit option called Top-up Premium. It helps you increase your premium amount. As a result of this, you can increase the value of your market-linked funds! This feature can be used anytime you have surplus funds and want to make additional investments.

Policy Loan

You can now opt for a loan facility through your life insurance plan. A policy loan enables you to meet your immediate financial needs, especially in case of an emergency. For instance, Edelweiss Life- Premier Guaranteed STAR offers policy loan once the policy acquires surrender value.

Business Continuity

Group life insurance plans offer financial protection to organizations for their business sustenance. For instance, Edelweiss Life – Group Credit Protection protects an organization’s assets in case of any challenges.

Employee Benefits

Group life insurance is also a means by which companies can provide welfare for their employees. Plans like Edelweiss Life – Group Employee Benefit Plus ensure that each employee is financially secured with life cover. Moreover, this plan also builds a fund reserve for Gratuity Payments and Leave Encashment.

Health

Life insurance plans enable you to financially protect yourself from critical illnesses. Choose a Critical Illness Rider to gain coverage against any of the health conditions listed in your policy document. Learn more about critical illness insurance plans and how they can secure your against the unexpected.

Novel Features

Some life insurance plans come with a variety of unique features that benefit you. For example, Edelweiss Life- Legacy Plus is a lifelong insurance plan that provides guaranteed income, cash bonus payouts, and life cover. Moreover, this plan also comes with the Family Secure Option that provides cover to both you and your child, hence securing your family’s legacy.

Gifting

You may have gifted your loved ones clothes, gadgets, jewellery, etc. But, how about gifting a promise that secures them forever?

With a term life plan, you can ensure their financial security even when you’re not around. Plus with a savings plan, you can fulfil their wishes with an additional source of income.

Liquidation

Most ULIPs these days offer “partial withdrawals”.  This essentially takes care of immediate cash requirements. As a result of this benefit, you can liquidate some part of your maturity benefit during the policy term itself. Moreover, guaranteed income plans offer regular payouts, ensuing that you always have in-hand cash.

Online Journey

The Digital India initiative envisions to transform India into a digitally empowered society. To be aligned with this vision, most Insurers today offer a smooth online facility to buy life insurance. 

Buying an online insurance plan has its own set of benefits like no intermediary cost, higher sum assured, no hidden conditions, etc. Plus, if you buy Edelweiss Life- Zindagi Protect online, you will be eligible for a 6% discount on your first year premiums provided you complete medical test within 7 days of purchase.

Covers All Types of Deaths

A term life insurance plan offers pay-out to your family, in case of your demise. It covers death of all types, including accidents, disability, sickness, or disease.

Our term insurance product also offers you the option to waive off future premiums after an accident or a listed critical illness!

Safe & Committed

The Insurance Regulatory and Development Authority (IRDAI) has strict guidelines that we need to follow. As a result, you stay secure under all circumstances. Its objective is to protect your interests as a policyholder, as well as to promote our orderly growth. So, both you and your insurer can enter in a trustworthy relationship!

To Live Zindagi Unlimited

Choose life insurance and live your zindagi without worrying about the future. While you do that, we take care of your loved ones in your absence.

 

Siddhant Dubey - Writer & Photographer

Siddhant works as a freelance content writer who is interested in a wide range of spheres from photography and personal finance to cooking. He is also an aspiring photographer striving to showcase life around him through his vision.