Review of Product Edelweiss Tokio Life - MyLife+

Life Insurance in a layman’s term is a contract between the insurer and the policy owner where the insurer agrees to pay a sum upon the policy owner’s death. In return for this, the policy owner agrees to pay a stipulated amount known as ‘premium’ at agreed intervals. In short, life insurance  is a risk protection for everyone.

Life Insurance is extremely important now-a-days, as life has become highly uncertain. You never know when life takes a turn for the worse and leaves your family behind with shattered dreams. During such times, having a life insurance policy comes in handy. However, under such circumstances, the best way to keep insured is by purchasing a Term Life Insurance Plan. One such term insurance plan is Edelweiss Tokio Life – MyLife+ plan which will enable a family to lead the same lifestyle which it used to before the unfortunate event. It is a pure online term insurance policy that has no maturity benefits.

The key benefits of Edelweiss Tokio Life MyLife+ plan are as follows:

·        Flexibility of payout options

·        Cover up to the age from 18 years to 80 years

·        Low Cost Term Assurance Plan

·        Tax benefits for premium and claim amount

·        Comprehensive Cover Through Riders

·        Low Cost Term Assurance Plan

From the above benefits, there are two key advantages that Edelweiss Tokio Life - MyLife+ plan has when compared to others like HDFC Click2Protect Plus and Max Life Insurance Term plan.

At first, this plan has the term period of 80 years, which is the highest in the industry. Secondly, Edelweiss Tokio Life - MyLife+ plan gives you the option to choose from lump sum payment or income benefit or you can also combine the both and tailor the death benefit to offer both part lump sum and part periodic payment.

The other special part about this policy is that it offers discounts to women wherein the premium paid by a 21 year old female will be that of a 18 year old male. This 3 year age setback will be maintained for females who are 22 years and above and this feature is what makes this plan special for female life insurers. Apart from this, this policy also offers three riders to choose from and they are accidental Total and Permanent Disability Rider, Accidental Death Benefit Rider and Waiver of Premium Rider.

Overall, when you compare this plan with other plans, it is one of the best as well as a cheaper plan available, which allows you to customize the payout options as per your need.

So in case you are planning to buy Edelweiss Tokio Life MyLife+ plan or have taken this plan and want to share your experience, then please leave a comment below.