Being responsible also means ensuring that your loved ones or financial dependents are safeguarded in case an unfortunate event of death or disability occurs to you. That protection to your family can be provided through life insurance.
Most youngsters won't buy life insurance because they procrastinate this decision of buying insurance. They would spend on gadgets, outings, fashion, etc. which may be a good choice or may be appealing but financial planning for the future is also important. When realization strikes most of them would already be 45 or older and hence may have to pay more because life insurance is directly linked to age or may have a hard time getting his/her policy issued due to medical issues.
The best age for buying life insurance is anywhere between the age of 25 to 35. That’s when you pay less, get higher coverage, save tax and also live tension free. Some of us may have a life insurance plan but is it sufficient to fulfill our family’s needs? Your life insurance plan should provide you a sum assured of at least 10 times more than your annual income.
There are many life insurance companies which provide high sum assured at lower costs. Few companies like Edelweiss Tokio Life provide a term plan which covers the policyholder up to the age of 80. This plan i.e. Edelweiss Tokio Life – MyLife+ is the only plan which provides such a long cover at reasonable rate. So one can get both higher sum assured and longer cover at reasonable premium rates. The plan also provides multiple payout option where one can choose as per his/her family’s financial needs. Edelweiss Tokio Life is also the proud insurer of the entire Indian Olympics team at Rio’16.