Most insurance companies offer term plans though very few market these low-cost offerings. Agents too are not very keen to sell you these low-cost plans. The buyer will have to research and purchase a term plan online.
A term plan is good option for individuals looking for a high life insurance cover at low cost.
Online term plans are roughly 30-40% cheaper than offline policies. The premium is low because there is no intermediary and the online buyer is perceived as a low-risk customer because he is educated, earns well in a recognized organisation, lives in urban areas and so he can access good medical care quickly in case of an emergency.
It is very important for everyone to have a term insurance plan. The earlier you buy a term insurance plan, the cheaper it is. The premium for a term plan is directly linked to the age of the customers.
There are many plans available in the market. Even LIC has an eterm plan that is available online however the plan is very expensive. Other than that there are private insurance companies like Edelweiss Tokio Life, Birla Sun Life, HDFC Life, etc. which provide term life cover. HDFC Life provides a term plan with basic features however it’s expensive and provides a cover only upto the age of 75. Edelweiss Tokio Life – MyLife+ is a term plan that covers up to the age of 80. Also it costs comparatively lesser than most other plans. Another benefits of this plan are that;
It provides an option to customize the payout option as per the policyholder’s needs without having to pay extra.
It also provides discounts for higher sum assured and women.
Riders can be added for enhanced protected. One rider which is truly beneficial and is provided in MyLife+ is Accidental Total and Permanent Disability rider, this rider will provide the entire sum assured if the policyholder ever meets with an accident after which he is unable to work due to a permanent disability.
Overall MyLife+ is a plan that provides value for money. The earlier you buy an online term plan the better for you both in terms of premium rates and good coverage.