They say life is what happens to you while you’re making other plans. In short, life is uncertain and often catches us unprepared. The uncertainty was even more pronounced at a time when the world is going through a pandemic. Two years ago, a virus pandemic of this magnitude was only conceivable in Hollywood fiction. Today it is among us and may have changed our lives forever.
We have experienced a time like never before. Economic activity ground to a halt during the lockdown. Shops were closed. Companies save costs to get through this phase. Employees ended up being hit with either pay cuts or layoffs. While there was a loss of income on the one hand, the markets showed inflationary tendencies and medical bills put an additional strain on our financial resources. Walking became extremely hard.
In times we are in, most of us would definitely want some stability or guarantee of future incomes to prepare for such demands and guaranteed income solutions come in handy to face such a challenge. One such bankable solution is Edelweiss Tokio Life – Premier Guaranteed Income Plan. It appeals to risk-averse individuals and is designed to offer the benefits of life insurance along with a regular guaranteed payout.
It is an ideal opportunity to create a second source of income for the future and to prepare for eventualities. Because everyone’s financial needs and goals are different, the life insurer designed the plan with four option plans.
Lump sum: This option provides a safe way to build a corpus for the future. You can choose a term from 10 to 20 years in various combinations, with a guaranteed maturity benefit being offered.
Short term income: Oftentimes, individuals need a sizable corpus to achieve short- to medium-term goals such as buying a home or funding your children’s education. This income plan can help complement your other investments in achieving such a goal.
This option provides regular income after 2 years from the completion of the premium payment period. The total duration of the policy can be set at 18, 22 or 26 years, including the income payment period.
Long-term income: This third option ensures a regular income with payments at fixed intervals in the longer term. The maximum term of office can be increased to 42 years. Similar to the short term plan, the regular income stream is payable after 2 years of premium payment period.
retirement income: For those who want a reliable plan for their retirement, this product has one retirement plan possibility too. This plan is for those who want a steady income for retirement. The maturity benefit is only offered in the event of survival and the term of the policy is 80 years minus your age at the start of the plan.
In any of the above plans, you can also receive critical illness benefits if you have also opted into the additional Family Benefit Plan. This is an optional benefit that ensures that in the event of the death or diagnosis of a critical illness of the insured life member, the family will continue to receive benefits. There are two family income benefit options to choose from – Critical Illness Family Income Benefit and Critical Illness and Death Family Income Benefit.
Under the first option, if the life policyholder is diagnosed with one of the covered critical illnesses while the policy is in effect, all future premiums will be waived and the policy will remain in effect in the event of surviving 30 days after diagnosis. The income, death and retirement benefits, if applicable under the policy, will continue until the end of the policy term or the date of death, whichever is earlier.
In the second option, the death benefit is payable if the life insured dies while the policy is in force. There are no future premiums to be paid and the policy remains in force. The life insured’s family will continue to receive income payments and if an insured sum is applicable, the family will receive it on the due date.
In addition, Edelweiss Tokio Life – Premier Guaranteed Income offers several other benefits, including:
Credit Facility: Sometimes something comes unexpectedly and you suddenly need cash urgently. In such situations, Edelweiss Tokio Life Premier Guarantee Income offers you the opportunity to take out a loan against policy.
Tax Benefits: The premiums paid for this plan are deductible under Section 80(C) and the income you receive has tax benefits under Section 10(10D).
As can be seen from the above, the customizations available are with Edelweiss Tokio Life Premier Guaranteed Income make it an exceptionally user-friendly product that can serve various financial goals.
https://www.businesstoday.in/impact-feature/story/guarantee-your-income-no-matter-what-the-circumstances-322147-2022-02-10?utm_source=rssfeed Guarantee your income no matter the circumstances