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Edelweiss Income Replacement Insurance Plan is a comprehensive term insurance option designed to address the financial gap that may arise for families in the unfortunate event of the policyholder's demise. This plan for income replacement offers customizable and flexible features, presenting the choice between a lump-sum payout or a monthly income. The aim is to ensure financial security and provide peace of mind for the families of policyholders.
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Let's understand the Edelweiss Income Replacement Insurance Plan in detail.
The Edelweiss Income Replacement Insurance Plan is a life insurance plan designed to provide loved ones with a lump-sum payout in the event of the policyholder's death during the policy tenure. Offering flexibility in payout options, such as a lump sum or monthly income, and incorporating additional riders for critical illness and accidental death benefits, Edelweiss term plans deliver a comprehensive solution for income replacement. This ensures both financial security and peace of mind for policyholders and their families.
Term Plans
Let’s understand with the help of an example:
Arjun, a non-smoking man of 33 years of age with an annual salaried income of Rs. 12 Lacs, bought a term life insurance plan to protect his loved ones financially. As the bread winner of his family, he wished to purchase one of the term plans for his dependents. After comparing from among 15+ term plans on Policybazaar, he finally selected the Edelwiess Tokio Life Zindagi Protect Plan as it aligned best with his circumstances and goals. Arjun went for a 1 Crore life cover for a policy tenure of 30 years, and he will be paying Rs. 1014/month for the same term. Hence, in the unfortunate event of his demise, the life cover will act as a replacement for Arjun's income, and his nominees will receive it as the death benefit.
Here are the benefits of Edelweiss Income Replacement Insurance Plan:
Death Benefit: If the policyholder passes away during the policy term, the Edelweiss Income Replacement Insurance plan offers a lump-sum payout to the nominee or beneficiary. This lump sum, known as the "death benefit," serves as a financial safety net to compensate for the income lost due to the policyholder's demise.
Income Replacement: The purpose of the death benefit is to serve as a replacement for the policyholder's income, guaranteeing the fulfillment of the family's financial requirements in the event of the primary breadwinner's absence. This coverage extends to daily expenses, settling outstanding debts, meeting future financial objectives, and addressing various monetary obligations.
Customizable Coverage: Edelweiss Income Replacement Insurance plans provide flexibility in selecting the sum assured, allowing individuals to match the coverage with their income levels and financial obligations. This personalized approach ensures that the payout effectively substitutes the policyholder's income.
Option for Monthly Income: Certain term insurance plans, including those available through Edelweiss, might offer the choice for the beneficiary to receive the death benefit in the form of a monthly income rather than a one-time lump sum. This option can be especially advantageous in handling ongoing expenses and securing a consistent flow of income.
Financial Security for Dependents: Edelweiss Income Replacement Insurance plan is aimed at offering a comprehensive financial safety net for the policyholder's loved ones, helping them maintain their quality of life and standard of living and meet existing financial commitments.
Additional Riders: Edelweiss Income Replacement Insurance plans frequently come with optional riders or add-ons designed to enhance coverage. These additional features may encompass critical illness riders, accidental death benefit riders, or waiver of premium riders, providing an additional layer of protection and customization to the policy.
Tax Benefits: Enjoy tax deductions under applicable sections of the Income Tax Act 1961, such as Section 80C, 10(10D), etc.
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Here are the steps to buy Edelweiss Income Replacement Insurance Plan from Policybazaar:
Step 1: Visit the official website of Policybazaar and go to ‘Term Insurance’
Step 2: Provide your basic details, like date of birth, name, contact details
Step 3: Click on ‘View Plans’
Step 4: Mention other details, such as your smoking/tobacco consumption habits, annual income, occupation and educational qualifications
Step 5: Choose the Edelweiss term plan from among the listed options and proceed to pay
Step 6: Select your preferred payment method and pay to complete the purchase process
*Note: It is suggested to firstly understand what is term insurance and compare from among multiple term insurance options and then go ahead with buying your ideal plan.
For those bearing the responsibility of family support or asset protection, Edelweiss's Income Replacement Insurance is crucial. Ensure family’s financial security by efficiently comparing term plans from 15+ insurers on Policybazaar. This strategic approach allows you to choose the term insurance plan aligned with your needs, providing comprehensive financial protection for your loved ones and dependents.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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