They say life is what happens to you while you’re making other plans. In short, life is uncertain and oftentimes catches us unawares. The uncertainty has been more pronounced at a time when the world has been going through a pandemic. Two years ago, a viral pandemic of this magnitude was fathomable only in Hollywood fiction. Today, it is in our midst and has changed our lives, perhaps forever.
We have witnessed a time like never before. Economic activity was brought to a grinding halt during the lockdowns. Businesses were shut. Companies cut costs in order to survive through this phase. Employees were at the receiving end of either pay-cuts or lay-offs. While there was loss of income on one hand, the markets showed inflationary tendencies and medical bills further strained our financial resources. The going became extremely tough.
In times like we are in, most of us would definitely want some stability or guarantee of future incomes to prepare us for such exigencies and guaranteed income solutions come in handy to address such a challenge. One such bankable solution is Edelweiss Tokio Life – Premier Guaranteed Income plan. It appeals to the risk-averse individuals and has been designed to offer benefits of life insurance along with a regular guaranteed payout.
It is an ideal way of creating a second stream of income for the future and prepare yourself for contingencies. Considering the financial needs and goals of each individual differ, the life insurer has designed the plan with four option plans.
Lump sum: This option offers a secure way to build a corpus for the future. You can choose a term of 10 to 20 years in different combinations, with a guaranteed maturity benefit that is offered.
Short-term income: Often individuals need a sizeable corpus to fulfil short to medium term goals like buying a house or funding your children’s education. This income plan can help supplement your other investments made towards meeting such a goal.
This option offers a regular income post 2 years of completion of Premium Paying Term. The total duration of the policy can be set at 18, 22 or 26 years, including the income payout duration.
Long-term income: This third option ensures a regular income for the longer term, with payouts at pre-determined intervals. The maximum tenure here can be increased to 42 years. Much like the short-term plan, the regular stream of income is payable post 2 years of premium paying term.
Retirement Income: For those who want to have a reliable plan for their retirement, this product has a retirement plan option as well. This plan is for those who want a regular income for retirement. The maturity benefit is offered only on survival and the policy term is 80 years minus your age when you start the plan.
In each of the above plans you could also get Critical Illness Benefits if you’ve also opted for the additional Family Benefit Plan. This is an optional benefit which ensures that in case of death or diagnosis of covered Critical Illness of the Life Insured, the family continues to receive benefits. There are two options of Family income Benefits to choose from – Family income benefit on Critical Illness, and Family income benefit on Critical Illness and death.
In the first option, if the Life Insured is diagnosed with one of the covered critical illness while the policy is in force, all future premiums are waived off and the policy continues to stay in force in case of 30 days of survival post diagnosis. The Income Benefit Payout, Death Benefit and Maturity Benefits if applicable under the policy, continue till the end of the Policy Term or till the date of death, whichever is earlier.
In the second option, if the Life Insured dies while in the policy is in force, the Death Benefit is payable. No future premiums are required to be paid and the policy continues to stay in force. The family of the Life Insured will continue to receive Income Benefit Payouts and if a Sum Assured is applicable, the family will receive it on the date of maturity.
Additionally, Edelweiss Tokio Life – Premier Guaranteed Income has several other benefits, salient among them are:
Loan facility: Sometimes, things come up unexpectedly and you are suddenly in urgent need of cash. For such situations, Edelweiss Tokio Life Premier Guarantee Income offers you the choice to avail a loan against policy.
Tax benefits: The premiums paid towards this plan are eligible for deductions under section 80(C) and the income you get has tax benefits under section 10(10D).
As is evident from the above, the customizations available with Edelweiss Tokio Life Premier Guaranteed Income make it an exceptionally user-friendly product that can serve different financial goals.