When I first heard about Edelweiss Tokio Life – MyLife+ term insurance, the first thing that caught my eye was that its maximum tenure was upto 80 years of age. Even as someone who knows little about insurance in general and term insurance in particular, I figured this was a USP! I was proven right when I compared quotes at an aggregator website.
I am 33 years old and was looking at a cover of 1 crore rupees. I played around with the policy tenure and here are some interesting observations from my comparison:
- For a tenure of 30 years (my age would be 63 then), I had an option of 10 products
- For a tenure of 40 years (my age would be 73 then), I had an option of a mere 3 products
When I looked at the payout option wherein I had a choice of a monthly payout as well, I was down to just two options!!
I was a little surprised at this. Given the current lifestyle we have, given the awareness toward fitness and health these days, one would expect that there would be a wider range of products covering people till a higher age. The average life expectancy for Indian women in 2014 was estimated at 69 years. I looked at some trends and realised that this number went up by 5 years within the last decade. The statistics corroborate what I felt. Life expectancy is on the rise and our term insurance plans should give us a longer coverage than what they give at the moment.
Both these plans I was now looking at gave me an option of paying the beneficiary a lump sum payout, a monthly payout or both. I fixed my monthly payout at fifty thousand rupees (which would be a paltry sum 40 years from now!) and the competing product HDFC Life Click2Protect Plus increased my cover to 1.87 crores whereas Edelweiss Tokio Life – MyLife+ increased it to 1.15 crores only. I realised this was because the one time pay out in Edelweiss Tokio Life – MyLife+ was retained at 50 lac whereas for HDFC Life Click2Protect Plus it was increased to 1cr.
Due to this, the premium for the competing insurance product was nearly double as compared to that of Edelweiss Tokio Life – MyLife+!
Then I looked at the riders and add on covers. Edelweiss Tokio Life – MyLife+ was the only product giving me an option of accidental death cover, accidental disability benefit or a waiver of premium.
Having spent all my time looking at the options, I am inclined to conclude that as far as the range of options go, this is a well thought out term insurance plan. I would compare it to a well spread out buffet. You get to take your pick. In case you are looking to buy term insurance, this plan does deserve some serious consideration!
Note: I am being remunerated for this post but the views expressed are entirely my own.
