Introduction
In this article we will talk about TotalSecure+ from Edelweiss Tokio Life Insurance. TotalSecure+ is not just another term plan in the market. It is a unique kind of plan as it provides coverage up to 80 years, offers a choice of three coverage options and a choice of two death benefit payment modes. So whatever be your need, TotalSecure+ is comprehensive and flexible enough to incorporate it. Before we go into the details of the plan, let us how people’s insurance needs have changed with time.
Till about some years back, insurance companies offered simple term plans wherein policyholder paid regular premiums throughout the plan tenure and got cover till 60 – 65 years and the claim was paid if death happened during the plan tenure. This is what people needed at that time and that is what insurance companies offered.
Changes in people’s needs
During the current decade, people’s needs have changed, some of which include:
a) Coverage for a longer term than the usual 60 – 65 years as life expectancy has gone up
b) Coverage for critical illnesses in the term plan itself as the incidence of some of the critical illnesses has gone up over a period of time
c) Payment of premium for a shorter term rather than paying throughout the plan tenure
d) On the death of the policyholder, option to take monthly payments for a specified tenure rather than lumpsum payment. The monthly payments can help meet the monthly expenses like regular household expenses, fees for children, EMI payments etc. The increase in monthly payments (@5% per annum compounding) can help keep up with inflation (annual increase in cost of living).
Some insurance companies have come up with term plans that fulfill some of these needs. But TotalSecure+ from Edelweiss Tokio Life Insurance has incorporated all these needs in one plan. The company has a tagline of “Insurance se badkar hai aap ki zaroorat”. They analyse and understand the customer’s need first and then provide insurance solutions. TotalSecure+ provides you insurance coverage against death like all other term plans, but it also incorporates all your needs in one plan with flexibility.
Features of TotalSecure+
TotalSecure+ stands out among other term insurance plans available in the market because:
a) Longer term: Coverage choice is offered up to 80 years, well beyond retirement.
b) Coverage Options: Choice of three benefit options:
Benefit Option 1 - Life cover: Death benefit (base sum assured) will be paid to nominee on the death of the insured. The amount will be paid as per the death benefit payment mode (discussed below) chosen and the policy will be terminated.
Benefit Option 2 – Life cover with Basic Health Cover: Along with life cover, the insured gets cover for 7 critical illnesses through an accelerated critical illness cover. The insured can choose the critical illness sum assured, but it should be equal to or less than the base sum assured. On the diagnosis of a specified critical illness, the critical illness benefit will be paid. If the critical illness sum assured is equal to the base sum assured, then the policy terminates. If the critical illness sum assured is less than the base sum assured, then the death benefit will be reduced by that amount and the policy will continue with the reduced base sum assured (base sum assured – critical illness sum assured). Future premium payable will be reduced proportionally by the amount payable for the critical illness benefit. In the event of death of the insured, subsequent to the payment of critical illness benefit, the reduced base sum assured is paid and the policy gets terminated.
Benefit Option 3 - Life cover with Comprehensive Health Cover: Along with life cover, the insured gets cover for 35 critical illnesses. This benefit option works similar to Benefit Option 2 – Life cover with Basic Health Cover.
c) Limited premium payment term: You can choose single pay (lump sum premium) or limited pay (premium for 5, 10, 15, 20, 25 years) or regular pay (premium for policy tenure).
d) Death benefit payment mode: Choice of options includes:
Lumpsum: Death benefit amount will be paid in lumpsum to the nominee on the death of the life insured
Regular income: Depending on the option chosen, death benefit amount will be paid in either equal monthly payments (option of 36, 60, 120 or 180 months) or increasing monthly payments (increasing @ 5% per annum compounding).
Rider Options
Conclusion
Over the last few years, Edelweiss Tokio Life Insurance has taken note of the changes in people’s needs and accordingly incorporated these needs in TotalSecure+. With this innovative term insurance plan, you don’t just get cover against death, but a comprehensive tailor-made solution for all your needs. That’s how the company lives up to its tagline of “Insurance se badkar hai aap ki zaroorat”.