Choosing best term insurance plan based on your need: All you should know

While decreasing sum assured and structured payout options are handy, most other variants serve little purpose

With increasing variants, even choosing a simple term plan can be confusing for many. Insurance companies have been adding more options to the plain vanilla term plan. Last week, Edelweiss Tokio Life Insurance introduced an option in which on the death of the policyholder, the spouse automatically gets the term plan.

In the Edelweiss Tokio Life Insurance’s new option, if a husband is the original policyholder, the wife gets 50 per cent of his cover or Rs 10 million, whichever is lower. The wife’s policy will last for whatever is the remaining policy term of her husband. “After the death