Term life insurance as compared to a whole life insurance is a fixed term (one year in this case) plan that is designed to provide you with cover should you die during the year you have acquired a cover for. Therefore, the beneficiary will receive a lump sum, offering them financial stability. The digital products currently offered are 1 year only and can be purchased through Mawazna.com.Why You Should Choose EFU Life Term Life Protection Plan?
EFU term life protection is a next generation digital product that is designed to deal with that challenging time of life when you are no longer there. Should you pass away, it will be there to provide assurance and ensure that your family are protected. If you choose to take out the insurance, then you will not be required to go through any medical tests which means that you can be covered almost instantly. The cover is detailed and is designed to protect in every way. Of course, everyone has different needs and that means that one level of cover is not ideal for all. As a result, you can tailor your cover through a cost-effective plan that meets your needs. To add to this, you can buy it online and your policy documents are sent directly to you through email or postal service if requested.
Additional Read: Life Insurance for Millennials, Why Getting it Earlier is Beneficial?
Key Benefits of Term Life Protection Plans
The following are some of the key benefits offered by a term life protection plan:
- Get a plan from the adult of 18 years ensuring you are always covered and your parents can have financial security if you are no longer there
- Get a lumpsum amount in case of death of life insured
- Provides a way to pay-off any of the loans you owe to others
- Providers a good amount (based on coverage you purchased) to your family to live with in your absence
- Offers a financial security for your children in your absence
- Easy access to buy a plan of your choice (online purchase available through Mawazna.com)
The types of cover available 3 key plan types such as Silver, Gold and Platinum. Silver which comes with a sum assured of PKR 500,000, Gold which has a sum assured of PKR 750,000 and Platinum which has a sum assured of PKR 1,500,000.Who Can Buy EFU Life Term Life Protection Plan?
This cover is available to those who are aged between 18 and 60 years old with the term being one year. Policyholders are only protected for natural and accidental death which means that suicide and self-inflicted injury are not covered. The cover will also not protect those who have pre-existing conditions or die during the waiting period. The cover has a cancellation period of 14 days while the waiting period is 30 days from the commencement date.Where to Buy it Today?
For those who wish to take out cover with EFU Life then the process is relatively simple. Visit Mawazna.com Term Life Insurance product. Select a plan that matches with your needs through Sum Coverage and Premium Amount and Click on Buy Now. You will be asked to provide your personal details, and select the payment method and policy delivery mode (if need a paper copy). It is possible to pay cash on delivery or online payment in order to get your policy issued.Making a Claim
The claim will be directly made to EFU Life Assurance. Making a claim is simple and efficient which offers peace of mind to family members who have to deal with the loss of a loved one. After providing the relevant details, the claim can be processed which then means that your family can receive the payment they need in order for them to remain financially stable. Term life insurance is a very important tool and putting it in place can give your family the time to grieve when the worst happens. At Mawazna.com , you can easily and efficiently compare various term life protection plans and find the right product for you and your loved one.
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