The COVID-19 pandemic has caused a massive loss of human life and livelihoods and has taken a substantial toll on the physical, emotional and financial well-being of people.

Markets have experienced an unexpected downfall, millions have lost their jobs, and several others are dealing with sharp salary cuts. Many small businesses have shut down, and many are living off their savings. Amidst these, the fear of falling sick and the steeply rising medical expenses remain.

It is possible to avoid the financial impact of such events by preparing a sound plan. The most important thing to remember is to have a second source of income, which can function as Plan B, in case you lose out on the primary earning source. When you have an alternate income source, situations like COVID-19 cannot financially drain you. Moreover, if you reserve a second income source, you will also be more financially secure in your retirement when your regular income flow is absent.

Edelweiss Tokio Life Income Builder Plan

The Edelweiss Tokio Life Income Builder Plan offers you the dual benefit of insurance and guaranteed income. The insurance cover protects your family’s financial future in your absence, whereas the guaranteed second income helps you deal with financially challenging times and even fulfil your expenses during retirement. The Income Builder Plan offers financial security while allowing you to accumulate wealth in the long run.

Here are some of the top features and benefits of this plan:

• Provide insurance cover and regular income in the same plan.
• Gives the flexibility to choose the mode of returns - regular payouts (annually, semi-annually, quarterly and monthly) or regular payouts and lump sum, as per your needs. 
• Option to get returns on a specific date. This will help you meet financial obligations such as loan EMIs, children’s education fees, etc.
• The choice to pay premiums in a lump sum or regular instalments as per your preferred frequency.
• Offers taxation benefits under Section 80 (C) and Section 10(10D)
• Availability of different riders like Accidental Total and Permanent Disability, Income Benefit Rider, Waiver of Premium Rider and Payor Waiver Benefit Rider. 

Role of a secondary income source during uncertain times like COVID-19

Life is unpredictable, and you cannot always be 100% prepared for future uncertainties. However, you can always create a sound plan so that when tough times knock, you are guarded. Experts recommend having a diversified portfolio for such purposes. You should have market-linked investments as well as balance your portfolio with secure and much-needed options like the guaranteed insurance plans from Edelweiss Tokio Life Insurance.

Guaranteed insurance plans like the Edelweiss Tokio Life Income Builder Plan give you dual benefits in one policy:

• First, you get a comprehensive insurance cover that can keep your family financially safe in case of your unfortunate demise. This insurance protection will ensure that your loved ones get the monetary assistance to help them meet their expenses, maintain their standard of living and achieve their financial goals.
• Second, guaranteed insurance policies give you assured returns that act as a secondary income, enabling you to supplement or replace your primary income. You can use this alternative source of earning to cope with unexpected expenses or financially draining situations, such as treatment during COVID-19.

Importance of a regular income flow during retirement

Apart from working as your Plan B for uncertain times, the Edelweiss Tokio Life Income Builder Plan can also help you create a stable flow of income during the non-working years of your life. Retirement is the golden period of your life. A time you have worked so hard for. You have many dreams about how you want to live your retired life. You might want to travel the world, live in another city and do much more. For this purpose, you save through your life to accumulate a retirement corpus. However, given the rising rate of inflation and uncertain situation, such as the COVID-19 pandemic, your corpus might not be sufficient to sustain your retirement expenses. Further, as you age, your medical expenses tend to rise, creating a strain on your retirement funds.

Hence, investing in the right sources to create a regular income flow during retirement is a wise option. A stable income source will help you meet your heightened retirement expenses as well as financially support you to fulfil your retirement aspirations and dreams.

A wise investment like the Edelweiss Tokio Life Income Builder Plan allows you to secure your family, fulfil your financial goals, overcome financial challenges and even create a stable income source for retirement.