Opt for monthly payout if your spouse is not financially savvy

Not all the recent tweaks that insurers have made to the basic term plan add value for the customer

Insurance companies have been tweaking the plain vanilla term plan in recent times. They now offer a variety of options, such as monthly instead of a one-time lump sum payout option to increase sum assured, premium waiver in case of critical illness or total and permanent disability, and cover for whole life. Customers need to weigh the pros and cons of these new features before opting for them. 

Recently, Aditya Birla Sun Life Insurance came out with the Aditya Birla Sun Life Insurance Income Shield Plan, which offers the nominee a monthly income during the income benefit term. Other options under