Edelweiss Tokio Life Insurance, a joint venture between the Edelweiss Group and Tokio Marine Holdings of Japan, today launched Edelweiss Tokio Life - Smart Lifestyle - a Non-Linked Participating Endowment Life Insurance Plan, aimed to take care of one's multiple needs.
Whether it is taking care of the family's future, saving for retirement or any other important milestone, Edelweiss Tokio Life - Smart Lifestyle plan will take care of one's financial goals. The plan is designed to provide flexibility which suits the policyholders' cash flows and requirements in terms of multiple policy terms and premium payment options.
Deepak Mittal, MD and CEO, Edelweiss Tokio Life said, "At Edelweiss Tokio Life, we understand that our customers are financially savvy and while they recognize the need for life insurance, they also want to accumulate wealth in the process and lead an unburdened lifestyle. With this innovative addition to our bouquet of need-based offerings, Edelweiss Tokio Life - Smart Lifestyle aims to fulfill financial needs that arise at different life stages".
The plan comes with interesting unique features, to begin with Loyalty Sum Assured. In this benefit as the plan progresses, loyalty sum accrues at the end of every 5 years which benefits the policyholder. The increasing loyalty sum assured and additions and bonus will automatically take care of policyholder's changing financial responsibilities, saving from the hassels of buying a new plan every time a new life event happens. It also protects the policyholders' financial goals from the adverse impact of inflation.
The plan has two options to choose from Base option or Family Protection option. The base option helps the policyholder to accumulate wealth for fulfilling financial responsibilities. It also provides life cover to take care of loved ones in case of any unfortunate event. Whereas the family protection option ensures that in case of Life Insured's unfortunate demise, his/her loved ones do not have to compromise on their financial goals. They will receive full maturity benefits under the plan and are also saved from the worries of paying future premiums. A lumpsum amount is also paid on death of the Life Insured to take care of any immediate needs.
The plan has the benefit of multiple policy term and premium paying term which provides the flexibilty to pay as per policyholders' convenience and receive benefits as per financial goals.