Edelweiss Tokio Life Insurance has launched a non-participating, non-linked life insurance plan which offers a combination of savings and protection, called Edelweiss Tokio Life - Wealth Builder. The plan guarantees all the benefits right at the beginning of the policy.
The minimum entry age for the plan is 91 days and the maximum maturity age is 70 years. The policy term ranges between 10 and 30 years with the option of paying premiums in monthly, semi annually or annual installments. In addition, the plan offers tax benefits under section 80 C and section 10(10D) of Income Tax Act, 1961.
Edelweiss Tokio Life - Wealth Builder also offers a 'Guaranteed Loyalty Additions (GLA)'. The amount of GLA depends on annualised premium, policy term, premium paying term, entry age and the gender of the life assured. The accrued GLA is payable on death or on maturity, said a press release issued by the company.
The sum assured on maturity is the cumulative annualised premium. The Premium Paying Term (PPT) can be five, seven, 10, or 12 years. In case of death of the policyholder, the death sum assured ranges between 10 to 13 times of annualised premium and the death benefit is at least equal to 115% of annualised premiums paid until date of death.
The plan comes with other features like 15-day free look period, loan facility, and option to choose riders like accidental death benefit, total and permanent disability cover, critical and so on.
