Addressing the core purpose of insurance, Edelweiss Tokio Life Insurance Company Limited, the latest new age life insurance entrant has launched two cost effective term plans that helps a family maintain the same standard of living in case of an unfortunate death of the chief earning member of the family.
While Edelweiss Tokio Life-Protection, a pure term plan provides lump sum payment to the nominee in case of the unfortunate event of the death of the Life Assured, the Income Replacement ensures that on death of the life assured the family still continues to receive regular monthly income till the end of the policy term.
The company, a joint venture between Edelweiss Financial Services Limited, India’s leading diversified financial services conglomerate and Japanese Insurance major Tokio Marine Holdings is committed to help its customers meet their life-stage financial goals by providing them insurance products that have been designed keeping in mind the needs of the Indian customers.
Some of the key highlights of the plans include:
- Edelweiss Tokio Life- Protection
- Lower cost for higher Sum Assured
- Assurance of protection for a maximum period of 30 years, depending on age cover may extend upto 70 years.
- Limited Premium Payment option enables you to pay premiums for a shorter term and yet stay covered for a longer term.
- Lower rates rewarding a healthy lifestyle by way of non-consumption of tobacco.
Edelweiss Tokio Life-Income Replacement
- Lower cost for higher Sum Assured.
- Inflation mitigating benefit by way of fixed 5 % increase every year in monthly income.
- Limited Premium Payment option enables you to pay premiums for a shorter term and yet stay covered for a longer term.
- The monthly benefit will be provided for a minimum of 5 years even if your remaining policy term is less than 5 years.
- Lower rates rewarding a healthy lifestyle by way of non-consumption of tobacco.
The company is building a team of Personal Finance Advisors (PFAs) who are trained to adopt the customer centric selling model and recommend products after understanding and analyzing customer needs.
Highlighting the importance of protection, Mr. Deepak Mittal, CEO, Edelweiss Tokio Life Insurance Company Limited said “a sudden unfortunate death of the bread winner of the family could jeopardize dreams and bring about a drastic change in the lifestyle of a family. Our protection and income replacement plans address this core need and provide a cost friendly solution of complete protection of your aspirations for your loved ones.”
Both plans offer a 15 day free look period where the customer can go through the policy document and review the terms and conditions of the policy.
The Minimum Basic Sum Assured for the Protection Plan in Rs, 15, 00,000 with no upper limit, while the Minimum Monthly Benefit for the Income Replacement Pan is 15,000 with no upper limit. Both the products allow an entry age starting from 18 years up to 60 years with the maturity from 28 to 70 years.
