Edelweiss Tokio Life insurance launches two participating endowment plans

India Infoline News Service | Mumbai |

Both these plans address the Wealth Accumulation needs of a customer and protect the family against any eventuality.

Edelweiss Tokio Life Insurance Company Limited, the latest new age life insurance company has introduced Edelweiss Tokio Life-Milestones Plan, a non linked participating money back life insurance plan with cash back at regular intervals and Edelweiss Tokio Life-Cash Income Plan, non participating, non-linked life insurance plan which offers a combination of savings and protection.

Both these plans address the Wealth Accumulation needs of a customer and protect the family against any eventuality.
In line with the new IRDA product regulations, the company has designed products that meet the various needs - Wealth Accumulation, Wealth Enhancement, Education Funding, Income Replacement, Impaired Health and Retirement Funding. The company aims to understand the needs of the customer first before offering any advice or an insurance solution. The needs, based on the customer’s priorities are first understood, then evaluated against future goals to ensure that the customer is offered the best solution suited to the needs.
Edelweiss Tokio Life – Milestones Plan (WA) is designed for customers who need regular cash back at pre- determined policy years to take care of their short term needs or milestones such as surprise vacation every 5 years or planning a surprise gift for a spouse or kid on the kid’s 18th birthday or the customers 10th, 15th, 20thanniversaries. The plan is apt for customers who need options in various policy terms so that the cash back intervals are made available to suit the needs. The plan provides death benefit equal to sum assured plus accrued bonus and discounts on premium for higher Sum Assured. On maturity, the customer will receive maturity benefit along with accrued bonuses (Simple reversionary bonus declared every year throughout the policy term). For Eg: for a 20 year policy term, the customer gets 15% of sum assured at the end of the 4th, 8th, 12th, and the 16th policy year and then 40% of sum assured plus the bonus on maturity
Edelweiss Tokio Life – Cash Income Plan is a comprehensive insurance solution, customized to meet the needs of customers who look for wealth accumulation which can be used to ensure regular income in future thus this plan can be very efficiently used for retirement planning as well. The plan gives privilege to its customers to pay premium for 20 years and enjoy the protection benefit till 100 years of the age. It also offers assured monthly money-back from 21st policy year wherein the money-back will increase by 6% per annum on their initial monthly payout till 40th policy year. This monthly payout truly acts as replacement for one’s salary and can come in handy for managing monthly expenses. At the end of the 40th policy year a lump-sum benefit more than 100% of initial sum assured is payable based on entry age of the life assured. The plan also offers loan to its policy holder to address their unforeseen need.
In case of the unfortunate incident of death of the policy holder, the plan provides an increasing death benefit of 6% per annum (if the incident is within 40 policy years) and a lump sum of 200% of sum assured (if the incident is after the 40th policy year).
 Commenting on the launch of these products, Deepak Mittal, CEO, Edelweiss Tokio Life Insurance Company Limited said, “Our new offerings are in accordance with the new product regulations and have been specially designed to emphasize the basic purpose of life insurance - Protection and consistency in income flow. Both our products are structured in simplified manner for ease of understanding to the customers. Edelweiss Tokio Life – Milestones Plan (WA) is tailored for customers who need regular cash to meet their short term needs while Edelweiss Tokio Life – Cash Income Plan is for the customers who want to pay save early and avail the benefit till 100 years of the age.”


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