Edelweiss Tokio Life Insurance, the life insurance arm of Edelweiss Financial Services Ltd today launched Edelweiss Tokio Life – Wealth Builder, anon participating, non-linked life insurance plan which offers a combination of savings and protection.The plan addresses the Wealth Accumulation need of a customer and protects the family against any contingency.
Edelweiss Tokio Life – Wealth Builderis a simplified savings plan that guarantees all the benefits of the plan 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 annualized 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.
The sum assured on maturity is the cumulative annualized premium. The Premium Paying Term (PPT) can be 5, 7, 10 or 12 years. In case of unfortunate death of the policyholder, the death sum assured ranges between 10 to 13 times of annualized premium and the death benefit is at least equal to 115% of annualized premiums paid until date of death.
The plan offers 15 days of free look period where the customer can go through the policy document and review the terms and conditions of the policy. The policyholder has an option to avail loan facility to meet any urgent / unforeseen liquidity requirements. In addition, the policyholder can choose from a vast array of riders offered by the company (Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider, Critical Illness Rider etc) to make it a more comprehensive cover.
Commenting on the launch of the product, Mr. Deepak Mittal, CEO, Edelweiss Tokio Life Insurance Company Limited said, “We at Edelweiss Tokio Life lay a strong emphasis on understanding our customer needs and priorities, evaluating them against their future goals and to be able to offer the best possible solution suited to individual goals. Edelweiss Tokio Life – Wealth Builder is a simplified plan specifically designed for individuals who believe in starting early to be able to reap the benefits in the later stages of life. Our new plan is an ideal mix of long-term protection and savings along with the benefit of guaranteed lump sum payment to provide our customers financial security throughout the different stages in their lives.”
