Edelweiss Tokio Life Insurance

CORPORATE

Edelweiss Tokio Life Insurance launches 2 new products

Jan 7, 2013

In line with its commitment  of providing the customers with products that will cater to their needs, Edelweiss Tokio Life Insurance Company Limited, the latest new age life  insurance company has introduced Edelweiss Tokio Life-Save n Grow Plan (WA),a participating endowment plan with increasing protection over the policy term and Edelweiss Tokio Life-MultiGain Plan (WA), a participating  endowment scheme with regular cash back. Both these plans address the Wealth  Accumulation needs of a customer and protect the family against any  eventuality.

EdelweissTokio Life – Save n Grow Plan(WA) is designed for  customers who have a mid to long term investment horizon for regular  accumulation of wealth to achieve their long term goals such as funding  for home, child’s education and marriage. The plan is apt for the customers whohave low or medium risk appetite. The plan offers a policy term of 15, 20, 25 and 30 years and the customer has an option of paying premium for only 10 or 15years or paying it throughout the policy term.

Keeping in mind the increased  need for insurance cover as income rises, the plan offers an increasing death benefit. On death of a policy  holder his family gets sum assured along with the  increasing benefit of 15% of sum assured every 5th year from the policy inception.

Edelweiss Tokio Life – MultiGain Plan (WA) is a money backplan designed for customers with a short term investment horizon to plan for holidays, buying a car etc. This plan is suitable for customers who havelow or medium risk appetite.

The highlight of this plan is the money back feature as a part of the survival benefits through  which a customer receives 20% of the sum assured at an interval of every 1/5thof policy term. For example in case a policy  holder has 20 year term, he will receive 20% of sum assured on 4th, 8th, 12th and 16th policy anniversary. On maturity of the policy, customer will receive 20% of the sum assured along with  the accrued bonuses. The plan offers a policy term of 20, 25 and 30 years.

Commenting on the launch of these products, Mr. Deepak Mittal, CEO, Edelweiss Tokio Life Insurance Company Limited said, “A customer follows different investment  styles depending on their long term or short term financial goals. We are glad  to introduce two different sets of endowment schemes, which will cater to the  individual need of customer. These products are designed and customized in such a way, that one product will cater to the short term financial needs, whereas  the other will cater to mid and long term financial needs of the customer.”

In both the plans, company will declare bonus every year which will be payable on death or  maturity of the policy. Thus on maturity of the policy, customer will receive  the basic sum assured along with the accrued bonuses. Further customizing the  insurance cover to suit changing needs, the plan offers riders that can be bought along with the policy. Any individual between age 5 to age 60 is  eligible to purchase the policy. Both the 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. A customer can avail tax benefits under section 80 C and section 10(10D) of Income Tax Act, 1961.

Edelweiss Tokio Life Insurance has engaged a team of professional Personal Finance Advisors (PFAs) who are trained to adopt the customer centric selling model and recommend products only after understanding and analyzing customer needs.

Edelweiss Tokio Life Insurance is expanding its presence in a phased manner The company now has presence in Maharashtra, Gujarat, Delhi, NCR, Chandigarh, Punjab, Haryana, Uttar Pradesh, Goa, Karnataka , Andhra Pradesh and West Bengal with 39 branches pan India. This would go up to 64 branches by FY 14 and 75 branches by FY 15.