Edelweiss Tokio Life Insurance, a recent entrant in the life insurance industry, launched two cost effective term plans namely 'Life-Protection' and 'Income Replacement'.
When the bread winner of the family meets with a sudden unfortunate death, it brings about a drastic change in the lifestyle of a family and jeopardizes the family's dreams. These 2 plans address this core need and provide a cost friendly solution of complete protection to the loved ones.
The Edelweiss Tokio Life-Protection is a pure term plan that 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.
Protection is offered for a maximum period of 30 years under the protection scheme, and depending on the age cover it may be extended up to 70 years. The company has lower rates for non-tobacco users.
Inflation mitigating benefit of fixed 5% increase in monthly income each year is offered under the income replacement scheme. The company has lower rates for non-tobacco users. The minimum sum assured for the protection plan is Rs. 15 lakh, while the minimum monthly benefit for the income replacement plan is Rs. 15,000.
The entry age for both the products start from 18 years up to 60 years with the maturity from 28 years to 70 years.
Edelweiss Tokio Life is a joint venture between Edelweiss Capital and Tokio Marine Holdings, a global leader with over 130 years of experience in the insurance business.