Edelweiss Tokio Life launches two endowment plans

Plans designed for customers who have mid to long term investment horizon for wealth creation

Edelweiss Tokio Life Insurance Company Limited has launched two participating endowment plans to address the wealth accumulation needs of the customers.

While Edelweiss Tokio Life-Save n Grow Plan (WA) is a participating endowment plan with increasing protection over the policy term, Edelweiss Tokio Life-MultiGain Plan (WA) is a participating endowment scheme with regular cash back.

Participating policies entitle policyholders to participate in the profit of the insurance company. 

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. These products are designed and customised 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."

 

Edelweiss Tokio 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 who have 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 15 years or paying it throughout the policy term. 

This plan offers an increasing death benefit. On death of a policyholder, his family gets the sum assured along with the increasing benefit of 15% of sum assured every fifth year from the policy inception.

Edelweiss Tokio Life – MultiGain Plan (WA) is a money back plan designed for customers with a short term investment horizon to plan for holidays, buying a car and other similar events. This plan is suitable for customers who have low or medium risk appetite.

The plan offers 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 1/5th of policy term. For example if a policyholder has a 20 year term, he/she will receive 20% of the sum assured in the 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.
 
In both the plans, the company will declare the bonus every year which will be payable on death or maturity of the policy. Further customising 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.

To cater to the country's population across all the states, the company 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 FY14 and 75 branches by FY15.