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Edelweiss Tokio Life launches Guaranteed Income STAR

  6/26/23 3:58 AM

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Edelweiss Tokio Life launches Guaranteed Income STAR, a Flexible Plan for Your Planned & Un-Planned Needs!  

Life is all about enjoying small moments with your loved ones. Everyone wants to be happy and successful. More happiness, freedom, joy, peace, and opportunities for us and our loved ones sounds great, right? But having a single source of income may create a barrier between living your life to the fullest and taking care of your financial goals and needs in life.

A simple way to get the best of both worlds is to invest in a flexible regular guaranteed income plan. Guaranteed Income Plans like Edelweiss Tokio Life – Guaranteed Income STAR Plan can go a long way in your financial planning journey. Let’s look at some important questions that may arise regarding this plan. 

Why Edelweiss Tokio Life’s Guaranteed Income STAR? 
Edelweiss Tokio Life - Guaranteed Income STAR is a plan that offers protection and guaranteed returns. You may opt for flexible income options to meet your changing financial needs in the future. So, even if there is a pandemic or recession, your future will be secured with regular guaranteed income! In simple words, the plan secures your family's financial future by offering income benefit pay-outs even when you are no longer around to care for them or diagnosed with any of the covered critical illnesses.

Who Should Purchase this Plan?
Edelweiss Tokio Life Guaranteed Income STAR is suitable for anyone who:
▪ Wants 2 in 1 benefits of life insurance and savings plan
▪ Are risk-averse or have a low-risk appetite
▪ Want to balance their investment portfolio with a guaranteed savings plan
▪ Want to save for a variety of financial needs, including children’s future plans and retirement planning
▪ Wants to leave a legacy for their loved ones or any other financial goals

If you fall under any of the above mentioned, then this plan can facilitate your goals and needs and make it happen for you!

With Guaranteed Income STAR Plan, you get to choose the premium you wish to pay. This plan offers two plan options: flexible and a large income option.

The flexible income option is for those looking for a short-term income from as soon as the 2nd year. You can choose to have an income for a term of 10, 15, 20, 25, 30, or 35 years with a guaranteed maturity benefit at the end of the policy tenure.

Under the large income option, regular guaranteed income will be paid at predetermined policy years of 10, 15, 20, 25, 30, 35, or 40 as a level or increasing guaranteed income, based on your choice. This "Income Benefit Pay-out" will be payable in arrears till maturity or death of the life insured.  This option is best suitable for those looking to create a means for regular income to meet your long-term life goals such as child’s higher education, marriage or even retirement. 

What Makes Edelweiss Tokio Life’s Guaranteed Income STAR Suitable for You?
This regular guaranteed income plan gives you the power of three benefits in one! – Regular Guaranteed Income, Life Cover and Tax Benefits. You can think of it as a back-up for your future financial goals. With the flexibility to choose your regular stream of income start point (chosen policy year to receive regular income), this plan caters to your planned and unplanned growing life needs.

▪ Regular Guaranteed Income Benefits, as you like it! 
We know how much you prefer personalized and customized experiences! So we let you customize the plan according to your individual financial needs with two different plan options: Flexible Income and Large Income Option.

▪ Income Starting from 2nd Year
No more waiting! With the Flexible Income Option, you can choose your “Income Start Point” as early as the 2nd policy year, with a monthly premium as low as ₹5,280, where income will be paid in arrears based on your preferred pay-out frequency till the maturity date.

▪ Income Benefit Pay-out
With the “Large Income Option”, get income as & when You want! Start your income post the premium paying term till maturity. You can choose a level or increasing income, i.e., the same income throughout or income increasing progressively. The first income benefit pay-out under this plan option occurs in the tenth or fifteenth policy year, depending on the premium-paying term you select.

▪ Early Completion of Premiums
Short-term investment! Option to pay your premiums over a shorter period, i.e., 5, 8, 10 or, 12 pay.

▪ Security During Uncertain Times
Enhanced protection! Ensure that your family continues to receive an income even if you are no longer around, with future premiums waived off. There are two options under this benefit: Family Income Benefit on Critical Illness and Family Income Benefit on Critical Illness and Death.

▪ Life Cover - 80, 90, 100, Not-Out!
Your long life deserves a long protection cover! Secure your family’s financial future through life insurance cover up to 100 years of age. Also, enjoy enhanced protection against 12 critical illnesses with the Family Income Benefit Option.

▪ Tax Benefits on Premiums Paid and Returns
We all like those extra savings! The premiums you pay towards this plan are eligible for deductions up to ₹46,800 under section 80(C) and the income you receive on maturity has tax benefits under section 10(10D).

▪ Option of Taking Loan Against Policy
A helping hand in the case of financial emergencies! A life insurance policy should be handy for you in case of any adverse financial emergency, and this plan caters to that. That is why we offer you the choice of availing of a loan for an urgent cash flow need.

Let’s understand how Guaranteed Income STAR plan works with the help of this illustration:

Rahul is 27-year-old male and can save ₹6000 monthly for 10 years. He wants to create a guaranteed income source with added life cover to create a parallel income for himself as well as save responsibly for future years.

He buys Edelweiss Tokio Life - Guaranteed Income STAR, with Plan Option - Large Income, Annualized Premium of ₹68,182, Sum Assured on Death (at inception): ₹7,20,000, Premium Paying Term - 10 years, Income Duration - 40 years, Premium Paying Frequency - Annual, Family Income Benefits - No, Lumpsum Benefit – Yes and Income Benefit Pay-out Type - Increasing.

This means that Rahul will have to only pay ₹6000 per month for 10 years. From 10th Year, he will start receiving income with an Increasing Income Benefit Pay-out. This means that every PPT + 5 year his guaranteed returns pay-out will increase up to 40 years. 

Get Increasing Income Benefit Pay-out at: 
▪ 10th Year: ₹1,10,916
▪ 15th Year: ₹1,66,374
▪ 20th Year: ₹2,21,832
▪ 25th Year: ₹2,77,290
▪ 30th Year: ₹3,32,748
▪ 35th Year: ₹3,88,206
▪ 40th Year: ₹4,43,664
▪ Maturity Amount: ₹7,10,455

The Edelweiss Tokio Life Guaranteed Income STAR acknowledges changing financial needs and offers unique benefits to meet every financial goal. This plan helps you with an assured regular stream of income that is customized for your commitments.

To know more about the Edelweiss Tokio Life Insurance Guaranteed Income STAR, please visit here .

 

Chirag Iyer - BFSI Enthusiast

Chirag is a writer and an avid reader who loves to drink coffee! His other interests include boxing, karate, and singing.

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