Edelweiss Tokio Life Insurance announces 'Flexi Savings Plan': Details here
19 Aug 2022
Edelweiss Tokio Life Insurance has recently announced a new participating product called Flexi Savings Plan which offers an innovative optional feature called Accrual of Survival Benefit. This feature gives customer the freedom to change timing of benefit payout as many times as necessary to match their individual requirements, Edelweiss Tokio Life Insurance said in a statement.
The product has 3 base plan options – Flexi-Income, Flexi-Income Pro, and Large Sum. The Accrual of Survival Benefit feature can be opted along with Flexi-Income and Flexi-Income Pro base plan options.
Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance said, “Different customers have different needs. These needs do not stay constant, and undergo an evolution throughout a customer’s life, which in turn makes long-term planning considerably challenging. We realized that customers want flexibility to choose when to avail the benefits offered by their life insurance plan. This insight guided our product design process, wherein we explored how we can offer a solution that is curated for each person’s individual and evolving needs. We wanted this product to manifest the Power of ONE.”
Both Flexi-Income and Flexi-Income Pro plan options, let the policyholder choose an Income Start Year – 2nd Policy Year, 5th Policy Year or 1st year after end of Premium Paying Term. The product offers a Cash Bonus starting the selected Income Start Year, and a Revisionary Bonus, for those opting to start their income either from the 5th Policy Year or 1st year after end of Premium Paying Term, the company said.
The key difference between both these options lies in the Guaranteed Income payout. Under Flexi-Income, the Guaranteed Income starts from the first year after Premium Paying Term ends. Under Flexi-Income Pro, the Guaranteed Income is paid out as a lumpsum at an interval of 5 years after the premium paying term ends up to 30th policy year. Thereafter, a regular annual Guaranteed Income payout begins. Large Sum Plan, which is the third base plan option, offers a total maturity benefit at the end of the tenure.
Among the additional optional benefits is the innovative Accrual of Survival Benefit, which allows the customer to either accumulate or cash out their survival benefits as per their requirements during the tenure of the policy. A customer can opt in and out of this benefit multiple times at any point during the tenure of the policy.
Another optional benefit is Life Cover Continuation Benefit, which allows the customer to extend life cover equal to 10 times of Annualized Premium for a fixed period. This period depends on the attained age of the policyholder at policy maturity.