Edelweiss Tokio Life Launches Total Protect Plus, A Comprehensive Protection Solution
5 August 2021
Edelweiss Tokio Life Insurance announced the launch of Total Protect Plus, a comprehensive protection plan that offers additional optional benefits to meet goal-linked financial requirements.
Commenting on the new product, Subhrajit Mukhopadhyay, executive director, Edelweiss Tokio Life Insurance said, "Over the last decade, there has been a growing clamour for insurance solutions that are all-encompassing and comprehensive in securing financial risks. The pandemic has brought this need into the spotlight. With Total Protect Plus, we hope to provide an inclusive solution to manage customers' risk and addresses financial needs for all their goals."
Among its standout optional offerings are Child's Future Protect and Live Long benefits. Through Child's Future Protect benefit, a parent can opt for an enhanced cover during their child's growing years to ensure their aspirations are uncompromised. In case the insured parent dies before the child turns 25 years of age, an additional payout is made to the nominee.
Through the Live Long benefit, which is a survival benefit, this plan not only offers you protection, but also an income benefit that begins during your non-working years. An individual can choose either 60 years or 65 years as the commencement age, following which they receive an income equal to a certain percentage of the base sum assured.
"There is a higher awareness now for goal-based financial planning, wherein retirement and pure protection occupy a bigger mind space among customers. When designing products, our endeavour is to offer the best value proposition that addresses the existing need gap, be it in terms of a new product or the way existing solutions are offered in the marketspace," Mukhopadhyay added.
Key factors of the Total Protect Plus protection plan:
- Offers a cover till 100 years of age, allowing individuals to leave behind a legacy to their loved ones.
- An optional Better Half Benefit, which offers a cover to the policyholder spouse post his/her death.
- An optional Return of Premium benefit allows the policyholder to get 100% of total paid premiums back when the policy matures.
- Offers the option of either regular pay or limited pay of premiums for 5 / 7/ 10/ 15/ 20 years.
- Offers a 6% discount on the first-year premium if medicals are completed within 7 days of purchase.