Mumbai, August 2, 2018: With a focus on consistently delivering innovation to its customers, Edelweiss Tokio Life Insurance, a joint venture between Edelweiss Group and Tokio Marine Holdings, today launched Zindagi Plus, a term plan with industry-first offerings. It is a comprehensive protection solution that evolves with your changing needs and responsibilities.
Guided by customer insights, this product has been designed with the goal of enabling customers to take care of all their needs – existing, emergent and unarticulated ones. Zindagi Plus, available to our online and offline customers, offers an unmatched combination of value, and innovation.
Commenting on the launch of the product, Mr. Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance said, “Through Zindagi Plus, we want to change the way term insurance is perceived and provide an all-inclusive solution that remains relevant even in the absence of the bread winner. We have designed a solution that will enable our customers to provide a safety net for their dependents, and additionally insure their spouses too.”
Zindagi Plus brings two innovative offerings – Better Half Benefit and Decreasing Sum Assured.
The Better half benefit additionally provides a life cover to the spouse in event of policy holder’s death without any future premium requirements. The aim is to provide a life cover at the right time to the person on whom the family will be financially dependent in absence of the policy holder. This feature especially benefits non-working spouses, who typically do not opt for a term insurance.
Another winning feature is the Decreasing Sum Assured, wherein the base sum assured remains constant until policyholder reaches the age of 60 years and reduces thereafter by 50%. The premium payable under this option is lower than that for Level Sum Assured wherein the base sum assured remains constant throughout the policy term.
“Decreasing Sum Assured is reflective of the pattern of an individual’s income, wealth, and consumption needs throughout their life. Typically, your financial needs and liabilities reduce when you are past the retirement age of 60 years. This feature addresses that reality,” Mr. Rai added.
Other key benefits include:
- Top up benefit – An annual increase in the sum assured, starting from the first policy renewal
- Life stage benefit – An increase in the sum assured depending on the Life Stages achieved. For instance, marriage, birth of your children, or home loan
- Pay till 60 – An option that allows the policy holder to pay premium until the retirement age of 60
- Waiver of premium benefit – On diagnosis of specified critical illness, all future premium requirements are waived off
- Death benefit - A sum assured paid to the dependent on policy holder’s death, under three options - Lumpsum or monthly income or a combination of both
- Riders – Available to enhance protection in case of accidental death, total and permanent disability, critical illnesses and hospitalisation
About Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance Company Limited is a joint venture between Edelweiss Financial Services Limited, one of India’s leading and diversified financial services companies and Tokio Marine Holdings Inc, one of the oldest (over 138 years) and largest insurance companies in Japan. Edelweiss Tokio Life Insurance launched its pan-India operations in July 2011, offering proprietary need-based solutions to help customers meet their life stage financial goals. This lineage brings together a deep understanding of customer needs and international expertise. The company is headquartered in Mumbai serving over 1.75 lakh customers through 31,031 personal finance advisors across 121 branches in 93 major cities.
Edelweiss Tokio Life Insurance has been consistently recognized for its Product Innovation capabilities at several forums, namely Golden Peacock Awards 2018, Golden Globe Tigers Awards 2018, ET NOW - BFSI Awards 2018, and Times National Award for Marketing Excellence 2018.
To learn more about Edelweiss Tokio Life Insurance, please visit www.edelweisstokio.in
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Edelweiss Tokio Life Insurance