Edelweiss Tokio Life celebrates the Power of One with new Flexi Savings Plan
17 Aug 2022
Life insurer reiterates consistent 10-year track record of bonus payout
Mumbai, Aug 17, 2022: Celebrating the Power of One, Edelweiss Tokio Life Insurance today announced its foray into the Personalization space with 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.
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 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.
“This product will change the dynamic between a customer and their life insurer by restoring the control into the hands of the customer. In today’s world, customers want their preferred life insurer to offer a personalized experience tailored to their specific needs. They truly want a Meri Marzi Ka Plan and that’s what Flexi Savings Plan is,” added Mukhopadhyay.
While the product offers a unique proposition to the customer, the life insurer’s consistent 10-year track record of bonus payout works as an added advantage.
About Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance established its pan-India operations in July 2011 with an immovable focus on protecting people’s dreams and aspirations. Guided by customer insights, the company has been offering need-based and innovative life insurance solutions to help customers live their #ZindagiUnlimited. With a customer-centric approach, the company endeavours to build a multi-channel distribution network to effectively serve its customers across the country. As of March 2022, the life insurer has established 109 branches in 88 major cities.
Edelweiss Tokio Life Insurance has been consistently recognized at several forums like SKOCH Awards 2019 and India Insurance Summit & Awards 2020 for Product Innovation, TISS LeapVault CLO Awards 2019 for its Sales Enablement efforts and Campaign PR Awards India 2020, E4M Indian Content Marketing Awards, & Tokio Marine’s Good Company Awards 2019 for its social initiative on organ donation. Its crowning achievement has been the GUINNESS WORLD RECORDS title for collecting highest number of pledges for organ donation in a single day and Great Place to Work – CertifiedTM.
To learn more about Edelweiss Tokio Life Insurance, please visit www.edelweisstokio.in