Edelweiss Tokio Life Insurance Company Ltd, the newest entrant in the life insurance industry has launched three wealth accumulation plans.
The company is a joint venture between Edelweiss Financial Services Ltd and Japanese Insurance major Tokio Marine Holdings.
Cover plus offers a balance between death benefit and maturity benefit as both fund value and sum assured is paid on death of the life assured.
Comprehensive cover option is for a customer who gives more importance to protection, with additional monthly payouts ensuring income continuity in an unfortunate circumstance.
Accelerated cover is suitable for one who has a higher need to accumulate savings as it offers a higher contribution towards savings and therefore a higher maturity value.
The plan offers features such as switching between funds, access to loans and partial withdrawals, option to pay premiums for a limited period, convenience to pay premium on annual, half-yearly, quarterly or monthly and flexibility to choose the policy tenure.
The plans can be availed at an annualised premium starting from Rs 25,000 with no upper limit. The product allows an entry age starting from five years going up to 65 years with the maturity from 18 to 75 years.