Edelweiss Tokio Life Insurance has launched a new participating product named ‘Flexi Savings Plan’
Private insurance company Edelweiss Tokio Life Insurance has launched a new participating product named ‘Flexi Savings Plan’. In this plan, customers also get the optional facility of ‘Accrual of Survival Benefit’. This facility gives the customers the freedom to change the payment schedule of the benefits along with the policy premium as many times as they want, as per their requirement.
This new Flexi Savings Plan is a participating and individual life insurance plan not linked to the stock market. In this, customers get to choose broadly three options. These include Flexi-Income, Flexi-Income Pro and Large Sum. Customers can opt for ‘Accrual of Survival Benefit’ out of this with Flexi-Income and Flexi Income Pro.
In both the Flexi-Income and Flexi Income Pro options, policyholders get to choose from the 2nd policy year, 5th year or 1 year after the end of the premium paying term to get regular income. The policy offers cash bonus in the chosen year for commencement of income. On the other hand, those who choose to start income after the 5th year of the policy year or 1 year after the end of the premium paying term, get revisionary bonus.
The main difference between the two options is the payment of guaranteed income. Guaranteed Income starts in Flexi-Income 1 year after the end of the premium payment term. Whereas, in Flexi-Income Pro, the guaranteed income is paid as a lumpsum every 5 years after the end of the premium paying term and up to the 30th policy year after the end of the premium paying term.
Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance, said, “Each customer has different needs. These needs are not static and keep changing throughout the life of the customer. Due to this, long term plans have become very challenging today. ”
He further added, “We found that the customer wants flexibility while taking a plan, so that he can take advantage of the benefits that come with a life insurance plan as per his need. This approach helped us in building our product, where we have developed this Explored the possibilities of how to design a plan that could meet the different and changing needs of all customers.”
