Edelweiss Tokio Life Insurance has recently announced a comprehensive protection plan — Total Protect Plus. The insurance plan has been designed to address the emerging need of a one-stop protection plan amid the ongoing Covid-19 pandemic. The new insurance plan covers the insurer and his or her whole family. Describing the benefit of a this plan, 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.”
Take a look at the key offerings of Edelweiss Tokio Total Protect Plus plan
The Edelweiss Tokio Total Protect Plus plan offers various plans —
1) Life Cover Option — This plan provides a cover till 100 years of age
2) Return of Premium Option — You can get return of premium upon survival of policy maturation
3) Live Long Option — This option will offer you income pay-outs at policy buyers preferred age and chosen rate. 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.
Moreover, the customer will also have an option to choose additional plans: a) Child’s Future Protect Benefit, b) Better Half Benefit.
Under the Child’s Future Protect plan, the insurer has an option to secure child’s future by increasing the base sum assured with an additional sum assured. This amount could range between 10 per cent to 100 per cent of the base sum assured, in multiples of 10%. This benefit will be available only during the Child Coverage Term, which is equal to ‘25 minus Child’s Age (age last birthday) at the inception of the policy, the insurer said.
Better Half Benefit provides cover for the spouse of the insured only after the death of the person. This Additional Benefit is available only if the base sum assured is greater than or equal to Rs 50,00,000, Edelweiss Tokio Life Insurance said. The age difference between you and your spouse is less than or equal to 10 years, the insurer added.
Minimum and Maximum Sum Assured:
For those choosing Life Cover Option, the minimum sum assured applicable is Rs 25,00,000. For the Return of Premium Option, the minimum sum assured applicable is Rs 10,00,000. With the ‘Live Long’ option, the minimum sum assured applicable is Rs 25,00,000. For maximum sum assured, there is no upper limit on the base sum assured, as it is subject to board approved underwriting policy, the company said.
Premium and Maturity Age:
For all plan variants, the minimum annual premium amount is Rs 3,000. For the semi—annual payment, the minimum premium amount is Rs 2,000. The minimum quarterly premium payment is Rs 1,250 and the same for monthly premium is Rs 300.
The minimum age to avail this policy is 18 years. The maximum age at which you can avail it, depends on the type of benefits you are opting for. Thus, the maximum age at which you can get this policy is as follows:
a) Life Cover Option with Limited Pay – 65 yrs.
b) Life Cover Option with Regular Pay – 55 yrs.
c) Return of Premium Option with Limited Pay – 60 yrs.
d) Return of Premium Option with Regular Pay – 50 yrs.
e) Live Long Option with Income Pay-out at 60 yrs – 50 yrs.
f) Live Long Option with Income Pay-out at 65 yrs – 55 yrs.
The free look period offered is 15 days from the date of receiving your policy. For policies sold through distance marketing, the free look period is of 30 days.
“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.
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