Edelweiss Tokio Life Insurance has recently announced a comprehensive protection plan – Total Protect Plus. The insurance plan is designed to meet the emerging need of a one-stop protection plan amid the current COVID-19 pandemic. The new insurance plan covers the insurer and his entire family. Edelweiss Tokio Life Insurance Executive Director, Subhrajit Mukhopadhyay said, “In the last decade, there is an increasing demand for insurance solutions that are comprehensive and comprehensive in securing financial risks. The pandemic has brought this need into the limelight. With Total Protect Plus, we hope to provide an all-inclusive solution for our clients to manage risk and meet their financial needs for all their goals.”
Have a look at the key offerings of Edelweiss Tokio Total Protect Plus plan
Edelweiss Tokio Total Protect Plus plan offers various plans –
1) Life Insurance Option – This plan provides a cover till the age of 100 years
2) Option for Return of Premium – You can get refund of premium on survival of the policy maturity
3) Live Long Option – This option will offer you the income payout at the preferred age of the policy buyers and the chosen rate. An individual can choose either 60 years or 65 years as the starting age, after which they receive an income equal to a certain percentage of the Basic Sum Assured.
In addition, the subscriber will also have the option of opting for additional plans: a) Child’s Future Protection Benefit, b) Better Half Benefit.
Under the Child’s Future Protect plan, the insurer has the option to secure the child’s future by increasing the Basic Sum Assured with additional sum insured. This amount can range between 10 per cent to 100 per cent of the Basic Sum Assured, which can be in multiples of 10 per cent. The insurer said this benefit would be available only during the child coverage period, which is equal to ’25 minus the child’s age (age last birthday) at the inception of the policy.
Better Half Benefit provides cover for the life insured’s spouse only after the death of the person. Edelweiss Tokio Life Insurance said that this additional benefit is available only if the Basic Sum Assured is greater than or equal to Rs 50,00,000. The insurer said the age difference between you and your spouse is less than or equal to 10 years.
Minimum and Maximum Sum Assured:
For those opting for life cover option, the minimum sum assured applicable is Rs.25,00,000. For 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. The company said that there is no upper limit on the base sum assured for the maximum sum assured, as it is subject to the board approved underwriting policy.
Premium and Maturity Age:
For all plan variants, the minimum annual premium amount is Rs 3,000. For half-yearly payments, the minimum premium amount is Rs 2,000. The minimum quarterly premium payment is Rs 1,250 and 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 years.
b) Life cover option with regular salary – 55 years.
c) Withdrawal of premium option with limited pay – 60 years.
d) Withdrawal of premium option with regular payout – 50 years.
e) Live Long Option with Income Pay-out at 60 Years – 50 Years.
f) 65 Years – Live Long Option with Income Pay-out at 55 Years.
The free look period offered is 15 days from the date of receipt of your policy. The free look period is 30 days for policies sold through distance marketing.
“There is now a high awareness for goal-based financial planning, with retirement and pure security taking the place of a larger mind among clients. While designing products, our endeavor is to offer the best value proposition that bridges the existing need gap. addresses, whether it is in terms of a new product or the way existing solutions are introduced in the market,” Mukhopadhyay said.
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