Edelweiss Tokio Life Insurance recently announced a comprehensive protection plan – Total Protect Plus. The insurance plan was designed to meet the emerging need for a one-stop-shop protection plan amid the ongoing Covid-19 pandemic. The new insurance plan covers the insurer and his entire family. Describing the benefits of this plan, Subhrajit Mukhopadhyay, Executive Director of Edelweiss Tokio Life Insurance, said: âOver the past decade, there has been a growing demand for comprehensive and comprehensive insurance solutions to secure financial risks. . The pandemic has put this need in the spotlight. With Total Protect Plus, we hope to provide a comprehensive solution to manage clients’ risk and meet the financial needs of all of their goals. “
Take a look at the key offers of the Edelweiss Tokio Total Protect Plus plan
The Edelweiss Tokio Total Protect Plus package offers different packages –
1) Lifetime coverage option – This plan provides coverage for up to 100 years
2) Return of premium option – You can get return of premiums if the policy maturity survives
3) Live Long Option – This option will provide you with income payments at the preferred age of policy purchasers and at the chosen rate. An individual can choose between 60 or 65 as the starting age, after which he receives an income equal to a certain percentage of the basic sum insured.
In addition, the customer will also have the option of choosing additional plans: a) Child’s Future Protect Benefit, b) Better Half Benefit.
Under the Child’s Future Protect plan, the insurer has the option of securing the child’s future by increasing the basic sum insured by an additional sum insured. This amount could vary between 10% and 100% of the basic sum insured, in multiples of 10%. This benefit will only be available for the duration of children’s coverage, which is 25 minus the child’s age (age at last birthday) at the start of the policy, the insurer said.
Better Half Benefit covers the spouse of the insured only after the death of the person. This additional benefit is only available if the basic sum insured is greater than or equal to Rs 50,00,000, said Edelweiss Tokio Life Insurance. The age difference between you and your spouse is less than or equal to 10 years, the insurer added.
Minimum and maximum sum insured:
For those who choose the life coverage option, the minimum sum insured applicable is Rs 25,000,000. For the premium return option, the minimum sum insured applicable is Rs 10,00,000. With the ‘Live Long’ option, the minimum sum insured applicable is Rs 25,00,000. For the maximum sum insured, there is no upper limit to the base sum insured, as it is subject to an underwriting policy approved by the board of directors, the company said.
Premium and maturity age:
For all plan variants, the minimum annual premium amount is Rs 3,000. For semi-annual payment, the minimum premium amount is Rs 2,000. The minimum quarterly premium payment is Rs 1,250 and the same for the monthly premium is Rs 300.
The minimum age to benefit from this policy is 18 years old. The maximum age at which you can benefit from it depends on the type of benefits for which you opt. Thus, the maximum age at which you can take out this contract is as follows:
a) Life coverage option with limited payment – age 65.
b) Life coverage option with regular payment – age 55.
c) Premium refund option with limited payment – 60 years.
d) Return of premiums option with regular payment – 50 years.
e) Long life option with income payment at age 60 – 50.
f) Long life option with income payment at age 65 – 55.
The free consultation period offered is 15 days from the date of receipt of your policy. For policies sold through distance marketing, the free consultation period is 30 days.
âThere is now a greater awareness of goal-based financial planning, where retirement and pure protection are more prominent in the minds of clients. When designing products, our aim is to offer the best value proposition that meets existing needs, whether it is a new product or the way in which existing solutions are offered in the market â, Mukhopadhyay added.
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