Edelweiss Tokio Life Insurance has launched a new participating product called Flexi Savings Plan, which offers an innovative optional feature called Survivor Benefit Accumulation. This feature gives the customer the freedom to change the timing of benefit payments as many times as necessary to meet their individual needs, the company said.
The new Flexi Savings Plan is an untied, participatory, individual,
savings, life insurance plan. It offers three great options including , Flexi-Income Pro and Large Sum. The survivor benefit accumulation feature can be chosen with the Flexi-Income Basic plan and Flexi-Income Pro plan options, depending on the company.
The Flexi-Income and Flexi-Income Pro plan options allow the policyholder to choose an income start year – 2nd policy year, 5th policy year, or 1st year after the end of the benefit payment period. premiums. The product offers a cash bonus from the year of the start of income selected, and a review bonus, for those who choose to start their income from the 5th year of insurance or the 1st year after the end the premium payment period.
The main difference between these two options lies in the payment of the guaranteed income. Under Flexi-Income, the guaranteed income starts from the first year following the end of the premium payment period. Under Flexi-Income Pro, guaranteed income is paid in a lump sum at five-year intervals after the end of the premium payment period until the 30th year of insurance. Thereafter, a regular annual guaranteed income payment begins. On the other hand, the large sum plan, which is the third option of the basic plan, offers a full maturity benefit at the end of the term.
Additional Benefits of the Flexi Savings Plan
Accumulation of survivor’s allowance: This allows the client to accrue or cash out survivor benefits as needed during the term of the policy. A customer may purchase and opt out of this benefit multiple times at any time during the term of the policy.
Life cover maintenance benefit: This allows the customer to extend life coverage equal to 10 times the annualized premium for a specified period. This period depends on the age reached by the policyholder at the end of the contract.
Subhrajit Mukhopadhyay, Executive Director of Edelweiss Tokio Life Insurance, said, “Different customers have different needs. These needs do not remain constant and change throughout a client’s lifetime, making long-term planning considerably difficult. We’ve realized that customers want the flexibility to choose when to take advantage of the benefits offered by their life insurance plan. This idea guided our product design process, in which we explored how we can offer a solution tailored to the individual and evolving needs of each person. We wanted this product to manifest the power of ONE.
“This product will change the dynamic between a client and their life insurer by putting control back in the hands of the client. In today’s world, customers want their preferred life insurer to provide a personalized experience tailored to their specific needs. They really want a Meri Marzi Ka plan and that’s what the Flexi savings plan is,” he said.
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