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Edelweiss Tokio Life Insurance launches three Wealth Accumulation plans.

India, Nov. 14 -- Edelweiss Tokio Life Insurance Company Limited, the latest new age life insurance entrant has launched three Wealth Accumulation Plans, tailor made to meet the various wealth creation and protection needs of customers. The company, a joint venture between Edelweiss Financial Services Limited, India's leading diversified financial services conglomerate and Japanese Insurance major Tokio Marine Holdings is committed to help its customers meet their life-stage financial goals by providing them insurance products that have been designed keeping in mind the needs of the Indian customers.

Each of three Wealth Accumulation plans, namely Cover Plus, Comprehensive Cover and Accelerated Cover has been designed to cater to specific customer needs. Cover Plus is ideal for a customer who is looking for a good balance between Death Benefit and Maturity Benefit as both Fund Value and Sum Assured is paid on death of the Life Assured. Comprehensive Cover option is for a customer who gives more importance to protection, with additional monthly payouts ensuring income continuity in an unfortunate circumstance. Accelerated Cover is suitable for someone who has a higher need to accumulate savings as it offers a higher contribution towards savings and therefore a higher Maturity Value.

The company is building a team of Personal Finance Advisors (PFAs) who are trained to adopt the customer centric selling model and recommend products after understanding and analyzing customer needs.

All three plans, offer a relatively lower and attractive charge structure, which ensures better accumulated benefits. The Top-up facility in the plans enhances investments resulting in higher accumulated Fund Value.

Speaking on the launch, Mr. Deepak Mittal, CEO, Edelweiss Tokio Life Insurance Company Limited said "We are extremely excited to launch our first range of unit linked Wealth Accumulation Plans. The inherent lower charge structure, our in-depth understanding of Indian financial markets and expertise in managing funds, makes the offering unique. Each product is personalized with unique features to meet customer needs of structured wealth accumulation and commensurate cover."

Some of the other flexible features of the plans include:

* Switching between funds at an opportune time.

* Access to loans and partial withdrawals.

* Option to pay premiums for a limited period and yet enjoy wealth accumulation and insurance protection over a longer policy term.

* Convenience to pay premium on Annual, Half-yearly, Quarterly or Monthly.

* Flexibility to choose the policy tenure and protection multiple which helps in faster wealth accumulation.

* 15 day free look period where the customer can go through the policy document and review the terms and conditions of the policy.

The plans can be availed at an annualized premium starting from Rs. 25,000 with no upper limit. The product allows an entry age starting from 5 years going up to 65 years with the maturity from 18 to 75 years.

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Publication:India PRwire
Date:Nov 14, 2011
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