Edelweiss Tokio Life Insurance, a joint venture company between India’s Edelweiss Financial Service and Tokio Marine Holding Inc, Japan, announced the launch of wealth augmentation policy called Single Pay Endowment Assurance Plan. This plan in a non – participating endowment plan.
The salient feature of this product is as under:
Coverage equal to 10 times the premium amount e.g policy holder can pay a premium of Rs. 40,000 and get a cover for minimum sum assured for Rs. 400,000
Maximum policy term is 10 years and hence beneficial to customers investing it for long term period and expecting guaranteed returns
Loan facility available upto 90% of the surrender value
Benefits under section 80C and 10 (10D) of the Income tax Act
In addition to the above, this product is suitable for customers who have a preference of one time investment with the benefit maximum returns.
