Edelweiss Tokio Life Insurance Company Limited has introduced Edelweiss Tokio Life-Save n Grow Plan (WA), a participating endowment plan with increasing protection over the policy term and Edelweiss Tokio Life-MultiGain Plan (WA), a participating endowment scheme with regular cash back. These plans designed for customers who have mid to long term investment horizon for wealth creation. These plans address the Wealth Accumulation needs of a customer and protect the family against any eventuality. Both policies also offer rider benefits.
Edelweiss Tokio Life Insurance is a new generation Insurance company, set up with a startup capital of INR 550 Crores. The company is a joint venture between Edelweiss Financial Services, one of India's leading diversified financial services companies with business straddling across Credit, Capital Markets, Asset Management, Housing finance and Insurance and Tokio Marine Holdings Inc, one of the oldest and the biggest Insurance companies in Japan. Tokio Marine Holdings Inc, the holding company for Tokio Marine group is one of the oldest and biggest Insurance companies in Japan; with interests in Life, Non-Life, and Re-Insurance, it has a presence in 427 cities across 39 countries around the world.
Edelweiss Tokio Life- Save n Grow Plan is a simple Endowment Plan offers a policy term of 15, 20, 25 and 30 years and the customer has an option of paying premium for only 10 or 15years or paying it throughout the policy term. The most unique feature in this plan is that the Sum Assured rises by 15% of sum assured every 5th year from the policy inception. Thus, if the Life Insured dies within the Policy Tenure, the nominee would receive the Increasing Death Benefit according to the associated Sum Assured in the year of death.
On the other hand, Edelweiss Tokio Life- Multigain Plan is a simple Money Back Plan where the policy holder will receive 20% of the sum assured at an interval of every one – fifth term of a policy. On maturity of the policy, customer will receive the remaining 20% of the sum assured along with the accrued bonuses. The term of policy can be for 20 -30 years.
In case of both the policies, the maturity proceeds comprise the basic sum assured and the annual bonuses declared by the company during the policy term. In case the policyholder dies during the period, the accumulated benefits are handed over to the nominee.
According to many financial planners, who recommend the diversified portfolio in a investment basket of an individual suggest that if an individual is looking for a safe and secured investment without any risk and high return then the above plans suits best, however is an individual is looking for high return then according to them the above may not work as these products have a limited yield return capacity.