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.