NewZNew (Chandigarh) : Edelweiss Tokio Life Insurance, the life insurance arm of Edelweiss Financial Services Ltd has launched the Edelweiss Tokio Life –Triple Advantage Plan, a non-linked, participating life insurance plan with following features –

Maturity Benefits: The Triple Advantage Plan has the feature of providing sum assured thrice during the policy term, should the policy holder survive beyond 75 years of age.

1. The sum assured for the first time is paid on completion of premium paying term along with all accrued reversionary bonuses till that time.
2. The sum assured for the second time becomes payable on the policy holder completing 75 years of age along with accrued reversionary bonuses accumulated during this period.
3. On completion of age 100 years, the policy holder will receive the sum assured for the third time along with a terminal bonus which will be declared at that time.

Death Benefits:

1. In case of death before completion of premium paying term, sum assured on death along with acured reversionary bonuses will be payable to the next of kin.
2. Should the death happen after the completion of premium paying term but before 75 years of age, the policyholder would have already received one survival benifit and the next of kin would receive sum assured on death along with accrued reversionary bonuses till the date of death.
3. In case of death after the completion of 75 years but before 100 years of age, in addition to the policy holder already received two survival benifits, the next of kin would receive sum assured on death.

Commenting on the launch of the product, Mr. Deepak Mittal, MD & CEO, Edelweiss Tokio Life said, “Edelweiss Tokio Life – Triple Advantage insurance plan would provide protection beyond maturity by providing guaranteed lump-sum money twice at predefined stages of life. This is a whole life plan combining savings with life insurance cover – serving purposes of wealth accumulation, protection and legacy planning.”

The minimum entry age is 91 days and the maximum entry age to avail this product is 55 years. The maturity age is 100 years and the policy term is 100 years less age at entry of the life insured. The premium paying term is 10, 15, 20 and 25 years. The premium paying frequency offered is annual, semi annual quarterly and monthly.

NB: Reversionary Bonus is a non-guaranteed benefit payable during the policy term based on the performance of the Par Fund.

Sum assured on death is 11 times of the annualised premium or sum assured on maturity whichever is higher.

Key Highlights:

·         Lump sum payouts three times during the policy term – At the end of premium payment term; at the age of 75 and payout on maturity i.e. when you reach age 100

·         Minimum sum assured is Rs 2,00,000

·         Loan facility to meet any urgent/ unforeseen liquidity requirements

·         Option to make your cover more comprehensive through seven riders