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Edelweiss Tokio Life launches 'Edelweiss Tokio Life-MyLife+'

India Blooms News Service | | 23 Dec 2014, 07:52 pm
New Delhi, Dec 23 (IBNS): Edelweiss Tokio Life Insurance, an Edelweiss Financial Services Group Company, on Tuesday launched Edelweiss Tokio Life-MyLife+, an online term plan that covers one's life and provides security to family.
The minimum entry age for the policy is 18 years and the product offers two death benefit options; Lump-sum benefit option and Income benefit option. One can choose between a combination of both the options as well, depending on the family’s need, level of financial literacy & stage of life. 
Therefore the kind of benefits that one could avail are as follows:
Lump-sum benefit option: Under this option, a lump-sum benefit equal to the sum assured will be paid on death of the life insured and policy will terminate.
Income benefit option: Under this option, 1% of sum assured will be paid every month for the next 130 months starting from next month from the date of death.
A combination of both the lump-sum benefit and the income-benefit.
Commenting on the launch of the product, Deepak Mittal, MD &CEO, Edelweiss Tokio Life said, “At Edelweiss Tokio Life customer needs are always at the forefront of new product development. In the case of Edelweiss Tokio Life – My Life+, two key needs that were identified were – a need for longer term period and the choice of payout options that best suits their families."
"The need therefore was the creation of a term plan which offers customers the choiceof a payout option – monthly, annual or a combination of both. One also has the option to select the term period up to the age of 80 years; the highest in the industry. Edelweiss Tokio Life -My Life+iscompetitively priced,a cover of INR 1 Crore and available to a 25 year old non-smoker male for a term of 25 years at an annual premium of just INR 5562. We believe that this product will change the dynamics of buying online insurance in the country," Mittal said.