Guided by the customer need for a comprehensive family proposition, Edelweiss Tokio Life Insurance has launched Legacy Plus, an innovative participating product that offers life cover for 2 and income lasting 3 generations through a single product.
The product offers an effective way of providing for multiple customer needs including child financial planning, legacy planning and any emergent needs during its tenure. With a view to provide flexibility and liquidity, the product includes Accrual of Survival Benefit (optional) feature, and early income.
Commenting on the new product, Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance said, “An average person typically has 3-4 basic concerns – child’s future, retirement, legacy, any potential contingencies, etc. They want a simple and flexible financial solution to provide for all these needs. Through Legacy Plus, our objective was to provide such a solution to the customer, wherein they can find the means to fulfil multiple aspirations effectively and offer the peace of mind to the entire family that their financial needs are taken care of through a single product.”
Legacy Plus extends personalization to the entire family unit through its optional feature Accrual of Survival Benefit, wherein a policyholder can either withdraw or accumulate income as per their requirements. The product also allows a partial withdrawal of the accumulated corpus as per the financial needs of the policyholder or family.
The product boasts liquidity through its option of Early Income, which offers income to the policyholder from the end of first year of the policy.
The product boasts legacy in its true sense through its benefit of Income till 100 years of age. The plan offers income until the end of policy tenure, even in case of the demise of either the Primary or Secondary life insured. This guarantees that at least 3 generations of a family can benefit from the income payout of this plan.
“We have a demonstrated history of bringing innovative and relevant products to the market which have resonated with the customers. These products are backed by robust investment expertise, as reflected in our consistent record of bonus payouts for the last 10 consecutive years,” Mukhopadhyay added.
Legacy Plus offers 2 base plan options:
- Lifelong Income Option: Income till 100 years of age, annual cash bonus (if declared), and a survival/death benefit.
- Family Secure Option: A joint life cover with the primary life insured being an adult, and the secondary a child, 2 death benefits payable, income till 100 years of age, annual cash bonus (if declared). In case of the death of the Primary Insured, the premium is waived off, policy remains in-force and the income continues till 100 years age of primary insured.
The plan can be enhanced by adding optional features like Accrual of Survival Benefit and additional riders like Waiver of Premium, Payor Waiver Benefit and more.