A new non-linked and non-participating life insurance has been launched by Edelweiss Tokio Life Insurance which provides a combination of protection and savings. The name of the plan is Edelweiss Tokio Life- Wealth Builder and it guarantees all the benefits at the beginning of the policy.
- Minimum entry age: 91 days
- Maximum maturity age: 70 years
- Policy Term: 10 to 30 years
- Mode of payment: monthly, semi annually or annually
- Premium Paying Term: 5, 7, 10 or 12 years
Along with Tax benefits under section 80 C and 10(10D), this plan also provides a “Guaranteed Loyalty Additions (GLA)” which depends upon policy term, premium, premium paying term, gender of the life assured and entry age. A press release issued by the company states that the accrued GLA is payable on death or on maturity.
The cumulative annualised premium is the sum assured on maturity. In case the policyholder dies then the death sum assured ranges from 10 to 13 times of the annualised premiums. The death benefit is at least equal to 115% of the annualised premiums that are paid until the date of death.
This plan also has other features like loan facility, 15-day free look period and options for riders like total & permanent disability cover, accidental death benefit, critical illness and likewise.
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