Edelweiss Tokio Life Insurance launched Legacy Plus, a savings insurance plan, that provides life cover to two people and income support to three generations of the policy holder.
Legacy Plus plan provides income up to the end of the policy tenure, despite the death of either the primary or secondary life insured. Thus it covers at least three generations of a family with income cover, the insurer said.
The product addresses various customer needs including child financial planning, legacy planning, and emergency funds till maturity, the insurance company said. It includes optional features like the Accrual of Survival Benefit and early income feature to provide flexibility.
The Accrual of Survival Benefit feature allows the holder to either withdraw or accumulate income as per their financial requirements. The product also allows a partial withdrawal of the accumulated corpus. Its early income optional feature, provides income from the end of the first year, until the age of 100, even in the event of the demise of either insured individual, ensuring financial security for three generations.
Legacy Plus provides two base plan options, Lifelong Income and Family Secure, each offering benefits tailored to different financial necessities.
Lifelong Income Option: This option offers income till 100 years of age, an annual cash bonus (if declared), a survival or maturity benefit, and a death benefit. The minimum premium varies based on the payment frequency, for the annual frequency it is Rs 25,000, semi-annual - Rs 12,800, quarterly - Rs 6,500, and for the monthly frequency it is Rs 2,200. Sum Assured on Death (SAD) equals 7 times the Annualized Premium, increasing each policy year from the second year onwards.
If policy policyholder is under 55 years of age, the policy will come into effect from the 8th year of paying premiums. Then annually every year, still maturity or death, whichever is earlier, a regular income is paid which is the 1,000th part of your Sum Assured on Maturity (SAM).
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.
