Edelweiss Tokio Life Insurance has launched a new term insurance plan by the name of Zindagi Protect. It offers customers three optional benefits, namely Child’s Future Protect Benefit, Better Half Benefit, and Premium Break Benefit, thus allowing the policyholder to customise the coverage according to their needs.
Policyholders can choose between the Life Cover, or, the Return of Premium options. In the Return of Premium option, the policy will provide death benefit if the insured passes away during the policy term, or a maturity benefit equal to the sum assured where the policyholder survives till maturity.
The minimum entry age for both the life insured and spouse is 18 years, while the maximum entry age depends on the premium paying term.
The minimum premiums are Rs. 3,000 for annual payments, Rs. 2,000 for semi-annual payments, Rs. 1,250 for quarterly payments, and Rs. 300 for monthly payments.
Optional Benefits
The policy also offers other optional benefits, such as Child’s Future Protect Benefit, which allows the policyholder to increase the life cover until the child reaches the age of 25 years.
The Better Half Benefit is another optional feature that provides a life cover for the policyholder’s spouse after the policyholder’s death, without any requirement for paying future premiums.
There is also a Premium Break benefit feature that allows policyholders to skip premiums for a premium-paying term of 10 years or more. One can skip up to eight premiums during the entire policy term, with the final (eighth) skip or break available after completion of 77 policy years. The first break is available after seven years, the second after 17 years, third after 27 years, and the eighth one after 77 years.
Once a Premium Break is exercised, the policyholder is not required to pay premiums for the next 12 months, while the policyholder enjoys the cover.
Other additional features include options to choose between limited pay or regular pay premium payment options and the opportunity to avail of 6 per cent discount on the first-year premium if the medical examination is completed within 7 days from the date of login.
The policy also provides a Special Exit Benefit, which allows policyholders to receive all their paid premiums towards life cover at a specific point during the policy term.
