Edelweiss Tokio Life Insurance has launched a new ‘Flexi Savings Plan’ insurance product. It offers the additional benefit of “Accrual of Survival Benefit”, thus allowing the consumer the freedom to change the timing of benefits payout as required in accordance with his/her individual preference.
According to a release by the insurer, the product is available in three options – Flexi-income, Flexi-Income Pro, and Large Sum. This effectively allows customers to choose to accumulate or ‘cash out’ the benefits to fulfil his/her individual requirement during the tenure policy, Edelweiss Tokio said. Moreover, the insured can also opt in or out of the policy as many times as they want, during the tenure, the insurer added.
Another benefit, the insurer announced in a press release is that there is no minimum entry age.
Subhrajit Mukhopadhyay, executive director, Edelweiss Tokio Life Insurance, elaborated on the reason for this personalisation.
“Different customers have different needs. These needs do not stay constant, and undergo evolution throughout a customer’s life, which in turn makes long-term planning considerably challenging. We realised that customers want flexibility in choosing when to avail themselves of the benefits offered by their life insurance plan. This insight guided our product design process, wherein we explored how we can offer a solution that is curated for each person’s individual and evolving needs,” Mukhopadhyay said.
Here are the key features of the Flexi Savings Plan.
1] For Flexi-Income and Flexi-Income Pro options:
2] For Large Sum option
For all the three plans, the minimum premiums are based on the time period. They are as follows:
For Annual: Rs. 50,000
For Semi-Annual: Rs. 25,600
For Quarterly: Rs. 13,000
For Monthly: Rs. 4,400
All three options provide a specific maturity benefit and death benefit. The minimum sum assured on death (SAD) is Rs. 3.5 lakh, while the maximum SAD depends on the individual plan purchased.
Mukhopadhyay added: “This product will change the dynamic between a customer and their life insurer by restoring the control into the hands of the customer. In today’s world, customers want their preferred life insurer to offer a personalised experience tailored to their specific needs.”