NEW DELHI: Edelweiss Tokio Life Insurance on Thursday introduced its foray into the personalisation area, with Flexi Savings Plan which presents accrual of survival profit. This characteristic offers buyer the liberty to vary the timing of profit payout as many occasions essential to match their necessities.
The product has three base plan choices – Flexi-Income, Flexi-Income Pro, and Large Sum. The Accrual of Survival Benefit characteristic might be opted together with Flexi-Income and Flexi-Income Pro base plans, the insurer stated.
Subhrajit Mukhopadhyay, govt director, Edelweiss Tokio Life Insurance, stated, “Different prospects have completely different wants. These wants don’t remain fixed, and bear an evolution all through a buyer’s life, which in flip makes long-term planning significantly difficult. We realized that prospects need flexibility to decide on when to avail the advantages supplied by their life insurance coverage plan. This perception guided our product design course of, whereby we explored how we will supply an answer that’s curated for every individual’s particular person and evolving wants.”
Flexi-Income and Flexi-Income Pro plan options allow policyholders to choose an Income Start Year – 2nd Policy Year, 5th Policy Year or 1st year after end of premium paying term. The product offers a cash bonus starting the selected income start year, and a revisionary bonus, for those opting to start their income either from the 5th Policy Year or 1st year after end of premium paying term.
The key difference between both these options lies in the guaranteed income payout. Under Flexi-Income, the guaranteed income starts from the first year after premium paying term ends. Under Flexi-Income Pro, the guaranteed income is paid out as a lump sum at an interval of five years after the premium paying term ends up to 30th policy year. Thereafter, a regular annual guaranteed income payout begins. Large Sum Plan, which is the third base plan option, offers a total maturity benefit at the end of the tenure.
Among additional optional benefits is the innovative Accrual of Survival Benefit, which allows a customer to either accumulate or cash out survival benefits as per their requirements during the tenure of the policy. A customer can opt in and out of this benefit multiple times at any point during the tenure of the policy.
Another optional benefit is Life Cover Continuation Benefit, which allows the customer to extend life cover equal to 10 times of annualised premium for a fixed period. This period depends on the attained age of the policyholder at policy maturity.
“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 personalized experience tailored to their specific needs. They truly want a Meri Marzi Ka Plan and that’s what Flexi Savings Plan is,” added Mukhopadhyay.
While the product presents a novel proposition to the client, the life insurer’s constant 10-year monitor document of bonus payout works as an added benefit.
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