Edelweiss Tokio Life Insurance, a joint venture between Edelweiss, which is a financial services company in India, and Tokio Marine Life Insurance, which is one of the fastest upcoming life insurance companies in Japan. This joint venture is the latest entrant in life insurance.
Edelweiss, one of the major financial services company in India was established in 1996 and has since expanded its offerings to various sectors of business, including Credit Asset Management, Capital Market, Housing Finance, and not to mention, Insurance. With a net worth of more than Rs. 2400 crore and presence in 170 Indian cities, operating through 374 offices, the company provides services to more than 325000 clients.
Tokio Marine Holdings
This holding company for the Tokio Marine group is known to be one of the largest and oldest insurance companies in Japan, providing Life, Non-Life and Re-Insurances. A highly respected company in the world, it has its presence in over 427 cities across 39 different countries. With a history of over 130 years in the Non-Life sector and over 20 years in the Life sector, it has offices in Japan, China, Malaysia, Singapore, and Thailand.
The joint venture
The joint venture between Edelweiss and Tokio Marine Holdings was established in the year 2011 and began operating from July of 2011, after getting registered by the IRDAI in May 2011. It has its presence all across the nation with over 60 branches, 1500 employees, and not to mention, consistent growth. Edelweiss Tokio Life Insurance is known to have offered a life insurance cover of Rs. One crore, to all the Indian athletes in the Rio Olympics of 2016. One notable award to its name would be the Morningstar award, which is a global leader when it comes to rating fund performance across various mutual funds and ULIPs. It has given a five-star rating to the Edelweiss Tokio Life Insurance Funds.
Products on offer
The Edelweiss Tokio Life Insurance has more than 20 different products on offer which cater to the different sectors of society such as retirement, education, illness, and income replacement needs. It has products both in the digital as well as offline spaces. With a product portfolio of endowment plans, term plans, ULIPs, and critical illness plans, it also has group protection plans on offer, besides individual plans.
Edelweiss Tokio Life Insurance Company’s Cancer Awareness Program
The Edelweiss Tokio Life Insurance Company has also launched a digital initiative called ‘I care tweet’ to promote awareness about cancer, as part of the World Cancer Day program. The campaign was also launched to raise awareness about the financial trauma that the people suffering from it undergo, and to be of some financial assistance to them. During the campaign, the insurance company donated Rs. 50 to V Care, which is a voluntary organization that provides not only financial but also emotional support to the patients suffering from cancer.
The campaign is basically targeted at the tech-savvy youth of the country, using social media as a basis for communication.
Life Insurance Plans & Overages provided by Edelweiss Tokio Life Insurance
The Edelweiss Tokio Life Insurance Company has various plans on offer, some of which include:
Edelweiss Tokio Life Insurance Protection Plans
These plans assure holders very high sums at very low premium rates. These are considered to be pure term plans which surely will provide income to your family when you are no longer around. The different schemes and facilities that are available under this plan are:
- The Edelweiss Tokio Life My Life Plus plan which provides death benefits that can be paid out either in installments or as a lump sum amount, or a combination of both.
- The Edelweiss Tokio Life Protection Plan which assures lump sum payment as death benefits.
- The Edelweiss Tokio Life Income replacement serves as a cost-effective alternative, in order to protect your family and loved ones.
- The Edelweiss Tokio Life Micro Insurance Plan is a micro term insurance plan, providing premiums at low costs and sum assured at competitive rates.
Edelweiss Tokio Life Insurance Savings Plans
These are basically investment plans that provide additional payouts, other than death benefits. These are generally bought to consolidate savings through debt instruments, or to earn good interest rates via mutual fund investments and other such financial instruments.
These plans are categorized into two types:
Wealth Enhancement Plans
There are various schemes that come under this category, including the Edelweiss Tokio Life Micro Insurance, single premium, endowment plan through which one’s family can avail additional benefits in case of accidental death, or the Edelweiss Tokio Life Wealth Enhancement Ace plan for flexible fund options which also come with the additional benefit of guaranteed loyalty payments, or even the Edelweiss Tokyo Life Single Pay Endowment Assurance plan using which pays out assured benefits for a single investment, after 10 years of maturity, besides offering life cover.
Wealth Accumulation Plans
The different options available under this category are as follows:
- Edelweiss Tokio Life Insurance Cash flow Protection Plus plan that offers guaranteed money back and also cash bonus income which is non-guaranteed.
- Edelweiss Tokio Guaranteed Income plan, offering a lump sum maturity benefits along with assured benefits of double the premium amount.
- Edelweiss Tokio Life Insurance Save n Prosper plan, which has on offer tax-free profits, in addition to bonuses and discounts on the sum assured.
- Edelweiss Tokio Safe n Sure plan, a savings plan in which a fixed amount of premium is collected for 15 years.
- Edelweiss Tokio Milestones plan which is a plan that offers anticipated endowment with cash back option from time to time.
- The Edelweiss Tokio Life Insurance Wealth builder is a combination of both savings and protection plans and is designed to provide the family with protection.
- Edelweiss Tokio Life Insurance Wealth Accumulation plan in which there are no such charges as for partial withdrawal, admissions cost, or switching among others, and all of the premia is invested in order to get higher returns.
Edelweiss Tokio Life Insurance Child Plans
The Child Plans from Edelweiss Tokio Life can be used to secure the child’s future, in that through regular payments, the child can pursue their education in the field of their choice. Under this plan comes the scheme of Edelweiss Tokio Life Insurance EduSave wherein, it is ensured that the child continues to get pre-defined benefits, in case the insured dies within the stipulated policy term. What is more? There is flexibility in the payments of the benefits, and the benefits can be paid for as long as five years.
Edelweiss Tokio Life Insurance Retirement Plans
The Edelweiss Tokio Retirement Plans secures your future after retirement by providing you with fixed payments and not to mention, cash protection. This particular category has four products:
- The first one is the Edelweiss Tokio Life Cashflow Protection Plus plan with a guaranteed money back and cash bonus up to 100 years of the insured person’s age, which is not guaranteed.
- The Pension plan from Edelweiss Tokio Life Insurance has multiple options to keep you funded even after retirement.
- The Immediate Annuity plan from Edelweiss Tokio Life guarantees annuity benefits at the time of the insured person’s retirement.
- The Edelweiss Tokio Life Cash Income plan is the last of the category, wherein benefits are paid out over the next 20 years, for the premiums collected for 20 years straight. And this is beside the lump sum maturity amount.
Edelweiss Tokio Life’s New Term Plan with Coverage for a Spouse
Recently though, the Edelweiss Tokio Life Insurance Company has launched the Zindagi Plus plan, a term plan offering coverage for the spouse, in case the policyholder dies. Through the Zindagi Plus, Edelweiss Tokio Life aims to change the whole perception of term insurance, providing a solution in which everything is included, even in the absence of a family breadwinner.
Features of the plan
The plan is said to feature the ‘better half benefit,’ which provides life coverage for the spouse in case of the policy holder’s death without the requirement for any future premium. This could help spouses who are not employed or who are not working, and thus, don’t typically opt for a term insurance.
The plan also comes with another feature called the ‘decreasing sum assured,’ under which, the base sum assured remains the same until the policyholder turns 60 years of age, and thereafter decreases by 50 percent. Under this plan, the premium payable is lower than the sum assured, while the base sum remains constant for the policy term.
Other key benefits of the plan
As stated earlier, the Zindagi Plus is much more than just a regular term insurance plan. It comes as a futuristic plan that caters not only to the present day requirements, but goes beyond to take care of those changing needs and responsibilities. The plan offers coverages as low as 25 lacs and as high as 10 crores. Some of the other benefits that come under this plan are:
- Minimum top-up benefit of up to Rs. 50 lacs.
- Premium can be waivered off.
- It comes with the benefit of Accidental Death coverage.
- Covers critical illnesses.
- It covers for permanent disability due to accidents.
Why Buy the Zindagi Plus Plan?
The Zindagi Plus plan is a term plan that provides coverage at a very nominal rate. In addition to the benefits and other key benefits of the plan, the plan also has a unique benefit like no other on offer, which is the life stage benefit. Depending on the stages of life, the sum assured increases accordingly. The stages of life may range from anything starting from marriage, the birth of your children to a home loan or even death.
However, it may seem as though you are not in need of a life insurance plan at a certain point in your life, where you may not have any financial obligations or responsibilities. But they are all the important. Life insurance not only helps a person in those twilight years of his or her life but goes on to secure money for your future, when you will need it the most. These could be things like pursuing higher education, getting married or even for your children for instance, so that they can pursue their education. It could also be for tax payments, nonetheless.
The Rider Benefits
The plan is a comprehensive one, allowing for one to choose rider benefits as per their requirement. The different riders benefits that are available under this plan are:
- The Edelweiss Tokio Life Hospital Cash Benefit Rider provides for daily allowance and hospitalization benefits, if the policyholder is ever to be hospitalized.
- The Edelweiss Tokio Life Insurance Critical Illness Benefit Rider, providing you a lump sum amount required for any immediate expenses in case of a hindrance to your income earning capability, due to some critical illness.
- The Edelweiss Tokio Life Accidental Total and Permanent Disability Rider which provides you with a lump sum amount to cater to your expenditures, in case your income has been hindered due to an accident.
- The Edelweiss Tokio Life Insurance Accidental Death Benefit Rider, the last of the rider benefits provides additional financial security, in case of death due to an accident. This rider benefit is also paid as a lump sum amount.
However, among the various life insurance plans available out there, the Zindagi Plus plan seems like the better option, now that one has known and understood its features quite well. Understanding this plan thoroughly goes a long way in making decisions to buy a life insurance product as per your needs. Nevertheless, it is better that one buys life insurance early on in life, so that his future is safe and secure, and not sorry. But in all, buying a life insurance in life is as important as working or earning. After all, everyone needs their expenses to be covered, when they are no longer able to work. Or every family also needs their expenses covered, when their breadwinner is no longer around or in case he or she is not able to earn for the family anymore, right?