Edelweiss Tokio Life Insurance has introduced a new participating product called Flexi Savings Plan, which includes an innovative optional feature known as Accrual of Survival Benefit. According to the company, this feature allows customers to change the timing of benefit payout as many times as necessary to meet their specific needs.
The new Flexi Savings Plan is a participating, non-linked individual savings and life insurance plan. It has three broad options to choose from: Flexi-Income Pro, Large Sum, and According to the company, the accrual of survival benefit feature is available alongside the Flexi-Income and Flexi-Income Pro base plan options.
Both the Flexi-Income and Flexi-Income Pro plan options allow the policyholder to select an Income Start Year – the second policy year, the fifth policy year, or the first year after the end of the premium-paying term. The product provides a cash bonus beginning the selected income start year, as well as a revisionary bonus for those who choose to begin their income from the 5th policy year or the first year after the end of the premium paying term.
The key distinction between these two options is the guaranteed income payout. The guaranteed income under Flexi-Income begins the first year after the premium-paying term expires. The guaranteed income is paid out as a lump sum every 5 years after the premium-paying term ends, up to the 30th policy year, under Flexi-Income Pro. Following that, a regular annual guaranteed income payout will begin. The third base plan option, Large Sum Plan, on the other hand, provides a total maturity benefit at the end of the tenure.
Additional Benefits of Flexi Savings Plan
Accrual of Survival Benefit: This which allows the customer to either accumulate or cash out their 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.
Life Cover Continuation Benefit: This allows the customer to extend life cover equal to 10 times of Annualized Premium for a fixed period. This period depends on the attained age of the policyholder at policy maturity.
Subhrajit Mukhopadhyay, executive director at Edelweiss Tokio Life Insurance said, “Different customers have different needs. These needs do not stay constant, and undergo an evolution throughout a customer’s life, which in turn makes long-term planning considerably challenging. We realized that customers want flexibility to choose when to avail 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. We wanted this product to manifest the Power of ONE.”
“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,” he said.
