Private sector life
insurer Edelweiss Tokio Life Insurance Co Ltd, on Monday, announced the
launch of its two endowment plans -- ‘Save n Grow Plan’ and ‘MultiGain
Plan’.
In a statement, the insurer said the ‘Save n Grow Plan’ is a participating endowment plan with increasing protection over the policy term and the ‘MultiGain Plan’ is a participating endowment plan with regular cash back. Both these plans address the wealth accumulation needs of a customer and protect the family against any eventuality.
The ‘Save n Grow Plan’ is designed for customers who have a mid-to long-term investment horizon to achieve their long-term goals such as funding for home, child's education and marriage. The plan offers a policy term of 15, 20, 25 and 30 years and the customer has an option of paying premium for only 10 or 15 years or paying it throughout the policy term. On death of a policyholder, his family gets sum assured along with the increasing benefit of 15 per cent of sum assured every 5th year from the policy inception.However, the other plan ‘MultiGain Plan’ is designed for customers with a short-term investment horizon to plan for holidays and buying a car. The plan offers a money back feature as a part of the survival benefits through which a customer receives 20 per cent of the sum assured at an interval of every 1/5th of policy term. On maturity of the policy, customer will receive 20 per cent of the sum assured along with the accrued bonuses. The plan offers a policy term of 20, 25 and 30 years.
Edelweiss Tokio Life Insurance is the latest entrant to the life insurance market. It is a joint venture between Edelweiss Financial Services Ltd and Tokio Marine Holdings Inc.
In a statement, the insurer said the ‘Save n Grow Plan’ is a participating endowment plan with increasing protection over the policy term and the ‘MultiGain Plan’ is a participating endowment plan with regular cash back. Both these plans address the wealth accumulation needs of a customer and protect the family against any eventuality.
The ‘Save n Grow Plan’ is designed for customers who have a mid-to long-term investment horizon to achieve their long-term goals such as funding for home, child's education and marriage. The plan offers a policy term of 15, 20, 25 and 30 years and the customer has an option of paying premium for only 10 or 15 years or paying it throughout the policy term. On death of a policyholder, his family gets sum assured along with the increasing benefit of 15 per cent of sum assured every 5th year from the policy inception.However, the other plan ‘MultiGain Plan’ is designed for customers with a short-term investment horizon to plan for holidays and buying a car. The plan offers a money back feature as a part of the survival benefits through which a customer receives 20 per cent of the sum assured at an interval of every 1/5th of policy term. On maturity of the policy, customer will receive 20 per cent of the sum assured along with the accrued bonuses. The plan offers a policy term of 20, 25 and 30 years.
Edelweiss Tokio Life Insurance is the latest entrant to the life insurance market. It is a joint venture between Edelweiss Financial Services Ltd and Tokio Marine Holdings Inc.
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