Cashflow protection is a non-linked, participating endowment assurance money back participating plan that caters to three important milestones, which include wealth accumulation, planning for retirement and building a creating a legacy for children and grandchildren
Recently, Edelweiss Tokio Life launched two cost effective term plans, Life-Protection and Income. The Edelweiss Tokio Life-Protection is a pure term plan that provides lump sum payment to the nominee in case of the unfortunate event of the death of the life assured.
The Income Replacement ensures that on death of the life assured the family still continues to receive regular monthly income till the end of the policy term.
Edelweiss Tokio Life Insurance CEO Deepak Mittal said that the entry age of Cashflow Protection is five years along with the option of selecting the maturity age as 85, 90, 95 or 100 years, a protection for the whole life.
The minimum basic sum assured for the plan is Rs 75,000 with no upper limit and the premiums are based on the sum assured, premium paying term, entry age and gender of the life assured.
In addition, the plan also provides sharing of profits which enables the holder of the policy to receive higher returns through additional cash bonus, limited premium paying periods, discounts for higher sum assured and special discounts available for female lives and loans against the policy to meet unforeseen needs.
Last year, the company launched 7 policies and 6 riders. The Certificate of Registration (Forms IRDA/ R3) had been issued by the insurance authority on May 10, 2011.
Among the policies, Edelwiess Tokio Life Education, Edelwiess Tokio Life Group Credit Protection, Edelweiss Tokio Life - Wealth Accumulation (Accelerated Cover) - Unit Linked Insurance Plan, Edelweiss Tokio Life - Wealth Accumulation (cover Plus) - Unit Linked Insurance Plan and Edelweiss Tokio Life - Wealth Accumulation (Comprehensive Cover) - Unit Linked Insurance Plan were approved by the Irda during June 2011.
Similarly, among the riders, Edelweiss Tokio Life Accidental total and Permanent Disability Rider, Edelweiss Tokio Life Accidental Death Benefit Rider, Edelweiss Tokio Life Waiver of Premium Rider and Edelweiss Tokio Life Term Rider were approved during September 2011 whereas Edelweiss Tokio Life Critical Illness Rider and Edelweiss Tokio Life Cash Benefit Rider were approved in October 2011.