Edelweiss Tokio Life Insurance has introduced a new participation product called Flexi savings life insurance plan, which includes an innovative optional feature known as Accrual of Survival Benefit. According to the corporation, this functionality allows customers to adjust the date of benefit distribution as many times as required to meet their specific needs.
The new Flexi Savings Plan is a non-linked, individual, participating plan.
Savings and a life insurance policy It offers three major alternatives to pick from: Flexi-Income Pro, Large Sum, and According to the organisation, the accumulation of survivor benefit feature is available with the Flexi-Income and Flexi-Income Pro basic plan choices.
Both the Flexi-Income and Flexi-Income Pro plan choices allow the policyholder to choose an Income Start Year – the second policy year, the fifth policy year, or the first year following the conclusion of the premium-paying period. The programme provides a cash bonus beginning the specified income start year, as well as a revisionary bonus for individuals who choose to begin their income from the 5th policy year or the first year following the conclusion of the premium paying term.
The primary distinction between these two alternatives is the guaranteed income payment. The guaranteed income under Flexi-Income begins the first year after the premium-paying period finishes. The guaranteed income is paid out as a lump sum every 5 years after the premium-paying period ends up to the 30th policy year under Flexi-Income Pro. Following then, a regular yearly guaranteed income transfer will commence. The Large Sum Plan, the third basic plan option, on the other hand, provides a complete maturity benefit at the conclusion of the tenure.
Advantages of a Flexi Savings Life Insurance Plan
Accumulation of Survival Benefit: This lets the client to either accrue or pay out their survival benefits as needed throughout the policy’s term. A client may opt in and out of this benefit as many times as they choose throughout the policy’s term.
Life Protection Continuation Benefit: This permits the client to prolong life cover for a specified term equivalent to 10 times the Annualized Premium. This duration is determined by the policyholder’s age at policy maturity.
“Various consumers have different demands,” said Subhrajit Mukhopadhyay, executive director of Edelweiss Tokio Life Insurance. These demands do not remain constant and evolve throughout the course of a customer’s life, making long-term planning very difficult. We discovered that clients prefer the freedom to select when they wish to use the benefits provided by their life insurance policy. This insight inspired our product design approach, in which we investigated how we might provide a solution tailored to each person’s unique and growing requirements. “We wanted the Power of ONE to be manifested in this product.”
“By returning power to the client, this solution will shift the dynamic between a customer and their life insurance.” Customers now want their selected life insurance to provide a customized experience that is suited to their individual requirements. “They actually want a Meri Marzi Ka Plan, which is what the Flexi Savings Plan is,” he said.