The Child’s Future Protect plan offers insurers to secure the child’s future by raising the base sum assured along with an additional sum assured and this can range from 10 per cent to 100 percent of the base sum assured.
Edelweiss Tokio Life Insurance has come up with a comprehensive protection plan — Total Protect Plus which has been specifically made to ensure that it becomes a one-stop solution for the insure and his family amid pandemic.
Subhrajit Mukhopadhyay, executive director, Edelweiss Tokio Life Insurance talked about the nitty gritty of the plan, and said,“Over the last decade, there has been a growing clamour for insurance solutions that are all-encompassing and comprehensive in securing financial risks. The pandemic has brought this need into the spotlight. With Total Protect Plus, we hope to provide an inclusive solution to manage customers’ risk and addresses financial needs for all their goals.”
Various plans of the Edelweiss Tokio Total Protect Plus
1) Life Cover Option — This one gives a cover till 100 years of age
2) Return of Premium Option — One can easily get return of premium upon survival of policy maturation
3) Live Long Option —Income pay-outs will be offered to policy buyers at a preferred age and selected rate. An individual can select either 60 years or 65 years as the starting age, after which they get an income equal to a certain percentage of the base sum assured.
Besides that, the customer will get an option to choose additional plans: a) Child’s Future Protect Benefit, b) Better Half Benefit.
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The Child’s Future Protect plan offers insurers to secure the child’s future by raising the base sum assured along with an additional sum assured and this can range from 10 per cent to 100 percent of the base sum assured, in multiples of 10%. This will only be applicable below the age of 25 from the date of starting the policy, the insurer said.
Meanwhile, the Better Half Benefit offers a cover for the spouse of the insured after the demise of the person. This Additional Benefit can only be availed if the base sum assured is over or equal to Rs 50,00,000, Edelweiss Tokio Life Insurance said. The age difference between you and your spouse is less than or equal to 10 years, the insurer added.
Those who select Life For those Cover Option, they will get the minimum sum assured of Rs 25,00,000. For the Return of Premium Option, the minimum sum assured applicable is Rs 10,00,000. With the ‘Live Long’ option, the minimum sum assured applicable is Rs 25,00,000. However, there is no upper limit for the maximum sum assured, as it is subject to board approved underwriting policy, the company said.
The minimum annual premium amount is fixed at Rs 3,000 for each and every plan. For the semi—annual payment, the minimum premium amount is Rs 2,000 and the minimum quarterly premium payment is Rs 1,250 and the same for monthly premium is Rs 300.
Also, the minimum age required for this policy is 18 years and the maximum age basically depends on the different kinds of benefits to choose from.Thus, the maximum age at which you can get this policy is as follows
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a) Life Cover Option with Limited Pay – 65 yrs.
b) Life Cover Option with Regular Pay – 55 yrs.
c) Return of Premium Option with Limited Pay – 60 yrs.
d) Return of Premium Option with Regular Pay – 50 yrs.
e) Live Long Option with Income Pay-out at 60 yrs – 50 yrs.
f) Live Long Option with Income Pay-out at 65 yrs – 55 yrs.
The free look period provided in the plan is 15 days from the date of receiving your policy.
“There is a higher awareness now for goal-based financial planning, wherein retirement and pure protection occupy a bigger mind space among customers. When designing products, our endeavour is to offer the best value proposition that addresses the existing need gap, be it in terms of a new product or the way existing solutions are offered in the marketspace,” Mukhopadhyay further said.
