Edelweiss Tokio Life Insurance has launched Premier Guaranteed STAR, a new plan offering a simplified guaranteed income solution. In a statement, the Life insurer said that the new plan has been created based on the customer insights offered by its long-term partner CSB Bank.
“In our multiple interactions with CSB Bank, we realised that customers are looking for a simple tool to manage financial contingencies and build a second income stream, which is guaranteed in nature. That’s what led to the creation of Premier Guaranteed STAR, which is a flexible, guaranteed, and transparent means of building an alternate income stream,” said Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance said.
Premier Guaranteed STAR aims to secure an individual’s future goals and aspirations by ensuring guaranteed regular income till the policy term, provided all due premiums are paid, the insurer said. The plan also offers the option of guaranteed regular income and/or a guaranteed lump sum on maturity. Policyholders can get survival benefits in the form of Income Benefit Pay-outs during the policy term for different durations such as 10, 15, 20, 25 and 30 years.
The policy further offers the flexibility of planning longer-term goals like financial preparedness for a child’s education, retirement and more.
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As per the policy document, the Premier Guaranteed STAR has been designed to provide a protection to your family from any financial loss in case of an untimely death, and also offers a guaranteed regular income and / or guaranteed lump sum on maturity to you and your family, provided all due premiums are paid.
How this plan works
Step 1: Choose the Premium you wish to pay, Premium Paying Term, Policy Term, Premium Paying Frequency, Income Duration and Income Payout Frequency.
Step 2: Select Lumpsum Benefit as yes if you wish to get a lumpsum benefit at maturity. Based on the age at entry, gender of the Life Insured, and the above options chosen, Income Benefit Pay-out will be determined.
Step 3: Choose additional riders to enhance your protection.
- Premier Guaranteed STAR offers survival benefits in the form of Income Benefit Pay-outs during the policy term at pre-decided intervals.
- The policyholder also has the option to get lumpsum at maturity.
- This product offers Premium Paying Term (PPT) options of 5 Pay, 8 Pay, 10 Pay and 12 Pay.
- The Policy Term (PT) options available will depend on the PPT option chosen by the policyholder as mentioned in the policy document.
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The Premier Guaranteed Star plan comes with six optional riders, which include Edelweiss Tokio Life – Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider, Critical illness riders and more to enhance your protection at an additional premium.
(Disclaimer: The above content is for information purposes only and based on the information shared by Edelweiss Tokio Life Insurance. Please read the offer document carefully before applying)