Edelweiss Tokio Life Insurance recently launched a new term life insurance plan – Total Protect Plus, which has been designed to protect the financial future of the insured and his/her family. The plan promises to provide all-around protection through additional optional benefits to meet goal-linked financial requirements.
Commenting on the plan, Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance told FE Online, “Every income earning individual with financial dependents should consider buying this plan. Over the last decade, there has been a growing demand for insurance solutions that are all-encompassing and comprehensive in securing financial risks. The pandemic has brought this need into the spotlight.”
“Total Protect Plus is a solution that enables the customer to manage their financial risks and addresses the need to secure their financial goals. The plan offers varied features which can be combined to create a holistic term plan. It offers protection for spouse, additional protection for parent during the child’s growing years, option to receive an income during non-working years, and choice to pay premium for limited duration while covering oneself for whole of life,” he added.
– Cover till 100 years of age
– Optional Better Half Benefit, which offers a cover to your spouse post your death
– Optional Return of Premium benefit, allowing 100% of total paid premiums back when the policy matures
– Option of either Regular Pay, or Limited Pay of premiums for 5 / 7/ 10/ 15/ 20 years
– 6% discount on first-year premium if medicals completed within 7 days of purchase
Goal-linked financial requirements
Mukhopadhyay said, “With Total Protect Plus, we have attempted to create a product that is all-encompassing in nature and addresses the worries that weigh on every individual’s mind, both from the perspective of family as well as self. Especially when you are the sole income earner of the family, your spouse and child’s financial stability is a priority for you. This product offers two optional offerings that allow you to enable financial continuity for your spouse and children in case of the policyholder’s death.”
He further said that the Better Half benefit option offers the policyholder an option to create a safety net for their spouse after their death in addition to a death benefit. Meaning, in case the policyholder dies then the nominee receives a death benefit and the Better Half Benefit option kickstarts a life cover for the spouse for the rest of the tenure of the policy.
Through the Child’s Future Protect Benefit, the product aims to provide a solution for a temporary requirement, that of taking care of your child’s dreams and aspirations. Typically, an individual in India doesn’t become fully self-sufficient until 25 years of age. So, this product creates a financial cushion for the child so that your absence doesn’t derail their ambitions or education.
“Another such important goal is your financial stability in your non-working years. The Live Long Benefit option works as a good income back-up, wherein the policyholder can determine an income payout option around the time of retirement (which is either 60 or 65 years of age). So, even if the policyholder outlives their income earning age, you have a robust income mechanism in place to tide you through non-working years,” said Mukhopadhyay.