Edelweiss Tokio Life Insurance launched two term plans

Recent entrant in the life insurance Edelweiss Tokio Life today launched two cost effective term plans, Life-Protection and Income Replacement.

"A sudden unfortunate death of the bread winner of the family could jeopardise dreams and bring about a drastic change in the lifestyle of a family. Our protection and income replacement plans address this core need and provide a cost friendly solution of complete protection of your aspirations for your loved ones," Edelweiss Tokio Life Insurance Chief Executive Deepak Mittal said in a statement here.

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.

The protection scheme offers protection for a maximum period of 30 years, and depending on the age cover it may be extended up to 70 years. The company is also promoting a healthy lifestyle and has lower rates for non-tobacco users.

The income replacement scheme offers inflation mitigating benefit by way of fixed 5 per cent increase in monthly income each year. It also rewards the non-consumption of tobacco.

The minimum sum assured for the protection plan is Rs 15 lakh, while the minimum monthly benefit for the income replacement plan is 15,000.

Both the products allow an entry age starting from 18 years up to 60 years with the maturity from 28 to 70 years.

Edelweiss Tokio Life is a joint venture between diversified financial services firm Edelweiss Capital and Tokio Marine Holdings, a global leader with over 130 years of experience in the insurance business.