Edelweiss Tokio Life Insurance explains all you need to know about Life Insurance

Edelweiss Tokio Life Insurance is the joint collaboration between the Japan-based Tokio Marine Holdings Inc. and the Indian counterpart, Edelweiss Financial Services Group. The company was established in 2011 in Mumbai and is a leading player in the life insurance domain in India. Currently, they are operating PAN India and have over 60 branches and over 1500 strong employee base. Edelweiss Tokio Life Insurance has the diverse range of insurance products that cater the need of a wide variety of people from different walks of life and people at different ages and stages of lives.

Their product range, combined with customized financial services, high returns and different benefits for young and aged customers make them the organization of choice when it comes to buying term insurance and related products. In the year 2015-16, Edelweiss Tokio Life Insurance achieved 85.11% Claim Settlement Ratio and 99.09% resolution of grievances.

Products of Edelweiss Tokio Life Insurance

A variety of products is offered by the company. Typically the age of entry is 18 to 60 years. Along with the pure term plan, which offers the benefits only in the event of the death of the insured and during the term of the policy, Edelweiss Tokio Life Insurance offers different term plans to take care of the needs for child, retirement, pension and ULIP like add-ons to customize.

(1) Edelweiss Tokio Life Protection Plans

These are the pure term plans with normal payment of premiums. These assure high sums to the beneficiary in case of death of the insured. There are several options to choose from and based on the option chosen, the payout to the beneficiary could be a one-time lump sum amount or in installments or a combination of both. The payout amount or sum assured also varies for different plans depending on entry and maturity age, term, premium amount, non-user of tobacco and so on.

One plan under this category is designed to cover people in rural areas and is micro term policy known as Raksha Kavach Plan. This provides competitive sum assured with a lower premium. The premium could be paid once or throughout the duration of the plan.

(2) Edelweiss Tokio Life Savings Plans

This is the additional payout plans on top of regular death benefit plans. These plans engage in investments in debt instruments and mutual funds bringing interest income and other financial benefits. Wealth Enhancement Plan and Wealth Accumulation Plan are the two categories under these plans which bring one-time lump sum, short term or long term payments to the beneficiary depending on the plan chosen.

(3) Edelweiss Tokio Life Retirement Plans

Under these plans, one can secure the financial benefits post retirement with fixed payments and cash protection. Based on the plan you can get annuity income, guaranteed money-back and probably an additional bonus income which serves great post retirement for a predetermined period (e.g., till you are 100 years old, or annuity for 20 years etc.)

(4) Edelweiss Tokio Life Child Plans

This plan offers financial assistance to the child of the deceased insured. The plan supports the continuity of education in the field of choice of the child in an attempt to secure the future. The benefits that are pre-defined, are paid up to a period of 5 years.

Important Points to Consider

However, while buying the policy, certain things need to be brought under consideration like :

• Decide the right coverage amount by considering the income, age, the family members and the liabilities that need to be covered in case of any eventuality
• Check the need of your family by considering the financial capability of family members to sustain the present lifestyle and the income support that they can get

Edelweiss Tokio Life Insurance has customizable Riders to offer that cover Additional Death Benefit, Critical Illness, Accidental Permanent and Total Disability. The specific exclusion from the policies is the death due to suicide that happens within first twelve months of the enrollment.

Edelweiss Tokio Life Insurance offers an array of products along with life insurance term benefits to the nominee. These benefits are for funding education, retirement, living with disability and impaired health, income replacement, wealth accumulation, wealth enhancement and so on.

So, based on the benefits of the offer and the PAN India presence of the company, Edelweiss Tokio Life Insurance is rapidly growing in its sector and becoming a major contender while it comes to choosing an insurer to cater the diverse requirements of customers in India.