Edelweiss Tokio Life Insurance Company Limited has launched a customer-centric education plan, that, in case of any unforeseen event, provides comprehensive protection so that your child’s education does not suffer and on maturity ensures guaranteed payouts as per the education requirements. The benefits are:
Death Benefit:
- Lump sum amount on premature death of the life assured, providing a readjustment cushion to the family
- Unique in-built income replacement benefit (monthly amount of 1 per cent of SA) ensuring that the family has continuity of regular income in case of premature death of the life assured
- Unique in-built premium waiver benefit on death of life assured, ensuring the company waives off all the remaining premiums and the maturity benefit is paid to the child to meet the education needs.
Maturity Benefit:
- Guaranteed payout on maturity as per the child’s need
- Additional guaranteed payouts with flexibility to avail of the same in the year when there could be extra requirements
- Various payout plans on maturity, ensures better planning of the policy benefits as per the child’s education requirements
- Flexibility to change the plan in case the requirements undergo a change in the future
The plan offers the customer a choice of five different types of maturity benefit plans where the payouts can be planned according to the education and marriage needs of one’s child, viz. Graduation Plan, Post-Graduation Plan, Doctor or Integrated 5-year’s degree Plan, Dual Degree Plan, Marriage Funding Plan.
The payout structure has been arrived at based on the consumer research conducted by the company. The maturity benefits are payable in two parts.
Edelweiss Tokio Life Insurance Company Limited CEO Deepak Mittal said, “With rising income and household savings, increasing number of parents, both in urban as well as rural India, aspire to provide the best education to their child. Planning and building a kitty for the same today is one of the most important needs of parents. Our education plan caters to this need by offering timely guaranteed payouts on maturity and the security of lump sum amount, income replacement and premium waiver in case of premature death of the life assured. The flexibility and uniqueness of this plan provides a great opportunity for parents to save and build a bright future for their children.”
Some of the other key features include:
- Limited premium paying term option giving the flexibility to plan policy based on the stability of a customer’s current income stream.
- Loan facility to meet urgent or unforeseen liquidity requirements.
- Free look period wherein a customer can return policy within 15 days from the receipt of the policy document, stating the reason for objection.
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