Private insurer Edelweiss Tokio Life Insurance, the joint venture between the Edelweiss Group and Tokio Marine Holdings of Japan, launched 'Edelweiss Tokio Life Wealth Ultima' - a Unit Linked Life Insurance Plan.
The plan is a unique combination of Systematic Monthly Plan (SMP), which helps accumulate wealth, Systematic Transfer Plan (STP) that helps in wealth preservation and Systematic Withdrawal Plan (SWP), which helps in wealth utilisation.
The plan is designed keeping in mind consumers' priority of creating long-term wealth and protection against the uncertainties of life.
Commenting on the launch of the product, Deepak Mittal, MD & CEO, Edelweiss Tokio Life said, "At Edelweiss Tokio Life, we understand that our customers are investment savvy and while they understand the need for life insurance, they also want to accumulate wealth in the process. With this innovative addition to our bouquet of need-based offerings, Wealth Ultima aims to savour a sense of freedom that is evoked, when one feels that he has chosen the right path of creating wealth, thereby living an unburdened life."
The plan has three types of additions in the fund that enhance the fund value and reduces total cost. Loyalty additions rewards for continuously paying premium, Guaranteed additions rewards for staying invested and the Booster additions ensure effective growth of fund value. Longer the policy term, higher will be the additions to the fund.
Another unique feature of the policy is that it comes with a Little Champ Benefit û incase of the unfortunate demise of the policyholder, the policy continues, and the policyholder's child receives the policy benefits as planned.
The Product provides a lot of flexibility to the customers to design a solution according to their choice and manage their investments during the life cycle of the policy. The plan also offers tax benefits on the premium paid as well as on the benefits received, as per the prevailing income tax laws.