Tag: Edelweiss Tokio Life Insurance

Edelweiss Tokio Life launches Legacy Plus, an innovative family proposition

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Telugu super news,India,March13th, 2024: Guided by the customer need for a comprehensive family proposition, Edelweiss Tokio Life Insurance has launched Legacy Plus, an innovative participating product that offers life cover for 2 and income lasting 3 generations through a single product. 

The product offers an effective way of providing for multiple customer needs including child financial planning, legacy planning, and any emergent needs during its tenure. With a view to providing flexibility and liquidity, the product includes an Accrual of Survival Benefit (optional) feature and early income. 

Commenting on the new product, Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance said, “An average person typically has 3-4 basic concerns – child’s future, retirement, legacy, any potential contingencies, etc. They want a simple and flexible financial solution to provide for all these needs. Through Legacy Plus, our objective was to provide such a solution to the customer, wherein they can find the means to fulfil multiple aspirations effectively and offer the peace of mind to the entire family that their financial needs are taken care of through a single product.”     

Legacy Plus extends personalization to the entire family unit through its optional feature Accrual of Survival Benefit, wherein a policyholder can either withdraw or accumulate income as per their requirements. The product also allows a partial withdrawal of the accumulated corpus as per the financial needs of the policyholder or family. 

The product boasts liquidity through its option of Early Income, which offers income to the policyholder from the end of first year of the policy. 

The product boasts legacy in its true sense through its benefit of Income till 100 years of age. The plan offers income until the end of policy tenure, even in case of the demise of either the Primary or Secondary life insured. This guarantees that at least 3 generations of a family can benefit from the income payout of this plan.

“We have a demonstrated history of bringing innovative and relevant products to the market which have resonated with the customers. These products are backed by robust investment expertise, as reflected in our consistent record of bonus payouts for the last 10 consecutive years,” Mukhopadhyay added. 

Legacy Plus offers 2 base plan options: 

  • Lifelong Income Option: Income till 100 years of age, annual cash bonus (if declared), and a survival/death benefit.
  • Family Secure Option: A joint life cover with the primary life insured being an adult, and the secondary a child, 2 death benefits payable, income till 100 years of age, annual cash bonus (if declared). In case of the death of the Primary Insured, the premium is waived off, policy remains in-force and the income continues till 100 years age of primary insured. 

The plan can be enhanced by adding optional features like Accrual of Survival Benefit and additional riders like Waiver of Premium, Payor Waiver Benefit and more.  

Year 2024 Economic resilience, industry reforms keep insurance sector buoyant: Sumit Rai, MD and CEO of Edelweiss Tokio Life Insurance

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Telugu super news,December 21st,2023:Indian economy continued to show remarkable strength this year amid an evident global slowdown. This strength was largely driven by robust consumption, strong investment activity, and a burgeoning, aspirational consumer class. The country’s focus in recent years on bringing progressive policy reforms, and digital transformation has also supported this growth trajectory, enabling India to outperform its peers globally, particularly those in the Asian Pacific region.

Driven by this broader economic resilience, the insurance industry also stayed the course on growth. The year 2023 saw some market-moving developments for the industry including the government’s decision to levy tax on income arising from insurance policies with an aggregated premium worth Rs. 5 Lakhs every year, starting April 2023.

There was a sustained emphasis on digitalization to reimagine customer and distributor management processes. The Insurance Regulatory and Development Authority of India (IRDAI) brought multiple reforms, focussing on 3 prominent themes – strengthening the ecosystem, improving accessibility & reach, and safeguarding policyholders’ interest.

As we now look forward to 2024, I expect regulatory reforms to continue to steer the industry. There are 3 key trends likely to unfold in the new year:

a.       Bima Trinity:

IRDAI has unveiled Bima Trinity initiative as a part of its vision of Insurance For All by 2047. The primary objective of this initiative is building affordability and accessibility of insurance. This project, which includes Bima Sugam, Bima Vistaar and Bima Vaahak, is expected to take off next year at different intervals.

Bima Sugam, which is an online marketplace encompassing the entire customer journey from buying to servicing, is expected to make accessibility of insurance much easier. Bima Vistaar promises to be a revolutionary insurance product which seeks to offer affordable protection to the masses. It is expected to be launched by January 2024. Bima Vaahak is a women-centric distribution channel at the Gram Sabha level that aims to empower women by educating them about the benefits of comprehensive insurance thus enabling their financial security.

Together, Bima Trinity will promote financial inclusivity, leverage digital to create an unmatched convenience, accessibility and simplification, affordable coverage, and foster higher participation of women in the insurance industry.

b.      Product Innovation:

The regulator has been placing a higher emphasis on the need for simplified, personalized products, aligned with the expectations of today’s customer expects. It also introduced the Use & File norms to achieve this goal and has been expanding the scope of these guidelines this year. We expect the regulator to proactively push the industry to leverage technology including new-age solutions like AI, and ML to create better and simplified solutions. We will see more niche products coming into the market in the medium-term as the overall efforts of the regulator through initiatives like state-level insurance project provide higher clarity of nuanced needs of the customers across geographies.  

c.       New players will get licensed:

While the regulator has already licensed 3 new players this year, it is expected to allow entry of more companies going forward. IRDAI has said that it is looking to issue licenses to 20 new insurers in the immediate future. Additionally, the regulator is also likely to relook the capital requirements, making it entry of new players easy. With an increased competitiveness in the market, the sector will see more innovation, improved distribution models, automation and more.

One of the awaited developments of 2024 is that the government will table the Insurance Laws (Amendment) Bill 2022 as it has the potential to bring another round of positive reforms and bolster growth prospects of the industry.