Edelweiss Tokio Life Insurance has launched a new income-oriented life insurance product.
Named Premier Guaranteed Star, the product is designed at offering guaranteed regular income till the policy term on payment of all due premiums.
The policy also offers the option of guaranteed regular income and/or guaranteed lump sum on maturity, the insurer said in a press release. It offers survival benefits in the form of income benefit payouts during the policy term for different durations like 10, 15, 20, 25 and 30 years.
The policy also offers the flexibility of planning long-term goals, such as financial preparedness for child’s education, retirement, and so on, the press release further said.
The policy also comes with six optional riders, namely, accidental death benefit rider, accidental total and permanent disability rider, critical illness riders, among others, which are available at an additional premium.
Edelweiss Tokio Life Insurance further said that the policy has been designed on the basis of customer insights offered by its long-term partner, CSB Bank.
Sumit Rai, managing director & CEO, Edelweiss Tokio Life Insurance said: “We don’t have a linear approach to product creation. Customer insights guide our product designing process and helps us offer them products that are useful to them. In our multiple interactions with CSB Bank, we realised that customers are looking for a simple tool to manage financial contingencies and build a second income stream, which is guaranteed in nature. That’s what led to the creation of Premier Guaranteed STAR, which is a flexible, guaranteed, and transparent means of building an alternate income stream.”
Pralay Mondal, managing director & CEO, CSB Bank said, “We at CSB Bank are always looking for innovative product solutions to ensure our customers are equipped with sound financial tools that meet their requirements. This association will enable our customers to access the necessary financial assurance that covers them suitably in the advent of any eventuality. We are delighted to bring this offering by Edelweiss Tokio Life Insurance to our customers. Their expertise in insurance space along with our distribution channels will ensure that customers benefit from this unique income solution.”