Edelweiss Tokio Life Insurance « Archives of Policy Mantra Blog
Tag Archives: Edelweiss Tokio Life Insurance

Edelweiss Tokio‘s Life Wealth Builder

Edelweiss Tokio Life Wealth BuilderPrivate insurer, Edelweiss Tokio Life Insurance’s ‘Edelweiss Tokio Life Wealth Builder’ is a non-participating insurance plan that guarantees investment benefit upfront.

You can choose from four premium payment tenures -five, seven, ten and twelve years. The plan has five policy term options ranging from 10 years to 30 years.

The sum assured for 5 year and 7 year premium payment options is ten times the annual premium. For the 10 year pay option, the sum assured is 11 times the annual premium and for the 12 year pay option, the sum assured is 13 times the annual premium.

On the death of the policyholder, the insurer will pay the nominee the sum assured plus accrued loyalty additions.

The plan guarantees to pay the sum of all the premiums on maturity. In addition to this, there will also be loyalty additions that will begin to accrue after some time. For instance, for a 10 year policy term, the loyalty additions would accrue in the ninth and the tenth year and for a 30 year term, the accrual will happen in the last 15 years.

These guaranteed loyalty additions will vary depending on the amount of premium, policy term and premium payment term chosen. It will also depend on the entry age and gender of the policyholder.

If you choose to pay Rs 60,000 or more as annual premium, you will get additional benefits on maturity. For instance, for a policy term of 10 years, the policyholder will get Rs 5,000 extra for every Rs 20,000 of premium over and above Rs 40,000. For a policy term of 30 years, it will be Rs 20,000.

A 35 year old male, paying a premium of Rs 1 lakh for a premium payment term of 12 years and policy term of 30 years will get around Rs 45.20 lakh at the end of 30 years. This is a net return of 5.49%.

Edelweiss Tokio Launched Two Endowment Plans

Edelweiss Tokio Life Insurance

Private life insurer, Edelweiss Tokio Life Insurance has launched two endowment plans –‘Save N Grow’ and ‘MultiGain’. Both the policies are participating or with-profit policies.

MultiGain: It is a participating or with-profit policy along with ‘money-back’ feature. Under this plan, policyholders will receive 20% of the sum assured at an interval of every one-fifth of policy term. In other words, if you choose a policy term of 20 years, you will receive the sum on fourth, eighth, twelfth and sixteenth anniversary. Under this plan you can choose a policy term of 20, 25 or 30 years.

Save N Grow: Policy tenure under this plan range from 15 to 30 years, while the premium paying term could be 10 or 15 years. The policyholder also has a choice of paying premiums throughout the policy tenure. Fifth year onwards, the sum assured under the policy will increase by 15% every year.

Both the policies also offer rider benefits.

Under participating policies, the maturity proceeds comprise the basic sum assured and the annual bonuses declared by the company during the policy term. In case the policyholder dies during the period, the accumulated benefits are handed over to the nominee.

Edelweiss Tokio planning to double its number of products in FY’13

Edelweiss Tokio Life InsurancePrivate insurer Edelweiss Tokio life insurance Company is planning to double its number of products to 18 from current 9 by the end of FY’13. It is also planning to enroll 10 lakh subscribers by 2015. Since its inception in July 2011 Company has enrolled 5,000 subscribers.

 

At present Edelweiss Tokio has presence in Maharashtra, Gujarat, Punjab, NCR and Goa. It has 22 branches across India including 5 in Gujarat. Company is planning to have 3,000 personal finance advisers in Gujarat from current 250 by 2015.

 

Edelweiss Tokio is a joint venture between financial services major Edelweiss group and Japan based Tokio marine holding.

 

Tokio Marine has estimated that India will become the world’s largest insurance market by 2020. At present 10-15 crore people buy insurance annually. Company is also expecting that the current 80:20 ratio of traditional and Unit-Linked Insurance Plan (ULIP) to be reversed in next few years as more people will come in this market. This is the reason why Edelweiss Tokio decided to invest Rs 550 crore against the Insurance Regulatory and Development Authority’s (IRDA) norm that says only those private insurers can start the business who can invest at least Rs 100 crore.

Edelweiss Tokio Life Unveiled Cashflow Protection

Edelweiss Tokio Life InsurancePrivate insurer Edelweiss Tokio Life Insurance has launched a new non-linked, participating endowment assurance money back plan by the name ‘Cashflow Protection’.

 

Plan is designed to cater three mild stones of one’s life; wealth accumulation, planning for retirement and accumulating and creating legacy for children or grandchildren.

 

The entry age of the plan is five years while one has option of selecting maturity age as 85, 90, 95 or 100 that means protection for whole life.

 

Minimum basic sum assured under the plan is Rs 75,000 while there is no upper limit. Premiums are based on the sum assured, premium paying term, entry age and gender of the life assured.

 

Besides, plan also offers sharing of profits enabling one to earn higher returns through additional cash bonus, limited premium paying term, discount for higher sum assured and special discount for female life covered and loans against the policy to meet unforeseen needs.

 

Edelweiss Tokio Life is a joint venture between Edelweiss Financial Services and Japan based Tokio Marine Holding.

Edelweiss Tokio life launched range of Unit-linked wealth accumulation plans

Unit Linked Insurance PlanNewest entrant in life insurance space Edelweiss Tokio Life Insurance Company has launched first range of its Unit-linked wealth accumulation plans, tailor made. Company has launched three products by the name Cover Plus, Comprehensive cover and Accelerated cover.

Each plan has been designed to cater to specific needs of the customer as Cover plus is ideal for the customer who is looking for good balance of death and maturity benefit as it pays off both fund value and sum assured at the time of the death of the life insured.

As per the company these plans also have lower charge structure. Each plan is personalized with unique feature to meet customer’s needs of structured wealth accumulation and commensurate cover.

Edelweiss Tokio Life Insurance Company is a joint venture between Edelweiss Financial services Ltd holding 74% stake and Japan based Tokio Marine holding 26% stake.

Expansion plans of Edelweiss Tokio life

Youngest life insurer Edelweiss Tokio life insurance company Ltd which started its commercial operations in July 2011 has already sold 1,000 insurance policies and it is expecting to cover five million lives in next five years.

To achieve this growth company is expanding its branch network. Company’s initial focus is on west and north India. At present company have 13 branches and it planning to open 9 more branches in the current fiscal which will be in north and west region; in next fiscal company is also planning to open up 22 more branches which will include some branches in east and south regions.  Company is expecting to have 64 branches by FY14 and 75 branches by FY’15.

To strengthen its distribution channel company is also planning to have agency force of 50,000.

Apart from strengthening agency channel Company is also open for bancassurance tie-up. Company is looking to tie-up with any bank which will distribute its products

Company has the initial paid up capital of Rs 550 crore; and to fund business growth it will infuse additional Rs 200 crore in the third year. Both partners have been committed for capital of Rs 2,000 crore in the first 10 years.

Edelweiss Tokio life insurance is a joint venture between Edelweiss Financial services and Japan based Tokio Marine group; holding 74% and 26% stake respectively.

Edelweiss Tokio life focusing on recruitment and expansion of branches

Newest entrant in life insurance space Edelweiss Tokio Life insurance as part of its expansion plan is focusing on opening up new branches and recruitment. Company is planning to open up 33 branches across the country by December 2012 out of which 14 will be in Maharashtra; some of these branches will be located in Goa, Thane, Mumbai, Vashi, Nagpur and Ludhiana. At present it has 11 branches.

Company is also planning to recruit 2,000 Personal Financial Advisers (PFAs) by March 2012; company will also train them. At present company has 200 PFAs. Company’s initial focus will be on NCR, Punjab, Gujarat and Maharashtra; company is expecting to have 5,000 PFAs in Maharashtra by 2015.

Company is eyeing Rs 100 crore premium business byFY’13. Company has received approvals for some of its plans which include Edelweiss Tokio life-education, a traditional child plan, group credit protection, wealth accumulation plan cover plus, accelerated cover, comprehensive cover and unit-linked plans.

Edelweiss Tokio Life Insurance Company is a joint venture between Edelweiss financial services Ltd holding 74% stake and Japan based Tokio Marine holding 26% stake. Company has registered with paid up capital of Rs 550 crore which is the highest paid up capital by any Indian private sector life insurer at initial stage.

Edelweiss capital to dilute its stake in life insurance business at pre–determined price

As soon as Foreign Direct Investment (FDI) cap in the insurance sector will increase to 49% from current 26% Tokio Marine holding is set to increase its stake to 49% in Edelweiss Tokio life insurance; in a deal second of its kind this transaction will take place on the basis of the pre-determined price agreed between shareholders as this is the binding clause in the shareholders agreement.

Edelweiss Tokio Life Insurance Company is a joint venture between Non-banking financial company (NBFC) Edelweiss capital and Japan based Tokio Marine. Tokio Marine is holding company of Tokio Marine group. In this venture Edelweiss capital holds 74% stake and Tokio Marine holds 26% stake.

Edelweiss Tokio life is the newest entrant in the life insurance business. At present Edelweiss life has paid up capital of Rs 500 crore and currently company has 19 branches which will rise to 22 by November 2011 and it is planning to open up 44 branches in next two years; company is also planning to tie up with 6,000 agents. Company is also expecting to collect premium of Rs 100 crore by March 2013. Company will start with mortgage protection scheme and wealth solutions.