Both the plans address the wealth accumulation needs of a customer and protection needs, Edelweiss Tokio Life said in a release issued here.
"Our new offerings are in accordance with the new product regulations and have been designed to emphasise the basic purpose of life insurance - protection and consistency in income flow. Milestones Plan (WA) is tailored for customers who need regular cash to meet their short term needs while Cash Income Plan is for those who want to pay save early and avail the benefit till 100 years," company CEO, Edelweiss Tokio Life Insurance Deepak Mittal said.
Both the plans offers 15-day free look period where the customer can go through the policy document and review the terms and conditions of the policy.
A customer can avail tax benefits for both the plans. Milestones Plan (WA) is designed for customers who need regular cash back at pre-determined policy years to take care of their short term needs.
The plan provides death benefit equal to sum assured plus accrued bonus and discounts on premium for higher sum assured.
On maturity, the customer will receive maturity benefit along with accrued bonuses (simple reversionary bonus declared every year throughout the policy term), that is for a 20 year policy term, they get 15 per cent of sum assured at the end of the fourth, eighth, 12th and the 16th policy year and then 40 per cent of sum assured plus the bonus on maturity.
Cash Income Plan is a comprehensive insurance solution, customised to meet the needs of people who look for wealth accumulation so that they can use it to ensure regular income in future thus this plan can be very efficiently used for retirement planning as well.
Under it the customers to pay premium for 20 years and enjoy the protection benefit till 100 years of the age.
The plan also offers assured monthly money-back from 21st policy year wherein the money-back will increase by 6 per cent annually on the initial monthly payout till 40th policy year.
At the end of the 40th policy year a lump-sum benefit more than 100 per cent of initial sum assured is payable based on entry age of the life assured.
Edelweiss Tokio Life is a joint venture between Edelweiss Financial Services and Tokio Marine Holdings Inc, a global leader in the insurance business.