NEW DELHI: Edelweiss Tokio Life Insurance has launched Guaranteed Income Star, a non-linked, non-participating life plan to provide the benefit of both savings and the protection of life insurance. According to the product brochure, the plan offers stable assured returns with flexible income options and is suitable for those with a low-risk appetite.
The plan comes with a ‘Flexible Income Option’ and a ‘Large Income Option’. Under the first, customers can select their income goal from a range of options, with payouts starting as early as in the second year of the plan. Under the second option, income starts post premium paying term till maturity.
One can choose a premium paying term of as low as five years. Both the plans offer premium payment frequency of monthly, quarterly, half-yearly or annually.
In addition to the income benefit payout option, one can also opt for lump sum benefit. One can also opt for the family income benefit on death, or family income benefit on critical illness and death under both the plans. The family income benefit comes with a 90-day waiting period.
There are six riders that a policyholder can choose from – accidental death benefit, accidental total and permanent disability, critical illness, waiver premium, payer waiver benefit and hospital cash benefit rider. The plans qualify for tax exemption under section 80(C) and for maturity benefit under section 10(10D).
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