Private life insurer Edelweiss Tokio Life Insurance has launched Zindagi Plus, a term plan that offers a cover for the spouse in case of death of the policyholder.
Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance said, “Through Zindagi Plus, we want to change the way term insurance is perceived and provide an all-inclusive solution that remains relevant even in the absence of the breadwinner.”
It has the ‘better half benefit’ and ‘decreasing sum assured’. Under the plan, the better half benefit provides a life cover to the spouse in the event of the policy holder’s death without any future premium requirements. This feature could benefit non-working spouses, who typically do not opt for a term insurance.
Under the decreasing sum assured benefit, the base sum assured remains constant until policyholder reaches the age of 60 years and reduces thereafter by 50 percent. The premium payable under this option is lower than that for the level of sum assured wherein the base sum assured remains constant throughout the policy term.