Edelweiss Tokio launches Single Pay Endowment Assurance Plan

MUMBAI: Edelweiss Tokio Life Insurance Company has launched a non-participating endowment plan, Single Pay Endowment Assurance Plan, that caters to the wealth enhancement need of customers.

The product also offers comprehensive cover equal to sum assured which is 10 times of its single premium. The product is designed for customers who prefer to invest only once and benefit through the maximum return, Edelweiss Tokio said in a release.

"A customer can also avail tax benefits under Section 80 C and Section 10(10D) of Income Tax Act, 1961, under this product," it added.

Single Pay Endowment Assurance Plan offers policy term for maximum 10 years and hence it can be a suitable plan for customers looking for long term investment with guaranteed returns, it said.

The product enables a customer to pledge maximum loan amount which is 90 per cent of the surrender value, it added.