Edelweiss Tokio Life Insurance Plans

News About Edelweiss Tokio Life Insurance

• Edelweiss Financial Services to Divest Minority Stake in Edelweiss Insurance Brokers

  India-located Edelweiss Financial Services has successfully divested a minority stake in its very own subdivision – the Edelweiss Insurance Brokers (EIB) to the American Brokerage Firm known as Arthur J. Gallagher. Even though the financial details of the deal have not been disclosed, it is certain that one is under the wraps and will soon be known to the world. EIBL commenced its operations during the year 2005 by providing insurance solutions to individuals and institutions and by offering reinsurance solutions to the insurance companies and providers. The insurance broker has its headquarters in the financial capital of India – Mumbai city while having branches in the cities of Kolkata, Bengaluru, and New Delhi. This collaboration is a great opportunity for Gallagher to spread its operations in India and also to expand its commercial insurance footprint in the country, while staying in line with its own strategy of investing in market-leading business operations that in turn broaden their specialist capabilities while diversifying their geographical existence. The company’s CEO commented that it has been a pleasure connecting with a reputable name in the insurance sector of India. This partnership will bring Gallagher’s clients an expansive international access to markets.

  

  23 May 2019

• Edelweiss Tokio’s Zindagi Plus Offers Better-Half Benefit Option

  Financial uncertainties are inevitable in life. They become even more life-threatening when there is a single earner in the family, as compared to a family that has multiple earners. In a household where one spouse is the sole breadwinner and the other is a homemaker, owning a comprehensive life insurance policy becomes extremely crucial. This is because if the earning spouse passes away suddenly, it will create a grave financial crunch for the non-earning member of the household. This is why it is equally important for both the spouses to be adequately covered in a life insurance policy.

  A traditionally typical term life insurance policy provides the death benefit sum assured to the nominee of the policy in the event of the policyholder’s death. However, this coverage might not be enough in the long run. In the absence of the sole earner, the surviving spouse is required to handle things financially at home. Edelweiss Tokio Life Insurance offers a term insurance policy – Zindagi Plus that basically provides an optional better-half benefit for the benefit of both the spouses. Under this option, if the primary policyholder passes away, the sum assured amount is given out instantly to the nominee of the policy along with the exemption of all future premiums. On top of this, a life insurance policy will be started off in the name of the surviving spouse, which will be worth 50% more than the original sum assured amount.

  This further ensures that the children are financially covered in the future.

  

  10 April 2019

• Shoojit Sircar to direct TV commercials for Edelweiss Tokio Life Insurance

  Edelweiss Tokio Life Insurance announced on 19 February 2019 that well-known director Shoojit Sircar will direct two of its TV commercials. The director’s production house, Rising Sun Films, will produce the commercials. Robust activation and Out-of-home (OOH) activation will complement the launch of the commercials.

  According to Chief Marketing Officer of Edelweiss Tokio Life Insurance, the Zindagi Plus term insurance plan is one of the most sought after plans in the market. The plan offers an optional ‘better half benefit’ for its customers. This allows policyholders to cover not only their lives but the lives of their spouse as well, in case of any unforeseen circumstances. The Zindagi Plus plan forms the main element of the commercials. Shoojit Sircar said the script was simple and interesting. Regarding the music, the director further added that he had ample space to work with.

  

  21 February 2019

• 28% rise in the net growth of Edelweiss Financial Services.

  Edelweiss Financial Services – one of the leading financial services providers in India witnessed 28% rise in its net profit for the December quarter. The net growth rose to Rs. 106 crore. In the previous year, the net profit was Rs.83 crore for the same quarter. Meanwhile, over the same period, the revenue of the company also increased to 41% leading to a growth of Rs. ?1,361 crore. The company provides a wide range of credits including Mortgages, Housing Finance, SME and Agri-finance to diversified clients. Currently, Edelweiss Financial Services has a total asset base of ?31,000 crore.

  

  21 January 2016

• Tokio Marine to increase stake in Edelweiss Tokio Life

  Following the decision of the government allowing foreign companies to increase their stake in any joint ventures regarding insurance, Edelweiss Tokio Life, a life insurance company of India has achieved an approval from the Foreign Investment Promotion Board (FIPB) to increase the stake of its foreign partner Tokio Marine to 49%. As per government regulations, the foreign stakeholder has only 29% stake in the joint venture earlier.

  An additional foreign direct investment of Rs. 540 crore is speculated to be used towards expansion plans of the life insurance provider which includes a wider reach and better technology support. Following the approval from FIPB, a few other regulatory approvals would be needed to make Edelweiss Tokio Life to be the second insurance company with Indian management and increased foreign stakeholder ownership.

  

  27 August 2015

• Edelweiss Reported A 17% Rise, Driven by Retail Lending Business

  Edelweiss Financial Services reported a 17% rise in its consolidated net profit. At Rs. 91 crore for the quarter that ended in June the well-known life insurance provider reported the improvement on the back of an overall increase in income, last Tuesday.

  According to the report, total revenue gained 43% to Rs. 1,168 crore, during the quarter lead primarily by its retail lending business.

  Edelweiss total credit book rose 72% to Rs. 16,431 crore accelerated by growth in mortgages that includes loan against property and real estate finance, housing finance, structured collateralised credit to corporates, SME and agri finance, distressed assets credit, and loan against securities and rural finance. The financial institution’s retail finance book rose 39% to a whopping Rs. 3,116 crore.

  "The diversified revenue mix has helped us achieve improvement in our performance on a sustained basis despite volatile environment." said Rashesh Shah, Chairman and chief executive.,

  The chairman also said that the operating environment is gradually progressing with comfortable liquidity driven by a rate cut in the current fiscal quarter. However, in the same period corporate earnings, credit growth and investment have not shown much upward movement.

  The company’s gross premium income from life insurance products rose by 44% to Rs. 32 crore.

  Mr. Shah, the Chairman also added that, the company is optimistic about the ARC opportunity as it would aid in releasing productive assets for the country’s economy and reduce the burden on commercial banks.

  

  27 July 2015

• GCAP launched by Edelweiss Tokio Life Insurance

  The fastest growing life insurance company in India, Edelweiss Tokio Life Insurance recently launched the Edelweiss Tokio Life – GCAP life insurance plan which offers guaranteed returns. The plan comes with a Guaranteed Accrual Addition (GAA) and provides guaranteed maturity and death benefits. The Guaranteed Accrual Addition is payable either on death or maturity and is accrued yearly, starting from the 9th policy year, accruing till the maturity period. Factors like policy term, premium paying term, annualized premium, the gender and entry age of the life assured play a role in the accrual.

  This plan offers dual benefits to customers, offering not only an insurance cover but also a wealth accumulation plan for various needs and commitments. A policyholder is entitled to the sum assured on death plus the Cumulative Accrual Addition in the event of demise and receives the sum assured on maturity plus the Cumulative Guaranteed Accrual Additions on maturity. A loan facility is also available under the plan, which can be utilised once the policy acquires surrender value. The plan comes with a range of options for policy term, premium paying term and maturity payments.

  The minimum and maximum entry age to avail this plan are 91 days and 55 years respectively, with a minimum maturity age of 18 years and a maximum maturity age of 70 years. The policy term is available in multiples of 5, starting from 10 years and going on to 30 years. Customers have the option to choose either an annual, semi-annual, quarterly or monthly premium paying plan with the premium paying term being 5, 7, 10 and 12 years.

  

  1 July 2015

• Tokio Marine to hike stake in Edelweiss Tokio

  Life Insurance player Edelweiss Tokio has filed an application with Foreign Investment Promotion Board (FIPB) to let its Japanese investor raise its current stake to 49%. The foreign partner held a 26% stake in the joint venture till now. This was revealed in a filing to BSE by Edelweiss Financial Services. The four year old general insurer is a tie-up between Japan’s Tokio Marine and India’s Edelweiss Financial Services. It operates in 49 cities with 59 branches. Many insurers have seen their foreign partners increasing their stake, after the Insurance Laws (Amendment) Bill, 2015 was passed in Parliament in March, 2015.

  

  1 June 2015

• Tokio Marine increases stake in Edelweiss Tokio

  Edelweiss Tokio Life Insurance which is a joint venture between Edelweiss and Tokio Marine is set to experience a raised stake from Tokio Marine. The increase in stake will happen through issue of new shares which will result in a capital infusion of RS.450-500 Crore.

  If the decision about this stake hike is taken in the coming board meeting of the company then a formal application for the same will be sent to the government’s Foreign Investment Promotion Board or FIPB.

  Earlier this year FIPB cleared Axa’s proposal to increase its stake in its life insurance joint venture with Bharti Enterprises. This has reassured many insurance companies who were doubtful about the issue of raised foreign investment.

  

  7 May 2015

• Edelweiss Tokio Life Insurance Calls for Common KYC across BFSI Sector

  Deepak Mittal, CEO of Edelweiss Tokio Life Insurance Co. says implementation of universal KYC norms and demat accounts will go a long way in making financial savings products such as life insurance more accessible.

  He also called for relaxation of taxation norms regarding pension and annuity products in order to help boost long-term savings by making products life insurance annuity plans more attractive. He states that retirement planning should be encouraged in India for which current tax norms have to be reviewed and revised.

  In addition to the above, he also threw light upon the fact that the current requirements for life insurance policies to qualify for tax exemptions are not favourable and should be looked at as they adversely impact pricing of policies for those in higher age groups.

  

  27 February 2015

• Edelweiss Tokio Life Insurance Calls For Addressing Tax Discrimination Against Pension & Annuities

  The MD & CEO of Edelweiss Tokio Life Insurance, Deepak Mittal, has said that the countries life expectancy is increasing and the the social security measures in place are inadequate to help individuals. The worst part is that the current tax laws are not helping either because they don’t provide adequate incentives for pension planning which is affecting the Indian government's plan for long term savings.

  He has also said that the finance minister's plan for a universal KYC process and a single demat account are the best way forward but there is still not enough clarity on their implementation. He also pointed out that tax benefits with regards to life insurance are only available when the ratio of the sum assured to the premium is at least 10. Given the sharp rise in mortality costs, the middle and higher age groups are not as attracted to these schemes as before. He said that this could be countered with tax benefits and lowering the multiples for customers in higher age groups.

  

  6 February 2015