Edelweiss Life Guaranteed Flexi STAR Plan

Eligibility Criteria for the Guaranteed Flexi Star Plan

Features of the Edelweiss Life Guaranteed Flexi STAR plan

Some key features under the Edelweiss Life Investment Plan include:

1. Multiple Payment Options

   Select a sum payment or a sum plus Income, according to your requirements. You are able to have a guaranteed income over a definite number of years following a lump sum payment with the Lumpsum Plus Income option.

2. Preponed Income Benefits

   The policyholder can also prepay the income benefits so that they can get back the payments sooner than planned.

   This attribute is especially helpful when you need monetary aid at a younger age.

3. Life Insurance for Your Family

   The plan will provide life cover, and your family will be secure financially in the event of your untimely departure.

4. Policy Loan

   When it gains a surrender value, policyholders are guaranteed to raise a loan against the policy, which will offer them liquidity should an emergency arise. The maximum loaning value is 60% of the value of the surrendering.

5. Nomination and Assignment

   The plan will enable you to nominate a beneficiary who will get the benefits in case of death.

   It is also open to you to assign your policy to a third party according to the Insurance Act.

6. Guaranteed Returns

   The plan offers guaranteed benefits, which ensure that your investment will grow without having to put at risk of market fluctuations.

Benefits of Edelweiss Life Guaranteed Flexi STAR Plan

The Guarantee Flexi Star Plan has a number of effective advantages, including:

• Assured Income: The returns that the plan promises to you ensure that you are at ease that your funds will continue to appreciate with time.
• Life Coverage: The plan comes with an element of saving money, which is accompanied by a life cover aspect that will make sure that your friends and family enjoy a financial future in case of your untimely demise.
• Flexibility in Payouts: Policyholders can choose to receive the maturity or death benefit as a lump sum or opt for instalment payouts over a period of up to five years during the settlement period.
• Preponed Income Benefits: The possibility of getting income benefits sooner than they will be available will mean that you will have the money when you need it the most.
• Loan Against Policy: When you require some money urgently, you can borrow some money against the policy when it has some surrender value.
• Tax Benefits

The Guaranteed Flexi STAR Plan is one of the best investment plans that has guaranteed returns, flexible payouts, life cover, and tax benefits under Section 80C of the Income Tax Act.

Riders under the Edelweiss Life Guaranteed Flexi STAR Plan

Riders are the other things that can be highlighted as having a basic insurance policy, and adding additional coverage. The Guaranteed Flexi Star Plan can provide the following riders:

• Accidental Death Benefit Rider: This is a supplement to the regular death benefit that is added in the event of accidental death.
• Critical Illness Rider: This rider gives extra financial assistance to the policyholder in case he or she is diagnosed with a critical illness.
• Waiver of Premium Rider: In case the policyholder is diagnosed with a serious ailment or disabled, the rider waives the premiums until the end of the policy period.

Policy Details Under the Edelweiss Life Guaranteed Flexi STAR Plan

The following are the policy details under the Edelweiss Life Guaranteed Flexi STAR Plan:

1. Grace Period

   A grace period is given in case the policyholder does not make payments within the due period. This time is normally between 15 to 30 days of planning, depending upon the term.

2. Revival

   In case the policy is allowed to lapse without paying the premiums, it can be brought back within a period of five years by paying the outstanding premiums and by showing evidence that they can remain insurable.

3. Free Look Period

   The policyholder has a free look period where he or she can examine the plan, and this duration is usually 15 days. In case of dissatisfaction, the policy can be refunded and premiums reimbursed.

4. Surrender

   If the policyholder surrenders his policy before maturity, they are liable to a surrender benefit, as provided in the policy.

5. Loan

   The policy also allows policyholders to borrow a loan based on the policy in case they need it urgently, and the policy has gained a surrender value.

Exclusions Under the Edelweiss Life Guaranteed Flexi STAR Plan

Edelweiss Life Guaranteed Flexi STAR Plan comes with the following exclusions:

1. Suicidal Cover

   In the case of the death of the policyholder as a result of suicide, within the first year of the policy commencement, the death benefit might not be receivable.

2. Complete Permanent Disability (TPD)

   The policy does not necessarily include benefits for total permanent disability, unless it is a rider.