Edelweiss Life Insurance Guaranteed Savings Star Plan

Eligibility Criteria for the Edelweiss Life Insurance Guaranteed Savings Star Plan

Features of the Edelweiss Life Insurance Guaranteed Savings Star Plan

Some of the key features of the Edelweiss Life Insurance Guaranteed Savings Star Plan include:

• Guaranteed Returns: This is a plan that promises you some benefits in terms of guaranteed returns, provided that at the start of the policy, the benefits are known and help you to plan your financial objectives with confidence.
• Plan Choice: You have a choice of two plans, taken under the plan Base Option and the Enhanced Cover Option.
• Flexible Policy Terms: The policyholders are allowed to select the policy term, the premium paying term, and the frequency of paying the premium, according to their financial planning requirements.
• Life Insurance Protection: The plan also offers life insurance protection along with the savings that are aimed at ensuring the financial stability of your family throughout the term of the policy.
• Family Income Benefit Option: The policyholders in the Base Option can use an additional benefit, Family Income Benefit, which offers financial assistance to the family in the event of death or the acquisition of some critical illnesses.
• Tax Benefits: Benefits received and premiums paid under the policy may be eligible to receive tax benefits according to the current laws of the day on income tax.

Benefits of the Edelweiss Life Insurance Guaranteed Savings Star Plan

The plan combines long-term savings with life insurance protection. Below are the key benefits of the Edelweiss Life Insurance Guaranteed Savings Star Plan:

• Maturity Benefit: If the policyholder survives until the end of the policy term and all premiums are paid, a guaranteed maturity benefit equal to the Sum Assured on Maturity will be paid.
• Death Benefit: In case the life insured passes away during the policy term while the policy is active, the nominee receives the death benefit as defined in the policy.
• Financial Protection: The plan ensures that your family receives financial support even in your absence through the life insurance component.

It is considered one of the most reliable investment plans for individuals who want guaranteed outcomes while maintaining financial protection.

Riders Under the Edelweiss Life Insurance Guaranteed Savings Star Plan

Additional optional riders to the basic plan will allow the policyholder to increase their coverage. The riders that one can get under this plan are:

• Accidental Death Benefit Rider.
• Accidental Total and Permanent Disability Rider.
• Critical Illness Rider
• Waiver of Premium Rider
• Payor Waiver Benefit Rider

Riders may most often be added at the beginning of the policy or at the policy anniversaries, again on the terms and conditions of issue.

Policy Details of the Edelweiss Life Insurance Guaranteed Savings Star Plan

Understanding the policy conditions helps policyholders make better financial decisions when selecting a savings plan. The following are the policy details under the Edelweiss Life Investment Plans:

1. Grace Period

   The grace period for premium payment is 30 days in case of annual, half-yearly, or quarterly payment, and 15 days in case of monthly payment. This period continues to be active regarding the policy.

2. Revival

   The policy may be revived within five years after the date of the last unpaid premium in case of non-payment of the premiums, and revival is done by paying all the outstanding premiums with accrued interest.

3. Free Look Period

   The policyholders have a 30-day period of free look at the date the policy document is delivered.

4. Surrender

   The policy can be subject to surrender value by paying the minimum premiums required. In case of surrendering the policy, the payable surrender value will be made in accordance with the policy terms.

5. Loan

   When the policy gains a surrender value, then the policyholders can be allowed to borrow against the policy, following the terms and conditions of the insurer.

Exclusions Under the Edelweiss Life Insurance Guaranteed Savings Star Plan

• Suicidal Cover

  In case of the suicide of the life insured within 12 months of the initiation or revival of the policy, the nominee will be given benefits as stipulated in the policy.

• TPD Total Permanent Disability (TPD)

  TPD benefits are optional and not part of the base plan; however, optional riders are available.