Edelweiss Life Premier Guaranteed STAR Pro Plan

Eligibility Criteria for the Edelweiss Life Premier Guaranteed STAR Pro Plan

The eligibility criteria under the Edelweiss Life Premier Guaranteed STAR Pro Plan are as follows:

Features of Edelweiss Life Premier Guaranteed STAR Pro Plan

Some key features under the Edelweiss Life Investment Plan include:

1. Two Plan Options

   • Lump Sum Option: It is a maturity benefit with guaranteed additions that increase the policy value with time.
   • Lump Sum Plus Income Choice: provides regular guaranteed income throughout the period of income as well as maturity benefits.

2. Flexible Customisation

   The policyholders will be able to tailor the plan by choosing the term of premium payment, the policy term, the death benefit option, as well as the desired frequency of payment of the income.

3. Guaranteed Additions

   According to the Lump Sum Option, a guaranteed addition is made to the policy each year beginning with the second policy year that multiplies the total maturity benefit.

4. Guaranteed Income Benefit

   With the Lump Sum Plus Income Option, the policyholder is guaranteed a fixed income amount beginning at the age selected as income start and will last based on the policy terms until the end of the income period selected.

5. Death Benefit Protection

   Upon death within the policy term of the life insured, the nominee will get the highest of the following:

   • Sum Assured on Death
   • 105% of the total premiums paid

   The value (where applicable) at which the surrender is made.

6. Policy Loan Facility

   Upon obtaining a surrender value, the policyholders are allowed to take a policy loan of up to 60% of the surrender value, which is done under the terms and conditions of the insurer.

Benefits of Edelweiss Life Premier Guaranteed STAR Pro Plan

There are a lot of advantages to choosing the Edelweiss Life Premier Guaranteed STAR Pro Plan. Some of them are:

• Maturity Benefit: In case the life assured lives to maturity:
• Lump Sum Option: Amount guaranteed on maturity and guaranteed additions.
• Lump Sum plus Income: Sum guaranteed on maturity plus the ultimate payout of the income.
• Income Benefit: The guaranteed income payments are given to the policyholders over a specified period based on the desired plan provisions.
• Financial Insurance of the Family: The plan guarantees the dependents a death benefit, which is financial.
• Guaranteed Returns: The policy has guaranteed returns, hence it is appropriate for those who are interested in steady returns on their investment.
• Tax Benefits: Tax benefits may be provided to the policyholders according to the tax laws, making the Premier Guaranteed STAR Pro one of the best investment plans for those looking to save on taxes while securing their future.

Riders Under the Edelweiss Life Premier Guaranteed STAR Pro Plan

The following are the riders under this plan:

• Accidental Death Benefit Rider: The lump sum benefit is given to the nominee should the life insured die because of an accident during the rider term.
• Accidental Total and Permanent Disability Rider: Provides financial assistance in case of total and irreparable disability of the life insured because of an accident, which can impact his or her income-generating capacity.
• Critical Illness Rider: Pays a lump sum benefit in case the life insured is diagnosed with any of the critical illnesses mentioned as covered under the rider.
• Waiver of Premium Rider: A future premiums policy waiving future premiums of the base policy in case the life insured falls ill or is totally and permanently disabled, and it guarantees that the policy proceeds will be paid, and no further premiums will be paid.
• Payor Waiver Benefit Rider: Premiums will be waived in case of the death of the proposer (payor), complete and permanent disability, or a critical illness diagnosis during the rider term.

Policy Details of Edelweiss Life Premier Guaranteed STAR Pro Plan

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

1. Grace Period

   The policyholders are given a grace period of 15 days in which they can make monthly premiums and 30 days in which they can make other modes of payment. At this time, the policy is ongoing, and there is still a benefit to the policy.

2. Revival

   Failure to pay premiums within the grace period causes the lapsing of the policy, or it will be reduced to paid-up. The policy may be reinstated in a period of five years through the settlement of arrears with interest and production of evidence of insurability.

3. Free Look Period

   The policyholders will be given 30 days after the policy document has been made available to them to review the terms and cancel the policy in case of dissatisfaction. Refunds on premiums are subject to deduction.

4. Surrender

   The policy will attain a surrender value once one year of premiums has been paid. The guaranteed surrender value or special surrender value is the highest paid surrender value.

5. Loan

   Once the surrender value is obtained, a loan can be obtained as a policy loan. The limit of the loan is 60% of the surrender value, and the interests are charged in accordance with the rates of the company.

Exclusions Under Edelweiss Life Premier Guaranteed STAR Pro Plan

Suicidal Cover

In case the life assured commits suicide within 12 months after commencing or reviving the policy, the nominee gets 80% of the total premiums paid or white value, whichever is greater. The policy expires consequently.