Edelweiss Life Premier Guaranteed Star Plan

Eligibility Criteria for the Edelweiss Life Premier Guaranteed Star Plan

The eligibility details for this plan are as follows:

Features of the Edelweiss Life Premier Guaranteed Star Plan

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

• Life insurance protection throughout the policy term.
• Guaranteed Income Benefit Pay-outs during the income duration.
• Income increases by 5% every five policy years on a simple basis.
• Option to select Lump Sum Benefit at maturity at inception.
• Flexible Premium Payment Terms: 5, 8, 10, or 12 years.
• Multiple Income Pay-out Frequencies: Annual, Half-Yearly, Quarterly, or Monthly.
• Option to add riders for enhanced protection.

The Income Duration is calculated as Policy Term minus Premium Paying Term minus two years. You can also explore other plans, such as the Edelweiss Tokio Pension Plans, to compare income, savings, and wealth creation options offered by the insurer.

Benefits of the Edelweiss Life Premier Guaranteed Star Plan

The following are the benefits of the Edelweiss Life Premier Guaranteed Star Plan:

• Death Benefit: In case of death during the policy term, the nominee will receive the Sum Assured on Death, which will be the highest of:
• 10 × Annualised Premium
• Absolute Amount Assured on Death
• 105% of total premiums paid

The death benefit will not be less than 105% of total premiums paid and will also not be lower than the applicable surrender value.

• Income Benefit Pay-outs: Income Benefit Pay-outs begin after completion of the Premium Paying Term. The income is payable in arrears and continues until maturity or death, whichever occurs earlier. The amount increases by 5% after every five policy years.
• Maturity Benefit: If the Lump Sum Benefit is selected at inception:
  • Sum Assured On Maturity equals the higher of (10 or PPT) times the Annualised Premium.
  • The lump sum is paid along with the last income instalment.

If the Lump Sum option is not selected, only the final income instalment is payable at maturity.

• Tax Benefits: According to the required tax regulations, premiums paid and benefits may qualify as tax advantages.

Riders Under the Edelweiss Life Premier Guaranteed Star Plan

Riders may also be added at any point of inception or at policy anniversary within the premium paying term, subject to underwriting.

Available riders include:

• Accidental Death Benefit Rider
• Accidental Total And Permanent Disability Rider
• Critical Illness Rider
• Waiver Of Premium Rider
• Payor Waiver Benefit Rider

Policy Details of the Edelweiss Life Premier Guaranteed Star Plan

Understanding policy conditions helps you make informed decisions. Here are the policy details of this plan:

1. Grace Period

   The monthly premium mode has a grace period of 15 days, and a 30-day grace period for all other modes. This is the duration that the policy is still in place.

2. Revival

   The policy could lapse in case premiums have not been paid in the period of grace. It can be renewed within 5 years from the first unpaid premium, which was not paid, by paying the past due premiums along with the relevant interest, and also with the demonstration of continued insurability.

3. Free Look Period

   The period of reviewing the terms and conditions of the policy document is 30 days after the date of receiving the policy document. Failure to satisfy may lead to a cancellation of the policy within this period with corresponding deductions.

4. Surrender

   Upon meeting the necessary terms of premium payments, the policy will have acquired a surrender value. Depending on the terms of the policy, guaranteed Surrender Value and Special Surrender Value can be used.

5. Loan

   The policy loan can be taken out after the policy has obtained a certain amount of surrender value. A maximum loan of 60% of the surrender value is allowed at the existent rate of interest and conditions.

   This plan comes under the category of some of the best investment plans that integrate long-term savings and life insurance cover.

Exclusions Under the Edelweiss Life Premier Guaranteed Star Plan

Suicidal Clause

The nominee is permitted to get at least 80% of the total premiums paid or the value of the immediate death payable amount of the policy on the day of death (whichever is more) in case of death due to suicide within 12 months of the policy commencement or revival.