Edelweiss Tokio Child Plans
Edelweiss Tokio Life Insurance is a joint venture between Edelweiss financial Services, Mumbai and Tokio Marine Holdings Inc, Japan. It was established in 2011. It is one of the leading financial service providers which caters to the various needs of its customers and offers a host of products designed specifically to meet the needs of its customers.
What are Child Plans?
They are those types of plans which aim to create a secured fund for the child’s future which will not be affected by the death of the earning parent. These plans usually have some common points which are mentioned below:
- Either the child or the parent’s life can be covered under the plan. Usually the parent’s life is covered and the individual needs to have a minor child.
- If the child’s life is insured, the company keeps a deferment period in the form of some initial years where the company does not extend insurance coverage even though the plan starts. If the child dies in this period the only benefit payable is the premiums paid till date.
- Also, a child being a minor cannot enjoy the plan’s ownership which rests with the parent till the child turns 18 years of age after which the plan vests in the child’s name and he becomes the policyholder.
- If the parent is insured, there is an added waiver benefit which is inbuilt within the plan. Under this benefit, in the event of the insured’s death, subsequent premiums are waived off and are paid for by the company and the plan remains intact.
Edelweiss Tokio Life Child Plans
Edelweiss Tokio Life Insurance Company currently offers only one kind of child insurance plan which provides for the financial security of the child even in the absence of the parent. Let us take a detailed look at the child plan offered by the company and its features and benefits
Edelweiss Tokio Life Edu Save Plan
A traditional child insurance plan which has the following features and benefits:
- The plan participates in the profits of the company by way of earning bonuses
- Premiums under the plan can either be paid for the entire tenure of the plan under the Regular Pay option or for a limited tenure under the Limited Pay option of premium payment.
- The maturity benefit can be availed either in lump sum or in money backs under 5 different maturity benefit options.
- Under the Marriage Funding Plan option, 100% of the Sum Assured along with vested bonuses is paid on maturity
- Under the Post-Graduation Plan Option, 52% of the Sum Assured is paid in the second last year and another 52% of the Sum Assured is paid on maturity
- Under the third option called the Graduation Plan, 32% of the Sum Assured is paid in the fourth last year, 24% in the third and the second last year and 32% of the Sum Assured is paid on maturity
- Under the 5-year Integrated Degree Plan Option, 28% of the Sum Assured is paid in the fifth and the fourth last policy years, 20% in the third last and the second last years and on maturity 20% of the Sum Assured is paid
- Under the last option of Dual Degree Plan, 24% of the Sum Assured is paid in the sixth and fifth last year, 18% in the fourth, third and the second last year and 18% is paid on maturity.
- Accrued bonuses will be paid under each option on maturity.
- In case of death of the insured, the Sum Assured which will be higher of 10 times the annual premium or the guaranteed maturity Sum Assured will be paid immediately to the nominee subject to a minimum of 105% of all premiums paid till the date of death. All future premiums will be waived off and the plan will continue to run and accrue bonuses. On maturity, the Sum Assured is paid along with the accrued bonuses.
- The plan can be customized by adding multiple available riders which are:
- Edelweiss Tokio Life Accidental Death Benefit Rider
- Edelweiss Tokio Life Accidental Total and Permanent Disability Rider
- Edelweiss Tokio Life Term Rider
- Edelweiss Tokio Life Critical Illness Rider
- Edelweiss Tokio Life Waiver of Premium Rider
- Edelweiss Tokio Life Hospital Cash Benefit Rider
- Edelweiss Tokio Life Payor Waiver Benefit Rider
- Rebates are given in premium rates for choosing higher levels of Sum Assured
- Female lives are charged lower rates of premiums
- Loan is available under the plan up to a maximum of 90% of the Surrender Value
- Section 80C and 10(10D) excludes the premiums and claims from the purview of taxation.
Premium Payment Term
Equal to plan term or 10 years or Term minus 5 years
Premium Paying Frequency
Yearly, half-yearly, quarterly or monthly
Applying for a Child Plan from the company:
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Applying For Child Plans through PolicyBazaar
- On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
- Click New Quotes to compare and choose from top insurance providers.
- Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
- Fill in your name, email address, city, country code, and mobile number. Click Continue.
- You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
- After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
- You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
- This will take you to the insurer’s website. Fill in the necessary details to buy the plan.
Importance of a child plan
A child insurance plan is an important financial tool in your financial portfolio if you want to provide for your child in his future years. All other types of investments can give you good returns but a child plan is the only investment which will also give an assured return. The uniqueness of the plan lies in the fact that the plan continues even after your death where most of the investments stop. As in case of other investments, if you are not around to save in such investments, the investments will not grow and will stop. On the contrary, in a child plan, premium payments will continue even after your death which will continue building up the corpus. Such a corpus will be realized only when the plan matures and if you have planned in advance; the maturity date can be set to coincide with the child’s important milestones in future like his graduation or higher studies. Your child is the source of your joy and if you do not plan for him his future will be at risk. Death is uncertain and if you are around for your child it will be the best because you would ensure that he gets the best education but what happens when you are not around? Who will take care of your child? In such a scenario, having a child insurance plan will be the best solution since you will not have to worry about financing your child’s future; the insurance plan will do it.
It is best to buy a child plan when you have a minor child and plan with a longer tenure. If the plan is a traditional one, a longer tenure will be required and even if the plan is a unit linked insurance plan, a longer tenure will ensure a higher corpus. So, buy a plan when the child is young. It has two advantages. One, you will have to save a smaller amount over the years and two, the power of compounding will increase the fund generated after the end of the period. What’s more, you can also save taxes both on the amount you contribute as premiums under the plan and also the fund you receive either on death or maturity. The respective Income Tax Act Sections 80C and 10(10D) make it possible.
Edelweiss Tokio Child Plans - FAQs
1. How to pay premium? What are the modes of payment available?
There are two basic modes for payment of premium for Edelweiss Tokio Life, which have further many options:
- Online Mode
- Debit Card payment
- Payment through standing instructions or credit card
- Net Banking
- Offline Mode
- Through ECS facility
- Money Order
You can pay offline by visiting the nearest branch in your city.
2. How can I check policy status for Edelweiss Tokio child plans?
You can check policy status online by visiting the e-portal, and punching in the policy number and date of birth.
3. What is the policy renewal process for Edelweiss Tokio child plans?
The policy renewal process requires either using auto direct debit options which can be availed online by feeding your login ID and password into the e-portal
4. What is the company’s process to settle claim for Edelweiss Tokio child plans?
In order to settle the claim, you must submit the policy documents and claims form at any of the branch offices in your city. Upon receiving and verification of the documents, it takes about 30 days’ time to settle the claims. The claims are settled via NEFT mode.
5. What is the policy cancellation process for Edelweiss Tokio child plans?
In case if you are dissatisfied with the policy, a surrender form can be filled and submitted in any of the branch office along with the cancellation charges. Within a time frame of 10 days the policy will stand cancelled on record. The refund will be calculated based on NAV of the current market price.
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Edelweiss Tokio Child Plans Reviews
I purchase child insurance plan for my child and the policy has many feature like policy cover maximum expenditure occur in future for the good for my child and online portal service is easy to access. Premiums are low and claims are high which can be easily sanctioned.
My child insurance plan is good which come in very low investment but the payback returns after policy get mature is very nice which fulfill my child's dreams. Policy coverage is nice and claims are easily sanctioned. Online portal service is also very fast and easy to access. Good future investment.
The superb child policy which provided by edelweiss tokio life insurance. The policy coverage is 89% and the claims are ~Rs.36 L after policy ends. The investment is ~Rs.11 K quarterly per year. Services are great and fast too. Great work guys. Good future investment with tax saving. The daily updates are send to me regularly.
Edelweiss tokio child plan which has very good policy coverage ~91%. The service is also good, fast and on time. The claims are high ~ 37 L and claiming process is easy because the executive and staff members providing good response and quick services. Good investment with tax savings.
I have awesome life child plan which i purchase from edelweiss tokio life insurance. The claim is high and the policy coverage is 89%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also. The policy updates are mailed to me daily.
I buy edelweiss tokio child plan. Policy coverage is 86% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. Good future investment and it saves taxes too. I must say good work.
The edelweiss tokio child plan i have is an average policy. The service is fast and the policy coverage is approx. 79%. The claims are okay and the claiming process is easy. Executives and staff members are doing great work with good response. Okay policy and good for tax saving. Good plan for middle class people. Please improve the policy services and online facilities.
I purchase edelweiss tokio child plan. Policy have various benefits but the policy coverage is the best ~91% is covered in the policy. Claims are high and the premiums are low. Service is good which facilitate by the executives and staff members. Nice future investment which saves tax also. I like the policy.
I bought child policy for my child which is very good and the insurer is edelweiss tokio life insurance. The policy has many benefits like good investments for future and it save taxes also. Policy coverage is 84% and the claims are around 31 L after policy ends. Fair Terms and Conditions. I'm satisfied with it.
I own child plan for my child from edelweiss tokio life insurance. Policy coverage is high 88% and the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me time to time. Good future investment.
I purchase edelweiss tokio child plan. Policy coverage is good 82% but the premium is low. Service provided is bit slow and claims are good and Rs.30 L is the amount i get after policy get end. The updates regarding policy is send to me regularly. I just wanted to say that satisfactory policy plan. Good plan.
I have a child policy plan which is not superb policy but an average one. Edelweiss tokio life insurance provide wide range of policies. My policy coverage is good 71%. Service is nice and work is done in short period of time. Claims are high and the payback amount is 27 L after policy get mature. The service provided by the executives and staff members are really nice. Good future security which save taxes too. I'm satisfied with the policy plan and service you provided.
I found awesome child plan on internet for my child. Great policy by edelweiss tokio child plan. The claim is high and the policy coverage is 91%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also. Satisfied with your services. Good job.
I have edelweiss tokio child plan for my child. The policy is nice. Good policy coverage ~90% and claiming amount is Rs.34 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice. Good future investment with saving tax too. Good investment for future. I like the plan.
The child plan i bought from edelweiss tokio life insurance is awesome. The policy coverage is 89% and the claims are 32 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time. Fantastic future investment with great interest.
I buy edelweiss tokio child plan and the policy plan is awesome. The policy coverage is 83% and the claims are Rs.30 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Daily updates send me regularly. I like it.
Savings For Future
A policy for my child from edelweiss tokio life insurance is really nice. Policy coverage is high 85% but the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me time to time. Fine policy good work. Good future investment and it save tax also.
Best child policy I buy from edelweiss tokio life insurance and the policy plan is awesome. The policy coverage is 88% and the claims are 35 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time. Good for tax saving too.
Edelweiss tokio child plan and the benefits are many. Policy coverage is good 82% and the payback amount is 29 L when policy ends. Claims are easily get due to great services facilitate by executives of the company. Nice future investment and it saves taxes also. The policy terms and conditions are very reliable, I like the policy.
I purchase edelweiss tokio child plan. The policy coverage is 89% and the claims are good with low premiums. Service you provided is very quick and the behaviour of the executives and staff members is nice. Good future investment and it reduces taxes also. The updates regaurding policy is send to me time to time.
Edelweiss tokio child plan I purchase which is very nice policy. Policy coverage is 85% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. Good future investment and it saves taxes. The executives and staff members behave well with there customers. Great work.
The perfect child policy plan which i buy from edelweiss tokio life insurance. Policy coverage is 89% and the premiums are low ~19 K thrice a year. The claims are high around 38 L after policy ends. The claiming process is easily done due to fast service provided by the executives and staff members. Good investment and tax saving.