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.
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:
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
child insurance plan which has the following features and benefits:
|Entry Age||18 years||45 years|
|Maturity Age||-||60 years|
|Policy Term||10 years||30 years|
|Premium amount||Rs.6968||No limit|
|Sum Assured||Rs.225, 000||No limit|
|Premium Payment Term||Equal to plan term or 10 years or Term minus 5 years|
|Premium Paying Frequency||Yearly, half-yearly, quarterly or monthly|
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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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.
You can pay offline by visiting the nearest branch in your city.