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

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:
• 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.

Eligibility Details