Edelweiss Tokio Life EduSave Plan

Introduction/Overview

Edelweiss Tokio Life EduSave is a traditional Child Plan which facilitates savings for the child’s future and provides a risk-free future stability for the child even if the parent is not around.

Key Features

• It is a participating plan with regular and limited premium payment option
• There are different Maturity Payout options acting like a money back plan

Benefits

• On death of the policyholder, the Sum Assured is paid immediately. Future premiums are waived off and bonuses continue to accrue. At the end of the term, the maturity benefit is paid to the nominee
• On Maturity, Sum Assured benefit chosen + accrued bonuses is paid to the policyholder
• The SA on Maturity can be taken in 5 options as below:

Benefit Options	End of term	2nd last yr.	3rd last yr.	4th last yr.	5th last yr.	6th last yr.
Marriage Funding Plan	100%	-	-	-	-	-
Post-Graduation Plan	52%	52%	-	-	-	-
Graduation Plan	32%	24%	24%	32%	-	-
Integrated 5 yr. Degree Plan	20%	20%	20%	28%	28%	-
Dual Degree Plan	18%	18%	18%	18%	24%	24%

 

• Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	18 years	45 years
Maturity Age (Last Birthday)	-	60 years
Policy Term (PT) in years	10	30
Premium Paying Term (PPT) in years	Regular Pay, 10 Pay or Term - 5
Premium Paying Frequency	Annual, half-yearly, quarterly, monthly
Premium	6968	No limit
Sum Assured	225,000	No limit

 

Details About Premium

Annual premium in Rupees for a PPT of 10 years and SA of 250,000

Age / term (yrs.)	15	20	25
30	22,868	20,793	19,708
35	23,210	21,328	20,438
40	23,848	22,198	-

 

Policy Details

Grace period: 30 days’ grace period is allowed for premium payment in all modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy and receive the Surrender Value. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = GSV % of Premiums paid + GSV% of vested Bonuses

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusion

Loan is available under the plan to a maximum of 90% of the Surrender Value

Additional Features or Riders

• Rebates for Large Sum Assured ranges
• Discount in premium for female lives
• The following Riders are available for a comprehensive coverage:

1. Edelweiss Tokio Life Accidental Death Benefit Rider
2. Edelweiss Tokio Life Accidental Total and Permanent Disability Rider
3. Edelweiss Tokio Life Term Rider
4. Edelweiss Tokio Life Critical Illness Rider
5. Edelweiss Tokio Life Waiver of Premium Rider
6. Edelweiss Tokio Life Hospital Cash Benefit Rider
7. Edelweiss Tokio Life Payor Waiver Benefit Rider

Exclusions

In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.