Edelweiss Tokio Life Guaranteed Income Plan

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Introduction/Overview

Edelweiss Tokio Life Guaranteed Income Plan is a traditional Endowment Assurance Plan which enables savings for future requirements and also provides life insurance cover for protection purposes.

Key Features

  • This plan is a non-participating traditional Endowment plan with regular premium payment term
  • The plan promises guaranteed regular annual payouts after maturity for 15 years

Benefits

  • On maturity, 200% of the annual premium is paid starting form the end of term for 15 years
  • The policyholder can avail the payouts in lump sum any time during the payout period discounted @ 9%
  • On death during the policy term higher of 10 times the annual premium or 125% of annual premiums paid till death or lumps sum amount payable on maturity
  • On death post the end of term, the payouts continue as and when they accrue
  • Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

3 years

50 years

Maturity Age (Last Birthday)

18 years

65 years

Policy Term (PT) in years

15

Premium Paying Term (PPT) in years

15

Premium Paying Frequency

Annual

Yearly Premium

30,000

No limit

Sum Assured

483,630

No limit

 

Policy Details

Grace Period: 30 days’ grace period is allowed for premium payment in all modes

Policy Termination or Surrender Benefit: the policy can be surrendered anytime if 2 full years’ premiums have been paid. The Surrender value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)

GSV = (% of all Premiums paid)

SSV = (number of premiums paid/15) * SSV Factor * lump sum maturity benefit

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.

Inclusions

The policy provides loan facility of up to 90% of the Surrender value.

Additional Features or Riders

The following riders are available under the plan:

  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 Payor Waiver Benefit Rider

Exclusions

In case of suicide within 12 months from inception, total premiums paid is returned and within 12 months of revival, higher of 80% of total premiums paid or acquired Surrender Value is paid to the nominee

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.