Edelweiss Tokio Life Save n Prosper (WA) Plan

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Introduction/Overview

Edelweiss Tokio Life Save n Prosper (WA) is a traditional Endowment Assurance plan with savings and protection benefits for a complete financial tool.

Key Features

  • This plan is a participating traditional Endowment plan with regular and limited premium payment term
  • The SA increases form the 6th policy year to 10th policy year @ 5% p.a. simple rate

Benefits

  • On maturity, Initial SA + accrued bonuses is paid
  • On death, SA as on date of death + accrued bonuses is paid
  • The SA will always be higher of 10 times the annual premium or 105% of all premiums paid or minimum guaranteed SA on maturity or the increased SA
  • 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

35

Premium Paying Term (PPT) in years

10 pay, 15 pay or Regular Pay

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

5824

No limit

Sum Assured

200,000

No limit

 

Details about Premium

Premium in Rupees for a male for a term of 20 years and SA – 250,000

Age / PPT (yrs.)

10 Pay

15 Pay

Regular pay

30

21,260

15,250

12,243

35

21,510

15,458

12,445

40

21,925

15,813

12,788

 

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) + (% of accrued bonuses)

SSV = (Paid-up SA + Bonus) * SSV Factor

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

  • Discounts for choosing higher SA levels
  • Lower premium rates for female lives
  • 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
  7. Edelweiss Tokio Life Hospital Cash 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.