Edelweiss Tokio Life Cash Income Plan
Introduction/Overview
Edelweiss Tokio Life Cash Income Plan is a traditional Whole life plan which provides guaranteed benefits, monthly cash inflows in the golden years and also life insurance protection till age 100 years.
Key Features
- This plan is a non-participating traditional Whole life plan with limited premium payment term
- The individual is covered up to age 100 years
- The plan promises Survival Benefits and Death Benefit
- Survival Benefits comprise of Cash Back, lumps um payout and Maturity Benefit
Benefits
- A regular annual payout payable monthly equal to one annual premium is paid form the 21st policy year which increases by 6% simple interest p.a. and stops in the 40th year
- At the end of the 40th year 150% or 120% or 100% of the SA is paid corresponding to entry ages of 91 days to 20 yrs., 21-40 yrs. and 41-50 yrs. respectively
- If the policyholder survives till maturity, i.e. till age 100 years, another 100% of the SA is paid
- On death higher of 10 times the annual premium or 105% of all premiums paid or Minimum Guaranteed SA on Maturity or absolute amount assured to be paid on death is payable
- The absolute amount depends on the policy year of death and expressed as a % of SA
- If the life assures is less than 5 years, risk starts 1 yr. 11 months post commencement and death benefit payable will be 105% of all premiums paid till the attained age is 5 years
- Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively
Product Specification:
|
Minimum |
Maximum |
Entry Age (Last Birthday) |
91 days |
50 years |
Maturity Age (Last Birthday) |
- |
100 years |
Policy Term (PT) in years |
100 – Entry Age |
|
Premium Paying Term (PPT) in years |
20 |
|
Premium Paying Frequency |
Annual, Half-yearly, monthly |
|
Yearly Premium |
25,000 |
No limit |
Sum Assured |
265,000 |
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 3 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 – Survival Benefits already paid
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:
- Edelweiss Tokio Life Accidental Death Benefit Rider
- Edelweiss Tokio Life Accidental Total and Permanent Disability Rider
- Edelweiss Tokio Life Term Rider
- Edelweiss Tokio Life Critical Illness Rider
- Edelweiss Tokio Life Waiver of Premium Rider
- 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.
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