Edelweiss Tokio Life Cash Income Plan

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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:

  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.