Edelweiss Tokio Life Cashflow Protection Plus Plan

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Introduction/Overview

Edelweiss Tokio Life Cashflow Protection Plus is a traditional savings plan providing income and savings till age 100 years so that the policyholder does not have to worry about his financial stability post retirement.

Key Features

  • This plan is a participating traditional Endowment plan with limited premium payment term
  • The individual is covered up to age 100 years
  • The plan promises Reversionary Bonuses, Money Back and Cash Bonuses

Benefits

  • Reversionary bonus accrue every year during the PPT and is paid at the end of the PPT or on death during the PPT
  • A regular annual payout called the Money Back benefit @ 5.5%of the SA on Maturity is paid form one year after the completion of the PPT till maturity or death
  • Cash Bonus is payable every year post the PPT along with the money back payouts
  • If the policyholder survives till maturity, i.e. till age 100 years, Sum Assured on Maturity + Terminal Bonus, if any is paid
  • On death during the PPT, Sum Assured on death + accrued bonuses is paid and if death happens post PPT, Sum Assured on death is payable
  • SA on death is higher of 11 times the annual premium or minimum guaranteed SA on Maturity subject to a minimum of 105% of all premiums paid till death
  • 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

55 years

Maturity Age (Last Birthday)

-

100 years

Policy Term (PT) in years

100 – Entry Age

Premium Paying Term (PPT) in years

10, 15, 20, 25

Premium Paying Frequency

Annual, Half-yearly, monthly

Yearly Premium

9835

No limit

Sum Assured

200,000

No limit

 

Details about Premium

Premium in Rupees for a male with SA – 500,000

Age / PPT (yrs.)

10

15

20

25

30

78,450

48,895

35,295

27,535

40

80,265

49,575

36,000

28,590

50

86,065

50,730

38,380

-

 

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 – 50% of the Survival Benefits already paid) + (% of accrued 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.

Inclusions

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

Additional Features or Riders

  • Discounts in premium for large SA on Maturity chosen
  • Lower premium rates for female lives
  • Premium discount for buying the plan online @ 3%
  • 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.