Edelweiss Tokio Term Insurance Plans

4.6 / 5 based on 22 User Reviews
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Edelweiss Tokio Life Insurance is the concord of Tokio Marine Holdings Inc, Japan, and Edelweiss Financial Services, Mumbai established in 2011. This company is one of the leading financial service providers which caters to the various customer needs and provide diverse products specifically designed to serve the needs of the customers. 

What are Term Plans?

A specially designed plan which offers benefits in the event of the death of the person whose life was insured under the plan only if death occurs within the plan duration. The premiums charged are low because the plan covers only the death risk without paying any benefit if the term under the plan expires. 

Edelweiss Tokio Life Insurance Company offers several term plans to take care of different requirements of customers in addition to offering ULIP, child, pension and investment plans. 

Edelweiss Tokio Term Plans

Edelweiss Tokio Life Insurance Company sells different types of Term Insurance plans to its customers each with extensive features and benefits. Let us take a look at the different types of term life insurance plans available with the company in details. 

Edelweiss Tokio Life Insurance Term Plans – Summary

Edelweiss Tokio Term Plans Benefits Eligibility and Other Criteria
Edelweiss Tokio Life My Life + Plan
  • Regular Premium paying option 
  • The death benefit can be availed either in a lump sum or in instalments 
  • Sum Assured on death is higher of 10 times the yearly premium or 105% of total premiums paid
  • Entry: 18 to 60 years
  • Maturity: 80 years
  • Term: 10 to 40 years
  • Premium: Rs. 2,500+
  • Sum Assured: Rs. 25 lakh+
Edelweiss Tokio Life Income Replacement Plan
  • Regular Pay, Limited Pay or Single Pay options 
  • Month death benefit paid up to the end of the term (minimum 5 years)
  • Monthly payouts increase by 5%
  • Discounts in premiums for non-tobacco users and for monthly benefits of Rs. 20,000 and above
  • Entry Age: 18 to 60 years
  • Maturity: 28 to 70 years
  • Term: 10 to 30 years
  • Monthly Benefit: Rs. 15,000+
  • Sum Assured: Monthly Benefit * 12 * Term
Edelweiss Tokio Life Protection Plan
  • Regular Pay, Limited Pay or Single Pay options 
  • Sum assured paid to nominee on demise of insured during the tenure of the plan 
  • Discounts in premium for non-tobacco users and for sum assured of Rs. 20 lakh and above
  • Tax benefit on the premium paid and claims
  • Entry: 18 to 60 years
  • Maturity: 28 to 70 years
  • Term: 10 to 30 years
  • Sum Assured: Rs. 15 lakh+
Edelweiss Tokio Life RakshaKavach Plan
  • Covers people living in the rural areas 
  • Premiums can be paid for the entire duration of the plan or only once
  • Entry: 18 to 50 years
  • Maturity: 23 to 55 years
  • Term: 5 years
  • Sum Assured: Rs. 5000 to Rs. 50,000

 

  

Edelweiss Tokio Life Insurance Term Plans – Edelweiss Tokio Life Income Replacement Plan

The benefit on death in this Edelweiss term plan is paid at an increasing rate every month post death. Other points include:

  • Premiums can be paid for the entire duration of this Edelweiss term plan through Regular Pay option or for a limited period through the Limited Pay Option or in at once through the Single Pay option of Premium Payment.
  • On the death of the insured, the death benefits payable are expressed as the opted Monthly Benefit as chosen by the policyholder which is paid every month following the death of the insured up to the end of the term with a minimum of 5 years. The monthly payouts increase by 5% with every payout made.
  • The plan can be customized using various riders like Edelweiss Tokio Life Accidental Total & Permanent Disability Rider, Edelweiss Tokio Life Accidental Death Benefit Rider, Edelweiss Tokio Life Waiver of Premium Rider and Edelweiss Tokio Life Critical Illness Rider.
  • Discounts in premiums are given for non-tobacco users and for selecting higher levels of monthly benefits of Rs.20, 000 and above

 

Edelweiss Tokio Life Insurance Income Replacement Plan – Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

28 years

70 years

Policy Term

10 years

30 years

Monthly Benefit

Rs.15, 000

No limit

Premium amount

Depends on the age, coverage, tenure and the premium paying term

Sum Assured

Monthly Benefit amount * 12 * Term

Premium Payment Term

Equal to policy term or 5, 10 or 15 Pay or Single Pay

Premium Paying Frequency

Yearly

 

Edelweiss Tokio Life Insurance Term Plans – Edelweiss Tokio Life Protection Plan

The plan has lower rates of premiums and the following points:

  • Regular Pay, Limited Pay or Single Pay option of paying the required premiums is available in the plan
  • On death of the insured during the tenure of the plan, the Sum Assured is paid to the nominee
  • The plan can be customized using various riders like Edelweiss Tokio Life Accidental Total & Permanent Disability Rider, Edelweiss Tokio Life Accidental Death Benefit Rider, Edelweiss Tokio Life Waiver of Premium Rider and Edelweiss Tokio Life Critical Illness Rider.
  • Discounts in premiums are given for non-tobacco users and for selecting higher levels of Sum Assured of Rs.20 lakhs and above
  • Tax benefit accrues on the premiums paid and claims

 

Edelweiss Tokio Life Insurance Life Protection Plan – Eligibility Details

 

 

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

28 years

70 years

Policy Term

10 years

30 years

Premium amount

Depends on the age, coverage, tenure and the premium paying term

Sum Assured

Rs.15 lakhs

No limit

Premium Payment Term

Equal to policy term or 5, 10 or 15 Pay or Single Pay

Premium Paying Frequency

Yearly

  

Edelweiss Tokio Life Insurance Term Plans – Edelweiss Tokio Life RakshaKavach Plan

A micro term insurance plan designed for the backward classes of the society like rural areas to provide life cover at cheap rates of premiums. The features and benefits of the plan are as follows:

  • Premiums under the plan can be paid for the entire duration of the plan under the Regular Pay option or at once under the Single Pay option of Premium Payment.
  • The plan covers people living in the rural areas of the country.
  • In case of death of the insured during the tenure of the plan, the Sum Assured is paid to the beneficiary

 Edelweiss Tokio Life Insurance RakshaKavach Plan – Eligibility Details

 

 

Minimum

Maximum

Entry Age

18 years

50 years

Maturity Age

23 years

55 years

Policy Term

5 years

Premium amount

Depends on the age, coverage and tenure

Sum Assured

Rs.5000

Rs.50, 000

Premium Payment Term

Equal to policy term or Single Pay

Premium Paying Frequency

Yearly

 

What is Term Life Insurance?

Term life is insurance is the most basic form of insurance where only the life of the policyholder is covered. A term policy usually has no savings component and so it is known as a pure insurance tool. Term Life Insurance is one of the most popular and widely sold insurance products around the world simply because it provides a high cover at a low rate, making it very affordable for people. 

Under this plan, a yearly premium has to be paid to Edelweiss Tokio Life Insurance. On death of the insured during the policy tenure, the insurance amount, called the Sum Assured, is paid by Edelweiss Tokio Life Insurance to the nominees of the insured. If the insured survives the policy term, he or she does not get anything in return and loses the yearly premiums paid. 

Edelweiss Tokio Life Insurance Company offers several term life insurance plans to cover the needs of its customers. 

 

What is an increasing term plan?

An increasing term plan is the opposite of a decreasing term plan and here the sum assured increases each year. This term insurance has a higher value as the sum assured rises every year. This term plan is often bought to secure the policyholder against inflation. If the policyholder feels that the sum assured would not be sufficient in the years to come with rising costs, he can opt for a term insurance. The sum assured goes up by 5% every year up to a maximum of 50%, i.e. till the time the original sum assured is doubled. 

 

What is a convertible term plan?

A convertible term plan is a type of term insurance policy which can be converted or changed into an endowment plan later in the duration of the policy. The premium rate will change at the time of conversion and become higher. A convertible term plan is ideal for a person who wants to have his life insured at a lower cost early on in life but wants to invest in the insurance plan to address additional financial responsibilities at a later stage in life. 

Things to Consider When Buying a Term Insurance Plan from Edelweiss Tokio Life Insurance

The importance of having a term life insurance from Edelweiss Tokio Life Insurance cannot be overstated. Amongst all the cheapest life insurance products available in the market, a term plan from Edelweiss Tokio Life Insurance helps secure the financial future of one’s near and dear ones in the unfortunate event of one not being around to personally take care of them. Edelweiss Tokio Life Insurance helps avoid the possibility of one’s family facing bad times due to financial instability in the future. 

After having decided to purchase a term insurance plan from Edelweiss Tokio Life Insurance, certain things should be kept in mind before taking the final step of buying a plan. These will help avoid confusion and prevent buying a term plan that does not meet one’s requirements adequately. It will also restrict over-spending. 

Things to consider before buying term insurance from Edelweiss Tokio Life Insurance: 

1. Determining the Right Amount of Cover

The first and foremost thing to do once one has made up his or her mind to buy term insurance is to determine the quantum of cover required. This amount is arrived at after taking various factors into consideration – one’s responsibilities, liabilities, income, life-stage, etc. 

 

i) Family Members and Life-Stage:

It is important to understand the purpose of a Edelweiss Tokio Life Insurance term plan. It is not bought for the individual benefit of the policyholder/insured but that of his or her family. A term plan from Edelweiss Tokio Life Insurance helps in securing the financial future of the near and dear ones of the insured in case he or she is no longer around to take care of them. 

The unique life-stage of the insured while purchasing the Edelweiss Tokio Life Insurance term plan – whether he or she is single, married or married with children goes to determine the cover amount. The financial responsibility of a married person is obviously higher than someone who is still unmarried. Again, a person with kids has to shoulder more responsibility as he or she has to take care not only of his or her spouse but his or her children as well. Consequently, such a situation will require a higher cover. 

 

ii) Income

The number of earning members in a family and additional sources of income to contribute to the overall collective income also affects the amount of insurance required from Edelweiss Tokio Life Insurance. The insured, who is the sole breadwinner of the family, will require a much higher cover from Edelweiss Tokio Life Insurance to take care of his or her family in his or her absence than a family which has more than one earning member. 

 

iii) Liabilities

The total value of liabilities also goes in determining the amount of cover required from Edelweiss Tokio Life Insurance. Higher the liabilities, greater will be the cover required. Liabilities may include outstanding loans which may have been taken to purchase a house or car, or taken for children’s higher education or for children’s marriage. 

2. Determining Family Needs and Requirements

Apart from determining the cover amount, the needs and requirements of one’s family have to be assessed accurately in order to address them adequately through the term plans of Edelweiss Tokio Life Insurance. 

 

i) Capability of Family Members to Handle Finances

Term plans from Edelweiss Tokio Life Insurance usually present a huge lump sum amount of money as death benefit to the immediate family of the insured on his or her demise. The insured or would-be-insured should make an unbiased judgement on the competence of his or her family members in handling finances. If he or she realises that their kith and kin are inexperienced and incapable of handling money matters, especially huge sums of money, then alternative options should be explored to reduce the risk of botching up finances. Edelweiss Tokio Life Insurance offers annuity payment options as well as monthly, quarterly or semi-annual payments. In addition, Edelweiss Tokio Life Insurance offers lumpsum payment at different life stages. 

 

ii) Steady Income Support

The insured/would-be-insured should also endeavour to provide a safety cushion by way of a regular income to his or her family to take care of their day-to-day needs. A fixed monthly income from Edelweiss Tokio Life Insurance, in addition to the lump sum amount will help in this regard. 

 

iii) Maintaining Current Lifestyle

While determining one’s family’s needs and requirements, such an option should be chosen that allows them to continue living the lifestyle they are used to in spite of rising costs and expenses in the unpleasant scenario of the absence of the insured. The best option would be one that also covers their wants and aspirations but this would mean higher premiums. 

 

3. Choosing the Right Insurer

Today, several insurance companies offer life insurance policies, and many offer term plans. Things like the insurance company’s claim settlement ratio, customer service standards and market reputation, among others should be considered in detail before zeroing in on an insurer. 

 

i) Claim Settlement Ratio

Claim Settlement Ratio is defined as the ratio of claims honoured by the insurance company versus the total claims received from customers. A higher ratio signifies greater disbursement of funds to the policyholders, or his or her nominees, as the case might be.

In addition to having a favourable claim settlement ratio, the process of claim settlement must be quick, simple and hassle-free. People resort to filing claims only in times of need, when they have suffered a personal loss of their near and dear one, the insured. These are delicate times where family members need all the reassurance and support they can get, even from the insurance company. 

 

ii) Strong Financial Track-Record

It is advisable to choose an insurance company with a strong financial record. A solid record signifies stability and security and gives confidence that when a situation arises, the company will honour the claim and help secure the future of the family of the insured. 

 

iii) Service Standards

The business of life insurance is all about trust and credibility. And superior customer service is a big part of it. A customer centric organisation not only makes the process of buying a term plan easy but also ensures that nominees and family members of the insured have a positive experience during the claim settlement process. An organisation which provides a positive experience to customers at every touch point will undoubtedly focus on nurturing long-term relationships with customers. 

 

iv) Market Reputation

A life insurance company having a good standing in the market is a better option. A good reputation is created by positive customer experiences over a period of time. It is always a good idea to go through customer reviews and testimonials on online forums and social networks to get a realistic picture of the reputation of a life insurer. Past customers will always have positive things to say about a company whose dealings are fair, quick and smooth. 

 

v) Corporate Governance

A life insurance company known for good corporate governance is bound to offer better products and superior service to customers. Such companies are more transparent and accountable. Hence, it makes sense to buy policies of such companies whose internal processes are streamlined. 

Applying for a Term Plan from the company: 

Online

Edelweiss Tokio Life Insurance offers customers the option to buy term plans from its website itself. The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued. Edelweiss Tokio Life Insurance plans purchased online are often cheaper than when they are purchased offline. 

 

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process. The policy is finally issued by Edelweiss Tokio Life Insurance Company. 

 

Applying For Term Insurance through PolicyBazaar

  • On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
  • Click New Quotes to compare and choose from top insurance providers.
  • Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  • Fill in your name, email address, city, country code, and mobile number. Click Continue.
  • You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  • You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  • This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan. 

 

Edelweiss Tokio Life Insurance - FAQs  

1. How to pay the premiums? What are the modes of payment available?

There are two basic modes of payment for premiums of Edelweiss Tokio Life, which further has few options: 

  • Online Mode
    • Debit Card payment
    • Payment through standing instructions or credit card
    • Net Banking
    • Offline Mode
      • Through ECS facility
      • IVRS
      • Money Order
      • Cash/Cheque/DD 

You can pay offline by visiting the nearest branch in your city. The 'Locate a Branch' hyperlink on the website of Edelweiss Tokio Life Insurance helps in locating the nearest branch in your city.  

2. How can I check policy status for Edelweiss Tokio Term insurance plans?

You can check policy status online by visiting the e-portal, and punching in the policy number and date of birth. The Edelweiss Tokio Life Insurance website makes it very easy to inquire about the policy status.  

3. What is the policy renewal process for Edelweiss Tokio Term insurance plans?

Edelweiss Tokio Life Insurance provides 2 ways to renew a term insurance plan – online and offline. 

The policy renewal process requires either using auto direct debit options which can be availed online by feeding your login ID and password into the e-portal  

4. What is the company’s process to settle claim for Edelweiss Tokio Term insurance plans?

Edelweiss Tokio Life Insurance Company has streamlined the process of settling claims arising from term insurance plans. In order to settle the claim, you must submit the policy documents and claims form at any of the branch offices in your city. Upon receiving and verification of the documents, it takes about 30 days’ time to settle the claims. The claims are settled via NEFT mode.  

5. What is the policy cancellation process for Edelweiss Tokio Term insurance plans?

Edelweiss Tokio Life Insurance Company allows cancellation of term insurance policy under certain circumstances. In case, if you are dissatisfied with the policy, a surrender form can be filled and submitted in any of the branch offices along with the cancellation charges. Within a time frame of 10 days, the policy will stand cancelled on record. The refund will be calculated based on NAV of the current market price. 

Edelweiss Tokio Term Insurance Plans Reviews

TOTAL REVIEWS (22)
Suhasini
Manesar
July 19, 2016

Term Insurance Plan

My term insurance plan is fantastic which has maximum coverage in low investments. Policy premiums are less and this great plan i have is from edelweiss tokio life insurance. Service is very well given by the company members. Updates of the policy send to my account regularly.

Maanveer
Gurdaspur
July 19, 2016

Good Coverage

The edelweiss tokio life insurance is fine insurance company. I took term insurance plan in low investments and it has low premiums too. I got this plan after long searching on internet. The online portal sites provides easy renewals of the plans.

Ranbir
Bangalore
May 20, 2016

Perfect Policy

I purchase edelweiss tokio term insurance plan. Policy coverage is good ~90% and the premiums are low approx. 34 K. Claiming is easy and the waiting time is very less due to fast and on time services from executives and the staff members. Good future investment and it reduces my taxes too.

Chirag
Pune
May 20, 2016

Quality Investment

I buy edelweiss tokio life insurance policy and the product is term insurance plan. The premiums are ~Rs.32 K per year. The claims are good and easily sanctioned. Service facilitate by executives and staff members are very nice and fast. The policy saves taxes and it is really very good investment for future. Daily updates are send to me timely.

Bhupesh
Nagpur
May 20, 2016

Trustworthy

I buy term insurance policy plan from edelweiss tokio life insurance. The policy is good and the premiums are very less. The best investment and the taxes are also saved. Policy coverage and claims are good and the services is super. Good behaviour shown by executives and staff members.

Abhinav
Gwalior
May 20, 2016

Awesome Plan

The edelweiss tokio term insurance plan is one of the best policy. Policy coverage is approx. 85% and the claims are good even the the claiming procedure is easy because the service provided by the executives and staff members are good and even the web services are even better. The premiums are low and for women get 5% less extra benefits on premiums. Good tax saver too. I like the policy.

Deepak
Gurgaon
March 12, 2016

Best policy

I applied the term plan with policy bazaar of Edelweiss tokio and i had the good experience with service , next day onward they collect my medical sample so over all that was the good experience

Vijay
Gurgaon
February 23, 2016

Best Services

I am delighted with the support and help received from Edelweiss team.They were very helpful and polite till the time policy was issued.Would like to thank the entire team for a quick and efficient way of doing business and for providing clear info.

Sujit
Meerut
February 23, 2016

Perfect Policy Plan.

After frnd advice I got a policy which has great benefits. Nice investment for future and also my taxes are become lesser. Edelweiss tokio term insurance policy plan is the best. Claims are high and investment are low.
Plan Name: MyLife+ Lump sum
Agent Code: BBE06002

Ayush
Delhi
February 23, 2016

Good Service.

I own edelweiss tokio term insurance policy plan which provide okay facilities and terms. The policy coverage is 80% and premium is ~Rs.5000. Claims are easy to get due to rapid service provided by executives.
Plan Name: MyLife+ Lump sum
Agent Code: BPW01260

Ok
Sonipat
February 20, 2016

superb plan.

I have edelweiss tokio term insurance policy plan. The policy is perfect with good policy coverage and claims. The investment is less and the return is high. Service is very rapidly processed. I like the plan.
Plan Name: MyLife+ Lump sum
Agent Code: BPW00250

Umesh
Mumbai
February 19, 2016

TERM

1ST THANKS POLICY BAZAAR AND ALSO EDELWEISSTOKIO SUCH NICE COMPANY , AND NICE BENIFITES. LIKE 80 YRS COVERED.

Vinod
Vadodara
February 19, 2016

Good Service.

My term plan is with edelweiss tokio life insurance. The policy was good and the premiums is low. Policy coverage is 80% and claims are Rs.19 lakhs. Services are the best and really very fast with good interface between customer and executives.
Plan Name: MyLife+ Lump sum
Agent Code: BBE06002

SATHYA
Chittoor
February 14, 2016

"Nice Policy"

My policy is nice with services and the claim is much more than investment. Policy coverage is 80% of the claim before policy mature. The life insurance term plan by tokio is good then others.
Plan Name: MyLife+ Lump sum
Agent Code: BPW01888

Jayashree
Mangalore
February 14, 2016

"perfect plan"

My policy plan is the best with great benefits. Low investment and in return huge amount is given by the terms of policy. Service you provided is awesome and the policy coverage is 97%. Great work.
Plan Name: MyLife+ Lump sum
Agent Code: BPW00250

Ramesh
Pune
February 14, 2016

Awesome Plan

I have plan with edelweiss insurance. Policy is great with good customer service and the policy coverage is high but yeah premium is also good. Claim is the section which covers all the things. ~rs.32 lakhs.
Plan Name: MyLife+ Lump sum
Agent Code: BBE05845

ANANT
Ratnagiri
February 14, 2016

Very nice.

My insurance plan is the best and i'm happy with it. The service provide is really good and the investment is low. Policy coverage is high and the claim is high ~Rs.30 lakh. All paper work and other stuff is managed by home that's the best part.
Plan Name: MyLife+ Lump sum
Agent Code: BPW01888

Abhishek
Kolkata
February 14, 2016

Good coverage.

I take life insurance term plan from tokio. Plan is great with really fast services. Policy coverage is high approx. 90% of the claim. The claims are easily sanctioned within few hours. Claims are around Rs.35 lakh. Nice policy, happy with it.
Plan Name: MyLife+ Lump sum
Agent Code: BBE05845

AshokKumar
Dehradun
February 14, 2016

Nice insurance.

I have life insurance with edelweiss. The policy is good with low premiums. My policy coverage is 80%. The claim is of Rs.32 lakh. Service is very quick and on time. Happy with the facilities provided. The daily update about policy and new plans are mailed and texted to me.
Plan Name: MyLife+
Agent Code: BBE05752

Pariyanka
Ghaziabad
February 04, 2016

"Superb"

I have life insurance term plan from Edelweiss Tokio Life Insurance. The best policy with the great benefits. The policy covers all the scenario and cases. The service is great and the claims are really very good and easily to get.
Plan Name:MyLife+ Lump sum
Agent Code: BPW01312

Judewin
Coimbatore
February 01, 2016

'Better Services'

I have bought a term insurance from Edeleweiss tokio Life Company. Edeleweiss tokio Life Company offers best term insurance in terms of low premium and high cover. The customer care at Policybazaar has given me clear idea of what am I going to get benefits from this term insurance. I could find a better deal at this place than any other place.
Plan Name:MyLife+ Lump sum
Agent Code:BET01182

Mrityunjay
Gurgaon
January 29, 2016

Good Coverage!!

I have Purchased Edeleweiss tokio term insurance plan at a very low premium from Policybazaar. My policy cover is of 25 lacs and need to pay the premium every year till I get 60 years age. The plan covers critical, accidental & etc.
Plan Name: MyLife+ Lump sum
Agent Code:BET01182