Edelweiss Tokio Life Income Replacement Plan

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Introduction/Overview

Edelweiss Tokio Life Income Replacement is a term insurance plan which aims to replace the income inflows post the policyholder’s death by providing the death benefit in monthly instalments.

Key Features

  • It is a pure term insurance plan with Regular, Limited and Single Pay premium paying options.
  • The death benefit is paid in increasing monthly instalments for the entire term or 5 years whichever is later.

Benefits

  • On death of the policyholder, the chosen Monthly Benefit is paid every month which increases by 5% with every payout and is paid for the remaining term with a minimum guaranteed term of 5 years.
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

60 years

Maturity Age (Last Birthday)

28 years

70 years

Policy Term (PT) in years

10

30

Premium Paying Term (PPT) in years

Single Pay, 5 Pay, 10 Pay, 15 Pay, Regular Pay

Premium Paying Frequency

Annual

Yearly Premium

Depends on age, Sum Assured, term and PPT

Minimum Monthly Benefit

15,000

No limit

Sum Assured

Monthly Benefit amount * 12 * term

 

Details About Premium

Annual premium in Rupees for a non-smoker for a 25 year term with a Monthly Benefit of Rs.25, 000

Age/PPT (yrs.)

Single Pay

5 Pay

10 Pay

15 Pay

Regular Pay

30

79,885

18,510

10,743

8180

6618

35

105,585

24,275

13,963

10,560

8310

40

147,945

33,913

19,463

14,688

11,595

 

Policy Details

Grace period: 30 days grace period is allowed for payment of premium.

Policy termination or Surrender Benefit: the plan acquires a Surrender Value only in case of Single and Limited pay options where the policy can be surrendered form the 2nd year or after the Premium Paying Term respectively.

Surrender Value for Single Pay plans – Single premium * 70% * (number of remaining months of cover/total policy term in months) ^2

Surrender Value for Limited Pay plans – total premiums paid * 70%* (number of remaining months of cover/total policy term in months) ^2

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.

Additional Features or Riders

  • The plan offers the following Riders for additional protection:
  1. Edelweiss Tokio Life – Accidental Total & Permanent Disability Rider
  2. Edelweiss Tokio Life – Accidental Death Benefit Rider
  3. Edelweiss Tokio Life – Waiver of Premium Rider
  4. Edelweiss Tokio Life – Critical Illness Rider
  • Premium discounts are given for availing large Monthly Benefit ranges from 20,000 and above.
  • Premium discounts for non-tobacco users.

Exclusions

In case of suicide committed within 12 months of policy inception or revival the policy becomes void and no benefit is payable.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.