Edelweiss Tokio Life MyLife+ Plan

Key Features

• It is a pure term insurance plan with regular pay premium paying option.
• Death Benefit can be availed in either lump sum or in monthly instalments or in a combination of both.

Benefits

• The nominee gets the Sum Assured (SA) on death of the policyholder which is higher than 10 times the annual premium or 105% of all premiums paid till death under the Lump sum Benefit option.
• Under the Income Benefit option, 1% of the SA is paid every month form the month following the death of the policyholder for a total of 130 months.
• For the combination of both benefits, the applicable SA for each benefit is added to the SA of the other and a single policy is issued.
• 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:

Details About Premium

Annual premium in Rupees for a non-smoker for a 25 year term 

Policy Details

• Grace Period: 30 days grace period is allowed for payment of premium.
• Policy Termination or Surrender Benefit: there is no surrender value under the plan.
• 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:

• Edelweiss Tokio Life – Accidental Total & Permanent Disability Rider
• Edelweiss Tokio Life – Accidental Death Benefit Rider
• Edelweiss Tokio Life – Waiver of Premium Rider
  • Saving on premium are given for high sum assured of Rs.25 lakhs and above.
  • Saving on premium for female lives.

Exclusions

In case of suicide committed within 12 months of policy inception or revival only 80% of premiums paid are returned to the nominee.

Documents Required

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