Edelweiss Tokio Life Protection Plan

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Introduction/Overview

Edelweiss Tokio Life Protection is a pure Term Insurance Plan which provides a lump sum to the family in the event of death of the policyholder taking care of the income replacement needs. the plan offers high coverages at low rates.

Key Feature

  • It is a pure term insurance plan
  • There are multiple premium paying options in this plan:
    • Regular Pay, i.e. for the entire policy tenure
    • Limited Pay, i.e. for a limited period of time while the policy continues till the end of the policy tenure
    • Single Pay, i.e. the premium needs to be paid upfront
    • This is a pure risk coverage plan for high sum assured of Rs 15 lacs and more

Benefits

  • The nominee gets the Sum Assured (SA) on death of the policyholder
  • There is no maturity or surrender benefits in this plan
  • 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

Sum Assured

15,00,000

No limit

 

Details About Premium

Annual premium in Rupees for a non-smoker for a 25 year term with a Sum Assured of 25 lakhs

Age/PPT (yrs.)

Single Pay

5 Pay

10 Pay

15 Pay

Regular Pay

30

52,500

12,000

7000

5250

4000

35

70,250

16,000

9000

6750

5250

40

98,750

22,500

12,750

9250

7250

 

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)

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

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 high Sum Assured coverages of Rs.20 lakhs and above.
  • Premium discounts for non-tobacco users.

Exclusions

  • In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee.
  • If suicide is committed within 12 months of revival, higher of 80% of the premiums paid or acquired Surrender Value is payable

Documents Required

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