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Edelweiss Tokio Life Raksha Kavach Plan

Edelweiss Tokio Life Raksha Kavach is a traditional term insurance plan micro insurance plan designed for rural population which provides life insurance coverage at minimal rates to take care of the protection needs of the lower income groups.

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Key Feature

It is a pure term plan
There is Single and Regular Pay premium paying options in this plan
This plan caters to very low income group rural people for a maximum sum assured of Rs 50,000

Benefits

On death, the Sum Assured is paid to the nominee as Death Benefit and the policy terminates
There is no Maturity Benefit 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	50 years
Maturity Age (Last Birthday)	23 years	55 years
Policy Term (PT) in years	5
Premium Paying Term (PPT) in years	Single Pay or Regular Pay
Premium Paying Frequency	Annual
Yearly Premium	Depends on the age, Sum Assured, and term
Sum Assured	5000	50,000

Details about Premium

Premium in Rupees for a Sum Assured of Rs.10, 000

Age at Entry (in years)	Regular Pay	Single Pay
30	57	223
35	64	249
40	80	311
45	107	401
50	156	605

Policy Details

Grace period: grace period of 30 days is allowed for premium payment.
Policy termination or Surrender Benefit: Surrender Value is only applicable under Single Pay plans where the Surrender ranges from 60%-100% depending on the year of surrender.
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.

Exclusions

In case of suicide committed within one year of policy issuance, 80% of the premium paid is refundable.
If suicide is committed within 12 months of revival, higher of 80% of the premiums paid or the acquired Surrender Value is payable.