Edelweiss Tokio Life Saral Jeevan Bima

Edelweiss Tokio Life Saral Jeevan Bima is a non-participating, non-linked individual pure risk coverage life insurance policy, which is specifically designed to provide comprehensive coverage to the family. Edelweiss Tokio Saral Jeevan Bima plan not only secures the financial future of the family but also provides flexibility. The policyholders can customize the plan by choosing a convenient premium paying tenure, desired coverage, and mode of payment.

Why you Should have a Term Insurance Plan?

With an increase in income, the lifestyle of an individual and his/her family also enhance, it is important that you secure your family financially against any eventuality. A term insurance plan ensures the right financial protection to the family in case of an unfortunate demise of the breadwinner of the family and also provides the necessary income to the family so that they can maintain a good lifestyle.

Let’s read further to know about Edelweiss Tokio Saral Jeevan Bima Plan in detail.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Key Reasons to Choose Edelweiss Tokio Saral Jeevan Bima

  • The plan offers the option to the buyers to choose their desired policy tenure ranging from a minimum of 5 years to a maximum of 40 years.
  • The plan offers coverage up to the age of 70 years.
  • The plan offers the flexibility to choose different premium paying mode.
  • The policyholder can choose to pay the premium either through single pay, regular pay, or limited pay of 5-10 years.
  • The Edelweiss Tokio Saral Jeevan Bima plan can be purchased online through a simple and hassle-free process.

Edelweiss Tokio Saral Jeevan Bima Elegibility Criteria

Here are the eligibility criteria of the policy.

Eligibility Criteria  Minimum  Maximum
Entry Age 18 years 65 years
Policy Term  5 years 40 years
Maturity Age -- 70 years 65 years (age last birthday) for policies source through POS channels
Sum Assured  Rs.5,00,000 (sum assured would be allowed only in multiple of Rs.50,000) Rs.25,00,000 (Subject to board approval underwriting policy)
Premium Payment Options  Regular Pay Limited Pay- 5 years &10 years  Single Pay
Premium Amount Annual- Rs.1,206 Half-Yearly- Rs.617 Monthly- Rs.106 No limit, subject to board approval underwriting policy
Premium Paying Frequency For Regular & limited pay: Annual, half-yearly & monthly ( only under ECH/NACH) For Single Pay: Lumpsum

Edelweiss Tokio Saral Jeevan Bima Benefits

  • Death Benefit

    In the event of an unfortunate demise of the insured person during the policy tenure, the sum assured amount on death is paid to the beneficiary of the policy.

    Events Benefits Payable
    In case of demise of the life assured during the waiting period and provided the plan is in force, the death benefit payable to the nominee as a lump-sum is: In case of accidental death, for limited or regular premium payment, the death benefit is paid as a total sum assured amount which is highest of either of the three:

    10 times the annualized premium, or 105% of the total premium paid as on date of death, or The absolute sum assured amount to be paid on death.

    In case of accidental demise, for a single premium payment policy, the death benefit is paid as a total sum assured amount which is highest of either of:

    125% of the single premium paid, or

    The absolute sum assured amount to be paid on death.

    In event of the death of the life assured other than an accident, the death benefit equal to 100% of all the premium paid excluding taxes, if any is paid to the beneficiary of the policy.
     
    In Case of the demise of the life assured after completion of the waiting period but before the stipulated date of maturity and provided the policy in force, the death benefit payable to the nominee as a lump-sum is: For Regular and Limited premium payment policy, the total sum assured amount payable as death benefit will be the highest of either:

    10 times the annualized premium, or 105% of the total premium paid as on date of death, or The absolute sum assured amount to be paid on death.

    For a single premium payment policy, the sum assured on death will be the highest of:

    125% of the single premium paid, or The absolute sum assured amount to be paid on death.
         

    *Annualized premium is the total premium amount payable in a year excluding the taxes, rider premium, loading for modal premiums, and underwriting extra premiums if any.

    The death benefit will also be payable to the beneficiary of the policy in case of demise of the life assured due to any pandemic like COVID-19.

  • Maturity Benefit

    As edelweiss Tokio Saral Jeevan Bima is a pure term plan, there is no maturity benefit offered by the policy.

Other Features of Edelweiss Tokio Saral Jeevan Bima Plan

  • Tax Benefit

    As per the applicable tax law, the policyholder will be applicable for tax exemption for the premium paid towards the policy U/C 80C of the Income Tax Act. The tax benefits are subject to changes in the tax law. Thus, it is advised to consult the tax advisor to get detailed information on tax implications/benefits.

  • Waiting Period

    The waiting period of the policy will be 45 days from the date of commencement of risk. The waiting period will not be applicable in case of policy revival. The policy will provide death coverage due to accidents only during the 45 days waiting period from the date of commencement of risk. If the life assured dies due to an accident during the waiting period then an amount equal to 100% of the premium paid excluding the taxes will be paid to the nominee and no sum assured amount will be paid.

  • Surrender Value

    No surrender value is applicable under this policy. 

  • Free Look Period

    A free-look period of 15 days ( 30 days in case of online policies) is offered from the date of policy inception, to review the terms and conditions of the policy. If the insurance holder disagrees with any of those terms and conditions, then he/she can return the policy to the insurer for cancellation, stating the reason for cancellation. On cancellation, the policyholder is entitled to receive the refund of the premium paid subject to a deduction of expenses incurred by the insurance company like stamp duty charges and medical test of the proposer. Moreover, a proportionate risk premium for the period of cover is also deducted.

  • Grace Period

    30 days of grace period for the mode of yearly or half-yearly premium payment and 15 days in case of monthly premium payment is offered by the insurance company to the policyholder during which he/she can pay the due premiums. If the premium is not paid within the grace period, the policy lapses.

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Exclusions

  • Suicide Exclusion

    Under Regular/Limited Pay: The policy will be nullified in case, the life assured commits suicide within 12 months from the date of commencement of risk, provided the policy is in force or within 12 months from the date of policy revival. No claim will be entertained by the insurer except 80% of the premium amount (excluding any extra amount if charged under the policy due to underwriting decisions, taxes, and rider premiums, if any) till the date of death or policy cancellation value as on date of death, whichever is higher is paid to the beneficiary of the policy, provided the policy is in force.

    This clause is not applicable in the case of a lapsed policy.

    Under Single Premium Policy: The policy will be nullified in case, the life assured commits suicide within 12 months from the date of commencement of risk, No claim will be entertained by the insurer except 90% of the single premium paid (excluding any extra amount if charged under the policy due to underwriting decisions, taxes, and rider premiums, if any) till the date of death or policy cancellation value as on date of death, whichever is higher is paid to the beneficiary of the policy, provided the policy is in force.

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