Edelweiss Tokio Life Simply Protect Plan

Edelweiss Tokio Life Simply Protect Plan is a term insurance plan with 4 different life covers that can protect your family from financial bottlenecks in case of your demise. Besides, the corpus received will help your family maintain the same lifestyle in your absence and help your children achieve their dreams without giving them up for fulfilling the family’s financial needs.

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Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
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*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
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Covers COVID-19
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What is Edelweiss Tokio Life Simply Protect Plan? 

Edelweiss Tokio Life Simply Protect Plan is a non-linked, individual, pure risk premium, and non-par life insurance product that offers significant life coverage. The premiums for these plans are also affordable as per industry standards.

Edelweiss Tokio Life Simply Protect Plan is offered with 4 different options that provide specific benefits to the policyholder. 

  1. Life Cover

    You can start your insurance experience on the right track with Edelweiss Tokio Life Simply Protect Plan-Life Cover option. This is a basic plan that will provide a sum assured to the nominee in the form of a lump-sum amount or income benefit depending on the chosen payable option.

  2. Life Cover with Inbuilt Accidental Death Benefit

    Tragedy may happen anytime and anywhere in someone’s life. Hence, this option can be availed, and the nominee will receive an additional sum or payout along with the sum assured in case the policyholder dies due to an accident.

  3. Life Cover with Inbuilt Waiver of Premiums on Accident that leads to Permanent Disability

    If a policyholder meets with an accident and becomes permanently disabled with it. Then the future premium payments will be waived off if you choose this life cover option.

    Best term Insurance Plans in India Best term Insurance Plans in India
  4. Life Cover Plan Inbuilt Waiver of Premium due to Critical Illness

    This option covers the following critical and life-threatening illnesses:

    • Cancer (specified category of severity)
    • Coronary artery bypass grafting (CABG)
    • Major Heart attack (Myocardial Infarction)
    • Heart valve repair 
    • Kidney failure needing regular dialysis 
    • Third-degree burns 
    • Major organ or bone marrow transplant 
    • Permanent paralysis of limbs
    • Brain stroke leading to permanent symptoms
    • Aorta surgery
    • Coma of specific severity 
    • Blindness 

Eligibility Criteria

Particulars

Applicable Details

Plan type 

Non-linked, individual, pure risk premium and non-par life insurance product

Minimum entry age

18 years (last birthday)

Maximum entry age 

65 years (last birthday)

Maximum maturity age 

80 years (last birthday) 

Policy duration (in years)

10 to 40

For life coverage up to age 80 years: 62 years

Premium Paying Term (PPT)

Single pay, regular pay, or Limited pay of 5,10,15,20 years

Premium Payment Frequency

Single/ Yearly 

Minimum premium

Rs 3000+ taxes 

Minimum sum assured

Rs 25 lakhs 

Maximum sum assured

No Limit, subject to underwriting

Edelweiss Tokio Life Simply Protect Plan Specifications  

Various combinations of premium paying terms and policy term provided under Edelweiss Tokio Life Simply Protect Plan is given below: 

  1. For policy duration of “80 less age at entry”

    Premium Paying Term

    Maximum age at entry

    Single payment, Regular payment, 5-year, 10 years, 

    65 years 

    15 years 

    60 years 

    20 years 

    55 years 

  2. For other policy durations

    Premium Paying Term

    Policy term offered

    Single payment 

    10 to 40 years 

    Regular payment 

    10 to 40 years

    5years 

    10 to 40 years

    10 years

    15 to 40 years

    15 years

    20 to 40 years

Key Features of Edelweiss Tokio Life Simply Protect Plan 

The salient features of Edelweiss Tokio Life Simply Protect Plan are:

  • Edelweiss Tokio Life Simply Protect Plan is a low-cost term assurance plan.
  • Policyholders have the flexibility of choosing any of the four variants available in the Edelweiss Tokio Life Simply Protect Plan.
  • Policyholders have the flexibility of choosing premium payment terms based on needs.
  • A grace period of 30 days from the premium payment due date is applicable, and the benefits will remain intact till that time. 
  • A free-look period of 15 days is applicable for the policyholder to review. If you are not happy with the terms, the policy can be returned with a letter stating the reason for the objection. The premium will be refunded by cutting medical expenses and stamp duty charges.
  • A loan can be borrowed against this policy for a maximum of 90% of the surrender value. 
  • If the premiums are discontinued after the first payment, the policy will lapse, and the company is not liable to pay any amount, either surrender value or paid-up value. 
  • The policy will bring in a surrender value if the premium payments are made for two policy years. This value will be higher than the Guaranteed Surrender Value or the Special Surrender Value.
  • You can reinstate this policy within 2 years from the due date of the first unpaid premium. A written application, satisfactory insurability evidence, and premium payment dues + 1% of the simple interest for every month lapsed must be submitted. 
  • You will be able to get discounts on premium payments for a higher sum assured. 
  • The policy will be terminated in the following situations:
    • Cancellation during free-look duration 
    • If the reinstatement period expires after policy lapses
    • After death, benefits are paid to the nominee
    • After the maturity benefits are paid 
    • After the maturity payout period ends 

Benefits of Edelweiss Tokio Life Simply Protect Plan 

The main benefits of availing Edelweiss Tokio Life Simply Protect Plan are: 

  • Life Cover Till 80: It is possible to choose life cover till 80 years so that you can get protection for your family for a longer time.
  • Death Benefits: In the case of the insured’s untimely death within the policy term, the nominee can claim the following death benefits:
    • 125% of the yearly premium (excluding extra and rider premium)
    • 10 times x yearly premium (excluding extra and rider premium)
    • The lump-sum maturity amount will be paid
    • In the case where the death of the insured occurs post-policy duration, then the maturity benefits are offered as per the schedule 
  • Maturity Benefits: If the insured survives the policy term, then: 
    • 200% of the yearly premium (excluding extra and rider premium) will be paid throughout the payout period.
    • The insured or the nominee can also avail of maturity benefits as a lump sum during any payout year.
  • Tax Benefits: An Edelweiss Tokio Life Simply Protect Plan policyholder is eligible to claim tax exemptions for premiums under section 80C and claims under section 10 (10D) of the Income Tax Act.
  • Flexible Premium Paying Terms: There are three ways of paying Edelweiss Tokio Life Simply Protect Plan premium. The first option is to pay the full premium in one single payment. The second option is the conventional method of paying premiums at regular intervals. The final option is to pay the premiums in 5,10,15, or 20-year premium payment terms

How to Apply for Edelweiss Tokio Life Simply Protect Plan? 

Edelweiss Tokio Life Simply Protect Plan policy can be availed by following the below steps: 

  • Pick your favourite Edelweiss Tokio Life Simply Protect Plan among the 4 variants. 
  • Select a suitable sum assured based on your needs, 
    • It can be either a significant amount or a small amount 
    • As per industry experts, the life cover amount should be 20 times your annual income 
  • Customize your payment term and payout options. 
    • Choose your preferred premium payment mode
    • Choose your desired policy duration 
    • Choose your preferred benefit payout options
  • Submission of documents
    • Submit the requested documents and details for availing of the policy. 
    • The company will verify your details and documents and approve your policy within a short time if everything is satisfactory. 

In Conclusion 

Edelweiss Tokio Life Simply Protect Plan policy is a term insurance plan filled with excellent features and benefits that can help secure your family’s financial future in case of your untimely death or after the policy term reaches maturity. There are four different variants of this plan that you can choose based on your requirements. 

Also, there are other add-on features like flexible payment, policy terms, tax benefits, discounts on the higher sum assured, and many more. If you have planned to buy a term insurance plan that provides most of the available benefits in the insurance sector, then the Edelweiss Tokio Life Simply Protect Plan policy might be the right choice.

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Written By: PolicyBazaar

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