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Edelweiss Term Plan Brochure

Edelweiss Term Plan Brochure elaborately lays out the benefits and advantages that the policyholder can avail of purchasing the plan. A term plan offers cover against Critical Illnesses in addition to providing cover upon the death of the insured, thus providing complete security to the family.

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Eligibility Criteria of Edelweiss Term Plan

The Edelweiss Term Plan Brochure provides detailed information regarding the eligibility norms of the various insurances provided by the corporation. This makes the entire process excessively convenient for individuals that are looking forward to purchasing the plans. The details regarding the eligibility norms have been explained in the following manner: 

Parameter

Conditions

Minimum Entry Age (last birthday)

18 years 

Maximum Entry Age (last birthday) 

65 years for life insured

Minimum Maturity Age 

28 years

Maximum Maturity Age 

85 years

Premium Paying Term (PPT)

5,7,10,15,20

Minimum Base Sum Assured

Rs. 25,00,000

Maximum Base Sum Assured

No Limit. 

Rs.10,00,000 under Better Half Benefit 

Premium Paying Frequency 

Monthly, Quarterly, Semi-Annual, Yearly 

Salient Features of Edelweiss Term Insurance Plan

The Edelweiss Term Plan Brochure describes in depth the features of the term plan insurances in order for the clients to understand the policy better before purchasing it. Its features are mentioned as follows:

  • Natural death is covered
  • Provides adequate cover for the insured’s family 
  • Additional life coverage for the policyholder's spouse is available. The plan thus provides dual benefits of life coverage for both the policyholder and the spouse
  • Premium savings in case of high Sum Assured options
  • The plan also provides a premium waiver if the insured is diagnosed with any of the 35 Critical Illnesses. This option can be chosen at the time of the plan purchase by paying an additional premium to enhance protection beyond the Life Cover.
  • Individuals also get the option to select non-medical underwriting. This is applicable up to the Sum Assured of Rs.99 99,000.
  • Customers can personalize the plan by choosing a convenient Death Benefit payment mode and Premium Paying Term.
  • Grace Period: The Company allows 30 days for the customers to pay the premium.
  • Policy Termination & Surrender Benefit: The policy provides for an early exit benefit which the customers can avail of all the premiums that have been paid till date thereafter, which the term of the policy comes to an end/gets terminated.
  • No loan facilities are available under the plan.

Core Benefitsof Edelweiss Term Insurance Policy

The Edelweiss Term Plan Brochure provides a detailed explanation in context to the benefits the term plan insurances extend to the policyholders. A few of them are listed as follows:

  1. Death Benefit

    In case of unfortunate death of the policyholder before the end of the tenure of the plan, the nominee/dependant receives the sum assured either as a lump sum amount or in the form of a monthly income. The amount that will be paid in the form of the death benefit to the nominee is 105% of all the premiums paid till the date thereafter which the plan gets terminated.

  2. Better Half Benefit

    The policyholder can also opt for plans that cover their spouses as well by paying a slightly higher rate of premium. However, it can only be opted by married individuals on the ground that the age gap between the two is less than or equal to 10 years. This additional benefit can only be availed by policyholders whose assured base sum is Rs.50, 00,000 or above.

  3. Rider Benefits

    Individuals may also opt for riders for additional coverage and benefits in order to ensure maximum financial stability and security of their families so that their dreams do not get compromised even in the absence of the sole breadwinner of the household. The riders that can be opted for by the policyholders are as follows:

    1. Accidental Death Benefit Rider

      It is paid to the nominee in case of the demise of the policyholder due to an accident.

    2. Accidental Total and Permanent Disability Rider

      This rider acts as a source of income for the family if the policyholder gets disabled (total and permanent).

    3. Hospital Cash Benefit Rider

      This rider covers the medical treatments of the life insured if he/she is hospitalized.

    4. Critical Illness Rider

      This rider covers the medical bills of the policyholder if he is diagnosed with a critical illness such as cancer, kidney failure, coronary artery diseases, etc.

    5. Waiver of Premium Rider

      This rider waives the premiums paid by the policyholders at regular intervals if he/she gets diagnosed with a critical illness or becomes physically disabled.

  4. Tax Benefits

    The policyholders receive tax benefits under Section 80C, and Section 10(10D) of the Income Tax Act, 1961 for the premiums paid and the claims received, respectively.

  5. Regular Family Income

    On several occasions, the death of the sole earner of the family may give rise to several complications and problems, including major financial problems which might shatter the dreams of the family due to irregular cash flow. The option for Regular Monthly Income Benefit provided by the Corporation presents the nominee with 1% of the sum assured as monthly income for a duration of 130 months. This ensures that the policyholder’s family continues to receive a steady income, even in the absence of the earner of the family.

How to Purchase Edelweiss Term Plan?

The Edelweiss Term Plan Brochure provides an elaborate explanation as to how an individual can purchase plans that suit their needs. Customers can make their purchases in the online mode through the Edelweiss Term Plan Insurance's official website by simply logging in to the company's official website choosing the plan that suits their needs and requirements, selecting the kind of coverage they need, and by finally providing details such as name, gender, date of birth and so on. Thereafter, the customer can conveniently pay the premiums through debit, credit cards, or net banking facilities. 

Documents Required to buy Edelweiss Term Policy

Edelweiss Term Plan Brochure specifies the documents that are required to be shown to the corporation while purchasing a policy. Those documents are mentioned as follows: 

  • Proposal Form 
  • Photograph
  • ID Proof
  • Age Proof
  • Address Proof 
  • Bank account details 

In case of death of the life insured, the nominee will have to present the following documents in order to avail of the death benefits:

  • Post mortem Report
  • Copy of Panchanama 
  • Hospital Records 
  • A copy of the police FIR if the incident has been reported to the police
  • Driver's License provided that the life insured was driving the vehicle during the accident (if accidental death benefit rider has opted)
  • Copy of Death Certificate
  • Employer Certificate if the policyholder was a salaried individual.

Other Features of the Plan

The following features have also been briefly explained in the Edelweiss Term Plan Brochure:

  1. Prohibition of Rebate

    According to Section 41 of the Insurance Act, 1938, no individual shall authorize, directly or indirectly, as an incentive to any other person to recommence, bring out, or continue an Insurance concerning any sort of life risk in India, a rebate of the entire or a certain portion of the payable commission or any premium savings as per the policy. Similarly, any individual removing, recommencing, or continuing a policy is not allowed to accept any kind of rebate. This does not include those savings or rebates that may be allowed according to the officially published prospectus of the insurer itself. 

  2. Non-Disclosure Clause(Section 45 of the Insurance Act, 1938)

    If false information has been provided by the policyholder at the time of purchasing the plan, the company has the right to immediately cancel or terminate the plan, and the premiums paid to date are refunded back to the policyholder.

    If the life insured survives throughout the tenure of the plan, no amount will be payable to him.

Key Exceptions of Edelweiss Term Plan

According to the Edelweiss Term Plan Brochure, there are a few exceptions that are followed by the corporation while providing cover to its clients. These exceptions specified are as follows:

  • Self-Inflicted Injuries: The Edelweiss Term Plan Brochure clearly specifies that the policy does not provide benefits if the life insured has lost his life due to intentional self-harm, suicide, excessive drinking, or consumption of intoxicants like drugs, narcotics, etc.
  • Participating in Hazardous Activities: The nominee of the policyholder is not eligible to receive benefits if he has lost his life as a result of participating in adventurous sports like rafting, mountaineering, paragliding, sky diving, rock climbing, hunting, underwater diving, and so on.
  • The policy provides no benefits if the policyholder has died as a result of injuries sustained by participating in riots, rebellions, civil hostilities, military services, armed forces, or any sort of police organization.
  • Additionally, no benefits will be provided if the death has been caused as a result of a contravention of the law. 
  • Pre Existing Diseases: Pre-existing diseases are diseases that the policyholder might already be suffering from at the time of purchasing the policy. These diseases will be covered by the plan in the case of a critical illness rider plan after 48 months from the commencement of the policy. In simpler words, a claim for incidence of complications arising out of pre-existing diseases will not be permitted in the first two years of the policy.
  • Radioactive contamination or fuel leaks while handling or maintaining nuclear materials.

About the Insurance Company!

Edelweiss Life Insurance Company Limited is a joint venture of Edelweiss Financial Services Limited, one of India's leading financial services companies, and Tokio Marine Holdings Inc, which is one of the oldest (138 years) insurance companies in Japan. The collective efforts of both the companies have been able to bring about a deep understanding of customer needs, satisfied customers for the past several years, as well as international expertise. 

Edelweiss Life Insurance Company was launched in India operations in July 2011 and since then has assisted financial help to thousands of its customers throughout the country while also providing the benefits that would help them live their desired lifestyle and fulfil their financial aspirations.

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