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Edelweiss Tokio Life My Life+ Plan

Edelweiss Tokio Life My Life+ is an online term insurance plan which provides a substantial amount of coverage at very affordable premium rates. The death benefit option under the plan is flexible and can be taken in lump sum, as monthly instalments or in a combination of both. Thus, the plan not only provides affordable coverage, it can be customized as per the policyholder’s needs.

Key features of the plan

  • Coverage is available till 80 years of age. Thus the plan allows coverage for a longer tenure.
  • The policyholder can choose to receive the plan benefits in lump sum, in instalments or in a combination of both. The plan allows the policyholder to choose the desired death benefit at the start of the plan.
  • Additional riders can be taken for an enhanced protection. There are three different riders covering accidental death, accidental disability and waiver of premium. The policyholder can choose any one or more riders as desired.
  • Premium discounts are given for higher Sum Assured levels making the plan easy on the pockets. Furthermore, premiums are also lower for females.

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured.

Step 2 – then the policyholder chooses whether he wants the death benefit in one lump sum, as monthly incomes or partly in lump sum and partly in monthly incomes. To choose this the policyholder has to divide the Sum Assured in respective proportions when buying the plan.

Step 3 – the next step is to choose the policy term.

Step 4 – the policyholder can also choose to add one or more of the three additional available riders

Step 5 – in case of death within the term of the plan, the death benefit is paid. The benefit would depend on the option chosen by the policyholder when the plan was bought. If lump sum option is selected, the Sum Assured would be paid entirely in lump sum. If monthly income option is selected, 1% of the Sum Assured is paid every month for 130 months after death of the insured. If a combination is chosen, the chosen percentage is paid in lump sum and the remaining Sum Assured is paid in monthly instalments for 130 months.

Step 6 – If the plan matures, no benefit is payable to the policyholder as this is a pure term plan.


Mr. A buys My Life+ Plan for a coverage amount of Rs.50 lakhs. He is aged 35 years and he chooses the tenure of 35 years for coverage. The premiums he pays work out to be Rs.6837.

Option 1 – A chooses to receive the entire Sum Assured as lump sum in case of death. The plan would pay Rs.50 lakhs if A dies during the term of the plan.

Option 2 – A selects the monthly income benefit in case of death. If he dies within the term of the plan, Rs.50, 000 would be paid to his nominee every month for 130 months. Thus, the total death benefit payable would be Rs.65 lakhs.

Option 3 – A chooses to receive 40% of the Sum Assured in lump sum and the remaining in monthly incomes. On death within the plan term, his nominee gets Rs.20 lakhs as lump sum benefit. The remaining Rs.30 lakhs is then paid in monthly instalments for 130 months.

Option 4 – if the plan matures and A is alive on maturity, no benefit is payable

Plan benefits

  • Death benefit – the death benefit is paid in case of death of the life insured during the plan tenure. The benefit paid would depend on the benefit option selected by the policyholder when buying the plan. It can be availed completely in lump sum, completely in monthly incomes or partly in lump sum and partly in monthly incomes. The Sum Assured would always be higher than 10 times the annual premium or 105% of all premiums paid till death Or the Sum Assured for the chosen option.
  • Maturity Benefit – there is no maturity benefit payable under the plan


  Minimum Maximum
Age at entry (in completed years) 18 years 60 years
Age at maturity (in completed years) NA 80 years
Term of the plan 10,15,20,25,30,35,40 years and (80 years – age at entry)
Premium paying options Regular pay
Premium Paying term Equal to the plan tenure
Sum Assured Rs.25 lakhs No limit

What is not covered by the plan?

If the life insured dies due to suicide within one year of plan commencement or within one year of revival of a lapsed policy, 80% of the premiums paid are refunded. The policy would be null and void and no other death benefit would be payable.

Premium Illustration

Below are the sample rates of premium (inclusive of taxes) payable by a male aged 35 years opting for a Sum Assured of Rs.1 crore. Different terms are taken and premiums are illustrated for different plan options and smoking habits of individuals.