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Edelweiss Tokio Life’s Total Secure+ is a term insurance plan which also provides coverage for Critical Illnesses too. Moreover, the plan comes with three death benefit options and covers individuals for up to 80 years.
Step 1 – the policyholder chooses the type of cover required. There are three coverage options which are:
Step 2 – then the policyholder chooses the death benefit option from the following:
|% of death benefit payable|
|36 months||60 months||120 months||180 months|
Step 3 – the policyholder then chooses the Sum Assured, policy term and the premium paying term.
Step 4 - if required, the policyholder can add the additional Accidental Death Benefit Rider to the plan.
Step 5- in case of death within the term of the plan, the death benefit is paid. The benefit would depend on the coverage option and the death benefit option chosen by the policyholder when the plan was bought.
Step 5 – If the plan matures, no benefit is paid.
Raghav, a non-smoking males aged 40 years buys the Total Secure+ Plan for a term of 30 years. The Basic Sum Assured is Rs.1 crores.
Option 1 – Raghav chooses the basic or comprehensive critical illness cover for a Sum Assured of Rs.10 lakhs. In case he is diagnosed with any covered illness, Rs.10 lakhs would be paid under the plan. In case of subsequent death, Rs.90 lakhs would be paid to the nominee in lump sum, fixed or increasing incomes or in a combination of both.
Option 2 – If Raghav chooses only the Basic Cover, Rs.1 crore would be paid in lump sum, fixed or increasing incomes or in a combination of both on his death.
Option 3 - in case the plan matures, Raghav wouldn’t receive anything.
For Single Premium plans
For limited and regular pay plans
|Age at entry (in completed years)||18 years||65 years|
|Age at maturity (in completed years)||NA||For death benefit option - 80 years
For death benefit option 2 & 3 – 75 years
|Term of the plan||10 years||For death benefit option - 62 years
For death benefit option 2 & 3 – 40 years
|Premium paying options||Regular pay, limited pay or single pay|
|Premium Paying term||Regular Pay - Equal to the plan tenure
Limited pay – 5,10,15,20,25 years
Single Pay -once
|Sum Assured||Base Sum Assured - Rs.25 lakhs
Critical Illness Sum Assured – Rs.5 lakhs
|Base Sum Assured – no limit
Critical Illness Sum Assured – Rs.1 crore
If the life insured dies due to suicide within one year of plan commencement, 80% of the premiums paid are refunded.
If the life insured dies due to suicide within one year of reviving a lapsed policy, higher of 80% of the premiums paid or the acquired Surrender Value is paid.
For Critical Illness Benefit, illnesses due to pre-existing illnesses within the first 4 years of the policy and illnesses due to HIV/AIDS, suicide, defense operations, alcohol or substance abuse, congenital conditions, etc. are not covered.
Below are the sample rates of premium (inclusive of all taxes) payable by a non-smoking male at different ages and for different coverage options. The Basic Sum Assured is assumed to be Rs.1 crore and the Critical Illness Sum Assured is assumed to be Rs.10 lakhs. The term is 30 years and regular premiums are paid annually under the plan.