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Edelweiss Tokio Term Insurance Plans

Edelweiss Tokio Life Insurance Company

Edelweiss Tokio Life Insurance Company Limited is a joint venture between one of India’s leading financial services provider, Edelweiss Financial Services and Tokio Marine Holdings Inc, a Japanese insurance behemoth! Together, they started operations in 2011 and in a quick time have been able to become an important player in the insurance sector. With presence in 50 cities and having a branch network of 70 branches, they are not only increasing their employee base to have an expert team of advisors, but also the number of products to offer to their customers and cater to every insurance and investment requirement.

Edelweiss Tokio Life Insurance- Term Plans

Term plans offered by the company provide not only the insurance coverage, but also protection against critical illnesses and multiple death plans depending on the product one buys. Each and every plan is designed to offer maximum value at minimum investment keeping in mind the individual needs and requirements for financial security for one’s family and near and dear ones. The variety of term plans at one’s disposal gives the freedom to select a plan according to priorities without compromising on the safety and financial stability.

List of Term Plans Offered By Edelweiss Tokio Life Insurance Company, With Features, Benefits And Eligibility

Edelweiss Tokio Life TotalSecure+

Features:

  • Comprehensive term plan with multiple life covers
  • Offers critical illness cover
  • Multiple death benefits offered
  • Life cover for as long as 80 years of age

Benefits:

  • The life covers offered by the plan are:
    1. Life Cover: If the policyholder dies during the term of the plan, the sum assured shall be paid to the nominee and death pay-out shall be paid as per pre-decided option.
    2. Life Cover with “Basic Health Cover”: In this option, the benefit involves a life cover and an accelerated critical illness cover. The critical illness benefit is not an additional benefit, which means that the policy will continue to be active with death sum assured after the pay-out of the critical illness cover at the time of diagnosis of 7 important critical illnesses.
    3. When the policyholder will be diagnosed with either of the 7 critical illnesses, the critical illness benefit shall be paid as a lumpsum and if that amount is less than the base sum assured, the policy will continue with lesser death sum assured. The premiums shall also reduce proportionately

    4. Life Cover with “Comprehensive Health Cover”: This option works exactly like Life Cover with “Basic Health Cover”, except that it covers as many as critical illnesses to provide a wholesome insurance coverage to the customers
  • Death Benefits: If the policyholder dies during the term of the plan, the following death benefits shall be payable to the nominee:
    1. For Single Pay: The death benefit shall be the higher of
    2. 125% of single premium, or
      Guaranteed sum assured on maturity, or
      Base sum assured

    3. For policies having premium paying term other than Single pay: The death benefit shall be higher of

    10 times the annual premium, or
    105% of all premiums paid till the date of death, or
    Guaranteed sum assured on maturity, or
    Base Sum Assured

  • Flexibility to receive death benefits in the following three modes:
    1. Lumpsum: Under this option, the death benefit shall be paid as a lumpsum amount
    2. Regular Income: Here there is an option to select to receive the death benefit for a period of 36, 60, 120 or 180 months. Further, there is an option to either select equal monthly pay-outs or increasing monthly pay-out. The monthly income shall increase @5% p.a. (compounding)
    3. Lumpsum plus Regular Income: The plan offers the option to divide the death benefit in two parts: Lumpsum amount and regular income. The policyholder can decide in what proportion he wants to divide the lumpsum amount with minimum proportion set at 1% and maximum at 99%. The regular income part shall work as discussed in the above point
  • Women will get better premium rates compared to men
  • Income tax benefits can be availed under section 80C and section 10 (10) D

Eligibility:

Min-Max Entry Age 18-65 years
Max Maturity Age Life Cover: 80 years | Life and Basic Health & Life and Comprehensive Health: 75 years
Policy Term Life Cover: Min: 10 years; Max: 62 years | Life and Basic Health & Life and Comprehensive Health: Min: 10 years; Max: 40 years
Premium Paying Term Life Cover: Single Pay, Regular Pay, Limited Pay of 5, 10, 15, 20, 25 years | Life and Basic Health & Life and Comprehensive Health: Regular Pay
Minimum Sum Assured Base Sum Assured: Rs. 25 lakhs | Critical Illness Sum Assured: Rs. 5 lakhs
Minimum Yearly Premium Rs. 3000
Premium Payment Frequency Single or Yearly

Edelweiss Tokio Life MyLife+

Features:

  • Multiple death benefits available
  • Discounts on premium on higher sum assured
  • Special premium rates for women
  • Life cover till as long as 80 years of age
  • Additional Riders Available

Benefits:

  • Death benefits: At the time of death of the policyholder during the policy term, the nominee shall be paid the death benefit under the following three options:
    1. Lumpsum Benefit: The entire sum assured will be paid at one go.
    2. Income Benefit Option: Under this option, 1% of sum assured shall be paid every month to the nominee for a period of 130 months
    3. Combination of the above two options as decided by the policyholder at the time of initiation of the policy.
  • Here the sum assured is always going to be the higher of 10 times of annual premium or 105% of all premiums paid till the date of death
  • Premium discounts shall be applicable on higher sum assured and for women customers

Eligibility:

Min-Max Entry Age 18-60 years
Max Maturity Age 80 years
Policy Term 10, 15, 20, 25, 30, 35, 40 years and (80 minus entry age)
Min Premium Rs. 2,500
Min-Max Sum Assured Rs. 25 lakhs- no Limit
Premium Payment Frequency Yearly

Riders:

Riders: The plan offers 3 different riders to select from by paying additional premium for a wholesome coverage:

  • Edelweiss Tokio Life- Accidental Death Benefit Rider
  • Edelweiss Tokio Life- Accidental & Total Permanent Disability Rider
  • Edelweiss Tokio Life- Waiver of Premium Rider

Edelweiss Tokio Life Simply Protect

Features:

  • Economical Term Plan
  • Multiple Death Benefits are available
  • Discounts available on choosing higher sum assured and for female customers
  • Income Tax Benefits applicable

Benefits:

  • The policyholder enjoys 4 different options under the life cover:
  • Life Cover: If the policyholder dies during the term of the plan, the nominee shall be paid the sum assured on a lumpsum basis at one go
    1. Life Cover with inbuilt Accidental Death Benefit: Here the sum assured will be paid as a lumpsum amount or on a regular income basis, as pre-decided by the policyholder. If the policyholder dies due to an accident, an additional sum assured equal to accidental death benefit sum assured shall be payable as a lumpsum amount
    2. Life Cover with inbuilt Waiver of Future Premiums payable on Accidental Total and Permanent Disability: If the policyholder suffers from an accidental total permanent disability, all the future premium till the end of policy term or death of policyholder, whichever is earlier, shall be waived and paid by the company itself. If the policyholder dies during the policy term, sum assured shall be paid to the nominee as a lumpsum amount
    3. Life Cover with inbuilt Waiver of Future Premiums payable on Critical Illness: At the time of diagnosis of any of the 12 pre-decided critical illnesses, the future premiums shall be waived of and paid by the company. If the policyholder dies during the policy term, sum assured shall be paid as a lumpsum amount or in the form of a regular income, as chosen
  • The death benefits for the policy are defined as:
    1. For Single pay: The death benefit is the higher of 125% of single premium or the base sum assured
    2. For other than single pay policy, the death benefit is higher of 10 times the annual premium or 105% of all premiums paid till the date of death or the base sum assured
  • Income Tax benefits are available under section 80C and section 10 (10) D

Eligibility:

Min-Max Entry Age 18-65 years
Max Maturity Age 80 years
Policy Term 10-40 years | For coverage up to 80 yeas: 62 years
Min-Max Sum Assured Rs. 25 lakhs- no Limit
Premium Payment Term Single Pay/ Limited Pay of 5, 10, 15 or 20 years/ Regular Pay
Premium Payment Frequency Yearly or Single

Edelweiss Tokio Life Protection

Features:

  • Economical term plan
  • Discount on premium for choosing higher sum assured
  • Premium discount for leading healthy life

Benefits:

  • Death Benefit: If the policyholder passes away before the end of policy term, the sum assured shall be paid to the nominee
  • A maximum policy of up to 30 years if offered.
  • Based on one’s age, the cover may be extended up to 70 years
  • Non-smokers attract lower premium rates
  • Income Tax benefits apply under section 80C and section 10 (10) D

Eligibility:

Min-Max Entry Age 18-60 years
Min-Max Maturity Age 28-70 years
Min-Max Policy Term 10-30 years
Min-Max Sum Assured Rs. 15 lakhs- no Limit
Premium Payment Term Single Pay/ Limited Pay of 5, 10 (for policy term of 20 years and above), 15 (for policy term 25 years and above only)/ Regular Pay
Premium Payment Frequency Yearly

Riders:

The plan offers 4 different riders to select from by paying additional premium for a wholesome coverage:

  • Edelweiss Tokio Life- Accidental Death Benefit Rider
  • Edelweiss Tokio Life- Accidental & Total Permanent Disability Rider
  • Edelweiss Tokio Life- Waiver of Premium Rider
  • Edelweiss Tokio Life- Critical Illness Rider

Edelweiss Tokio Life Income Replacement

Features:

  • Regular and increasing monthly income options available
  • Premium discounts on higher sum assured
  • Attractive premium for leading healthy lifestyle
  • Income tax benefits applicable

Benefits:

  • If the policyholder dies during the policy term, the nominee shall be paid the monthly benefit. This benefit shall increase at 5% every policy year till the end of the policy term or 5 years, whichever is later
  • Non-smokers can get lower premiums
  • Selecting higher sum assured results in lower premiums
  • Income tax benefits are available under section 80C and section 10 (10) D

Eligibility:

Min-Max Entry Age 18-60 years
Min-Max Maturity Age 28-70 years
Min-Max Policy Term 10-30 years
Min-Max Sum Assured Rs. 15 lakhs- no Limit
Premium Payment Term Single Pay/ Limited Pay of 5, 10 (for policy term of 20 years and above), 15 (for policy term 25 years and above only)/ Regular Pay
Premium Payment Frequency Yearly
Min Monthly Benefit Rs. 15,000 (Sum assured is calculated as: Monthly benefit amount * 12 * policy term)
Max. Monthly Benefit No Limit

Riders:

The plan offers 4 different riders to select from by paying additional premium for a wholesome coverage:

  • Edelweiss Tokio Life- Accidental Death Benefit Rider
  • Edelweiss Tokio Life- Accidental & Total Permanent Disability Rider
  • Edelweiss Tokio Life- Waiver of Premium Rider
  • Edelweiss Tokio Life- Critical Illness Rider