The Life Income Replacement plan from Edelweiss Tokio Term is a non-participating, non-linked life insurance policy which rewards a healthy lifestyle with discounts and benefits. The plan pays out a monthly benefit in the unfortunate event of your demise. There is also a range of riders available to cover the occurrence of specific events, etc.
Key features Edelweiss Tokio Life Income Replacement Plan
- Cost effective insurance policy.
- Higher Sum Assured options can have lower costs.
- Insurance coverage to ensure financial stability to dependents through the pay out of a regular monthly benefit.
- 5% increase every year in the monthly benefit ensures that inflation is taken into account and real money value is retained.
- Benefits payable for a minimum of 5 years, regardless of whether the remaining policy term is less than 5 years.
- Discounts and benefits for adopting a healthy lifestyle, with discounts available for non-smokers / people who don’t consume tobacco.
- Tax benefits as per prevailing tax laws.
- Flexibility to choose premium paying term.
- Option to add policy riders for additional coverage, riders available are:
- Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider (147B001V02).
- Edelweiss Tokio Life - Accidental Death Benefit Rider (147B002V02).
- Edelweiss Tokio Life - Waiver of Premium Rider (147B003V02).
- Edelweiss Tokio Life - Critical Illness Rider (147B005V02) is only available for the regular pay option.
- Policy term from 10 to 30 years.
- Premium paying term can be 5 years, 10 years, 15 years, or regular premium.
- Single premium is also an option.
Benefits of Edelweiss Tokio Life Income Replacement Plan
Death Benefit:In the unfortunate event of your death, your dependents will be paid the chosen.
Monthly Benefit: Every month, and will increase in value by 5% each year (to account for inflation), for 5 years or till the end of the policy term (whichever comes later).
Eligibility Criteria of Edelweiss Tokio Life Income Replacement Plan
- Entry Age:
Minimum: 18 years.
Maximum: 60 years.
- Maturity Age:
Minimum: 28 years.
Maximum: 70 years.
Mr. Babu has a wife and a son, and is the sole earner in his family. He decides to take on an insurance policy that will help his family avoid financial crisis in the event of his death.
He opts for this term plan, and chooses the Rs.20,000 monthly benefit option. In the unfortunate event of his death, the plan will pay his family Rs.20,000 every month for 5 years (minimum), or for the remainder of the policy term, and will increase the amount paid by 5% every year to account for inflation. His family will still have a regular source of income even if he is not the one directly providing it.
If Mr. Babu survives till the end of the policy term, he will not be paid any maturity or survival benefit.
- Are there any riders available with this plan?
Yes, additional cover can be sought through the addition of these riders to the policy in force - Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider (147B001V02), Edelweiss Tokio Life - Accidental Death Benefit Rider (147B002V02), Edelweiss Tokio Life - Waiver of Premium Rider (147B003V02), and Edelweiss Tokio Life - Critical Illness Rider (147B005V02) which is only available for the regular pay option.
- If the policyholder survives till the end of the policy, what are the benefits payable?
There are no maturity or survival benefits payable for surviving till the maturity date, so no extra benefits will be paid.
- On what basis is the premium payable calculated?
The premiums are calculated after taking into consideration factors such as age, gender, chosen monthly benefit, premium paying term, policy term, and, for monthly benefit amounts of Rs.25,000 and above - the status of tobacco consumption as well.
- Are there any discounts available on premiums under this policy?
Yes, there are discounts for non-consumption of tobacco (for monthly benefit amount of Rs.25,000 and above), and for choosing a higher monthly benefit option.
- What is the free look period under this plan?
There is a free look period of 15 days (30 days in case of telemarketing and web channels) from when the policy documents have been received - in which customers can return the policy in case there is something in the policy that they do not agree with.
*Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, exclusions, calculations, ratings, terms and conditions mentioned above are as of January, 2016, and are subject to change at any time. All banks, NBFCs, insurance providers, financial service providers, companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the information given above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank, company, NBFC, financial service provider before making any financial commitments.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017