This is a non-participating, non-linked term insurance product which provides you the flexibility to choose the death benefits as a lump sum payout or a monthly payout or a combination of both. You have the flexibility to choose life cover for up to 80 years of age. You also get to choose riders with this plan. A term plan ensured that you are ready to face any unfortunate event and that in your absence your family will be able to maintain the same lifestyle that you have provided them with.
Features of Edelweiss Tokio Life - MyLife+
- The policy term offered are:
- 10 years
- 15 years
- 20 years
- 25 years
- 30 years
- 35 years
- 40 years
- 80 minus the entry age
- The premium has to be paid annually.
- The minimum premium that you can pay is Rs.2,500.
- The minimum sum assured is Rs.25 lakh. There is no maximum limit for the sum assured.
- Following discounts are allowed for the large sum assured:
|Sum assured/ Policy year||Rs.25 lakh to Rs.49,99,000||Rs.50 lakh to Rs.99,99,000||Rs.1 crore to Rs.1,99,99,000||Rs.2 crore and above|
|80 minus entry age||Rs.290||Rs.250||Rs.185||Rs.135|
The discount is per Rs.5 lakh sum assured exceeding Rs.25 lakh for sum assured Rs.25 lakh to Rs.49,99,000.
The discount is per Rs.10 lakh sum assured exceeding Rs.50 lakh for sum assured Rs.50 lakh to Rs.99,99,000.
The discount is per Rs.10 lakh sum assured exceeding Rs.1 crore for sum assured Rs.1 crore to Rs.1,99,99,000.
The discount is per Rs.25 lakh sum assured exceeding Rs.2crore for sum assured Rs.2 crore and above.
- You get a 15 days free look period and if you are not happy with this policy, you can return it within 15 days and the premium will be refunded to you. If the policy was solicited through distance marketing, then the free look period is 30 days.
- 30 days grace period is available for you to make the premium payment.
Benefits of Edelweiss Tokio Life - MyLife+
The benefits of Edelweiss Tokio Life - MyLife+ are as follows:
- Discount is available on female lives.
- Death benefit is available as a lump sum benefit option and income benefit option.
- Sum assured on death at any time during the policy term is 10 times the annualised premium or 105% of the annualised premiums paid till the date of death.
- The rider benefits available with this policy are as follows:
- Edelweiss Tokio Life Accidental Total and Permanent Disability Rider.
- Edelweiss Tokio Life Accidental Death Benefit Rider
- Edelweiss Tokio Life Waiver of Premium Rider
- You get tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Eligibility Criteria of Edelweiss Tokio Life - MyLife+
The eligibility criteria of this Edelweiss Tokio term plan are as follows:
- Minimum age at entry is 18 years and the maximum age at entry is 60 years.
- The maximum age at maturity is 80 years.
- There minimum premium amount allowed is Rs.2,500 per annum.
Example of Edelweiss Tokio Life - MyLife+
Mr.Rao who is a 25 year old non-smoker can avail for a cover of Rs.1 crore for the annual premium of Rs.5,562. In the event of his untimely death, his family will receive Rs.1 crore which can be paid to the dependent on a monthly instalment basis.
- What are the policy term offered in this plan?
The policy term offered are 10, 15, 20, 25, 30, 35, 40 and 80 minus the entry age.
- What is the minimum premium that I will have to pay?
Minimum premium allowed is Rs.2,500.
- Will discounts be allowed for large sum assured?
Yes, discounts will be allowed for large sum assured.
- What is the sum assured on death?
Sum assured on death at any time during the policy term is 10 times the annualised premium or 105% of the annualised premiums paid till the date of death
- Are there riders available with this plan?
Yes, you get Edelweiss Tokio Life Accidental Total and Permanent Disability Rider, Edelweiss Tokio Life Accidental Death Benefit Rider and Edelweiss Tokio Life Waiver of Premium Rider.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017