The Protection insurance plan from Edelweiss Tokio Life Insurance Company is a basic term insurance policy that pays out a lump sum benefit to your family in the unfortunate event of your death. This plan helps you save your dependents from financial insecurity and instability in your absence.
Key Features of Edelweiss Tokio Life – Protection Plan
- High Sum Assured options have the added benefit of reduced insurance costs.
- Discounts are available for Higher Cover options.
- Flexibility to choose the period of cover - up to 30 years.
- Limited premium payment option is available.
- Discounts for adopting a healthy lifestyle – non-smokers and those who do not consume tobacco get discounts (for Sum Assured options of Rs.25,00,000 and above).
- Coverage up to the age of 70, depending on entry age.
- Flexibility to choose policy term from 10 to 30 years.
- Flexibility to choose premium paying term – 5, 10, 15, single premium or regular premium.
- No limit to maximum Sum Assured.
- No survival or maturity benefits.
- Surrender Value only on Single Pay, 5, 10, and 15 payment options.
- 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.
- Tax benefits as per prevailing tax laws.
Benefits of Edelweiss Tokio Life – Protection Plan
In the unfortunate event of your death, Edelweiss Tokio will pay your dependents a benefit that’s equal to your chosen Sum Assured.
Eligibility of Edelweiss Tokio Life – Protection 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 only earning member of his family. He decides to take an term insurance policy in order to protect his dependents against financial insecurity in the event of his death.
He chooses the minimum Rs.15,00,000 sum assured option, foregoing the discounts on large sum assured, but choosing an easy payment mode. He pays his premiums regularly. In the event of his death, his dependent family will be eligible to receive the death benefit.
If Mr. Babu survives till the end of the policy term, he will not receive any maturity or survival benefit as there is no allowance for these benefits in this plan.
- 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.
- 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.
- 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.
- What are the premium paying term (PPT) options?
Policyholders have the option to pay their premiums in the single, 5, 10, 15, and regular modes.
- What are the sum assured options under this plan?
The minimum sum assured is Rs.15,00,000 and can be increased through additions of multiples of Rs.1,00,000. There is no maximum sum assured.
*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