Edelweiss Tokio Life Raksha Kavach Micro Insurance Plan

This is a term insurance plan designed for low income groups, in order to provide financial assistance to the dependents of the policyholder (who is usually the sole earner) in case of his/her demise. This is a non-participating, non-linked micro term insurance plan. Low premiums make this Edelweiss Tokio term plan affordable, and the option to choose between single pay or regular pay enables customers to manage their finances more effectively.

Key Features of Edelweiss Tokio Life Raksha Kavach Micro Insurance Plan

  • 5-year policy term.
  • Flexibility to choose between a premium paying term option of single pay or regular pay.
  • Premium paying frequency can either be a single payment, or if regular pay is chosen – it’s an annual payment for 5 years.
  • Minimum sum assured is Rs.5,000.
  • Maximum sum assured is Rs.50,000.
  • Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • There is no requirement to take medical tests before purchasing this plan.
  • Minimal documentation simplifies the entire process of purchasing and claiming benefits under this plan.
  • Premiums start for as little as Rs.32 (including service tax). This depends on the sum assured option chosen.
  • There is a 30 day grace period from the date the premium payment is due, in which the premium can be paid without the policy lapsing.

Benefits of Edelweiss Tokio Life Raksha Kavach Micro Insurance Plan

  1. Death Benefit:

    In the unfortunate event of the death of the life insured, the sum assured chosen will be payable to the dependents of the life insured.

  2. Surrender Value:

    Surrender Value only applies in the case of Single Pay policies, and is payable as under:

    Policy Year Year 1 Year 2 Year 3 Year 4 Year 5
    Surrender Value (as a % of Single Premium) 60% 45% 30% 15% 0%

Eligibility Criteria of Edelweiss Tokio Life Raksha Kavach Micro Insurance Plan

  1. Entry Age:
    • Minimum: 18 years.
    • Maximum: 50 years.
  2. Maturity Age:
    • Minimum: 23 years.
    • Maximum: 55 years.


Mr. Babu has a wife and a son, and is the sole earning member of his family. He decides to invest in a micro-insurance plan in order to provide financial security to his family in case he dies.

He chooses this plan, and chooses a sum assured of Rs.50,000. Over the 5-year policy term, he paid his premiums regularly, and unfortunately died during the policy term.

His family was then entitled to receive Rs.50,000 as a death benefit from the company, which they used to avoid financial insecurity.


  1. How long is the grace period in this plan?

    There is a 30-day grace period from the premium due date. If the premiums are not paid by the end of the grace period, the policy will lapse and no benefits will be payable.

  2. Are there any medical tests required in order to be eligible for this policy?

    No, there are no medical test requirements to take this policy.

    Q. What is the total term of this policy?

    This policy has a 5 year term.

  3. Are there any suicide claim provisions with this plan?

    If the life insured commits suicide within 12 months from the inception of the policy, a benefit equal to only 80% of the premiums paid till date will be paid to the dependents.

  4. What is the benefit payable if the life insured survives till the end of the policy term?

    There is no maturity benefit payable under this plan, and hence the life insured will not be eligible for any survival or maturity benefit.

    *Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, features, benefits, exclusions, calculations, ratios, 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 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 / insurance provider / financial service provider, etc. before making any financial commitments.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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