Having a life insurance plan is akin to procuring a secure financial future. In economic uncertain times such as today, it is imperative for customers to ensure they have adequate monetary support even when they reach retirement age or if they need it for important events in their life such as their children’s marriage or education abroad. Life insurance plans help customers save their hard earned money, create a corpus for use later and also provide nominees with financial support in case untimely demise of the insured. There are a number of companies within India that provide a variety of life insurance policies.
Edelweiss Tokio Life Insurance offers a multitude of insurance policies for its customers. Customers can choose their desired policy based on their needs and requirements. The Cashflow Protection Plus plan assures money back and cash bonus income along with protection until the insured reaches the age of 100.
Eligibility Conditions for Edelweiss Tokio Life - Cashflow Protection Plus
|Minimum Age of Entry||91 days|
|Maximum Age of Entry||55 years|
|Maximum Age of Maturity||100 years|
|Minimum Premium Amount||Rs. 9835|
|Minimum Assured Sum||Rs. 2 lakh|
|Maximum Assured Sum||No limit applicable|
Key Features of Edelweiss Tokio Life - Cashflow Protection Plus
|Plan Type||Non-linked , Participating Life Insurance Product|
|Maturity Benefits||Assured sum along with terminal bonus, if any|
|Policy Tenure||100 years less age at policyholder’s entry|
|Premium Payment Tenure||10 years, 15 years, 20 years, 25 years|
|Premium Payment Frequency||Yearly, Half-Yearly, Monthly|
|Death Benefit||Based on age of entry, benefit will be provided.|
|Loan||Available after policy acquires policy value|
|Surrender Benefit||Available only if full premium has been paid at least for the first three policy years|
|Free Look Period||Available for 15 days and 30 days if policy was sold through a distance marketing process.|
|Grace Period||30 days|
|Riders||Five rider options available|
Benefits of Edelweiss Tokio Life - Cashflow Protection Plus
Edelweiss Tokio Life - Cashflow Protection Plus Plan comes with a plethora of benefits and features -
- Reversionary bonus is an accrual benefit that is non-guaranteed. This bonus will accrue from the very first policy year until the end of the premium payment tenure and will be related to the par fund. This benefit will be paid either at the end of the term or on death of the insured,whichever is earlier.
- Money Back is an assured benefit that is equal to 5.5% of the assured sum on maturity. This is payable every year at the end of the policy term. This payout will begin a year after premium paying term and will continue until maturity or death, the earlier event.
- Cash bonus is a non-assured benefit that will be paid every year at the anniversary of policy post premium payment term along with the previous benefit. This bonus is based on the par fund performance and will be paid until death or maturity, whichever is earlier.
- Death Benefit is based on the age of entry of policyholder. In case the policyholder’s age of entry is below 5 years, then the nominee will receive 105 percent of total premiums paid until death. In case age of entry is above 5 then, death sum assured will be a higher of 11X yearly premium and minimum assured sum on maturity.
Riders Available for Edelweiss Tokio Life - Cashflow Protection Plus
The following riders are available for Edelweiss Tokio Life - Cashflow Protection Plus -
- Edelweiss Tokio Life - Accidental Death Benefit Rider
- Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider
- Edelweiss Tokio Life - Term Rider
- Edelweiss Tokio Life - Critical Illness Rider
- Edelweiss Tokio Life - Waiver of Premium Rider
- Edelweiss Tokio Life - Payor Waiver Benefit Rider
GST of 18% is applicable on life insurance effective from the 1st of July, 2017