Life Insurance plans are generally procured as an option through which customers can create a corpus that will be of use in the future and for the purpose of providing financial support to the insured’s family in case of his/her untimely demise. There are numerous insurance options available in the market today from various companies.
It is important to save money for an uncertain future because no matter what, the necessity for money will never diminish. Money may be required for important events in a person’s life such as their child’s wedding or education costs or even for their retirement period hence saving money is of utmost importance.
The Guaranteed Income Plan by Edelweiss Tokio Life Insurance helps customers start saving for their future needs while providing the option to procure maturity benefit as a lump sum amount.
Eligibility Conditions for Edelweiss Tokio Life - Guaranteed Income Plan
|Age of Entry||3 years||50 years|
|Age of Maturity||18 years||65 years|
|Policy Tenure||15 years|
|Minimum Premium||Age 3 years to 35 years - Rs. 30,000 Age 36 years to 40 years - Rs. 40,000 Age 41 years to 45 years - Rs. 50,000 Age 46 years to 50 years - Rs. 60,000||No Limit|
|Minimum Amount of Sum Assured||Rs. 4,83,630||No limit, subject to underwritin|
Key Features of Edelweiss Tokio Life - Guaranteed Income Plan
|Plan Type||Non-linked Endowment Savings Plan that is Non-Participating|
|Maturity Benefits||200 percent of yearly premium without extra and rider premium will be paid.|
|Policy Tenure (PT)||15 years|
|Premium Payment Tenure||16-30 years from the date when policy begins|
|Premium Payment Frequency||Yearly|
|Loan||Available after policy acquires surrender value|
|Free Look Period||15 days 30 days if policy is sold through distance marketing|
|Surrender Benefit||Available if premium has been paid for two policy years|
|Tax Benefits||Available under Section 80C and Section 10(10D) of Income Tax Act of 1961.|
|Rider(s)||7 Options Available|
Benefits of Edelweiss Tokio Life - Guaranteed Income Plan
Edelweiss Tokio Life - Guaranteed Income Plan comes with a plethora of benefits. Some of these include -
- Maturity benefit - During payout period, the benefit would be number of premiums paid divided 15 * 200 percent * yearly premium excluding extra premium and rider premium. In case policyholder survives until maturity and wishes to procure maturity benefit as a lump sum amount, the benefit would be calculated as number of premiums paid divided by 15 *16,121 per thousand yearly premium excluding the extra premium amount and rider premium. After payment of lumpsum, policy would terminate.
- In case of untimely death of insured, then a lump sum benefit equal to a highest of 10X yearly premium multiplied by (number of paid premiums/15) or 125 percent of yearly premiums paid. Policy will cease after lump sum payment.
- Surrender value that is payable will be a higher of Special Surrender Value and Guaranteed Surrender Value.
Edelweiss Tokio Life - Guaranteed Income Plan Riders
The following riders are available -
- 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 - Hospital Cash Benefit Rider
- Edelweiss Tokio Life - Payor Waiver Benefit Rider
GST of 18% is applicable on life insurance effective from the 1st of July, 2017