If you are looking for an Endowment Assurance plan that offers discounts and bonuses on the sum assured as well as tax benefits, then Edelweiss Tokio Life’s ‘Save n Prosper’ may be the ideal tool for you. This Edelweiss Tokio Life Insurance plan allows you to plan ahead for your child by saving your surplus fund and get benefits of them at the same time.
Eligibility Criteria for Edelweiss Tokio Life – Save n Prosper (WA)
|Entry Age of Life Insured (last birthday)||3 to 50 years|
|Minimum Maturity Age (last birthday)||18 years|
|Maximum Maturity Age (last birthday)||65 years|
|Minimum premium||· Annual: Rs 5,824 · Semi-annual: Rs 3,000 · Quarterly: 1,750 · Monthly: Rs 600|
Key features of Edelweiss Tokio Life – Save n Prosper (WA)
|Plan type||Endowment Assurance plan|
|Policy term||15 – 35 years|
|Premium payment term||10 Pay , 15 Pay , Regular Pay|
|Premium payment frequency||Annual, Semi-annual, Quarterly and Monthly modes are available|
|Premium Modal Factor||· Annually – 100% · Semi-annually – 51.2% · Quarterly – 26.0% · Monthly – 8.8%|
|Minimum Premium||· Annual: Rs 5,824 · Semi-annual: Rs 3,000 · Quarterly: 1,750 · Monthly: Rs 600|
|Free look period||Generally policies have a Free Look period of 15 days, unless it is purchased through distance marketing, in which case there will be a 30 day free look period.|
|Grace period||30 days|
|Revival/Renewal||Within two years|
|Minimum Initial Sum Assured (SA)||Rs 200,000|
|Maximum Initial Sum Assured||No Limit, subject to underwriting|
Benefits/Advantages of Edelweiss Tokio Life – Save n Prosper (WA)
Some of the main benefits of investing in Edelweiss Tokio Life – Save n Prosper (WA) are highlighted below.
- Death benefit – In the unfortunate event of the demise of a policyholder, the Death benefit will be payable. Sum Assured as on the date of the policy holder’s death as well as accrued bonuses will be paid to the nominee.
- Maturity benefit – At the end of the policy term, the maturity benefit will be paid to the policyholder. This will include the Initial Sum Assured as well as the accrued bonuses.
- Tax advantages – Tax benefits under Section 80C and Section 10 (10D) of Income Tax Act, 1961 will be applicable on the premiums paid and money received.
- Flexibility – Customers can pick a term which suits their needs, paying premiums only for a limited time period.
- Loans – A loan can be availed against a policy, so that in case the policyholder has a financial emergency they can be assured that they will have backup.
- Surrender benefit – As long as premium for a minimum of two policy years has been paid, it is possible to surrender the policy. When surrendering, you will be paid the surrender value immediately paid and your policy will be terminated.
How the Edelweiss Tokio Life – Save n Prosper (WA) works
First you must decide and choose the Sum Assured. You can discuss you option with the Personal Financial Advisor from the company to decide on an appropriate initial Sum Assured (SA). Based on your need you must then choose the Policy Term which can vary from 15 to 35 years.
Depending on your current income stream, you can choose the Premium Payment Frequency Based. You must also choose the Premium Paying Term (10 Pay, 15 Pay or Regular Pay). The premium payment frequency can be monthly, quarterly, semiannually or annually.
Along with the Life Insurance policy you have the option to purchase riders which are additional benefits that let you further customize your insurance cover.
Edelweiss Tokio Life – Save n Prosper (WA) Premium Payment
Edelweiss Tokio Life – Save n Prosper (WA) Policyholders need to pay premiums only for the premium payment term. They can choose to pay either annually, semi-annually, quarterly or monthly. The minimum premium for this plan is Rs 5,824 if paying annually, Rs 3,000 if paying semi-annually, Rs. 1,750 if paying quarterly or Rs 600 if paying monthly.
Edelweiss Tokio Life – Save n Prosper Riders available:
Following are the available riders you can purchase that will customize your policy and help meet your changing needs:
- Edelweiss Tokio Life - Accidental Death Benefit Rider (147B002V02)
- Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider (147B001V02)
- Edelweiss Tokio Life - Waiver of Premium Rider (147B003V02)
- Edelweiss Tokio Life - Critical Illness Rider (147B005V02)
- Edelweiss Tokio Life - Term Rider (147B004V02)
- Edelweiss Tokio Life - Hospital Cash Benefit Rider (147B006V02) (available with regular pay only)
- Edelweiss Tokio Life - Payor Waiver Benefit Rider (UIN: 147B014V02)
GST of 18% is applicable on life insurance effective from the 1st of July, 2017