Edelweiss Tokio Life is a private sector insurance provider established in 2011. The company is a joint venture between Edelweiss Group of India, and Tokio Marine Holdings of Japan. It is among the fastest growing private players in the life insurance sector in India . Edelweiss Tokio Life provides a host of life insurance products aimed at providing high returns, guaranteed interest payments, child education needs, retirement benefits etc. for customers across a wide spectrum.
Key Highlights of Edelweiss Tokio Life Insurance Policy
1 Crore Life Cover
Get 1 Cr Life cover @₹ 15.23*/day
Claim Settlement Ratio
Claim-settlement ratio of 85.11% for year 2015-2016
99.09% Grievances Settled for year 2015-2016
A maximum tenure of upto 80 years minus entry age
Min Sum Assured: Rs 15 Lakhs
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Add-on covers for Edelweiss Tokio Life Insurance
Accidental Death Benefit Rider
On death due to an accident, the beneficiary gets an additional Sum Assured as chosen under this rider
Accidental Total and Permanent Disability Rider
Benefit is payable during the tenure of the policy in the event the Life Assured becomes incapacitated as a result of disability
Critical Illness Rider
Critical Illness benefit would be paid in lump sum subject to a survival period of 30 days.
Documentation needed to apply for an Edelweiss Tokio Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Edelweiss Tokio Life Insurance Plans
The plans given below can be availed at any of the branches of Edelweiss Tokio Life in India.
- Edelweiss Tokio Life Protection Plans
These term plans are aimed at providing high Sum Assured to customers for nominal premium payments. These are pure term plans that will provide income surety to your loved ones when you’re gone.
- Edelweiss Tokio Life MyLife± : Death benefits can be chosen to be paid out in either lump sum or in instalments, or a combination of both.
- Edelweiss Tokio Life Protection: Lump sum paid out at as death benefits.
- Edelweiss Tokio Life Income Replacement: Cost-effective solution for providing protection to your loved ones.
- Edelweiss Tokio Life Raksha Kavach (Micro Insurance Plan): A micro term insurance plan that provides low premiums and competitive Sum Assured options.
- Edelweiss Tokio Life Savings Plans
The investment plans denote products which provide payouts in addition to death benefits. These plans can be bought to consolidate savings through debt instruments, or for earning attractive interest rates through investments in mutual funds and other instruments. Edelweiss Tokio Life savings and investment plans are available under two categories:
Wealth Enhancement Plans
- Edelweiss Tokio Life Dhan Nivesh Bima Yojana (Micro Insurance plan, single premium, endowment): Additional benefits in case of accidental death.
- Edelweiss Tokio Life Wealth Enhancement Ace (ULIP): Flexible fund options along with guaranteed loyalty payments.
- Edelweiss Tokio Life Single Pay Endowment Assurance Plan (Single premium, endowment) : Single investment, which pays out assured benefits at maturity after 10 years, apart from life cover.
Wealth Accumulation Plans
- Edelweiss Tokio Life Cashflow Protection Plus (Participating, non-linked):Guaranteed money back and non-guaranteed cash bonus income.
- Edelweiss Tokio Life Wealth Accumulation (Accelerated Cover) (ULIP): Investment as well as risk protection, with the ability to switch between funds during policy tenor.
- Edelweiss Tokio Life Guaranteed Income Plan (Non-participating, non-linked, endowment): Maturity benefits can be paid out in lump sum, with assured benefits of double the amount fo premium paid.
- Edelweiss Tokio Life Save n Prosper (Endowment): Profits are offered tax-free, along with bonuses and discounts on the Sum Assured.
- Edelweiss Tokio Life Safe n Sure Plan (Non-participating, non-linked, endowment):Savings plan where fixed premium is collected for 15 years.
- Edelweiss Tokio Life Milestones Plan (Participating, non-linked): Anticipated endowment plan with cash back option at regular intervals.
- Edelweiss Tokio Life Wealth Builder (Non-participating, non-linked): Combination of savings and protection plans designed to provide protection to family.
- Edelweiss Tokio Life Wealth Accumulation (Cover Plus) (ULIP): Tailor-made solutions where death benefits are paid out as combination of Sum Assured and Fund Value.
- Edelweiss Tokio Life Wealth Accumulation (Privilege) (ULIP): No charges such as partial withdrawal, administration costs, switching, etc. are applicable. As such all of premium will be invested resulting in higher returns.
- Edelweiss Tokio Life Child Plans
Edelweiss Tokio Life offers child education plans aimed at securing the future of a child through regular payments, so that he/she can pursue education in a field of their choice.
- Edelweiss Tokio Life EduSave: The insured’s child will continue to receive pre-defined benefits even if insured dies within the policy tenor. Benefits are paid out flexibly over durations as high as 5 years.
- Edelweiss Tokio Life Retirement Plans
With a retirement plan from Edelweiss Tokio Life, you can secure your future after retirement with fixed payments as well as cash protection. There are 4 products in this category:
- Edelweiss Tokio Life Cashflow Protection Plus: Guaranteed money-back and non-guaranteed cash bonus up to 100 years of age of the insured.
- Edelweiss Tokio Life Pension Plan:Multiple options for choosing plan details so as to provide high funds at the time of retirement.
- Edelweiss Tokio Life Immediate Annuity Plan: Traditional annuity plan that provides guaranteed annuity benefits at the time of policyholders’ retirement.
- Edelweiss Tokio Life Cash Income Plan: Premiums are collected for 20 years, and benefits are paid out over the next 20 years, apart from lump sum maturity amount.
- Edelweiss Tokio Life Online Term Plans
The online term plans include the regular plans described above, with the added functionality of buying online. The following life insurance products from Edelweiss Tokio Life can be purchased online:
- Edelweiss Tokio Life MyLife± (Protection/traditional)
- Edelweiss Tokio Life Wealth Builder (Wealth accumulation)
- Edelweiss Tokio Life Wealth Accumulation (Accelerated Cover)
Edelweiss Tokio products can be availed by visiting any of their branches, or applying online, if applicable.
Edelweiss Tokio Life Insurance FAQs:
- What is the most convenient way to contact Edelweiss Tokio Life Insurance?
The toll free is the best option as it is hassle-free and toll-free: 1800 2121 212.
- What are the other ways to reach the company office?
There is a Mumbai office. You can also reach the company online for any queries.
- How can I check the status of my policy?
- Check the policy status online on their own website.
- You will need to punch in the policy number and the policy holder’s date of birth, after that.
- You can also call or reach them through mail
- What are the available modes for payment of premium available for me?
There are two basic modes for payment of premium for Edelweiss Tokio Life, which have further many options:
- Online Mode has:
- Debit Card payment
- Payment through standing instructions or credit card
- Net Banking
- Offline Mode has:
- Through ECS facility
- Money Order
- Visit the branch nearest to your location.
- How Do I renew my policy with Edelweiss Tokio Life Insurance?
Use auto direct debit options which can be availed online by feeding your login ID and password into on the website. You can also approach any of the branch offices or speak with the customer care regarding the renewal process on the phone.
- How Do my family or me, settle claims for a policy with Edelweiss Tokio Life Insurance?
- Simply, submit the policy documents as well as claims form at any of the Edelweiss Tokio Life Insurance branch offices in your city.
- Upon receiving and verification of the documents, it takes around 30 days’ time to settle the claims. The claims are settled through NEFT mode.
- How Do I cancel my existing policy with Edelweiss Tokio Life Insurance?
You need to fill in a surrender form and submit it in any of the branch office along with the cancellation charges. Within a time frame of around 10 days the policy will be cancelled on record.
- How will the refunds be calculated post cancellation of the policy?
The refund will be calculated based on NAV of the current market price.
- What types of life insurance plans are available from Edelweiss?
The following types of plans are available from Edelweiss
- Education funding
- Living with impaired health
- Retirement funding
- Wealth enhancement
- Wealth accumulation
- Income replacement
- How Can I locate a branch of Edelweiss near me?
Branch locations are available on the website. Simply, click on the branch locater. Fill in the details and search.
News About Edelweiss Tokio Life Insurance
28% rise in the net growth of Edelweiss Financial Services.
Edelweiss Financial Services – one of the leading financial services providers in India witnessed 28% rise in its net profit for the December quarter. The net growth rose to Rs. 106 crore. In the previous year, the net profit was Rs.83 crore for the same quarter. Meanwhile, over the same period, the revenue of the company also increased to 41% leading to a growth of Rs. ?1,361 crore. The company provides a wide range of credits including Mortgages, Housing Finance, SME and Agri-finance to diversified clients. Currently, Edelweiss Financial Services has a total asset base of ?31,000 crore.
21st January 2016
Tokio Marine to increase stake in Edelweiss Tokio Life
Following the decision of the government allowing foreign companies to increase their stake in any joint ventures regarding insurance, Edelweiss Tokio Life, a life insurance company of India has achieved an approval from the Foreign Investment Promotion Board (FIPB) to increase the stake of its foreign partner Tokio Marine to 49%. As per government regulations, the foreign stakeholder has only 29% stake in the joint venture earlier.
An additional foreign direct investment of Rs. 540 crore is speculated to be used towards expansion plans of the life insurance provider which includes a wider reach and better technology support. Following the approval from FIPB, a few other regulatory approvals would be needed to make Edelweiss Tokio Life to be the second insurance company with Indian management and increased foreign stakeholder ownership.
27th August 2015
Edelweiss Reported A 17% Rise, Driven by Retail Lending Business
Edelweiss Financial Services reported a 17% rise in its consolidated net profit. At Rs. 91 crore for the quarter that ended in June the well-known life insurance provider reported the improvement on the back of an overall increase in income, last Tuesday.
According to the report, total revenue gained 43% to Rs. 1,168 crore, during the quarter lead primarily by its retail lending business.
Edelweiss total credit book rose 72% to Rs. 16,431 crore accelerated by growth in mortgages that includes loan against property and real estate finance, housing finance, structured collateralised credit to corporates, SME and agri finance, distressed assets credit, and loan against securities and rural finance. The financial institution’s retail finance book rose 39% to a whopping Rs. 3,116 crore.
"The diversified revenue mix has helped us achieve improvement in our performance on a sustained basis despite volatile environment." said Rashesh Shah, Chairman and chief executive.,
The chairman also said that the operating environment is gradually progressing with comfortable liquidity driven by a rate cut in the current fiscal quarter. However, in the same period corporate earnings, credit growth and investment have not shown much upward movement.
The company’s gross premium income from life insurance products rose by 44% to Rs. 32 crore.
Mr. Shah, the Chairman also added that, the company is optimistic about the ARC opportunity as it would aid in releasing productive assets for the country’s economy and reduce the burden on commercial banks.
27th July 2015
GCAP launched by Edelweiss Tokio Life Insurance
The fastest growing life insurance company in India, Edelweiss Tokio Life Insurance recently launched the Edelweiss Tokio Life – GCAP life insurance plan which offers guaranteed returns. The plan comes with a Guaranteed Accrual Addition (GAA) and provides guaranteed maturity and death benefits. The Guaranteed Accrual Addition is payable either on death or maturity and is accrued yearly, starting from the 9th policy year, accruing till the maturity period. Factors like policy term, premium paying term, annualized premium, the gender and entry age of the life assured play a role in the accrual.
This plan offers dual benefits to customers, offering not only an insurance cover but also a wealth accumulation plan for various needs and commitments. A policyholder is entitled to the sum assured on death plus the Cumulative Accrual Addition in the event of demise and receives the sum assured on maturity plus the Cumulative Guaranteed Accrual Additions on maturity. A loan facility is also available under the plan, which can be utilised once the policy acquires surrender value. The plan comes with a range of options for policy term, premium paying term and maturity payments.
The minimum and maximum entry age to avail this plan are 91 days and 55 years respectively, with a minimum maturity age of 18 years and a maximum maturity age of 70 years. The policy term is available in multiples of 5, starting from 10 years and going on to 30 years. Customers have the option to choose either an annual, semi-annual, quarterly or monthly premium paying plan with the premium paying term being 5, 7, 10 and 12 years.
1st July 2015
Tokio Marine to hike stake in Edelweiss Tokio
Life Insurance player Edelweiss Tokio has filed an application with Foreign Investment Promotion Board (FIPB) to let its Japanese investor raise its current stake to 49%. The foreign partner held a 26% stake in the joint venture till now. This was revealed in a filing to BSE by Edelweiss Financial Services. The four year old general insurer is a tie-up between Japan’s Tokio Marine and India’s Edelweiss Financial Services. It operates in 49 cities with 59 branches. Many insurers have seen their foreign partners increasing their stake, after the Insurance Laws (Amendment) Bill, 2015 was passed in Parliament in March, 2015.
1st June 2015
Tokio Marine increases stake in Edelweiss Tokio
Edelweiss Tokio Life Insurance which is a joint venture between Edelweiss and Tokio Marine is set to experience a raised stake from Tokio Marine. The increase in stake will happen through issue of new shares which will result in a capital infusion of RS.450-500 Crore.
If the decision about this stake hike is taken in the coming board meeting of the company then a formal application for the same will be sent to the government’s Foreign Investment Promotion Board or FIPB.
Earlier this year FIPB cleared Axa’s proposal to increase its stake in its life insurance joint venture with Bharti Enterprises. This has reassured many insurance companies who were doubtful about the issue of raised foreign investment.
7th May 2015
Edelweiss Tokio Life Insurance Calls for Common KYC across BFSI Sector
Deepak Mittal, CEO of Edelweiss Tokio Life Insurance Co. says implementation of universal KYC norms and demat accounts will go a long way in making financial savings products such as life insurance more accessible.
He also called for relaxation of taxation norms regarding pension and annuity products in order to help boost long-term savings by making products life insurance annuity plans more attractive. He states that retirement planning should be encouraged in India for which current tax norms have to be reviewed and revised.
In addition to the above, he also threw light upon the fact that the current requirements for life insurance policies to qualify for tax exemptions are not favourable and should be looked at as they adversely impact pricing of policies for those in higher age groups.
27th February 2015
Edelweiss Tokio Life Insurance Calls For Addressing Tax Discrimination Against Pension & Annuities
The MD & CEO of Edelweiss Tokio Life Insurance, Deepak Mittal, has said that the countries life expectancy is increasing and the the social security measures in place are inadequate to help individuals. The worst part is that the current tax laws are not helping either because they don’t provide adequate incentives for pension planning which is affecting the Indian government's plan for long term savings.
He has also said that the finance minister's plan for a universal KYC process and a single demat account are the best way forward but there is still not enough clarity on their implementation. He also pointed out that tax benefits with regards to life insurance are only available when the ratio of the sum assured to the premium is at least 10. Given the sharp rise in mortality costs, the middle and higher age groups are not as attracted to these schemes as before. He said that this could be countered with tax benefits and lowering the multiples for customers in higher age groups.
6th February 2015
‘I care, I tweet’ campaign launched by Edelweiss Tokio Life Insurance!
In order to support Cancer patients and create awareness about Cancer, Edelweiss Tokio has launched a campaign called ‘I care, I tweet’. The campaign which was launched on World Cancer Day, aims to do mitigate the trauma associated with cancer and to financially support the people who have to go through it.
Edelweiss Tokio has asked people, especially the youth to join in this campaign and tweet as much as possible. For every tweet that carries the hashtag #CritiCare, the company has promised to contribute Rs.50 to V Care, an organization that works to provide financial and emotional support to Cancer patients.
The campaign is especially targeted at the youth since they are the most tech-savvy and digitally active people. In order to participate in the ‘I care, I tweet’ campaign, users are required to change their display pictures to either pink or blue and to tweet or post using the hashtag #CritiCare.
Cancer today kills more than 20,000 people every day, which is more than deaths due to AIDS, Tuberculosis and Malaria combined. Edelweiss Tokio has launched this initiative to reach out to the patients who go through this heart-wrenching ordeal.
6th February 2015
Edelweiss Tokio launches Term Life Plan Online
Edelweiss Tokio Life Insurance, a leading life insurer in private sector, launched Edelweiss Tokio Life – MyLife+, an online term plan. The term insurance plan provides life cover to the insured and security his your family. The plan comes with a choice of payout options, riders and for longer term coverage. Edelweiss Tokio Life – MyLife+ is being offered exclusively online and can be availed by customers over a few clicks of the mouse. The entry age of the policyholder must be between 18-80.The product offers two death benefit options; Lump-sum benefit option and Income benefit option. One can also choose to combine both the options as well, depending on the family’s financial needs and stage of life. A cover of INR 1 Crore available to a 25 year old non-smoker male for a term of 25 years comes at an annual premium of just INR 5562 under this policy.
21st November 2014
GST of 18% is applicable on life insurance effective from the 1st of July, 2017