Edelweiss Tokio Life Insurance Company has a number of different Term Insurance plans to offer its customers. Each of these policies comes with wide-ranging features and benefits. Now let’s have a glance at the different types of term life insurance plans offered by the company in details.
Edelweiss Tokio Life TotalSecure+
Features:
The special features of this plan are:
- This basically a comprehensive term plan from Edelweiss Tokio with multiple life covers
- The policy provides you with critical illness cover
- Offers multiple death benefits
- Offers life cover for up to 80 years of age
Benefits:
The benefits of the Edelweiss Tokio Life TotalSecure+ plan are following:
- Life Cover: The Sum Assured shall be paid to the nominee in case the policyholder dies during the policy term. The policy shall pay a death pay-out as per the pre-decided option.
- Life Cover along with “Basic Health Cover”: Under this option, the benefit comprises a life cover as well as an accelerated cover for critical illness. However, the critical illness benefit is not any added benefit. It means that that the term life plan will continue to be in force with death Sum Assured following the pay-out of the critical illness cover at the time of diagnosis of 7 critical illnesses.
- The critical illness benefit shall be paid as a lump sum when the policyholder will be diagnosed with any of the 7 critical illnesses. If the lump sum amount is lower than the basic Sum Assured, the policy will continue with lesser death Sum Assured. The premiums shall also decrease accordingly.
- Life Cover along with “Comprehensive Health Cover”: Under Tokio Life TotalSecure+ plan, this option works exactly like Life Cover with “Basic Health Cover”, apart from that it covers as many as critical illnesses to provide you with a comprehensive insurance coverage.
- Death Benefits: The following death benefits shall be payable to the nominee in case the policyholder dies during the policy term:
- For Single Pay: The death benefit shall be the higher of 125% of single premium, or Base Sum Assured, or Guaranteed Sum Assured on maturity
- For Policies With Premium Paying Tenure (Except Single Pay): In this case, the death benefit shall be higher than 10 times of the annual premium, or 105% of all premiums paid till the date of death, or Base Sum Assured, or Guaranteed Sum Assured on maturity.
- Flexibility: This term insurance plan from Edelweiss Tokio comes with the flexibility to receive death benefits in the following 3 modes:
- Lump Sum: The death benefit shall be paid as a lump sum amount under this option.
- Regular Income: Under this option, you are offered an alternative which you can choose to receive the death benefit for a time period of 36, 60, 120 or 180 months. In addition, you are offered an option to either go for increasing monthly pay-out or equal monthly pay-outs. The monthly income shall increase at 5% per year (compounding)
- Lump Sum plus Regular Income: This Edelweiss term life insurance plan provides you with the option to split the death benefit in two parts: Lump sum amount and regular income. You can come to a decision in what proportion you want to split the lump sum amount with the lowest proportion set at 1% and the highest at 99%. The regular income ingredient shall work as discussed in the above-mentioned point.
- The policy offers women better premium rates when compared to men.
- Policy buyers can avail tax benefits under section 80C and section 10 (10) D of the Income Tax Act.
Eligibility Criteria for Edelweiss Tokio Life Cash Income Plan
| Minimum - Maximum Entry Age | 18 - 65 years |
|---|---|
| Maximum Maturity Age |
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| Policy Tenure |
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| Premium Paying Tenure |
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| Minimum Sum Assured |
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| Minimum Yearly Premium | Rs. 3000 |
| Modes of Premium Payment | Single or Yearly |
Edelweiss Tokio Life MyLife+
Features:
- This policy comes with multiple death benefits
- The policy offers special premium rates for women
- Offers life cover till for up to 80 years of age
- On higher Sum Assured, you can avail discounts on premium
- Availability of Additional Riders
Benefits:
- Death Benefits: If the policyholder suffers death during the policy term, death benefit shall be paid to the nominee under the below-mentioned 3 options:
- Lump Sum Benefit: Under this option, the complete Sum Assured will be paid at one time.
- Income Benefit Option: For a time period of 130 months, 1% of the Sum Assured shall be paid each month to the nominee, under this option.
- Combination of the above-mentioned 2 options as determined by the policyholder at the time of the policy initiation.
- Under this term insurance plan, the Sum Assured is always going to be the more than 10 times of the annual premium or 105% of all premiums paid till the date of demise.
- For women customers and higher Sum Assured, discounts on premium shall be applicable.
Riders:
Edelweiss Tokio Life MyLife+plan offers 3 different riders to choose from in exchange of additional premium payment for a comprehensive coverage:
- Edelweiss Tokio Life- Accidental and Total Permanent Disability Rider
- Edelweiss Tokio Life- Waiver of Premium Rider
- Edelweiss Tokio Life- Accidental Death Benefit Rider
Eligibility Criteria for Edelweiss Tokio Life MyLife+ Plan:
| Minimum - Maximum Entry Age | 18 - 60 years |
|---|---|
| Maximum Maturity Age | 80 years |
| Policy Tenure | 10/ 15/ 20/ 25/ 30/ 35/ 40 years and (80 years minus entry age) |
| Minimum Premium | Rs. 2,500 |
| Minimum - Maximum Sum Assured Amount | Rs. 25 lakhs - No Limit |
| Mode of Premium Payment | Yearly |
Edelweiss Tokio Life Simply Protect
Features:
- This is basically an Economical Term Plan from Edelweiss Tokio Life Insurance Company
- The policy offers multiple Death Benefits
- For female customers and on higher Sum Assured, the policy offers attractive discounts
- You can avail Income Tax benefits under this term insurance plan
Benefits:
- With Edelweiss Tokio Life Simply Protect plan, you can enjoy 4 different options under the life cover:
- Life Cover: The nominee shall be paid the Sum Assured on a lump sum basis at one go, in case the policyholder suffers death during the policy term.
- The policy offers Life Cover along with inherent Accidental Death Benefit: Under this option, Sum Assured will be paid on a regular income basis or as a lump sum amount, as pre-decided by the policy buyer. In the event of the policyholder’s death owing to an accident, an additional Sum Assured equivalent to accidental death benefit Sum Assured shall be paid as a lump sum amount.
- Life Cover along with inherent Waiver of Future Premiums payable on Accidental Total & Permanent Disability: In such unfortunate event where the policyholder suffers from an accidental total permanent disability, all the future premium till the ending of policy tenure or death of the policyholder, whichever is earlier, shall be waived and payable by the insurance company itself. In such event where the policyholder suffers death during the term of the policy, the Sum Assured shall is payable to the nominee as a lump sum amount.
- Life Cover along with inherent Waiver of Future Premiums payable on Critical Illness: All the future premiums shall be waived off and paid by the insurance company at the time of diagnosis of any of the 12 pre-decided critical illnesses. In case of the death of the policyholder during the policy term, the Sum Assured shall be paid in the form of a regular income or as a lump sum amount or, whichever is chosen.
- The Death Benefits for this term insurance plan are defined as:
- For Single Pay: Under this plan, the death benefit is the higher of 125% of single premium or the base Sum Assured amount for single pay.
- For Other Than Single Pay Policy: Under this premium payment option, the death benefit is higher of 10 times of the annual premium or 105% of all premiums paid till the date of demise or the base Sum Assured.
- Income Tax Benefits: Policyholders can avail income tax benefits under section 80C and section 10 (10) D of the Income Tax Act.
Eligibility Criteria for Edelweiss Tokio Life Simply Protect Plan:
| Minimum - Maximum Entry Age | 18-65 years |
|---|---|
| Maximum Maturity Age | 80 years |
| Policy Term |
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| Minimum –Maximum Sum Assured | Rs. 25 lakhs - No Limit |
| Premium Payment Tenure |
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| Modes of Premium Payment | Yearly or Single |
Edelweiss Tokio Life Protection
Features:
- Edelweiss Tokio Life Protection is an economical term plan
- Offers the availability of discount on premium for choosing higher Sum Assured
- Offers premium discount for leading a healthy life
Benefits:
- Death Benefits: The Sum Assured shall be paid to the nominee if the policyholder passes away earlier than the end of policy term.
- The policy offers a maximum policy of up to 30 years.
- The cover may be extended up to 70 years on the basis of policyholder’s age.
- Non-smokers can avail lower premium rates.
- You can avail income tax benefits under section 80C and section 10 (10) D of the Income Tax Act.
Riders:
This term insurance plan from Edelweiss Life offers 4 different riders to choose in exchange of additional premium payment for a comprehensive coverage:
- Edelweiss Tokio Life- Accidental and Total Permanent Disability Rider
- Edelweiss Tokio Life- Accidental Death Benefit Rider
- Edelweiss Tokio Life- Critical Illness Rider
- Edelweiss Tokio Life- Waiver of Premium Rider
Eligibility Criteria for Edelweiss Tokio Life Protection Plan:
| Minimum - Maximum Entry Age | 18 - 60 years |
|---|---|
| Minimum - Maximum Maturity Age | 28 - 70 years |
| Minimum -Maximum Sum Assured | Rs. 15 lakhs - No Limit |
| Premium Payment Tenure |
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| Mode of Premium Payment | Yearly |
Edelweiss Tokio Life Income Replacement
Features:
- This term insurance plan offers regular and increasing monthly income options
- You can avail discounts on premium on higher Sum Assured
- Availability of discounts on premium for leading a healthy lifestyle
- You can avail income tax benefits
Benefits:
- The nominee shall be paid the monthly benefit if the policyholder passes away during the policy term. This benefit shall increase at 5% each policy year till the end of the policy tenure or 5 years, either of which is later.
- Offers lower premiums benefits to non-smokers
- If you choose to go for a higher Sum Assured, you can avail lower premiums
- Enjoy income tax benefits under section 80C and section 10 (10) D of the Income Tax Act
Riders:
Edelweiss Tokio Life Income Replacement plan offers 4 different riders to choose from in exchange of additional premium payment for a comprehensive coverage:
- Edelweiss Tokio Life- Accidental & Total Permanent Disability Rider
- Edelweiss Tokio Life- Accidental Death Benefit Rider
- Edelweiss Tokio Life- Critical Illness Rider
- Edelweiss Tokio Life- Waiver of Premium Rider
Eligibility Criteria for Edelweiss Tokio Life Income Replacement:
| Minimum - Maximum Entry Age | 18 - 60 years |
|---|---|
| Minimum - Maximum Maturity Age | 28 - 70 years |
| Minimum - Maximum Policy Tenure | 10 - 30 years |
| Minimum - Maximum Sum Assured | Rs. 15 lakhs - No Limit |
| Mode of Premium Payment |
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| Mode of Premium Payment | Yearly |
| Minimum Monthly Benefit | Rs. 15,000 (Sum assured is calculated as: Monthly benefit amount x 12 x policy tenure) |
| Maximum Monthly Benefit | No Limit |
