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Edelweiss Tokio Child Plan

Edelweiss Tokio Child Plans have come up with effective child plans for securing your children’s future. As your child deserves the best, it is your responsibility to help your son/daughter with the excruciating college tuitions fees or other financial needs. The plans provided by Edelweiss Tokio Life are designed keeping in mind customer-centricity and child needs which help dodge the financial risk in a wise way.

Edelweiss Tokio Child Plans: Overview

A joint venture between Tokio Marine Holdings Inc. and Edelweiss financial services have resulted in various insurance plans. Edelweiss Tokio Child Plans are the best weapon against battling future financial risks in your children’s lives when you have no regular income stream or have passed away. Financial constraints may be an issue in giving your child the wings to fulfil every little or big dream in life.

Your child’s goal is completely protected under the Edelweiss Tokio Child Plans

The policyholder is the parent and insured. The additional waiver benefit involved in the plan helps when the parent passes away, and the whole premium is waived off in the event of his/her death. The company then pays the amount for retaining the plan benefits.

Here, some of the important points of Edelweiss Tokio Child Plans are discussed. This child plan participates in the company’s profit by earning a bonus.

Edelweiss Tokio Life Edusave Plan

It is a child plan which fulfils the need for a child’s marriage and education. Only through this financial product, can you make sure that your children lead a risk-free life when you are not around.

Features and Benefits

  • Participating plan along with limited premium payment and regular premium payment option.
  • Maturity payout is made in pre-defined installments.
  • 5 maturity benefit payout options (dual degree plan, integrated 5-year degree plan, graduation plan, post-graduation plan and marriage funding option)
  • Tax benefit on premiums paid under Section 80C and claims under Section 10(10D) of Income Tax Act, 1961.
  • Loan availability under the plan (90% of surrender value)

Death Benefit

If the policyholder passes away during the policy term,

  • Sum assured (SA) is paid immediately.
  • Future premiums are waived off and policy continues till maturity.
  • Reversionary bonus is accrued until the maturity.
  • Maturity benefit is paid to the nominee.

Maturity Benefit

If you survive until the maturity period comes around,

  • Accrued bonuses are paid out.
  • Guaranteed sum assured in pre-determined instalment.

Tax Benefit

The tax benefit is available under Section 10(10D) and Section 80C. If you choose Critical Illness Rider and Hospital Cash Benefit Rider, the paid premium is deducted under Section 80D. However, the tax benefits may change as per the tax regulations.

Maturity Benefit Options

The policyholder has the option to collect the sum assured payable on maturity through 5 various maturity options,

  • Marriage funding plan: 100% of the SA plus accrued bonuses
  • Post-Graduation plan: 52% of the SA with the bonuses is paid out in 1st and 2nd year of maturity.
  • Graduation plan: 32% of sum assured in 1st year, 24% during 2nd and 3rd last year and 32% in the 4th year.
  • Integrated 5 year degree plan: 20% of SA paid in 1st, 2nd, 3rd year and 28% of sum assured paid during the 4th and 5th year.
  • Dual degree plan: 18% of the sum assured paid in 1st to 4th year and 24% in 5th and 6th year

Eligibility Details

Entry age 18 years-45 years
Maximum maturity age 60 years
Sum assured Rs. 2.25 lakhs-no limit
Policy term 10 years-30 years
Premium paying term Regular pay, term-5 or 10 pay
Premium payment frequency Monthly, quarterly, half-annually or annually

Premium Details

Age 15 years20 years25 years
30Rs. 22,868Rs. 20,973Rs. 19,708
35Rs. 23,210Rs. 21,328Rs. 20,438
40Rs. 23,848Rs. 22,198 -

Riders

  • Edelweiss Tokio Life Accidental Total and Permanent Disability rider gives out a lump sum amount for fulfilling expenses when the income inflow is limited because of accidental disability.

  • Edelweiss Tokio Life Accidental Death Benefit offers a lump sum amount for extra financial security if the policyholder dies in an accident.

  • Edelweiss Tokio Life Payor Waiver eliminates future premium for critical illness, total and permanent disability for an accident or death.

  • Edelweiss Tokio Life Critical Illness pays a lumpsum to cater to your expenses in the event of critical illness.

  • Edelweiss Tokio Life Hospital Cash provides daily allowance including post-hospitalisation benefit in case of hospitalization of the policyholder.

  • Edelweiss Tokio Life Term offers a lump sum amount along with the basic plan coverage amount for increasing life security.

  • Edelweiss Tokio Life Income Benefit keeps up the continuity of daily income when you are not around.

  • Edelweiss Tokio Life Waiver of Premium protects the policyholder from future premiums payments, in case of accidental total or permanent disability and critical illness.

Why Choose Edelweiss Tokio Child Plans?

Edelweiss Tokio Child Plans understand your children’s needs and a child plan is undoubtedly, very important in the current world. Whether it is your child’s dream of studying abroad or marriage, you can invest in the plan for collecting wealth to reach the goals if you pass away.

Edelweiss Tokio Life EduSave Plan is a participating plan having the characteristics of an endowment assurance plan. The plan is more effective as compared to other plans because there are different maturity options which pay in various manners for matching up the level of needs.

The nominee can receive the sum assured and the future premiums are waived by the company when the policyholder passes away. In this case, the family also receives maturity benefit during the fixed period.

The tax benefits on premium paid for Hospital Cash Benefit Rider and Critical Illness Rider under Section 80(D) of IT Act, 1961. Also, the policyholder can get tax benefit under Section 10(10D) and Section 80C.

How Edelweiss Tokio Child Plans work?

Online

  • Visit the official site of Edelweiss Tokio Life Child Plans.

  • Choose the plan and coverage, and mention the required details.

  • Premium is determined according to the mentioned data.

  • Pay the premium through debit card, net banking facility or credit card.

Offline

You can visit the nearest branch of Edelweiss Tokio Life Child Plans for proceeding with the plan through the Edelweiss personnel. If the plans are not available for purchase on the e-portal, you need to take help of agents or brokers to successfully submit the application.

FAQs on Edelweiss Tokio Life Child Insurance Plans

What should I do if I want to change my premium paying?

It is better to take the matter up with the customer service team of Edelweiss Tokio Life Child Plans.

Why you should opt for Edelweiss Tokio Life Child Plans?

Edelweiss Tokio Life Child Plans understand every user’s financial needs and they try constantly to provide the best kind of insurance solution. The plans provide additional perks through the bonus that will continue to follow until the maturity period. There is also a discount on the sum assured, along with the loan facility. Making a comprehensive cover through the rider benefits, the different maturity pay outs are available which offer various benefits under the plans.

Therefore, no matter when the need arises, your son or daughter’s marriage or education expense, the plan cushions your family even in your absence.

How to pay a premium? modes of payment available?

There are two (online and offline) modes available for paying a premium. They are-

  • Net banking

  • Credit card/debit card

  • IVRS

  • ECS facility

  • Cash/cheque/DD

  • Money order

How can I check the policy status for Edelweiss Tokio Life Child Plans?

If you log into the e-portal with all the details, you can find the option for checking policy status. Carefully type your date of birth and policy number.

What is the policy renewal process for Edelweiss Tokio Life Child Plans?

The renewal process of Edelweiss Tokio Life Child Plans can be done through automatic debit option. It is only available on the online portal where you need to log in with username and password.

What is the company’s process to settle a claim for Edelweiss Tokio Life Child Plans?

If you want to initiate the claim settlement, you should submit the policy documents related to Edelweiss Tokio Life Child Plans to the nearest branch office of your home. After receiving and verifying the documents, the process will be successfully completed possibly within 1 month. In addition to the context, the claims can be claimed in a more convenient way such as an NEFT.

What is the policy cancellation process for Edelweiss Tokio Life Child Plans?

In case, you are not satisfied with the plans or are unable to manage the premiums, you may opt for the cancellation process. Collect the surrender form and submit to any Edelweiss Tokio Life branch in your city. You may have to pay for the cancellation charges on the way. It may take 10 days to officially cancel the policy.

How does Edelweiss Tokio Life Child Plans work?

In case of the death of the policyholder during the policy term, the sum assured is paid immediately. The future premiums are waived off and the policy continues. The bonuses continue to accrue and on maturity, the maturity benefits are paid out to the nominee.

What is Edelweiss Tokio Life Child Plans in India?

The child plans provided by the joint venture of Edelweiss Tokio Life are the perfect examples of savings plans. Some of them are endowment assurance plan and the policyholder can combine wealth to meet people’s financial needs in life. The plans come with different easy options for receiving maturity amount along with benefits. In this way, the policyholder can easily avert the future risks of his/her children’s lives and help them achieve life goals in a hassle-free manner.

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