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Edelweiss Tokio Life MyLife+

Edelweiss Tokio Life Insurance Company is a highly customer centric life insurance provider that commenced its operations in 2011. It is a joint venture between Edelweiss Financial Services, and Tokio Marine Holdings Inc. Edelweiss is one of India's leading financial services companies and Tokio Marine Holdings Inc, is a 130 year old insurance company in Japan. Together growing as one of the leading life insurance provider in India. Edelweiss Tokio Life Insurance with a claim ratio of 93.29% have settled genuine claims within 24 hours of its intimation.

Life Cover up to the age of 80 years.

Customize MyLife+ term assurance plan completely with the life cover, additional riders, maturity age, and payout option. This plan is offered online so that you can secure your family whenever and however you prefer.

Features of Edelweiss Tokio Life MyLife+

The main features of the Edelweiss Tokio Life MyLife+ are mentioned below:

  • Low cost comprehensive term assurance plan
  • 3 Payout Options to choose from
    • Option 1 – Lumpsum
    • Option 2 – Monthly Payout
    • Option 3 – Both (Lumpsum + Monthly Payout)
  • Rebates on higher sum assured
  • Option to choose life cover up to the age of 80 years
  • Save Tax on the premiums paid and the payout as per the Income Tax Act.
  • Customize your term plan with additional riders
  • Lower premiums for non-smokers and female lives
  • Customized plan in terms of policy period, premium paying term, payouts, life coverage

Benefits of Edelweiss Tokio Life MyLife+

  • Death Benefit: MyLife+ comes with two death benefit option to choose from. Edelweiss Tokio pays the death benefit to the nominee as per the payout option chosen at the time of application. Death benefit can be either lump sum benefit or income benefit.

    • Lump-sum benefit option: Under a lump-sum benefit, the sum assured will be paid on death of the life assured and then the policy will terminate.
    • Income benefit option: Under an income benefit option, 1% of the sum assured will be paid every month for the next 130 months starting from next month from the date of death.

Another option is a combination of both lump sum plus monthly income. However, if the nominee prefers to have a lump-sum benefit instead of a staggered benefit, the remaining payouts are discounted at the rate 5.25% per annum and will be paid as lump-sum immediately.

  • Accidental Death Benefit Rider: In case the life assured dies due to an unfortunate accident or within 90 days of the accident, 100% rider benefit will be paid in addition to the base sum assured.

  • Accidental Total and Permanent Disability Rider: If an accident causes a total and permanent disability to the life assured, leading to the inability to perform any work or occupation to earn, 100% rider benefit will be paid.

  • Waiver of Premium Rider: In case of a critical illness or dismemberment/death of the policyholder (where policyholder and life assured are different individuals) the rider benefit will be paid.

  • Maturity Benefit: There is no maturity benefit under this plan.

  • Surrender Benefit: There is no surrender benefit under this plan.

Eligibility Criteria of Edelweiss Tokio Life MyLife+

Entry AgeMin. 18 years and Max. 60 years (Last birthday)
Policy Term AgeMin. 10 years and Max. 80 minus the entry age
Maturity AgeMax. 80 years (Last birthday)
Premium Payment ModeRegular pay
Premium Payment FrequencyAnnually/ Monthly
Min Basic Sum AssuredRs.25 lakh
Min Basic PremiumRs.2,500/year | Rs.500/ month

Plans Offered by Edelweiss Tokio Life MyLife+

The proposer has an option to opt for different modes of payout as suitable.

Death Benefit options

Lump-sum: When one opts for lump sum payout option, the nominee receives the death benefit as lump sum one-time pay.

Monthly Income: Edelweiss Tokio pays 1% of the sum assured for the next 130 months to the nominee as a death benefit. For example, if the sum assured is Rs.1 crore, 1% of sum assured is Rs.1 lakh every month for the next 130 months.

Lump-sum + Monthly Income: The payout is a combination of lump sum, and monthly income. As per this option, a proportion of sum assured is payable as lump sum and the rest of the sum assured will be paid as monthly income.

Additional Riders of Edelweiss Tokio Life MyLife+

Other Details of Edelweiss Tokio Life MyLife+

Grace Period: Offers a grace period of thirty (30) days from the premium payment due date. If the life assured dies during the grace period, Edelweiss Tokio Life will pay the death benefit, except the due premium till the date of death (if any).

Tax Benefit: All the premiums and the payout is exempted from the tax under Section 80C, 80D, 10(10D) of Income Tax Act 1961.

Free-look Cancellation: To review the policy Edelweiss Tokio Life provides a 15 days of free-look period. If the policyholders disagrees to any of the mentioned terms and conditions, you can cancel the policy stating the reasons.

If you cancel the policy during the free-look period, you shall receive the refund of the premiums paid. But the refund would be processed after deducing the incurred expenses due to the medical tests, risk premium for the period of cover, and stamp duty charges.

Revival

If the premiums are unpaid even after due of the grace period, the policy lapses.

The lapsed policy can be revived within 2 years from the due date of the first unpaid premium date. The approval of reinstatement or the acceptance of revival will be considered only after the approval by the company's Board approved Underwriting.

The policyholder needs to produce an evidence of insurability and the same must be acceptable to the company's board of Underwriting.

The policyholder will have to pay all overdue premiums with late payment fee and/or interest. The life assured may be asked to undergo the medical tests before the revival of the policy, and the cost to be borne by the policyholder.

Exclusions of Edelweiss Tokio Life MyLife+

Suicide Exclusion: If the life assured commits suicide, whether sane or insane, within 12 months from the date of inception or revival of the policy, 80% of the premiums received (excluding extra mortality premium) will be payable.

Review of Edelweiss Tokio Life MyLife+

MyLife+ is an online term plan which can be customized with optional riders. Moreover, the flexibility of selecting the payout option and payment frequency mode. Edelweiss Tokio has been growing exponentially since 2011 with their core focus on customer's satisfaction. Edelweiss Tokio's fast claim settlement process is what building trust in their customers.

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