• Term Life
  • Investment

Protection Term Plan

Edelweiss Tokio Life protection plan is a pure term plan from Edelweiss Tokio Life Insurance where the beneficiary gets the sum assured as a death benefit, if the policyholder dies within the policy term. No maturity benefits are payable to the policyholder if he/she survives till the end of the policy term.

Features of Protection Plan

Free look period: In case the policyholder is not satisfied with the policy terms and conditions, he/she may choose to cancel the plan within 15 days from the policy issue date. The free-look period is 30 days in case the policy is purchased through web and telemarketing channel. Upon such cancellation, life insured will be paid back the premium. However, the stamp duty, medical costs and other expenses will be deducted from the premium amount.

Grace period: The company provides a grace period of 30 days from the premium due date in order to pay a yearly premium. The grace period is the extra days provided to make the payment. The policy will remain in force during the grace period. The policy benefit thereafter would have no further value.

Policy lapse: Your policy will lapse if you fail to make the premium payment within the grace period.

Policy revival: A lapsed policy can be restored within two years from the date of first unpaid premium. The policyholder needs to pay all outstanding premiums with interest and undergoing underwriting requirements, if any. The revival of policy will be considered on receipt of written request from the policyholder along with the proof of insurability of the policyholder.

Nomination: The company obtains the nominee details at the time of purchasing the policy. The policyholder is allowed to change the nominee by contacting the nearest branch of the company. A nomination is permitted under Section 39 of the Insurance Act, 1938.

Assignment: Assignment of the policy is allowed under Section 38 of the Insurance Act, 1938.

Benefits of Protection Plan

Death benefit: Death benefit is payable on the unfortunate event of the death of the life insured.

Maturity benefit: There is no maturity or survival benefit in this plan.

Paid-up benefit: No paid-up benefit is payable under this plan.

Surrender benefit: No surrender benefit is payable in case of regular pay option.

  • Single pay: Single Premium (exclusive of service tax) X 70% X number of remaining months of term / total policy term in months.

  • 5/10/15 pay: Total Premium paid (exclusive of service tax) X 70% X number of remaining months of the term / total policy term in months.

Eligibility criteria

The customers need to meet the following criteria in order to purchase the Edelweiss Tokio Life protection plan.

ParameterMinimumMaximum
Sum assured Rs. 15,00,000 (in multiple of Rs. 100,000)No limit. (Subject to underwriting policy)
Policy term 10 years30 years
Premium payment termSingle, 5 pay, 10 pay, 15 pay and regularSingle, 5 pay, 10 pay, 15 pay and regular
Entry age (lasts birthday)18 years60 years
Age at maturity (last birthday)28 years70 years
Payment ModesAnnualAnnual

Other details of protection plan

Riders: Edelweiss Tokio Life protection plan offers four riders for additional coverage.

  • Edelweiss Tokio Life – Accidental total and permanent disability rider
  • Edelweiss Tokio Life – Accidental death benefit rider
  • Edelweiss Tokio Life – Waiver of premium rider
  • Edelweiss Tokio Life – Critical illness rider

Income tax benefit:

Premium paid up to Rs. 1,50,000 towards the policy, is allowed as a deduction from the taxable income under Section 80C of the Income Tax Act, 1961. Additionally, the death benefits received under this plan are eligible to receive tax exemption under Section 10(10D) of the Income Tax Act, 1961.

Rebate on the high sum assured:

Large sum assured discounts rates are given as per the table below.

10 pay15 payRegular pay10 pay15 payRegular pay
2,000,000 – 2,400,000Rs. 230Rs. 255Rs. 280Rs. 310Rs. 450
Per Rs.500,000 Sum Assured exceeding 15 lakh
2,500,000 – 4,900,000Rs. 135Rs. 165Rs. 190Rs. 200Rs. 275
Per Rs.500,000 Sum Assured exceeding 25 lakh
5,000,000 – 9,900,000Rs. 135Rs. 165Rs. 190Rs. 200Rs. 275
Per Rs.1,000,000 Sum Assured exceeding 50 lakh
10,000,000 & aboveRs. 60Rs. 75Rs. 100Rs. 130Rs. 150
Per Rs.2,500,000 Sum Assured exceeding 100 lakh.

Discount for non-tobacco users: The company offers discounted premium rates for non-tobacco users

Product details

Edelweiss Tokio Life protection plan at a glance.

ParameterMinimumMaximum
Entry age18 years60 years
Age at maturity28 years70 years
Policy term10 years30 years
Sum assuredRs. 15,00,000 (multiple of Rs. 1,00,000)No limit
Premium paying termSingle, 5, 10, 15 and regular pay
Premium paying frequencyNo limit
Riders
  • Accidental total and permanent disability rider
  • Accidental death benefit rider
  • Waiver of premium rider
  • Critical illness rider
  • Premium details

    Annual premium illustration for a non-smoker 25-year old individual with a sum assured of Rs. 25,00,000.

    Age/premium payment termSingle pay5 pay10 pay15 payRegular pay
    30 yearsRs. 52,500Rs. 12,000Rs. 7000Rs. 5250Rs. 4000
    35 yearsRs. 70,250Rs. 16,000Rs. 9000Rs. 6750Rs. 5250
    40 yearsRs. 98,750Rs. 22,500Rs. 12,750Rs. 9250Rs. 7250

    Documents required

    The following documents are required to process Edelweiss Tokio Life protection plan.

    Age proof: The age proof can be any of these – Driving license, School/college certificate, Passport, PAN card, Birth Certificate.

    Identity proof: Voter ID, driving license, PAN card or Aadhaar card can be used an identity proof.

    Address proof: Electricity bill, Bank account statement can be presented as the proof of address.

    Income proof: Income tax return or employer certificate can be presented as an income proof at the time of purchasing the policy.

    Apart from the list mentioned above, the policyholder has to fill up an application or proposal form and provide self-attested copies of KYC documents.

    Exclusions - Protection Term Plan

    Below are the circumstances that Edelweiss Tokio Life protection plan doesn’t cover. Suicide: In case the policyholder commits suicide within 12 months from the policy commencement, only 80% of premiums paid are returned to the beneficiary.

    In case the policyholder commits suicide within 12 months from the policy revival, 80% of the premiums paid or acquired surrender value, whichever is higher, is paid to the beneficiary.

    Loan option: There is no provision to obtain a loan against the Edelweiss Tokio Life protection plan.

    Review of Protection Plan

    Edelweiss Tokio Life protection plan is a low-cost term life insurance plan that provides complete protection to your loved ones. The plan provides you with different premium paying options such as single pay, limited pay and regular pay. The premium rates are lower for non-tobacco users. The policy can be purchased for a minimum of 10 years, whereas the maximum policy term is 30 years.

    The premium can be paid on a yearly basis. The policy provides a grace period of 30 days from the due date within which you can make the premium payment. Edelweiss Tokio Life protection plan comes with a free-look period of 15 days, and the period is extended to 30 days in case the policy is purchased through web and telemarketing channel. The policy does not provide any maturity or survival benefits. The policy offers surrender value in case of single pay and limited premium payment term. No surrender value is payable in case of regular payment option.

    If the policyholder dies within 12 months from the policy inception or revival, the beneficiary is eligible to receive 80% of the premiums paid. The premiums paid towards this policy and the proceedings are eligible to receive tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

    FAQs on Protection Term Plan

    Who can buy the Edelweiss Tokio Life protection plan?

    Any Indian national between 18 years and 60 years of age can buy Edelweiss Tokio Life Protection plan.

    Why should I buy the Edelweiss Tokio Life protection plan?

    Edelweiss Tokio Life protection plan is a term insurance plan which will provide a lump sum amount to your family in the event of your unfortunate death. The plan will take care of the income replacement needs of your family in your absence. The plan offers high coverage at low premium rates. The company offers discounted premiums for non-tobacco users, and high sum assured.

    How does Edelweiss Tokio Life protection plan work?

    Edelweiss Tokio Life protection plan is a regular, limited and single premium payment option. On the death of the life insured, the sum assured is payable to the nominee, provided the policy is in force.

    What maturity benefits are available under Edelweiss Tokio Life protection plan?

    Edelweiss Tokio Life protection is a pure term plan where no maturity benefits are provided.

    What riders are available under Edelweiss Tokio Life protection plan?

    Edelweiss Tokio Life protection plan offers four riders for additional protection.

    • Accidental Total and Permanent Disability Rider (147B001V02)
    • Accidental Death Benefit Rider (147B002V02)
    • Waiver of Premium Rider (147B003V02)
    • Critical Illness Rider (147B005V02)

    Is it possible to revive my Edelweiss Tokio Life protection? If yes, How?

    A lapsed policy can be restored within two years from the date of first unpaid premium. The policyholder needs to make the payment of all outstanding payments to reinstate the plan.

    What is the company’s process to settle a claim?

    The Edelweiss Tokio Life insurance has a seamless process to file and settle the claim. In order to settle the claim, you need to submit the original policy along with the necessary documents and the claim form at any branch office in your city. Once the company verifies the records, it takes about 30 days to settle the claim. The funds will be transferred to your bank account through NEFT mode.

    How to pay the premium? What payment modes are available?

    There are two premium payment modes are available for Edelweiss Tokio Life.

    Online mode:

    • Debit card
    • Credit card
    • Payment through standing instructions
    • Net banking

    Offline mode:

    • Cash/DD/Cheque You can also pay the premium in cash by visiting the nearest branch in your area.

    What is the policy renewal process?

    You can renew the policy by using the auto direct debit option, and it can be done online using your login id and password. In case of offline mode, you can approach any branch office or speak with the customer care at 1800 2121 212 (between 8 am to 8 pm) regarding policy renewal.

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