Edelweiss Tokio Life Term Insurance Plans

Opting for a term insurance plan is one of the most effective ways to prepare for life’s unforeseen circumstances. Through this, the life assured can make sure that his or her dependents remain financially secure in the individual’s absence. The nominee shall receive the sum assured (also called death benefits), if the life assured passes away during the policy period. Term insurance plans of Edelweiss Tokio Life are a popular choice among customers seeking high cover at low premiums.

About Edelweiss Tokio Life: Established in 2011, Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Financial Services and Tokio Marine. The company offers a range of insurance solutions to meet varying customer needs. At present, Edelweiss Tokio Life Insurance has 121 branches across 91 cities in India.

(Note - All the information contained in this page has been sourced from the official website of Edelweiss Tokio Life Insurance Company.)

Features of Edelweiss Tokio Life Term Insurance Plans

The features of Edelweiss Tokio Life Term Insurance Plans are as under:

Edelweiss Tokio Life offers six different term plans, namely Zindagi+, Total Secure+, Simply Protect, Protection, Income Replacement and MyLife+.
The death benefit shall be paid to the nominee in the event of the life assured’s demise during the policy period.
The life assured can choose the manner in which the policy proceeds are disbursed in case of his or her demise. Some plans allow for monthly pay-outs, where the sum assured can be given as a family income benefit to provide regular cash flow to the dependents.
A host of add-on benefits and riders are available on term insurance plans, like accidental cover, critical illness cover, etc.

Benefits of Edelweiss Tokio Life Term Insurance Plans

The benefits of Edelweiss Tokio Life Term Insurance Plans are as under:

High cover at low cost - Individuals can benefit from high life cover at low premium rates. The sooner that one avails a term plan, the lower will be the premiums.
Long term protection - Individuals can opt for life insurance cover up to the age of 80 years.
Financial stability - The policy pays out the sum assured to the family of the life assured in the event of his or her demise. This ensures the loved ones remain financially secure.
Tax benefits - Tax deduction can be claimed on the premiums paid toward Edelweiss Tokio Life Term Insurance Plans under Section 80C of the Income Tax Act, 1961. Proceeds from the policy are tax-free in the hands of the receiver under Section 10(10D) of the Income Tax Act.

Types of Edelweiss Tokio Life Term Insurance Plans

The term insurance plans available with Edelweiss Tokio Life are as follows:

Edelweiss Tokio Life - Zindagi+: In addition to providing an individual with a life cover, Zindagi+ offers an additional life cover to the spouse with its Better-Half benefit option. The policy also accounts for one’s growing needs and increases the life cover year on year with its Top-Up benefit option.
Edelweiss Tokio Life - Total Secure+: This is a comprehensive online term plan that provides life insurance as well as cover against 35 critical illnesses.
Edelweiss Tokio Life - Simply Protect: The plan comes with four unique death benefit options, which offer protection against disability as well as 12 critical ailments.
Edelweiss Tokio Life - Protection: A term assurance plan that offers risk coverage.
Edelweiss Tokio Life - Income Replacement: An ideal option to ensure continuity of monthly income for the family following the death of the bread-winner.
Edelweiss Tokio Life - MyLife+: This is an online term plan that provides life cover up to the age of 80 years. The benefit is provided in three pay-out options – lump sum, monthly or a combination of the two.

Eligibility Criteria

Edelweiss Tokio Life - Zindagi+

criteria	Details
Min Entry Age	18 yrs. for Life Insured
Max Entry Age for Life Insured	Life cover with level sum assured and Regular Pay - 65 yrs. Life cover with level sum assured and 'Pay Till 60' Payment Option - 50 yrs. Life cover with Decreasing sum assured and Regular Pay - 55 yrs. Life cover with Decreasing assured and 'Pay Till 60' Payment Option - 50 yrs.
Minimum Policy Term	For Regular Pay - 10 yrs. For "Pay till 60" - 15 yrs.
Maximum Policy Term	62 years

Edelweiss Tokio Life - Total Secure+

criteria	Details
Minimum Entry Age	18 years age last birthday
Maximum Entry Age	65 years age last birthday
Maximum Maturity Age	Life Cover: 80 years Life and Basic Health & Life and Comprehensive Health: 75 years

Edelweiss Tokio Life – Simply Protect

criteria	Details
Minimum Entry Age	18 years
Maximum Entry Age	65 years
Maximum Maturity Age	80 years (last birthday)
Policy Term	10 to 40 years For coverage up to age 80 years: 62 years

Edelweiss Tokio Life – Protection

criteria	Details
Minimum Entry Age	18 years
Maximum Entry Age	60 years
Minimum Maturity Age	28 years
Maximum Maturity Age	70 years

Edelweiss Tokio Life – Income Replacement

criteria	Details
Entry Age of Life Insured (last birthday)	18 to 60 years of age
Maturity Age (last birthday)	28 to 70 years of age
Policy Term (PT)	10 to 30 years

Edelweiss Tokio Life – MyLife+

criteria	Details
Minimum Entry Age	18 Years
Maximum Entry Age (Last birthday)	60 Years
Maximum Maturity Age (Last birthday)	80 Years

Source: Official website of Edelweiss Tokio Life Insurance

Premium Details

Edelweiss Tokio Life - Zindagi+

Premium Payment Term	1. Regular Pay: Same as the policy term 2. Pay till 60: (60 - Age at entry + 1) yrs.
Premium Paying Frequency and Min. Premium	Yearly - Rs. 3,000 Half yearly - Rs. 2,000 Quarterly - Rs. 1,250 Monthly - Rs. 500

Edelweiss Tokio Life - Total Secure+

Premium Paying Term	Life Cover: a. Single Pay b. Limited Pay: 5,10,15,20,25 years c. Regular Pay Life and Basic Health Cover & Life and Comprehensive Cover: a. Regular Pay
Premium Payment Frequency	Single Pay: Single Other Pay: Only annual premium payment mode is available under this product

Edelweiss Tokio Life – Simply Protect

Premium Payment Frequency	a.) Annual Mode b.) Single Mode
Premium Paying Term	a.) Single Pay b.) Limited pay of 5,10,15,20 years b.) Regular pay

Edelweiss Tokio Life – Protection

Premium Paying Term and Frequency	Single, 5, 10, 15# and regular for policy term 20 and above only # for policy term 25 and above only

Edelweiss Tokio Life – Income Replacement

Premium Paying Term (PPT)	Single, 5, 10, 15 and Regular For Policy Term 20 and above only, # For Policy Term 25 and above only
Premium Payment Frequency	Annual

Edelweiss Tokio Life – MyLife+

Premium Paying Term (PPT)	Regular pay
Minimum Premium	Rs 2,500 (Annual) \| Rs. 500 (Monthly)

Edelweiss Tokio Life Term Insurance - Riders

The riders available with some of the term plans include:

Edelweiss Tokio Life - Accidental Death Benefit Rider: This provides additional financial security if death occurs due to an accident. The benefit is payable in a lump sum.
Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider: In case the life assured’s income-earning capacity is hindered due an accidental disability (total and permanent), the rider provides a lump sum amount.
Edelweiss Tokio Life - Waiver of Premium Rider: This rider provides protection in case of accidental total and permanent disability or critical illness.
Edelweiss Tokio Life - Hospital Cash Benefit Rider: In the event that the policyholder is hospitalized, this rider provides for daily allowance and post hospitalization benefits.

Why Buy Edelweiss Tokio Life Term Insurance Plans

Term insurance plans by Edelweiss Tokio Life pay out the sum assured to the nominee of the life assured in the event of death. Here is a look at some of the benefits of availing a term insurance cover:

The nominees shall receive the sum assured in a lump sum amount or through the chosen pay-out option in the event of the policyholder’s demise.
Tax deductions and exemptions are provided with under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Additional amount over and above the policy’s sum assured is provided if the event listed in the added rider is fulfilled.

Documents Required

An individual will have to submit certain documents to avail Edelweiss Tokio Life Term Insurance Plans. The documents include:

Identity Proof - PAN card, Aadhaar card, Passport, etc.
Address Proof - Aadhaar card, Passport, Driving license, etc

Exclusions of Edelweiss Tokio Life Term Insurance Plans

If the death occurred under abnormal circumstances, the term insurance claim will be rejected by the insurer. In case the policy includes critical illness or accidental rider, the claim will get rejected if the demise is due to:

Accidental death as a result of driving under the influence of alcohol or drugs
Death due to taking part in life-threatening activities such as racing or trekking
Death as a result of a pre-existing medical condition, not mentioned in the policy term
Death due to any illegal activity Other exclusions for term insurance plans include:
Suicide in the first year of the term policy period
Death due to STD, not mentioned in the policy term
Self-inflicted injury due to death
Death due to the consumption of illegal narcotics or drugs

Reviews of Edelweiss Tokio Life Term Insurance Plans

Term insurance plans by Edelweiss Tokio Life offer financial security and come with a host of benefits. Individuals can benefit from longer protection, with some policies giving the option of granting a life cover up to the age of 80. A number of add-on benefits and riders can also be included to the base plan such as accidental cover, critical illness cover, etc.

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FAQs on Edelweiss Tokio Life Term Insurance

How can premiums be paid?

An individual can opt from monthly, half-yearly or yearly mode of payment, and choose from the following list of payment options:

Credit Card
Debit Card
Net-banking
Online Wallets

How to check the application status for Edelweiss Tokio Life Term Insurance Plans?

To track the status of application, users will need to provide policy number and date of birth of proposer on the website of the Edelweiss Tokio Life Insurance.

What is the claim settlement process for Edelweiss Tokio Life Term Insurance Plans?

The insurer’s claim settlement process has 3 steps: i) Intimation of claim, ii) Submission of documents and iii) Decision on the claim.

What is the policy cancellation process?

Policyholders can request for cancellation of the insurance cover during the free-look period. If an individual disagrees with any of the terms and conditions, he or she can return the policy within 30 days from the date of receiving the policy document. A letter stating the reason for cancellation must be provided. Premium paid shall be refunded after deducting stamp duty and medical expenses, if any incurred in that connection.