EDELWEISS TERM INSURANCE
Edelweiss Tokio Life Insurance Company is a renowned name in the Insurance sector and is a highly customer-centric life insurance provider that commenced its operation in the year 2011. It is a joint venture between Tokio Marine Holdings Inc, which is a century-old insurance company in Japan, and Edelweiss Financial Services. It has a claim settlement ratio of 93.29% and has settled genuine claims within 24 to 48 hours of its intimation. The entity offers security and protection through its multiple life insurance products like investment plans, term plans among others.
In this article, we will primarily discuss the term insurance products and gain a better understanding of the offerings.
WHAT IS TERM INSURANCE?
Term insurance can be called one of the most basic types of insurance policies offered where the insurer ensures that the family members of the insured are given compensation up to the sum assured amount in case of demise of the insured during the selected tenure of the term insurance. These are designed to offer financial support to the family in case of an unfortunate event. Most term insurance plans come with other rider benefits at a slightly higher premium.
LIST OF TERM INSURANCE OFFERED
A. Edelweiss Tokio Life My Term Plus:
This is a limited pay term life insurance plan that offers life security and cover to insurees and their spouse (under better half benefit) along with numerous other benefits.
Eligibility Criteria:
| Minimum and Maximum Age | Minimum: 18 Years Maximum: 65 years for insuree and spouse |
| Maximum age of maturity | 85 years |
| Minimum Sum Assured | Base: Rs 25 Lacs Sum assured under better half incentive: Rs 25 Lacs The better half benefit is available only if the base sum assured chosen is Rs. 50 Lacs or more. |
| Maximum Sum Assured | Base: No limit Under better half benefit: Rs. 10Lacs |
Features and Benefits
1. Death Benefit:
The plan provides 3 death benefit payout choices to the insured’s nominee.
2. Protection against critical illnesses:
On diagnosis of the given 12 critical illnesses, the plan offers a lump sum fund to manage your medical expenses and this incentive is payable only once in a policy tenure.
3. Enhanced protection:
The plan offers additional riders for enhancing protection like Hospital cash benefit rider, accidental death benefit ride, waiver of premium rider, among others.
B. Edelweiss Tokio Life - Protection Plan
This plan is a risk cover term insurance plan that safeguards the financial interest of the insuree’s family when they are not around.
Eligibility Criteria:
| Minimum and Maximum Age | The minimum age is 18 years, and The maximum age is 60 years |
| Maximum age of Maturity | 70 years |
| Minimum Sum Assured | Rs. 15 lacs (Further in multiples of 1 lakh) |
| Maximum Sum Assured | No limit (Subject to board approved underwriting policy) |
Features and Benefits
1. Loan Facility:
Insurees can’t avail of a loan under this policy.
2. Tax Benefits:
Under section 10(10D) and 80C of the Income Tax Act, 1961, insurees are eligible for tax benefits for premiums against the plan.
3. Flexibility:
The policy provides flexibility to pay a premium for a fixed limited tenure and reap the benefits in the form of a risk cover for an extended tenure.
C. Edelweiss Tokio Life Zindagi
It is a customizable term insurance policy that provides life cover to the individual and spouse and comes with the convenience and flexibility to choose from multiple premium payment options and modes.
Eligibility Criteria:
| Particulars | Life cover with level sum assured | Life cover with decreasing sum assured |
| Minimum entry age | 18 years for insured life and spouse | |
| Maximum Entry Age | Regular Pay: 65 years Pay till 60: 50 years | Regular Pay: 55 years Pay till 60: 50 years |
| Maximum age of maturity | 80 years | |
| Minimum sum assured | If the top-up inventive or better half benefit has opted: Rs. 50 Lacs All other scenarios: Rs. 25 Lacs | |
| Maximum Sum Assured | No limit (subjected to board approved underwriting policy) | |
Features and Benefits
1. COVID Protection
In case the insuree dies due to Coronavirus, the plan will take care of their family’s financial liabilities.
2. Better half benefit:
With this benefit, your spouse will get an extra life cover in case of unfortunate demise without paying any additional premiums.
3. Waiver of premium:
All future premiums will get waived off if the policyholder is diagnosed with any of the 35 critical illnesses listed in the policy doc.
Frequently Asked Questions (FAQs)
1. Can the policyholder add additional riders?
Yes, if the plan permits, the insurees can add the additional riders offered by the specific plan.
2. How much time will it take to process the claim request?
The entity ensures to settle all genuine and approved claims within 24 to 48 hours of submission of all required information and documents.
3. Will the policy lapse if the premium payments are delayed or missed?
No, the plan won’t immediately lapse if you forget/fail to pay a premium. Grace period is provided which will be extended to the insuree in order to make a premium payment.