Edelweiss Tokio Life Insurance is a fast growing company catering to the insurance need of the Indian masses. It is a joint venture between Edelweiss Financial Services (51%), one of India's leading financial service company and Tokio Marine Holdings Inc. (49%), a 130 year old insurance company in Japan which is also their largest insurance provider. This setup brings together a strong grasp of customer requirements on one side and international expertise on the other.
Edelweiss Tokio Life Insurance started operations only in 2011, with 7 individual insurance products. By the end of the 2012 financial year, they had already sold around 6,600 policies through 29 branches with help from their 820 plus Personal Financial Advisor (PFA) team. Currently, Edelweiss Tokio Life Insurance have 32 insurance products in their portfolio, including 4 online products. The company offers need-based proprietary solutions to help their customers meet financial goals in different life stages.
|Percentage of Grievances Solved||100%|
|Claim Settlement Ratio||93.29%|
|Group Death Claims||100%|
|Percentage of Claims Rejected||0%|
|Solvency Ratio||2.20 (for the quarter ended March 2017)|
Edelweiss Tokio Life Insurance offers a wide range of insurance products to satisfy all their customer’s requirements. These plans can be sorted into different categories such as Term Insurance Plans (Secure future), Microinsurance Plans, Health Plans (Healthy Future), Group Plans (Group Solutions), Retirement Plans, Growth Plans, and Education Plans (the last 3 offered under Planned Future category).
Here’s a list of all the plans offered by Edelweiss Tokio Life Insurance sorted according to their categories:
|Term Plans||Microinsurance Plans||Retirement Plans||Growth Plans||Education Plan||Health Plan||Group Plans|
|Edelweiss Tokio Life - Total Secure+||Edelweiss Tokio Life - Raksha Kavach||Edelweiss Tokio Life – Triple Advantage Plan||Edelweiss Tokio Life - Wealth Ultima||Edelweiss Tokio Life - EduSave||Edelweiss Tokio Life - CritiCare+||Edelweiss Tokio Life - Group Credit Protection|
|Edelweiss Tokio Life - MyLife+||Edelweiss Tokio Life - Dhan Nivesh Bima Yojana||Edelweiss Tokio Life – Immediate Annuity Plan||Edelweiss Tokio Life - POS Saral Nivesh||Edelweiss Tokio Life - Group employee benefit plan|
|Edelweiss Tokio Life - Simply Protect||Edelweiss Tokio Life – Cash Income||Edelweiss Tokio Life - GCAP||Edelweiss Tokio Life - Group life protection|
|Edelweiss Tokio Life - Protection||Edelweiss Tokio Life – Cash Flow Protection Plus||Edelweiss Tokio Life - Wealth Builder||Edelweiss Tokio Life - Group Wealth Accumulation|
|Edelweiss Tokio Life - Income Replacement||Edelweiss Tokio Life – Pension Plan||Edelweiss Tokio Life - Guaranteed Income Plan|
|Edelweiss Tokio Life – Easy Pension||Edelweiss Tokio Life - Wealth Accumulation (Privilege)|
|Edelweiss Tokio Life - Dhan Labh|
|Edelweiss Tokio Life - Wealth Enhancement (Ace)|
|Edelweiss Tokio Life - WAAC|
|Edelweiss Tokio Life - Safe n Sure Plan|
|Edelweiss Tokio Life - Milestones Plan|
|Edelweiss Tokio Life - Single Pay Endowment Assurance Plan|
|Edelweiss Tokio Life - Wealth Accumulation (Cover Plus)|
Term Insurance Plans:
|Plan Name||Key Feature|
|Edelweiss Tokio Life - Total Secure+||
Total Secure+ is a comprehensive online term insurance plan which provides life cover and cover against 35 critical illnesses. It provides comprehensive protection that secures your family and also fulfills your need for critical illness insurance. This online term insurance plan comes with multiple customization options.
|Edelweiss Tokio Life - MyLife+||
MyLife+ is an online insurance term plan that covers your life and provides security to your family. It is a great opportunity to secure your family at a very competitive price. With cover upto 80 years of age & a flexible payout option, we offer you a value-for-money online insurance term plan.
|Edelweiss Tokio Life - Simply Protect||
Simply Protect is a term plan which ensures complete protection for your family in your absence. It also waives off future premiums in case of a disability or a critical illness.
|Edelweiss Tokio Life - Protection||
A Term Assurance Plan which caters to the need of risk coverage. Let your family members realize their dreams even after you are no longer there to help them. Flexibility to pay premium for a shorter term and avail risk cover for a longer term.
|Edelweiss Tokio Life - Income Replacement||
An ideal plan to ensure continuity of monthly income for the family after death of breadwinner. On death of the life assured during the policy term, company pays chosen monthly benefit, increasing at 5% every policy year to the nominee till the end of policy term or 5 years, whichever is later.
|Plan Name||Key Feature|
|Edelweiss Tokio Life - Raksha Kavach||
Raksha Kavach is a non-linked, non-participating micro term assurance plan. This plan helps you avail your life cover requirements and comes in lower ticket sizes with both single pay and regular pay options.
|Edelweiss Tokio Life - Dhan Nivesh Bima Yojana||
This plan has been specially designed keeping the needs of the rural customers in mind. This is a non-linked non-participating endowment plan with two cover options. The policy provides coverage for a longer duration with Death Benefit, Maturity Benefit and Surrender Value.
|Plan Name||Key Feature|
|Edelweiss Tokio Life – Triple Advantage Plan||
An endowment assurance money back plan. With three payouts till maturity; have a relaxed and peaceful retirement. Tailor made for those who wish to enjoy their sunset years in sunshine. On survival of the life assured up to age of 100, the company pays Sum Assured on Maturity + terminal Bonus.
|Edelweiss Tokio Life – Immediate Annuity Plan||
An immediate pension plan that caters to the need of retirement funding. Make sure that you earn an annual income long after you quit working. A plan in which you pay once and you start getting lifelong pension immediately. It will differ across the 7 annuity options.
|Edelweiss Tokio Life – Cash Income||
A guaranteed plan that first gives you regular, increasing and tax free income for 20 years & then pays you a lump sum amount twice in the policy. Survival benefit increases from 22nd policy year at a simple rate of 6% p.a of annualized premium.
|Edelweiss Tokio Life – Cash Flow Protection Plus||
An endowment plan that enables you to sustain current standard of living and have a regular tax free flow of income till his/her demise. This can only be possible with a healthy cash flow; long after your productive years. Guaranteed benefits Money back at 5.5% of Sum Assured on Maturity. starts one year after the premium paying term and is paid annually on every policy anniversary till maturity or death whichever is earlier.
|Edelweiss Tokio Life – Pension Plan||
Pension Plan is a simple retirement plan that caters to the need of retirement funds by providing a lump sum amount at policy vesting. The plan also offers guaranteed addition and Compound Reversionary Bonus over and above the maturity/vesting benefits of the policy.
|Edelweiss Tokio Life – Easy Pension||
Easy Pension is a unit-linked, retirement solution, suited to meet your needs to plan for a financially stable and happy retirement life.
|Plan Name||Key Feature|
|Edelweiss Tokio Life - Wealth Ultima||
Wealth Ultima is a modern ULIP plan designed to accumulate wealth for the policyholder. It has options to pay systematically through annual, monthly, or other modes, increasing fund value by capitalizing on multiple Systematic Transfer Plans (STPs) and Funds. It also comes with the option to have Little Champ Benefit for the secure future of the child of the policyholder in his/her absence.
|Edelweiss Tokio Life - POS Saral Nivesh||
POS Saral Nivesh is a guaranteed life insurance plan that’s easily comprehensible and easier to buy. It help the policyholder to accumulate wealth for future financial requirements providing both death cover and maturity benefit. The policy allows policyholders get a loan in case of unforeseen emergencies.
|Edelweiss Tokio Life - GCAP||
|Edelweiss Tokio Life - Wealth Builder||
|Edelweiss Tokio Life - Guaranteed Income Plan||
|Edelweiss Tokio Life - Wealth Accumulation (Privilege)||
|Edelweiss Tokio Life - Dhan Labh||
|Edelweiss Tokio Life - Wealth Enhancement (Ace)||
|Edelweiss Tokio Life - WAAC||
|Edelweiss Tokio Life - Safe n Sure Plan||
|Edelweiss Tokio Life - Milestones Plan||
|Edelweiss Tokio Life - Single Pay Endowment Assurance Plan||
|Edelweiss Tokio Life - Wealth Accumulation (Cover Plus)||
|Plan Name||Key Feature|
|Edelweiss Tokio Life - EduSave||
|Plan Name||Key Feature|
|Edelweiss Tokio Life - CritiCare+||
CritiCare+ is a critical illness plan which covers 17 Critical Illnesses. It provides a lump sum benefit on the diagnosis of a Critical Illness that is predefined in the plan. Unlike health insurance plans, the money can be claimed on diagnosis. No submission of hospitalization bills is mandatory.
|Plan Name||Key Feature|
|Edelweiss Tokio Life - Group Credit Protection||
|Edelweiss Tokio Life - Group employee benefit plan||
|Edelweiss Tokio Life - Group life protection||
|Edelweiss Tokio Life - Group Wealth Accumulation||
Being one of the newly established life insurance companies in the country, Edelweiss Tokio Life Insurance is still in its growth phase. The company’s claim settlement ratio for the fiscal year 2016-17 is as follows:
|No. of claim received||No. of claims paid||Claim settlement ratio|
The company’s claim settlement ratio trend since 2011 is as follows:
For insurance plans for individuals, the documents required are:
For insurance contracts with companies, the documents required are:
For insurance contracts with partnership firms, the documents required are:
For insurance contracts with trusts and foundations, the documents required are:
Customers can check the status of their policy using the online ‘Application Tracker’ at the Edelweiss Tokio website.
Existing customers can also login to their Edelweiss Tokio accounts to find out all details about their policy like the current policy status, fund performance or next due date for premium payment.
Pay your premium online by using your credit card, debit card, internet banking account, UPI or e-wallet.
NEFT: pay your premium using NEFT by adding us as payee in your online banking account
Instapay; pay your premium via netbanking on your bank's website
Paytm: pay your premium by visiting Paytm website or through the Paytm mobile app.
Standing Instructions: pay via Standing Instruction on your credit card online. select the standing instruction option while making payment through credit card
To know what is the amount of Premium one has to pay for a particular policy, customers can use the handy premium calculator at the Edelweiss Tokio website.
There are 4 sections in the premium calculator:
Ans. Edelweiss Tokio Life Insurance provides for a number of Riders to ensure each customer gets the adequate coverage he/she needs. These Riders are:
Ans. Edelweiss Tokio Life Insurance different Fund options to ensure that their customers get all the flexibility they need. These Fund options are:
Ans. Grievance Redressal Mechanism has been set up by us for the resolution of any dispute or grievance or complaint in respect of your Policy. You are requested to submit your written complaint at any of the below mentioned touch points:
Step 1: Toll Free customer care number 24 hours a day, 7 days a week. Email or write to Edelweiss Tokio Life Insurance.
Step 2: If you do not receive any resolution to your complaint within a period of 2 weeks or if the response is not as per your expectations please feel free to contact our Grievance Redressal Officer
Step 3: If you are not satisfied with the response of the GRO, you may write to the Chief Grievance Redressal Officer at email@example.com
Step 4: If You are not satisfied with the response or do not receive a response from us within 14 days, you may approach the Grievance Cell of the Insurance Regulatory and Development Authority of India (‘IRDAI’)
Step 5: If the complaint/grievance has still not been resolved You may approach the office of the Insurance Ombudsman established by the Central Government of India as per Rule 12 (1) and Rule 13 of the Redressal of Public Grievances Rules, 1998 (‘RPG Rules’).
Ans. Policy servicing turn-around-time as prescribed by IRDAI for Life Insurance companies are as follows:
Ans. You can get your premium paid certificate anytime by going to the Customer Services section of the Edelweiss Tokio Life Insurance website and clicking on “premium paid certificate”, “renewal premium receipt” or “fund statement”, whichever you need. Then enter the details requested like policy number and mobile number and click on “fetch policy”.
Ans. You can find out how well your Fund is performing with the help of Edelweiss Tokio’s Fund History tool at their website. All you have to do is enter your policy number and your date of birth.
Edelweiss Tokio Life Insurance has partnered with MobiKwik to offer pocket insurance to MobiKwik users. The insurance solutions will be available only the website as well as the mobile app. The sum assured available under the options are Rs.1 lakh, Rs.3 lakh and Rs.5 lakh. The MD and CEO of Edelweiss Tokio, Sumit Rai, said that the idea is to sell the pocket insurance solutions to youngsters so that they get familiar with the idea of life insurance and become long term customers of the company. The premium rates for the plans are Rs.148 for the Rs.1 lakh cover, Rs.443 for the Rs.3 lakh cover, and Rs.738 for the Rs.5 lakh cover.
Since underbanked individuals prefer small insurance covers that are easy to apply for, simple to understand, and affordable, the company tied-up with MobiKwik.
5 August 2019
Having recently launched their life insurance product called, Zindagi Plus, Edeilweiss has taken a relatable route to lure audiences to buy life insurance for their family and loved ones and offer financial backup for them following the death of the breadwinner of the family. Commenting on the launch of the ad campaign, the marketing head of Edeilweiss Tokio said that, we wanted to keep it new age and relevant. All our campaigns have stayed away from generating fear in the minds of the consumers. Insurance is a heavy subject, but that doesn't mean the communication needs to be heavy too. Our previous communications have also always been light-hearted and that's the style we've stuck to. The marketing team has decided to split the ad campaign into 2, and the reason behind it according to him is that the TV audience is typically male, between the ages of 30-40 years. They are likely to have young kids and that is the right time to buy a term plan. We'd also like to address the lady of the house, who plays a huge role in influencing the decision of buying protection.
11 March 2019
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