Edelweiss Tokio Life Insurance is a prominent insurance company that has various categories of life insurance for specific purposes. The main categories include wealth builder plans, pension plans, annuity plans, and endowment plans. They have a wide range of insurance plans at affordable prices. Each insurance plan can be personalised to a certain extent to match your requirements.
Edelweiss Tokio Life Cash Flow Protection Plus Plan is a unique endowment plan which makes sure that the beneficiaries receive regular tax-free payouts from time to time till the unfortunate death of the insured person. Some of the benefits of this plan includes guaranteed income till the age of 100 years, reversionary lump sum bonus, additional cash bonus, high sum assured amount, loan facility, and add-on riders that gives extra protection.
This non-linked participating endowment plan will help you save financially for the future without burdening your every month.
In order to buy the Edelweiss Tokio Life Cash Flow Protection Plus Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks.
|Parameters||Criteria for Eligibility|
|Minimum age at entry||91 days|
|Maximum age at entry||55 years as per last birthday|
|Maximum age at maturity||100 years|
|Policy term||100 years minus the age at entry of the insured person|
Sum Assured – It is the amount that is received by the insured person at the time of maturity. In case the insured individual encounters death and the Edelweiss Tokio Life Cash Flow Protection Plus Plan is still active, the sum assured is received by the legal heir or nominee of the insured. The sum assured and premium details are as below:
|Premium Paying Term||10, 15, 20, and 25 years|
|Premium Payment Frequency||Yearly/half-yearly/Monthly|
|Minimum Sum Assured||Rs.2,00,000|
|Maximum Sum Assured||No limit on the maximum sum assured amount|
|Death Benefit||Edelweiss Tokio Life Cash Flow Protection Plus Plan offers death benefits to all policyholders. In the event of unfortunate death of the insured, the nominee or the beneficiary will be eligible to receive a lump sum amount. The lump sum amount that is payable in the event of the death of the insured depends on the entry age of the insured.
If the insured person's entry age is below 5 years and for minor lives, within 1 year and 11 months from the time the policy was commenced, the insurer will be liable to pay 105% of the total premiums that was paid till the date of death of the insured.
If the entry age of the life insured is above 5 years and death occurs before the premium payment term, sum assured on death plus any reversionary bonuses will be paid.
If the entry age of the life insured is above 5 years and death occurs after the premium payment term, sum assured on death will be payable. Where the sum assured amount on death will not be less than:
|Maturity Benefit||At the end of the policy term, when the policy matures and the insured person survives, maturity benefit is payable under this plan. The maturity benefit payable is the sum assured on maturity amount plus terminal bonuses, if any.|
|Reversionary Bonus||Under the Edelweiss Tokio Life Cash Flow Protection Plus Plan, policyholders are eligible to receive reversionary bonus from time to time. This bonus will be credited to the policy from from first year till the end of the policy term. Please note that reversionary bonus is based on par fund’s performance. This bonus will be payable either in the event of death or on maturity of the policy.|
|Money Back||Money back is a guaranteed benefit available under this plan. Money back benefit will be equal to 5.5% of the sum assured on maturity and will be payable at the end of every policy year. Money back benefit will start accumulated after one year of the premium payment term and will continue till the maturity of the policy or death of the insured, whichever occurs earlier.|
|Cash Bonus||Apart from the money back benefit, policyholders will also get cash bonus on every policy anniversary after the premium payment term. Cash bonus benefit will start accumulated after one year of the premium payment term and will continue till the maturity of the policy or death of the insured, whichever occurs earlier.|
|Guaranteed Surrender value||Guaranteed Surrender value is available under this policy. The guaranteed surrender value is the total of the surrender value of premiums and the accrued reversionary bonuses surrender value. Apart from the guaranteed surrender value, policyholders are also eligible for special surrender value.|
Add-on Plans or Riders can be availed under the Edelweiss Tokio Life Cash Flow Protection Plus Plan. All Edelweiss Tokio Life Cash Flow Protection Plus Plan policyholders who are looking for extra protection can choose a suitable add-on. The riders under this plan are mentioned below:
Suicide Exclusion – In case the insured person commits suicide within a period of one year from the commencement date of the policy, whether insane or sane, the policy will get terminated and 80% of premiums received (excluding extra mortality premium) will be paid out to the nominee or legal heir of the insured person.
In case the insured person commits suicide within a period of one year from the date of the revival, whether insane or sane, the policy will become void and higher of 80% of premiums received (excluding extra mortality premium) till date or surrender value accumulated till the date of death will be paid out to the nominee or legal heir of the insured person.
Other Key Features
|Surrender benefit||Under this endowment plan, surrender value will be accumulated under this policy if all the premiums is paid in full for the first three policy years. Once the policy is surrendered, it will be terminated and no benefits will be payable.|
|Grace period||Under this policy, a grace period of 30 days is available for all premium payment modes.|
|Revival||Please note that the policy will lapse if the premium payment is not within the grace period of 30 days. A lapsed policy can be revived by paying the total outstanding amount within two years from the date of the first missed payment. Also, a simple interest rate of 1% will be charged every month from the date of the first unpaid premium till the policyholder makes the payment.|
|Free look period||Free look period can be enjoyed by the policyholder for a span of 15 days. In case the insured does not like the terms and conditions of the plan, he/she can choose to return the policy document to the insurer. The policyholder must also state his reasons for not accepting the plan. The premium amount will be refunded to him/her by the insurer after making applicable deductions like medical test expenses (if any), stamp duty charges, etc. If the insured buys the policy via Distance Marketing, a free look period of 30 days can be availed by him/her.|
|Loan facility||Policyholders can avail loan under this policy after the policy acquires surrender value. The maximum loan amount that a policyholder can avail under this policy is 90% of the surrender value.|
|Nomination||Policyholders will be allowed to add nominees under this policy. The nominees will receive the sum assured amount and other benefits in the event of the unfortunate death of the policyholder. Nomination will be add as per section 39 of the Insurance Act, 1938.|
|Assignment||Assignment will be allowed if the policyholder requests for it. All assignment will be made as per section 38 of the Insurance Act, 1938.|
Tax Benefits can be availed under Section 10 (10A) and Section 80CCC of the Income Tax Act, 1961 with the Edelweiss Tokio Life Cash Flow Protection Plus Plan.
Edelweiss Tokio Life Insurance Company is one of the leading insurance solution providers in the country. This company has a start of capital of Rs.550 crores that explains their commitment of offering long term customer service. It is a joint venture of Tokio Marine Holdings Incorporation and Edelweiss Financial Services. Tokio Marine Holdings Incorporation, on one hand, is present in 39 different countries across the globe and is clearly one of the market leaders in this business. Edelweiss Financial Services, on the other hand, comes with immense experience in asset management, capital markets, insurance, credit, etc. The insurance policies offered by this company come with a myriad of benefits and features. They are tailored as per the changing needs and requirements of the customers. The Edelweiss Tokio Life Cash Flow Protection Plus Plan ensures that the insured gets a lump sum amount when the policy matures, which can be utilised to keep the economic conditions normal even after the insured is retired. A guaranteed addition of 5% of the cumulative premium is also offered by the insurer every year for the first five years.
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