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  • Edelweiss Tokio Life Easy Pension Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The world we live in is very unpredictable and it is imperative for individuals to have a security net to protect themselves financially in case of unfortunate events. The Easy Pension Plan offered by Edelweiss Tokio Life is tailor made to ensure that coverage is provided against untimely demise of the policyholder. This is an individual plan that is non-participating and non-linked. In addition to this, policyholders have the option to avail protection against total permanent disability or death due to an accident.

    This term plan is highly beneficial in every way as premium amount is low and tax benefits can also be availed. Female policyholders can avail additional rebates.

    Eligibility - Who is the Edelweiss Tokio Life – Easy Pension Plan for?

    In order to avail the plan and its benefits, individuals will have to fulfill certain criteria. These factors are mentioned below:

    Parameter Details
    Age at Entry 18 years to 65 years
    Maximum Age at Entry 75 years
    Policy Tenure (in years) 5/10/15/20/25/30 or coverage until the policyholder reaches the age of 60.
    Premium Payment Tenure 5/10/15/20/25/30 or coverage until the policyholder reaches the age of 60.

    All ages are based on the previous birthday of the policyholder.

    Sum Assured and Premium Range - What you get and what it costs

    Sum Assured:

    This is based on the premium amount that is being paid and the benefit option chosen by the customers.

    Sum Assured Rs.20,000 and over, is subject to underwriting.
    • Maximum sum assured in Life Cover option - there is no limit.
    • Maximum sum assured under Accident Plus option - Rs.3 crore
    • Maximum sum assured under Disability Plus option - Rs.1 crore

    Policyholders can avail rebates on a high sum assured amount.

    In case the sum assured is between Rs. 1 crore to Rs.1.99 crore, then the rebate on tabular rates per lakh sum assured amount is Rs.14.

    In case the sum assured amount is Rs.2 crore or above, the rebate on tabular rates per lakh sum assured amount is Rs.15.

    Premium:

    Premium will vary based on the requirements of the policyholder and the benefit option chosen.

    Premium Mode Annual/Monthly
    Annual Premium
    • Minimum - Will vary based on age of entry and minimum sum assured amount.
    • Maximum - No limit

    In case the policyholder is a woman, the premium would be set back by a period of 3 years. Additionally, for all policies that have been purchased online, a 5% discount would be provided on the premium throughout the tenure of the policy.

    Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.

    Plan Coverage - What the Edelweiss Tokio Life – Easy Pension Plan covers

    This life insurance plan provides policyholders with the unique option of choosing between three plans based on their needs and requirements. These plan options are -

    • Life cover
    • Accident Plus
    • Disability Plus
    Policy Benefit
    Life Cover Through this option, a life insurance cover is provided with no limit on the sum assured amount. In case of untimely demise of the policyholder, sum assured amount will be paid to the nominee and the policy will cease. However, the sum assured amount will be subject to underwriting.
    Accident Plus If this plan is chosen, policyholders can avail an Accidental Death Benefit protection along with life cover. In case of untimely death of policyholder as a result of an accident, an added amount that is equal to sum assured will be given to the nominee in addition to the base sum assured and the policy will cease.
    Disability Plus In addition to accidental death benefit cover, this option also comes with a cover against Accidental Total and Permanent Disability. In case the policyholder suffers from total and permanent disability as a result of an accident, the sum assured amount will be given to the policyholder and the policy will cease.
    Maturity Benefit No benefits are payable.

    Riders/Add-on Plans - Additional coverage under the Edelweiss Tokio Life – Easy Pension Plan

    In order to avail information regarding riders or add-on plans, customers can contact the life insurance provider.

    Exclusions - What the Edelweiss Tokio Life – Easy Pension Plan does not cover

    In case the policyholder commits suicide within a period of one year from the date of policy commencement or revival, regardless of whether he/she is sane or insane, the benefits that will be paid are as follows:

    • In case the policyholder commits suicide within a year from date of policy inception and if the policy is in-force, death benefit of 80% of all premiums that have been paid until then will be refunded.
    • If the policyholder commits suicide within a year from date of policy revival and if the policy is in-force, death benefit of 80% of all premiums that have been paid until then will be refunded or the surrender value as is available on the date of death will be paid.
    • In case the policyholder commits suicide after a period of one year from the date of policy inception or revival and the policy is in-force, applicable death benefit will be paid.

    Other exclusions under Accidental Death Benefit and Accidental Total and Permanent Disability are as follows:

    • Ailment, condition or injury that was diagnosed or symptoms noticed prior to this policy being issued will not be covered.
    • Infection due to HIV or disability due to AIDS, self-inflicted injury, attempted suicide or suicide, service in air force, military or naval organization, physical handicap, taking part in strike, riot etc., will not be covered.
    • Hazardous activities such as bungee jumping, skydiving, scuba diving, etc., will not be covered.
    • Radiation, nuclear reaction, chemical or biological contamination will not be covered.

    Other Key Features - Free-look Period, Surrender Values, Grace Period etc.

    Free-look period In case the policyholders are not satisfied with the plan, they have the option to return the same within a period of 15 days from receipt of document along with stated reasons. In case the policy was sold through distance marketing methods, wherein interaction was not done face-to-face, the free-look period available is 30 days.
    Surrender There is no surrender value that is payable under this term insurance plan.
    Revival A lapsed policy can be revived within a period of two years from the date of the very first unpaid premium.
    Lapsation In case the premium has not been paid during the grace period, then the policy will considered as lapsed.
    Grace Period Policyholders have a period of 30 days within which they will have to pay their premium. In case the monthly payment mode is chosen, the grace period available is 15 days.
    Loan This facility is not available with this plan.
    Assignment Assignment is allowed based on the provisions of Section 38 of the Insurance Act of 1938.
    Nomination Nomination is allowed based on the provisions of Section 39 of the Insurance Act of 1938.

    Tax Benefits - How you can save with the Edelweiss Tokio Life – Easy Pension Plan

    Policyholders can avail tax benefits on their premium based on existing tax laws. However, tax laws are subject to variations from time to time. Hence, customers are advised to talk to their tax consults prior to availing the policy.

    Other benefits - How you can save with the Edelweiss Tokio Life – Easy Pension Plan

    In addition to the benefits mentioned above, customers can avail a number of other advantages, as mentioned below.

    • Customer care - Robust and quick customer care service ensures that individuals can contact Canara HSBC Life any point of time, from anywhere in case of doubts or clarifications.
    • Calculators and Tools - Policyholders can make use of any of the calculators and tools available on the Canara HSBC Life website which will enable them to plan their future in a better manner.
    • Premium Payment - Policyholders do not have to go through the difficulty of visiting a branch of Canara HSBC Life to pay their premiums as they can do so online very conveniently and easily, without any difficulties.

    Why you should buy the Easy Pension Plan from Edelweiss Tokio Life?

    One of the most foremost providers of insurance, Edelweiss Tokio Life insurance company is known for its efficient customer care service, hassle-free procurement process as well as its presence across the country.

    Started in the year 2008, Edelweiss Tokio Life provides not just unique plans to cater to every individual’s needs and requirements but also boasts of a high claim-settlement ratio. This company has also tied up with a free regional rural banks so as to provide insurance solutions to those in rural areas. This insurance company has also won a number of awards and accolades.