• Edelweiss Tokio Life Edusave 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

    Edelweiss Tokio Life – EduSave Plan is a non-linked participating life insurance plan offered by Edelweiss Tokio Life Insurance Company Limited. With this endowment assurance plan, you can get double protection:

    • A lump sum amount is paid to the beneficiary in the unfortunate event of the demise of the life insured
    • Guaranteed maturity benefit is payable upon reaching policy maturity.

    You also have flexible payout plans to suit your financial needs and additional benefits are paid in the form of accrued bonuses over the policy term.

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

    Entry age Minimum 18 years to maximum 45 years
    Maturity age Maximum 60 years

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

    Policy Term 10 to 30 years
    Minimum Premium Rs.6,968
    Sum Assured Minimum sum assured - Rs.2.25 lakh Maximum sum assured - No limit
    Premium Paying Term
    Policy Term Entry Age Premium Paying Term
    10 years 18 - 40 years Regular pay
    11 - 14 years 18 - 45 years Regular pay
    15 years 18 - 45 years Regular pay, 10 pay
    16 -30 years 18 - 45 years Regular pay, 10 pay, policy term less 5 years
    Premium Payment Frequency Annual - 100% of annual premium Semi-annual - 51.2% of annual premium Quarterly - 26.0% of annual premium Monthly - 8.8% of annual premium

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

    Plan Coverage - What the Edelweiss Tokio Life – EduSave Plan covers?

    This is how Edelweiss Tokio Life – EduSave Plan works:

    • Premium discount: Get discount on premiums for large sum assured. Premium discount for female policyholders up to 21 years of age is same as that of an 18-year old male and for females aged 22 and above, the premium rate is same as that of a 3-year younger male.
    • Loan: A loan can be availed against the Edelweiss Tokio Life – EduSave Plan once it has attained surrender value. A maximum loan amount of 90% of the surrender value can be obtained. For paid-up policies, if the outstanding loan amount and the interests accrued exceed the surrender value, then the policy will be terminated. Upon policy surrender, the demise of the life insured or policy maturity, the outstanding loan amount and interests will be deducted from the benefits payable.
    • Death Benefit: In the unfortunate event of the demise of the life insured, sum assured will be paid to the nominee, all future premiums will be waived, and reversionary bonus will continue to accrue till policy maturity.
    • Maturity Benefit: Sum assured plus accrued bonuses will be payable upon reaching policy maturity. Sum assured is equal to higher than 10 times the annualised premium or the minimum guaranteed sum assured on maturity. You can opt for any of the following maturity payout options:
    Type of maturity benefit 1st year 2nd year 3rd year 4th year 5th year 6th year
    Marriage Funding Plan 100% - - - - -
    Post-Graduation Plan 52% 52% - - - -
    Graduation Plan 32% 24% 24% 32% - -
    Integrated 5-year degree plan 20% 20% 20% 28% 28% -
    Dual Degree Plan 18% 18% 18% 18% 24% 24%

    Riders or add-on plans – Additional coverage under the Edelweiss Tokio Life – EduSave Plan

    For enhanced protection, you can add the following riders at a nominal additional cost to the Edelweiss Tokio Life – EduSave Plan:

    • Edelweiss Tokio Life - Hospital Cash Benefit Rider
    • Edelweiss Tokio Life - Critical Illness Rider
    • Edelweiss Tokio Life - Waiver of Premium Rider
    • Edelweiss Tokio Life - Accidental Death Benefit Rider
    • Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider
    • Edelweiss Tokio Life - Term Rider
    • Edelweiss Tokio Life - Payor Waiver Benefit Rider

    Exclusions - What the Edelweiss Tokio Life – EduSave Plan doesn’t cover?

    The Edelweiss Tokio Life – EduSave Plan doesn't cover death by suicide of the life insured. In the case of death by suicide within 1 year from the date of policy inception, 80% of the premiums paid is payable to the beneficiary. In the case of death by suicide within 1 year from the date of policy revival, higher of 80% of the premiums paid or surrender value is payable to the beneficiary.

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

    • Free-look period: From the date of receipt of the policy document, you have 15 days (30 days for policies purchased through distance marketing) to review the terms and conditions of the policy. The policy can be returned if there are any objections to the terms and conditions, and the insurer will refund the premiums paid after certain deductions such as stamp duty charges and applicable risk cover.
    • Grace period: A grace period of 30 days for all modes of premium payment will be given to pay due premiums during which the policy cover will be active. If the premiums are not paid within the grace period, then the policy will lapse.
    • Revival: Policy can be revived during the policy term within 2 years from the date of the first unpaid premium. For policy reinstatement, you will have to pay all premiums due till date, submit written request, and provide proof of insurability.
    • Paid-up status: Premium discontinuance before 3 years’ full premium payment will result in policy lapse. Premium discontinuance after 3 years’ full premium payment will result in your policy acquiring paid-up status. Paid-up maturity and death benefits are payable upon reaching maturity and in the case of the demise of the life insured, respectively.

    Tax Benefits – How you can save with the Edelweiss Tokio Life – EduSave Plan?

    You can get tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961 on premiums paid and maturity proceeds, respectively. Under Section 80D of the Income Tax Act, 1961, you can get tax benefits on premiums paid for critical illness rider and hospital cash benefit rider.

    Other Benefits – How you can save with the Edelweiss Tokio Life – EduSave Plan?

    There are several other benefits of purchasing insurance plans from Edelweiss Tokio Life Insurance Company Limited such as:

    • Customer care: For any life insurance related queries, you can call Edelweiss Tokio Life Insurance Company Limited 24/7 helpline number or visit the company website. There is also a dedicated grievance redressal cell to resolve your queries and complaints.
    • Renew online: Insurance policies can be renewed online through the company website.
    • Application status: You can track the status of your application by entering your application number on the company website. You can live chat with insurance agents on the company website for assistance with any insurance related queries.
    • Premium calculator: The online premium calculator provided on the company website can be used to accurately calculate how much premium you need to pay for your chosen policy. You can also get a free quote for your chosen insurance plan.
    • Claims: Claim registration can be initiated online through the company website. Genuine claims with necessary documents will be settled within 24 hours. For policies with sum assured of up to Rs.5 crore, any delay in claim settlement will be compensated at 10% interest p.a.
    • Online premium payment: You can make instant premium payments online through the company website using netbanking, credit card, debit card, UPI or e-wallet. Paytm, cash, cheque, NEFT, and auto-debit arrangements are other methods of paying your insurance premium.

    Why you should buy the Edelweiss Tokio Life – EduSave Plan from Edelweiss Tokio Life Insurance Company Limited?

    With the Edelweiss Tokio Life – EduSave Plan, you can provide financial assistance for your child’s education or wedding even in your absence. At Edelweiss Tokio Life Insurance Company Limited, the customer’s needs are assessed and based on his or her financial preferences and goals, the best possible solution is provided. The company is a joint venture between Edelweiss Financial Services and Tokio Marine Holdings Inc.

    With a simple claims process, a wide array of insurance products, and customer centric approach, Edelweiss Tokio Life is one of the leading insurance companies in the country. The Claims Settlement Ratio of the company in FY 2016-17 is 93.29%. The company won Outlook Money Awards’ the Best Life Insurer, 2016.

    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.