Edelweiss Tokio Life-GCAP is a non-participating, non-linked life insurance plan that has been designed for individuals who are keen on wealth accumulation. It is a guaranteed wealth return plan that offers accrual addition helping you to maximize your money by helping you to enjoy the best returns.
Eligibility- Who is the Edelweiss Tokio Life- GCAP Plan for?
| Entry age
||Minimum - 91 days
Maximum - 55 years
| Maturity age
||Minimum - 18 years
Maximum - 70 years
Sum Assured and Premium Range - What you get and what it costs?
||In case of death:
In case of maturity:
- Minimum: Rs.1,65,000
- Maximum: No limit
- Cumulative annual premium
|Premium Paying Term
|Premium Paying Frequency
||Monthly, quarterly, semi-annual, or annual
*Premiums may vary depending upon factors like age, location, term of the plan and prevailing GST.
Plan coverage: What Edelweiss Tokio Life-GCAP Plan covers?
This is how Edelweiss Tokio Life-GCAP Plan works:
- Guaranteed Accrual Addition: Under this plan, the policyholder receives Guaranteed Accrual Addition (GAA). The amount of GAA payable depends on the gender of the policyholder, annual premium, entry age, premium paying term, and policy term. The policyholder receives the GAA every year beginning from the 9th year of the policy till maturity. The GAA will be accrued at the beginning of every year. The cumulative GAA will be paid by the company on maturity or death.
- Loan: A loan can be availed against the Edelweiss Tokio Life – GCAP 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 an unfortunate event of the death, the death benefit payable will depend on the age of the policyholder:
- If the policyholder's entry age is 5 years and above: Sum assured on death plus the cumulative GAA, if any, where the sum assured is higher of:
- Sum assured on maturity
- 11 times the annual premium for 5, 7, and 10 pay and 13 times of the annual premium for 12 pay
- 105% of total paid premiums (excluding the rider premiums, GST, any underwriting extras) till the time of death of the policyholder
- If the policyholder's entry age is below 5 years, the risk cover will begin a month before the second anniversary of the policy. In the unfortunate situation of death during the first year and 11 months from the date of commencement of the policy, the nominee will receive 105% of the total paid premiums (excluding GST, any underwriting extras, and rider premiums). Once the risk cover begins, once the risk cover starts, the death benefit will be as per the benefit given for the entry age of 5 years and above. Also, the amount of death benefit will also decrease by the following:
- The premiums that haven't been paid in the policy year at the time of the death, in case the life insured had chosen a premium frequency that is not annual
- The accumulated interest, due premiums and their interest, and the outstanding loan amount, if any.
- Maturity Benefit: On maturity, the policyholder will be paid the sum assured plus the cumulative GAA as mentioned in Annexure A where the sum assured on maturity is as much as the annual premium.
Riders or add-on plans-Additional coverage under the Edelweiss Tokio Life-GCAP Plan
For enhanced protection, you can add the following riders at a nominal additional cost to the Edelweiss Tokio Life – GCAP Plan:
- Edelweiss Tokio Life-Income Benefit Rider
- Edelweiss Tokio Life-Accidental Death Benefit Rider
- Edelweiss Tokio Life-Payor Waiver Benefit Rider
- Edelweiss Tokio Life-Accidental Total and Permanent Disability Rider
- Edelweiss Tokio Life-Waiver of Premium Rider
- Edelweiss Tokio Critical Illness Rider
- Edelweiss Tokio Life-Term Rider
Exclusions-What Edelweiss Tokio Life-GCAP Plan doesn't include?
The Edelweiss Tokio Life – GCAP 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.
- 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 attaining maturity and in the case of the demise of the life insured, respectively.
- 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.
- 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.
- 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.
Tax Benefits – How you can save with the Edelweiss Tokio Life – GCAP Plan?
Policyholders 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 – GCAP Plan?
There are several other benefits that the policyholder receives for 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 1800 212 1212 or visit the company’s official 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 – GCAP Plan from Edelweiss Tokio Life Insurance Company Limited?
Edelweiss Tokio Life Insurance is one of the most prominent life insurance companies in India. Over the years, it has earned popularity for the plethora of insurance products that it offers. The products offered by the Edelweiss Tokio Life Insurance are not only unique but they have also been designed keeping in mind the various financial needs of people. The company aims to secure the financial aspirations of its customers.
The GCAP Plan offered by Edelweiss Tokio Life Insurance is comprehensive and affordable. This plan assures financial security and guaranteed wealth return for the policyholders as well as their family members. This plan enables the family members of the policyholder to enjoy the benefits of the Guaranteed Accrual Addition.