The Edelweiss Tokio Life Group Credit Protection Plan is a term life insurance plan. It offers protection to the life insured from all loan repayments (car loan, home loan, personal loan, credit card, agriculture loan, education loan, etc.) in the event of unfortunate demise of the insured person. The coverage can be availed even during moratorium period. Surrender value is also payable under the Edelweiss Tokio Life Group Credit Protection Plan.
In order to buy the Edelweiss Tokio Life Group Credit Protection Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:
|Parameters||Criteria for Eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||65 years|
|Minimum size of the group||50|
|Maximum age at maturity||70 years|
|Moratorium period||1 year to 2 years|
|Minimum coverage term||2 years|
|Maximum coverage term||30 years|
Sum Assured – It is the amount that the nominee or the beneficiary of the insured person gets upon the unfortunate demise of the life insured. The minimum sum assured under the Edelweiss Tokio Life Group Credit Protection Plan is Rs.10,000 for each member.
|Minimum Sum Assured||Rs.10,000 for each member|
Premiums – It is amount paid by the policyholder in order to keep the Edelweiss Tokio Life Group Credit Protection Plan active and running. There is only one premium payment term that can be availed with this insurance policy – Single.
|Premium Paying Term||Single|
Disclaimer – Premiums may vary depending upon factors like age, location, term of the plan, etc.
|Death Benefit||In the event of death of the policyholder, the sum assured is received by the nominee or legal heir of the insured person. There will be applicable reductions in the sum assured as per the loan repayment schedule. This will depend upon the parameters selected by the policyholder.|
|Surrender Benefit||The surrender benefit can be availed from the first year of the insurance policy. The surrender value paid out as per the insurance certificate is mentioned below:
|Moratorium||A moratorium period of 1 year to 2 years can be availed by the insured. During this period, the added interest is considered to be paid out separately to the financial institution by the member and the outstanding loan amount/sum assured would remain same during moratorium. When EMIs start after the moratorium period, the amount would start decreasing. In case of death during this period, the entire outstanding loan amount will be received by the beneficiary or nominee with no interest addition.|
Suicide Exclusion – In case the life assured or group member commits suicide within a period of 12 months from the commencement date of the Edelweiss Tokio Life Group Credit Protection Plan, whether insane or sane, the policy will get terminated and 80% of the single premium will be received the legal heir or nominee.
Other Key Features
|Free look period||A free look period of 15 days can be availed by the policyholder under the Edelweiss Tokio Life Group Credit Protection Plan. If the insured person is not satisfied with the policy’s terms, then he/she can choose to return it to the insurer and cancel the policy. A letter must be sent to the insurer requesting the cancellation and stating the reasons for the same. Refund of the premiums will take place after necessary deductions for stamp duty, medical examination (if any), etc.|
|Loan cancellation||In case the loan amount is not taken up or cancelled by the member after it has been sanctioned, then the following value is paid out depending upon the scenario:
Tax benefits applicable under the prevailing tax laws can be availed under the Edelweiss Tokio Life Group Credit Protection Plan.
The Edelweiss Tokio Life Insurance Company is a joint venture of Tokio Marine Holdings Incorporation and Edelweiss Financial Services. Edelweiss Tokio Life Insurance Company is one of the leading insurance solution providers in the country. Edelweiss Financial Services, on one hand, comes with immense experience in asset management, capital markets, insurance, credit, etc. Tokio Marine Holdings Incorporation, on the other hand, is present in 39 different countries across the globe and is clearly one of the market leaders in this business. This company has a start of capital of Rs.550 crores that explains their commitment of offering long term customer service. The Edelweiss Tokio Life Group Credit Protection Plan offers protection to the life insured from all loan repayments (car loan, home loan, personal loan, credit card, agriculture loan, education loan, etc.) in the event of unfortunate demise of the insured person. The coverage can be availed even during moratorium period.
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