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  • Edelweiss Tokio Life Group Credit Protection 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 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.

    Eligibility – Who is the Edelweiss Tokio Life Group Credit Protection Plan for?

    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 and Premium Range – What you get and what it costs

    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.

    Plan Coverage – What the Edelweiss Tokio Life Group Credit Protection Plan covers

    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:
    • Single premium x 70% x total coverage term/number of cover months left x sum assured at commencement of policy/sum assured at the time of surrender.
    If the insured members contribute towards the premium, upon surrender of the Edelweiss Tokio Life Group Credit Protection Plan, the group’s individual insured person can continue the plan separately for the remaining term of the policy.
    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.

    Exclusions – What the Edelweiss Tokio Life Group Credit Protection Plan does not cover

    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:
    • After the cover commences – Surrender value is paid out.
    • Before the cover commences – the whole premium for that particular member will be refunded.

    Tax Benefits – How you can save under the Edelweiss Tokio Life Group Credit Protection Plan

    Tax benefits applicable under the prevailing tax laws can be availed under the Edelweiss Tokio Life Group Credit Protection Plan.

    Why you should buy the Edelweiss Tokio Life Group Credit Protection Plan from Edelweiss Tokio Life Insurance Company?

    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.