• Edelweiss Tokio Life Group Employee Benefit Plan

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    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 employee benefit plan is a non-linked, non participating, fund based group product that offers customers with the benefit of retirement planning as well as the benefit of a guaranteed return of investment and protection of capital. The Edelweiss Tokio Life Group employee benefit plan also offers protection for the loved ones or dependents of the group member in case of an eventuality .

    Eligibility -Who is the Edelweiss Tokio Life Group employee benefit plan for?

    To be eligible for the Edelweiss Tokio Life Group employee benefit plan, customers need to meet certain criteria.

    Parameters Details
    Entry Age Minimum: 18 years Maximum: 80 years
    Maturity Age 81 years (as of last birthday)
    Policy term 1 year (minimum)
    Group Size 10 members (minimum)

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

    Sum Assured: Each group member is entitled to a sum assured of Rs.1,000. In case of the untimely death of the group member, the nominee is entitled to the sum assured.

    Premium: The minimum premium payable by the policyholder of the Edelweiss Tokio Life Group employee benefit plan is Rs.1 lakh.

    Plan coverage - What the Edelweiss Tokio Life Group employee benefit plan covers

    The Edelweiss Tokio Life Group employee benefit plan comes with death benefits and retirement benefits.

    Death benefits In case of untimely death of the group member, the nominee of the member will be entitled to the sum assured.
    Retirement benefits If the group member resigns from the services to his/her company, he/she is entitled to the sum assured.

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

    The key features of the Edelweiss Tokio Life Group employee benefit plan are listed below.

    Guaranteed Interest Credit Group members are entitled to a guaranteed interest credit of 0.5% over the floor rate every year.
    Surrender benefit The policyholder can surrender the policy after serving the 15 day notice period. If the policyholder surrenders the policy within 3 years from the commencement of the policy, the surrender charge will be a minimum of 0.5% of the total policy value up to a maximum of Rs.5 lakh. If the policyholder surrenders the policy after three years, he/she is entitled to the complete value of the policy at that point.
    Discontinuance If at any point the policy value drops below Rs.50,000, the policy will be foreclosed. Once the policy is discontinued, the policy value will be paid to the policyholder.
    Free-look period Policyholders are granted a free-look period of 15 days from the commencement of the policy. If the master policyholder disagrees with the terms and conditions of the policy, he/she can return the policy within the free-look period and receive a refund for the premium paid.
    Nominations Policyholders can make nominations as per section 39 of the Insurance Laws (Amendment) Act, 2015.

    Tax benefits – How you can save with the Edelweiss Tokio Life Group employee benefit plan

    • Premiums paid towards the Edelweiss Tokio Life Group employee benefit plan are eligible for tax benefits under Section 80C of the Income Tax Act.
    • The payouts from the policy are eligible for tax rebates under Section 10(10D) of the Income Tax Act.

    Other benefits – How you can save with the Edelweiss Tokio Life Group employee benefit plan

    • Customers can make use of the online customer portal at the Edelweiss Tokio Life Website to access their insurance details.
    • The website also enables policyholders to renew their insurance online.
    • Payments for policy renewal can be made through the following channels:
      • Credit cards - American Express, Visa, Maestro, MasterCard, and Diners Club cards are accepted.
      • Debit cards - Visa, Maestro, MasterCard, and RuPay cards can be used to make online payments.
      • Bill Junction - Customers can login to Bill Junction and make premium payments.
      • Net banking - Customers can pay premiums through the net banking facility offered by their banks.
      • e-Wallets - Premium payment can be done through e-Wallets such as iCashCard, Airtel Money, ITZCash, Jio Money, Oxigen, PayCash, and Idea Money
    • The insurer’s website also enables customers to request for a callback.
    • Policyholders can chat with a customer service representative through the Edelweiss Tokio Life website . They will be able to get clarifications to queries and resolution to issues through this facility.

    Why you should buy the Edelweiss Tokio Life Group employee benefit plan from Edelweiss Tokio Life Insurance?

    The Edelweiss Tokio Life Group employee benefit plan offers its customers an opportunity to save for their retirement as well as receive guaranteed benefits. Edelweiss Tokio Life Insurance has more than 60 branches spread across the country and has more than 1,500 employees. The company offers its customers with a variety of insurance products and over the years have proved to be one of the fastest growing insurers in the country. In 2016, Morningstar rated Edelweiss Tokio Life Insurance 5 stars and they were also awarded “the best insurer” by Outlook Money.

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