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