Edelweiss Tokio Life Insurance has introduced innovative life insurance plans from time to time. Edelweiss Tokio Life Group Life Protection Plan is a one-year renewable group life term that is designed to provide financial security to the insured person and their loved ones in case of any eventuality. This plan also covers terminal illnesses. The master policyholder under this plan can choose either death benefit option or death benefit with terminal illness option.
If the master policyholder chooses only the death benefit option, then a sum assured will be paid in the event of death of the insured person. In case of death benefit with terminal illness benefit, when an insured person is diagnosed with any terminal illness, sum assured with a maximum limit of Rs.50 lakh will become payable. After this amount is disbursed, the plan will continue and the remaining balance amount will be paid in case of the death of the insured person.
To buy the Edelweiss Tokio Life Group Life Protection Plan, one has to meet the eligibility criteria set by the insurer.
|Plan Type||Group life protection plan|
|Minimum Entry Age||16 years|
|Maximum Entry Age||80 years|
|Maximum Maturity Age||81 years|
|Policy Term||This is a one-year renewable plan.|
|Group Size||The minimum group size is 50 members and there is no maximum limit.|
Sum Assured – In case the insured individual encounters death and the Edelweiss Tokio Life Group Life Protection Plan is still active, the sum assured is received by the legal heir or a nominee assigned by the insured.
|Maximum Sum Assured||No limit|
|Minimum Sum Assured||Rs.1,000 per member.|
|Ppremium Payment Frequency||Annual/semi-yearly/quarterly/monthly|
|Death Benefit||In case the insured person encounters death in an unfortunate event, 100% of the sum assured amount will be paid in a lump sum.|
|Maturity Benefit||Please note that there are no maturity benefits payable under this life insurance plan.|
|Terminal Illness||If the life insured is diagnosed with any one of the terminal illnesses and if the sum assured amount is less than or equal to Rs.50 lakh then the sum assured will be paid as a lump sum amount and no further benefit is payable.|
Add-on Plans or Riders can be availed under the Edelweiss Tokio Life Group life protection Plan. The riders under this plan are mentioned below:
Exclusions – What the Edelweiss Tokio Life Group life protection Plan does not cover
Suicide Exclusion – In case the insured person commits suicide within a period of one year from the commencement date of the policy, whether insane or sane, the policy will get terminated and 80% of premiums received will be paid out to the nominee or legal heir of the insured person.
Other Key Features
|Grace Period||Under this life insurance plan, the master policyholder get 30 days of grace period for half-yearly and quarterly modes and 15 days grace period for monthly mode. Please note that there is no grace period for the yearly premium payment mode.|
|Revival||Please note if the insurer does not receive the premium amount within the grace period, the policy will lapse. A lapsed policy can be revived or reinstated within the term of the contract.|
|Surrender Benefit||At any time within the policy term, the master policyholder has an option to surrender the policy. To surrender a policy, the master policyholder will have to give a written notice one month in advance. The surrender value payable for non-voluntary group is calculated using the below formula: Surrender value= Unexpired risk premium- Max(Claims- Expired Risk Premium) The surrender value for voluntary group is equal to the unexpired risk premium.|
|Paid-up Value||Not available|
|Spouse Cover Benefit||Policyholders who have opted for option one, which is the death benefit only plan will have an option to add their spouse under the plan.|
|Free-look Period||After buying the Edelweiss Tokio Life Group life protection Plan, the policyholder will get 15 days to return the policy back to the insurer if they do not agree to the terms and conditions of the policy.|
|Nomination||Nomination can be made under this policy as per Section 39 of the Insurance Law Amendment Act, 2015.|
|Assignment||Assignment facility is not allowed under this plan.|
Tax Benefits – How you can save under the Edelweiss Tokio Life Group life protection Plan
Under this plan, the master policyholder will be required to pay all the taxes imposed by the government from time to time.
Why you should buy the Edelweiss Tokio Life Group life protection Plan from Edelweiss Tokio Life
Edelweiss Tokio Life Insurance Company is one of the leading insurance solution providers in the country. This company has a start-up capital of Rs.550 crores that explains their commitment of offering long term customer service. It is a joint venture of Tokio Marine Holdings Incorporation and Edelweiss Financial Services.
The life insurance plans offered by this company come with a myriad of benefits and features. They are tailored as per the changing needs and requirements of the customers. The Edelweiss Tokio Life Group life protection Plan ensures that the insured gets a lump sum amount when the policy matures, which can be utilised to keep the economic conditions normal even after the insured is retired. Also, a guaranteed addition of 5% of the cumulative premium is also offered by the insurer every year for the first five years.