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  • Edelweiss Tokio Life Guaranteed Income 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 Guaranteed Income Plan from Edelweiss Tokio is a guaranteed endowment assurance plan that is simple to understand. Customers can pay premiums for 15 years and enjoy benefits for the next 15 years. Assured benefits upon maturity of the plan make this policy quite attractive. Edelweiss Tokio offers personal financial advice to help you decide on the appropriate premium amount.

    Eligibility -Who is the Edelweiss Tokio Life Guaranteed Income Plan for?

    For any life insurance plan, the insurance provider sets certain eligibility requirements that the customer must fulfill in order to be able to avail the plan. In order to avail this plan, customers must meet certain criteria set out by Edelweiss Tokio.

    Eligibility Criteria Details
    Minimum entry age 3 years
    Maximum entry age 50 years
    Minimum age at maturity 18 years
    Maximum age at maturity 65 years

    *Ages mentioned refer to age last birthday

    Sum Assured and Premium Range - What you get and what the Edelweiss Tokio Life Guaranteed Income Plan costs

    Given below are the details of the sum assured, premiums and policy terms available with the Edelweiss Tokio Life Guaranteed Income Plan.

    Particulars Details
    Minimum sum assured Rs.4,83,630
    Maximum sum assured No limit, subject to underwriting
    Policy term 15 years
    Premium payment terms 15 years
    Premium payment frequency Annual
    Minimum Premiums 3 years to 35 years - Rs.30,000 36 years to 40 years - Rs.40,000 41 years - 45 years - Rs.50,000 46 years to 50 years - Rs.60,000

    *Premiums vary based on age, location, plan term and other factors

    Plan coverage - What the Edelweiss Tokio Life Guaranteed Income Plan covers

    The Edelweiss Tokio Life Guaranteed Income Plan has a number of benefits for the life insured and their family. Given below are some of the important benefits associated with this plan.

    Benefits Details
    Death benefit Upon the death of the life insured, the nominee will be entitled to claim the following (whichever is higher):
    • 125% of the annualized premium (Not including extra premium and rider premium)
    • 10 times the annualized premium (Not including extra premium and rider premium)
    • Lump sum maturity amount
    If death occurs after the policy term, the maturity benefit will continue to be paid as per schedule.
    Maturity benefit If the life insured survives till the end of the policy term, then 200% of the annual premium (Not including extra premium and rider premium) will be paid out through a payout period. The life insured/nominee can also opt to get the benefit as a lump sum during any payout year at a discounted value of 9% p.a. The lump sum is calculated as follows: (number of premiums/15 x 16,121) per thousand of annualised premiums (Not including extra premium and rider premium).
    Tax benefits Available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    Riders / Add-On Plans – H3> Additional coverage under the Edelweiss Tokio Life Guaranteed Income Plan

    Riders enhance the protection level offered with the base plan. You can opt for a rider by paying an additional premium. The rider will payout different benefits upon the occurrence of the event it covers. Given below are the rider plans available with the Guaranteed Income Plan from Edelweiss Tokio Life.

    • Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider
    • Edelweiss Tokio Life - Accidental Death Benefit Rider
    • Edelweiss Tokio Life - Waiver of Premium Rider
    • Edelweiss Tokio Life - Term Rider
    • Edelweiss Tokio Life - Critical Illness Rider
    • Edelweiss Tokio Life - Hospital Cash Benefit Rider
    • Edelweiss Tokio Life – Payor Waiver Benefit Rider

    The rider sum assured cannot exceed the base sum assured. The total rider premium cannot be more than 30% of the base policy’s premium.

    Exclusions - What the Edelweiss Tokio Life Guaranteed Income Plan doesn’t cover

    Inception of the policy - If the life insured commits suicide within 1 year from the commencement of the policy, whether medically sane or insane, the policy benefits are not payable. Edelweiss Tokio will refund at least 80% of the premiums paid till date (not including extra mortality premium).

    Revival of the policy - If the life insured commits suicide within 1 year from the revival date of the policy, whether medically sane or insane, the policy benefits are not payable. Edelweiss Tokio will refund at least 80% of the premiums paid till date or the surrender value available on the date of death, whichever is higher.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Knowing the details mentioned in your life insurance policy document is very important. These details are mentioned in the policy document and you are advised to read it before purchasing it. Given below are some of the important features of the Edelweiss Tokio Life Guaranteed Income Plan.

    Features Details
    Grace Period 30 days is granted from the premium due date as a grace period. The benefits will continue till the end of the grace period.
    Policy Loan Once the policy acquires a surrender value, a loan can be availed against the policy for a maximum of 90% of the surrender value. Interest rate is based on the SBI base rate + 1.75% or as declared by the company from time to time.
    Free-look Period The policyholder has 15 days (30 days for policies sold through distance marketing) to review the policy. If they disagree with the terms of the policy, they can return the original policy bond and submit a letter with the reasons for objection. The policy will be cancelled and the premium will be refunded minus medical expense and stamp duty charges.
    Policy Lapse If premiums are discontinued after paying the first premium, the policy will lapse. The company will not be liable to pay any surrender or paid-up value. If premiums are discontinued after paying two premiums, then the policy will be converted to a paid-up policy.
    Surrender Value The policy will acquire a surrender value if premiums have been paid for at least 2 policy years. The surrender value is the higher of the Guaranteed Surrender Value or the Special Surrender Value. The GSV is a percentage of the premiums paid up to the date of surrender (not including rider premiums and underwriting extras).
    Reinstatement From the due date of the first unpaid premium, you can reinstate your policy within 2 years. You need to submit the following:
    • A written application.
    • Satisfactory evidence of insurability.
    • Payment of all premiums due + 1% simple interest for every month lapsed.
    Termination The policy will terminate under the following circumstances:
    • Cancellation during free-look period.
    • End of reinstatement period in case of lapsed policy.
    • Payment of death benefit.
    • Payment of maturity lump sum.
    • End of maturity payout period.
    Assignment Assignment is allowed as per the provision of Section 38 of the Insurance Act, 1938.
    Nomination Nomination is allowed as per the provision of Section 39 of the Insurance Act, 1938.

    As per the prevailing tax laws in India, you can claim for tax benefits under Section 80C and Section 10(10 D) of the Income Tax Act, 1961. Premiums paid for Critical Illness Riders and Hospital Cash Benefit Riders might be eligible for deductions under Section 80D. Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits.

    Other benefits – How you can save with the Edelweiss Tokio Life Guaranteed Income Plan

    When you choose Edelweiss Tokio as your insurance provider, you can stand to benefit from the following:

    • Make a claim online
    • Renew your policy online
    • View brochures and sample policy documents online
    • Get a free quote through the Edelweiss Tokio Life website
    • Track your application online
    • Get e-statements
    • Pay premiums through multiple modes
    • Calculate your premiums online
    • Contact the customer care via phone, email, or post

    Why you should buy the Guaranteed Income Plan from Edelweiss Tokio

    Edelweiss Tokio Life Insurance was set up with a commitment to build a long-term sustainable business. The company has a customer-centric approach and develops its products based on its understanding of the diverse financial needs of Indian customers.

    This policy is ideal for you if you have dependents you wish to take care of financially in case of your untimely demise. In the event that you survive the policy term, you are entitled to a sizeable maturity benefit. This plan helps you invest your money wisely while also providing life cover. Furthermore, with a wide range of riders available, you can enhance the level of protection according to your needs and budget.