Edelweiss Tokio Life Milestones Plan
- 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 Milestones Plan from Edelweiss Tokio Life is a participating, non-linked, endowment money-back plan. The key benefit of this policy is that it provides regular payouts, in the form of survival benefits, to policyholders. Further, this policy also provides a significant maturity benefit, at the completion of the policy term.
Policy buyers are also given the option of enhancing their coverage by purchasing suitable riders along with their base policy. Policyholders are also eligible to claim tax rebates, for premiums paid and payouts received, as per the Income Tax Act, 1961.
Eligibility - Who is the Milestones Plan for?
Prospective policy buyers will have to meet the eligibility criteria set by the insurance providers to be eligible to purchase this policy.
| Parameters | Criteria for eligibility |
| Minimum age at entry |
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| Maximum age at entry |
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| Maximum age at maturity |
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Sum Assured and Premium Range - What you get and what it costs?
Sum Assured
The sum assured is a guaranteed amount of money that you or your nominee will receive, as per the eventuality. In addition to the base sum assured, you might also be eligible to receive bonuses or loyalty additions.
| Minimum Sum Assured | Rs.2,50,000 lakh |
| Maximum Sum Assured | No limit |
Premiums*
When you purchase an insurance policy, you will be expected to pay a certain amount of money, called the premium, to the insurer in exchange for the life cover provided to you.
| Policy Tenure |
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| Premium Payment Term |
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| Premium Payment Mode |
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* Premiums may vary based on age, location, plan term, and other factors.
Plan Coverage - What the Milestone Plan covers?
| Death Benefit | If the policyholder passes away during the policy tenure, the insurer will pay the sum assured and accrued bonuses to the nominee, as the death benefit payout, regardless of whether survival benefits have been paid or not. |
| Survival Benefits | The policyholder is eligible to receive payouts during the policy tenure, as per the schedule below:
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| Maturity Benefit | At the completion of the policy term, 40% of the sum assured and accrued bonuses will be paid to the policyholder. |
Riders/Add-On Plans – Additional coverage under the Milestones Plan
Insurance providers offer riders, which need to be purchased along with the base policy, to help policy buyers enhance and customise the coverage accorded to them. Certain riders that can be purchased with the Edelweiss Tokio Life – Milestones Plan include:
- 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 – Payor Waiver Benefit Rider
Exclusions - What the Milestones Plan doesn’t cover?
- If the policyholder commits suicide within a year of purchasing this policy, no death benefit will be paid and the policy will cease to exist. However, the nominee will receive 80% of the premium paid by the policyholder, during the policy tenure.
- If the life assured commits suicide within a year of the policy’s revival/reinstatement, the nominee will receive the surrender value or the base sum assured, based on whichever is the higher of the two.
Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.
| High Sum Assured Discount | Policy buyers who opt for a sum assured over Rs.2,50,000 lakh are eligible to receive a discount on the premium payable. |
| Paid-Up Value | If premium payments are discontinued after three policy years, the policy will be converted into a paid-up policy. |
| Policy Lapse | If premium payments are discontinued within the first three policy years, the policy will lapse. In this case, no surrender value will be paid. |
| Surrender Value | The policy will only acquire a surrender value if a minimum of three years’ premiums has been paid. If the policyholder surrenders the policy, the insurer will pay the higher of the guaranteed surrender value or the special surrender value. |
| Policy Loan | There is no facility to opt for a loan against this policy. |
| Free-Look Period | A free-look period of 15 days is provided to policy buyers. If the policy was purchased through distance marketing, the policyholder will be provided a 30-day free-look period. |
| Grace Period | The insurer provides a grace of 30 days, within which due premiums will have to be paid. |
| Policy Revival | Lapsed policies can be revived within 2 years of the date of lapse. To revive the policy, the policyholder will have to pay all due premiums with interest and produce a certificate of continued insurability/good health. |
Tax Benefits – How you can save with the Milestones Plan?
Life insurance plans, in addition to the many benefits they provide, also offer certain tax benefits. Policyholders can claim tax benefits for the premiums that they pay during the financial year, under Section 80C of the Income Tax Act. Also, tax benefits can be claimed for the payouts that they receive, via the insurance plan, under Section 10(10D) of the Income Tax Act.
Other Features of Edelweiss Tokio Life
- Online Policy Renewal: You can opt to renew your policy online through the insurer’s website by simply keying-in your policy number and date of birth. Post this, you can make the premium payment online and renew your policy.
- Range of Insurance Plans: Edelweiss Tokio Life offers a range of insurance plans to prospective customers. Certain types of insurance products that they offer include term insurance plans, investment-oriented life insurance plans, health plans, child plans, retirement plans, micro insurance plans, group plans, and online plans.
- View NAV: Customers can view and track the performance of various funds through Edelweiss Tokio’s official website.
Why should you buy the Milestones Plan from Edelweiss Tokio Life Insurance?
The Milestones Plan from Edelweiss Tokio is a protection-cum-savings financial instrument. By way of the periodic payouts, this plan ensures that you are able to meet significant milestones in your life with ease. The policy also provides you a comprehensive risk cover, thus guaranteeing financial security to your dependents.
With regard to the insurer, Edelweiss Tokio Life is one of the most preferred life insurance firms in the country, as a result of their customer-centric approach, product innovations, and varied product mix. The company, which was established in the year 2011, now has a pan-India reach, with over 90 branches across India. Further, the insurer has also reported a high claim settlement ratio of 93.29% for FY16-17.
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