Edelweiss Tokio Life – Raksha Kavach Plan is a non-linked, non-participating micro term insurance plan offered by Edelweiss Tokio Life Insurance Company Limited. With this micro assurance plan, you can get maximum life cover requirement for a small premium.
Eligibility - Who is the Edelweiss Tokio Life – Raksha Kavach Plan for?
||18 to 50 years
||23 to 55 years
Sum Assured and Premium Range - What you get and what it costs?
||Rs.5,000 to Rs.50,000
|Premium Paying Term
||Single Pay, Regular Pay
|Premium Payment Frequency
||Single Pay, Annual
Premiums may vary depending upon factors like age, location, term of the plan and prevailing GST.
Plan Coverage - What the Edelweiss Tokio Life – Raksha Kavach Plan covers?
This is how Edelweiss Tokio Life – Raksha Kavach Plan works:
- Death Benefit: In the unfortunate event of the demise of the life insured, sum assured will be paid to the nominee.
- Surrender Value: There is no surrender value for Regular Pay. For Single Pay, the following is payable if the policy is surrendered:
||Surrender value as a % of single premium
Exclusions - What the Edelweiss Tokio Life – Raksha Kavach Plan doesn’t cover?
The Edelweiss Tokio Life – Raksha Kavach Plan doesn't cover death by suicide of the life insured. In the case of death by suicide within 1 year from the date of policy inception, 80% of the premiums paid is payable to the beneficiary. In the case of death by suicide within 1 year from the date of policy revival, higher of 80% of the premiums paid or surrender value is payable to the beneficiary.
Other Key Features – Free-look Period, Surrender Values, Grace Period etc.
- Free-look period: From the date of receipt of the policy document, you have 15 days (30 days for policies purchased through distance marketing) to review the terms and conditions of the policy. The policy can be returned if there are any objections to the terms and conditions, and the insurer will refund the premiums paid after certain deductions such as stamp duty charges and applicable risk cover premium.
- Grace period: A grace period of 30 days will be given to pay due premiums during which the policy cover will be active. If the premiums are not paid within the grace period, then the policy will lapse and no benefits will be paid.
- Revival: Lapsed policy can be revived within 2 years from the date of the first unpaid premium. For policy reinstatement, you will have to pay all premiums due till date and 1% interest per month, submit a written request, and provide proof of insurability.
Tax Benefits – How you can save with the Edelweiss Tokio Life – Raksha Kavach Plan?
Under the Edelweiss Tokio Life – Raksha Kavach Plan, you can get tax benefits on:
- Premiums paid under Section 80C of the Income Tax Act, 1961.
- Maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.
Other Benefits – How you can save with the Edelweiss Tokio Life – Raksha Kavach Plan?
There are several other benefits of purchasing micro term insurance plans from Edelweiss Tokio Life Insurance Company Limited such as:
- Customer care: For any life insurance related queries, you can call the 24/7 helpline number of Edelweiss Tokio Life Insurance Company Limited. There is also a dedicated grievance redressal cell to resolve your queries and complaints.
- Application status: You can track the status of your insurance application by entering your application number on the company website. You can also live chat with insurance agents on the company website for assistance with insurance related queries.
- Premium calculator: The online premium calculator provided on the company website can be used to accurately calculate how much premium you need to pay for your chosen policy. You can also check your eligibility and get a free quote for the chosen plan.
- Online premium payment: You can make instant premium payments online through the company website using netbanking, credit card, debit card, UPI or e-wallet. Paytm, cash, cheque, NEFT, and auto-debit arrangements are other methods of paying your insurance premium.
- Claims: Claim registration can be initiated online through the company website.
Why you should buy the Edelweiss Tokio Life – Raksha Kavach Plan from Edelweiss Tokio Life Insurance Company Limited?
With the Edelweiss Tokio Life – Raksha Kavach Plan, you can get excellent life cover for a small premium. Edelweiss Tokio Life Insurance Company Limited follows a customer-centric approach, so that the best possible solution can be provided to satisfy the customer’s needs. Customers prefer Edelweiss Tokio Life because of the hassle-free claims process and a wide range of insurance solutions. The Claims Settlement Ratio of the company in FY 2016-17 is 93.29%. The company also won the Best Life Insurer, 2016 by Outlook Money Awards.