The Safe n Sure Plan from Edelweiss Tokio Life is a non-linked, non-participating, guaranteed endowment life insurance policy. The key benefit of this policy is that in addition to the life cover provided to the policyholder, the policy also guarantees a maturity benefit to the life assured at the completion of the policy tenure. Further, the life assured can also opt to take a loan against this policy, in case of an emergency.
At the time of purchasing this policy, the policy buyer will be given the option of purchasing additional riders for an enhanced protection. Tax benefits can also be availed, under Section 80C and Section 10(10D), of the Income Tax Act.
In order to purchase this policy, you will need to meet the pre-defined eligibility criteria.
|Parameters||Criteria for eligibility|
|Minimum age at entry||5 years|
|Maximum age at entry||55 years|
|Maximum age at maturity||80 years|
The sum assured is a certain amount of money that you or your nominee will receive from the insurer, as either the death benefit or maturity benefit.
|Minimum Sum Assured||Rs.2 lakh|
|Maximum Sum Assured||No limit|
The premium is a nominal charge that is levied by insurance providers for offering a life cover to the policy buyer.
|Premium payment term||15 years|
|Premium Payment Mode||
|Minimum Single Premium Amount||
*Premiums vary based on age, location, plan term, GST, and other factors.
|Death Benefit||If the policyholder passes away during the policy tenure, the insurance provider will pay the full sum assured amount to the nominee, as the death benefit.|
|Maturity Benefit||If the life assured survives till completion of the policy term, the insurer will pay the sum assured as the guaranteed maturity benefit to the policyholder.|
By way of purchasing riders along with their life insurance policy, policyholders can enhance their coverage. Certain riders that can be purchased along with the Safe n Sure Plan are:
If the policyholder commits suicide within a year of purchasing the Safe n Sure Plan, no death benefit will be paid to the nominee by Edelweiss Tokio Life. In this case, the insurer will only return 80% of the total premiums paid.
If the policyholder commits suicide within a year of reviving the policy, the insurer will pay the nominee either the surrender value of the policy or 80% of the total premiums paid, based on whichever is the higher of the two amounts.
|Paid-up policy||If the policyholder has paid the due premiums for two full policy years and has missed the subsequent premium payment, the policy will be converted into a paid-up policy.|
|Surrender value||If the policyholder has paid all due premiums for a period of 2 years, he/she can choose to surrender the policy. The insurer will pay the life assured the higher of the guaranteed surrender value or the special surrender value.|
|Loan||Policyholders can avail a loan against their policy after it has acquired a surrender value.|
|Grace period||The insurer offers a grace period of 30 days to all policyholders.|
|Policy revival||Lapsed policies can be revived within 2 years from the date of lapse. To revive a lapsed policy, the policyholder will have to submit a written request, pay all unpaid premiums with an interest charge, and provide proof of insurability.|
A policyholder can claim tax rebates for premiums paid during a given policy year under Section 80C of the Income Tax Act. Tax benefits can also be claimed after receiving the maturity benefit and death benefit, under Section 10(10D) of the Income Tax Act.
The Safe n Sure Plan from Edelweiss Tokio Life offers policyholders a comprehensive risk cover, thus guaranteeing financial security to one’s dependents. Further, this policy also offers a maturity benefit to the policyholder at the completion of the policy tenure, thus also acting as a savings instrument.
The insurer, Edelweiss Tokio Life, is a prominent insurance company, especially in the life insurance sector. The company was established in 2011 and has reported a steep growth since then. Currently, the insurer has 91 branches across the country and has employed around 21,449 agents. Further, the insurer also has a high claim settlement ratio of 93.29% for FY16-17.