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  • Edelweiss Tokio Life Triple Advantage 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 Triple Advantage Plan from Edelweiss Tokio Life is a participating, non-linked, endowment money-back plan that is ideal for individuals looking to secure their post-retirement years. A key benefit of this plan is that policy buyers can pay premiums for a limited period of time but will be able to enjoy the risk cover for the duration of the policy tenure.

    The minimum annualised premium payable for this plan is Rs.9,531. Policy buyers can also purchase certain riders offered by Edelweiss Tokio Life along with this policy to enhance the coverage offered by this policy. The life assured/nominee can also claim tax rebates under Section 80C and 10(10D) of the Income Tax Act, upon purchasing this plan.

    Eligibility - Who is the Triple Advantage Plan for?

    If you are looking to purchase this insurance policy, you will need to meet the insurer’s pre-defined eligibility criteria for this product.

    Parameters Criteria for eligibility
    Minimum age at entry 91 days
    Maximum age at entry 55 years
    Maximum age at maturity 100 years

    *For children under the age of 5 years, the risk cover will only start after the child attains 1 year and 11 months of age.

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured*

    Policyholders or their nominees will be entitled to receive a minimum guaranteed sum of money from the insurer as the death benefit or maturity benefit. This amount of money is called the sum assured.

    Death Sum Assured The death sum assured payable will be the higher of the following:
    • Annualised Premium x 11, or
    • Maturity Sum Assured
    Maturity Sum Assured
    • Minimum Maturity Sum Assured: Rs.2 lakh
    • Maximum Maturity Sum Assured: No limit

    *Policy buyers will have to choose the Maturity Sum Assured, at the time of purchasing this policy.

    Premiums*

    When you purchase an insurance policy, you are expected to pay a certain sum of money, called the premium, to the insurance provider, on a regular basis, as per the premium payment mode.

    Policy Term (100 – policy buyer’s age at entry) years
    Premium Payment Term 10, 15, 20, or 25 years
    Premium Payment Mode
    • Yearly
    • Half-Yearly
    • Quarterly
    • Monthly
    Minimum Premium Amount Rs.9,531

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

    Plan Coverage - What the Triple Advantage Plan covers?

    Death Benefit
    • For children under the age of 1 year and 11 months, in case of an untimely death, the nominee will be paid 105% the overall premiums paid.
    • For children over 1 year and 11 months, the death benefit will be the same as that offered to policyholders over 5 years.
    • For policyholders with an entry age of 5 years or above, the death benefit payable will be as follows:
    • If death occurs during the premium payment term (PPT), the death sum assured and reversionary bonus (RB1) will be paid.
    • If death occurs after the PPT but before the completion of the policy year in which the life assured attains 75 years of age, the death sum assured and accrued reversionary bonus (RB2) will be paid.
    • If the death occurs after the life assured has attained the age of 75 years, the death sum assured will be paid to the nominee.
    Maturity Benefit At the completion of the policy term, the maturity sum assured and terminal bonus will be paid to the policyholder.
    Survival Benefit/Guaranteed Lump Sum Benefit As per the terms and conditions of this policy, the policyholder will also receive survival benefits:
    • First survival benefit will be paid at the completion of the premium payment term.
    • The second survival benefit will be paid at the policy anniversary in which the life assured attains 75 years of age.
    *For policyholders under the age of 18 years, the first survival benefit will be paid when the policyholder attains 18 years of age.

    Riders/Add-On Plans – Additional coverage under the Triple Advantage Plan

    The following riders can be purchased along with the Triple Advantage Plan:

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

    Exclusions - What the Triple Advantage Plan doesn’t cover?

    The Triple Advantage Plan comes with a suicide exclusion. If the policyholder commits suicide within a year of purchasing the policy, regardless of whether he/she was in a sane or insane state of mind, the insurer will not be held liable to pay the death benefit to the nominee. Instead, 80% of the total premiums paid will be returned.

    If the policyholder commits suicide within 12 months of reviving the policy, the insurer will pay the nominee either the value of 80% of the total premiums paid or the surrender value, based on whichever is higher.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    Free-Look Period A general free-look period of 15 days is provided to policy buyers. If the policy was purchased through distance marketing, the free-look period is extended to 30 days.
    Grace Period Policyholders are given a grace period of 30 days to pay their premiums.
    Revival Lapsed policies can be revived within a period of 2 years from the date of lapse.
    Loan Policyholders can avail a loan against this policy after it has acquired a surrender value.
    Paid-Up Policy If premiums have been paid for 3 years and the next due premium is not paid, the policy will be converted into a paid-up policy.
    Bonus This policy also pays out a reversionary bonus to the policyholder, as mentioned below:
    • Accrued Reversionary Bonus during PPT or RB1: This bonus will accrue starting from the first policy year until completion of the PPT.
    • Accrued Reversionary Bonus after PPT (RB2): This type of bonus will accrue starting from a year after the PPT up to the policy anniversary in which the policyholder attains 75 years of age.
    Discounts
    • A 3% discount will be provided to individuals who purchase this policy directly from the insurer.
    • Preferential premium rates are offered to women.
    • Discounts can be availed if you opt for a large sum assured.

    Tax Benefits – How you can save with the Triple Advantage Plan?

    When you purchase a life insurance policy, you also become eligible to claim tax benefits for premiums paid under Section 80C of the Income Tax Act. You can also claim tax rebates for any payouts that you may receive through your policy under Section 10(10D) of the Income Tax Act.

    Other Features of Edelweiss Tokio Life

    • Application Tracker: To track your policy application, you will need to visit the insurer’s website and click on the ‘Track your Policy’ option in the menu. Post this, you can enter your policy number and date of birth to view the status of your policy.
    • Policy Renewal: Policies can be renewed on the official website by keying-in the policy number and date of birth, selecting the preferred payment mode, and making the due premium payment.
    • Online Claims Intimation: You can intimate the insurer of any claims directly through the Edelweiss Tokio website, in a hassle-free manner.

    Why you should buy the Triple Advantage Plan from Edelweiss Tokio Life

    The Triple Advantage Plan from Edelweiss Tokio Life is a policy that will help you accumulate wealth and build a significant corpus in time for you to enjoy the golden years of your life in a hassle-free manner. The insurer, Edelweiss Tokio Life, is one of the leading insurance companies in India, with a high claim settlement ratio of 93.29% for FY16-17.

    Further, the insurer also offers a range of life insurance plans and health insurance plans to help meet your various needs. Edelweiss Tokio Life has also been recognised with various awards for their customer-centric initiatives and services and product innovations.