Edelweiss Tokio Life Triple Advantage 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 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:
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| Maturity Sum Assured |
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*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 |
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| 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 |
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| 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:
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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:
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| Discounts |
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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.
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