Edelweiss Tokio Life Income Replacement 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
If you want to ensure that your family is taken care of if you are no longer in their lives, then Edelweiss Tokio Life’s Income Replacement Plan is the one for you. Edelweiss Tokio Life’s Income Replacement Plan is a pure protection plan that ensures your family is protected, that too at low premium rates. The plan aims at replacing your income inflow in an event of your death in the form of monthly instalments. The chosen benefit is paid monthly for the remainder of the policy term or a minimum guaranteed term of 5 years, with an increase of 5% with every payout to deal with the increases in the cost of living. This plan does not have any maturity benefit, so if you want to be covered under this plan, you need to remain invested in it purely for your family’s security.
Eligibility - Who is the Edelweiss Tokio Life - Income Replacement Plan for?
You are eligible to purchase the plan if you meet its eligibility criteria, which are the following:
| Parameters | Criteria for eligibility |
| Minimum age at entry | 18 years |
| Maximum age at entry | 60 years |
| Minimum age at maturity | 28 years |
| Maximum age at maturity | 70 years |
Sum Assured and Premium Range - What you get and what it costs?
Sum Assured
When you purchase the insurance plan, you need to opt for a certain assured amount. In the event of your untimely death, this amount will be divided and paid to your nominees each month.
| Minimum Sum Assured | Rs.18 lakh |
| Maximum Sum Assured | No limit |
Premiums
A premium is the sum of money you will have to pay the insurer in order to keep you covered under the insurance plan you have purchased.
| Minimum policy term | 10 years |
| Maximum policy term | 30 years |
| Premium Payment Term (PPT) |
|
| Premium Payment Frequency | Annual |
| Minimum monthly benefit | Rs.15,000 |
| Maximum monthly benefit | No limit |
*Premiums vary based on age, location, plan term and other factors
Plan Coverage - What the Edelweiss Tokio Life - Income Replacement Plan covers?
| Benefits | Details |
| Death benefit | Upon the death of the policyholder, death benefits will be paid to the nominees in increasing monthly instalments for the remaining term or a guaranteed term of 5 years. The monthly benefit amount increases by 5% after every payout to tackle the increase in the cost of living. |
| Tax benefits | Income tax benefits are available on the premium paid and claims received as per sections 80C and 10(10D), respectively, of the Income Tax Act. |
Additional coverage under the Edelweiss Tokio Life - Income Replacement Plan
You can purchase add-ons along with the base policy to increase the level of protection the base policy provides. Here are some of them:
- Edelweiss Tokio Life - Waiver of Premium Rider
- Edelweiss Tokio Life - Accidental Death Benefit Rider
- Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider
- Edelweiss Tokio Life - Critical Illness Rider
You can get discounts on the premiums for these add-ons if you are not a tobacco user.
What the Edelweiss Tokio Life - Income Replacement Plan doesn’t cover?
This plan becomes null and void in case the life insured commits suicide within a year of the date of insurance or the date of revival. In this case, no benefit will be paid to the nominees of the plan.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
| Particulars | Details |
| Free Look Period | Upon purchase of the plan, the policyholders are given a 15-day free-look period, 30 days if the policy was sold through distance marketing, to go through the terms and conditions of the policy. If they do not agree with any of the conditions and wish to cancel the policy, they can do so within this period, provided no claim has been made. |
| Grace Period | A policyholder is given a 30-day grace period to pay their premiums. If the policyholder fails to make a payment within this time-frame, the policy will lapse. |
| Revival | If the policy has lapsed due to nonpayment of premiums, the policyholder can revive the policy with full benefits within 2 years of the date of the first unpaid premium. The revival process requires a written application form from the policyholder and will be in effect based on the company’s discretion. |
| Nomination | A nomination is compulsory under this policy. The person/persons are nominated by the policyholder in accordance with the provisions of section (39) of the Insurance Act 1938. The nominees will receive death benefits in an event of the policyholder’s death. |
| Assignment | Assignment is allowed under this policy. The policyholder can transfer his/her equities and liabilities to which he/she was subject to at the date of assignment to assignee/assignees in accordance with the provision of section (38) of the Insurance Act 1938. |
Tax Benefits – How you can save with the Edelweiss Tokio Life - Income Replacement Plan?
As per the Income Tax Act, 1961, you can claim tax benefits under Section 80C for the premiums paid toward the policy and under Section 10(10D) for the claims made. Since tax laws are amended from time to time, it is advisable to consult a tax advisor for maximum benefits.
Other Benefits – How you can save with the Edelweiss Tokio Life - Income Replacement Plan?
Here are some other benefits of the Edelweiss Tokio Life - Income Replacement Plan:
- Online claim intimation
- Online policy renewal
- Availability of online brochures
- Online application tracking
- Simple application process
Why should you buy the Edelweiss Tokio Life - Income Replacement Plan from Edelweiss Tokio Life Insurance?
Edelweiss Tokio Life Insurance, a joint venture between Edelweiss Group, one of India's leading financial service companies, and Tokio Marine, an insurance company in Japan, is a leading new generation insurance company. It has a customer-centric approach and is focused on building a long-term sustainable business. You need to take a life insurance policy from them as their products are customised according to the diverse financial needs of the Indian consumers. With their Edelweiss Tokio Life - Income Replacement Plan, your family can expect guaranteed returns in your absence that too at a very affordable price.
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