• Edelweiss Tokio Life MylifePlus 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 Edelweiss Tokio Life – MyLife Plan is a non-linked and non-participating term insurance plan which offers life coverage to the policyholder for a specific period of time. This plan provides coverage till the age of 80 years and also comes with several payout options to choose from. For instance, a policyholder and their nominees can choose to receive the cash benefit either on a monthly and a lump sum basis. Another important aspect of this policy is that it is available at a marginal premium, which means it optimal for people from lower income groups to own it.

    Eligibility - Who the Edelweiss Tokio Life – MyLife+ Plan is for

    Every prospective policyholder needs to meet an eligibility criteria set by the company. Here are the details for the same:

    Minimum Age at Entry 18 years
    Maximum Age at Entry 60 years
    Maximum Age at Maturity 80 years
    Plan Type Term Plan

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

    Sum Assured: Sum Assured is the total amount a person insured’s nominees will receive in case he/she meets an untimely death.

    Particulars Details
    Minimum Sum Assured Rs.25 lakh
    Maximum Sum Assured No limit (Depends on underwriting rules)

    Note: The Sum Assured will be the higher of:

    • 10 times the annualised premium
    • 105% of annualised premiums paid till the time of the person insured’s death.

    Premiums: This is the amount a policyholder will pay in order the avail the coverage offered by the policy.

    Particulars Details
    Minimum Premium Rs.2,500
    Premium Payment Term Regular Pay
    Premium Payment Frequency Annual

    Disclaimer – Premiums vary based on age, location, plan term and other factors.

    Plan coverage - What the Edelweiss Tokio Life - MyLife+ Plan covers?

    As the Edelweiss Tokio Life - MyLife+ Plan is a term insurance policy it only offers a death benefit for the person insured’s nominees. Here’s what the benefit payable looks like:

    Particulars Details
    Death Benefit There are three Sum Assured variants under this policy, which nominees can choose from depending on their requirement.
    • Lump Sum Benefit: If the lump sum payment option is chosen, the nominees will receive a sum equal to the Sum Assured on Death of the person insured will be paid. Once the settlement is done, the policy will be terminated.
    • Income Benefit: In the case this option is chosen, the nominees will receive 1% of the Sum Assured for the subsequent 130 months. The payment begins a month after the person insured’s death date.
    • There also a third option under this plan, which allows the policyholder to opt for both lump sum and monthly income benefits. When this option is chosen, a joint Sum Assured will be calculated by adding the benefits for both the options and a new contract stating the same will be drafted.

    Riders/Add-on plans - Additional coverage under the Edelweiss Tokio Life - MyLife+ Plan

    The Edelweiss Tokio Life - MyLife+ Plan comes with a few riders which helps policyholders improve the coverage offered by their base policy.

    Particulars Details
    Accidental Total and Permanent Disability Rider This rider offers a certain Sum Assured if the person insured meets with an accident and becomes completely disabled, an amount that is equal to the Sum Assured will be paid to them.
    Accidental Death Benefit Rider This rider, as the name suggests, will offers a Sum Assured to the person insured’s nominees if he/she dies due to an accident.
    Waiver of Premium Rider This rider waives off any future premiums if the person insured dies while the policy is still active.

    Exclusions - What the Edelweiss Tokio Life - MyLife+ Plan doesn’t cover?

    The Edelweiss Tokio Life - MyLife+ Plan has an exclusion which pertains to suicide. For instance, if the person insured, whether sane or insane, commits suicide within 12 months or buying or renewing the policy, a sum equal to 80% of the total premiums paid will the provided to the nominees. Once the payout is offered, the policy will be terminated.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    The Edelweiss Tokio Life - MyLife+ Plan offers a few key features for the policyholder. These are:

    Particulars Details
    Free Look Period A policyholder has the opportunity to return the policy if they don’t like the terms and conditions they’re offered. To do this, the individual needs to submit a reason for cancellation within a period of 15 days. Once the company receives the request, it will deduct the appropriate risk premium, stamp duty, and medical expense charges before returning the premium amount. Note: A free look period of 30 days is offered if they policy is sold through distance marketing channels.
    Grace Period If a policyholder fails to pay the premiums within the due date, they will be offered a grace period of 30 days. In case, they fail to make the payment within this period, the policy will lapse.
    Nomination Nomination is available based on Section 39 of the Insurance Act.
    Assignment Assignment is available based on Section 38 of the Insurance Act.
    Revival If the policyholder wants to revive the policy after it has lapsed, they need to provide a written application along with further proofs of insurability for their request to be considered. Also, the policyholder needs to pay a 1% per month interest for all the elapsed months.

    Tax Benefits – How you can save with the Edelweiss Tokio Life - MyLife+ Plan?

    The Edelweiss Tokio Life - MyLife+ Plan comes with the following tax benefits:

    • Deductions on premiums paid based on Section 80C of the Income Tax Act.
    • Deductions on death benefit and survival benefit based on Section 10 (10D) of the Income Tax Act.

    Why you should buy the MyLife+ Plan by Edelweiss Tokio Life?

    Edelweiss Tokio is a joint venture between Edelweiss Group, an Indian financial conglomerate, and Tokio Marine, one of Japan’s oldest insurance companies. Having been operational since 2011, the company has steadily grown to hold a sizeable share in the Indian insurance sphere. Here are a few reasons why you should buy the policy from them:

    • An ever-growing network: The company has rapidly grown over the years and has over 70 branches spread around 50 cities. Also, the company has a group of highly competent management team that works tirelessly to expand the firm’s presence to all Tier-2 and Tier-3 cities in India.
    • Assured discounts on higher Sum Assured: This plan from Edelweiss Tokio offers discounts if a policyholder opts for a higher Sum Assured. The discount may vary Rs.165 to Rs.290 per per 5 lakh Sum Assured and typically changes depending on the actual Sum Assured chosen and also the age of the applicant.
    • Lower premiums for female applicants: This policy is one of the few which comes with lower premiums, especially for female applicants.

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