Edelweiss Tokio Life MylifePlus 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 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.
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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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