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.
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.
|Minimum Sum Assured||Rs.25 lakh|
|Maximum Sum Assured||No limit (Depends on underwriting rules)|
Note: The Sum Assured will be the higher of:
Premiums: This is the amount a policyholder will pay in order the avail the coverage offered by the policy.
|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:
|Death Benefit||There are three Sum Assured variants under this policy, which nominees can choose from depending on their requirement.
The Edelweiss Tokio Life - MyLife+ Plan comes with a few riders which helps policyholders improve the coverage offered by their base policy.
|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.|
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:
|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.|
The Edelweiss Tokio Life - MyLife+ Plan comes with the following tax benefits:
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: