The Protection Plan from Edelweiss Tokio Life is a protection-oriented term insurance plan. The key benefit of this plan is that it is cost-friendly, with affordable premium payments. Further, policy buyers can avail coverage up to a period of 30 years. Policy buyers are also given the option of enhancing their coverage by purchasing optional riders that are offered by Edelweiss Tokio Life. As a policyholder, you can also avail tax benefits under Section 80C and 10(10D) of the Income Tax Act.
Insurance companies usually set eligibility criteria for policies, which customers need to meet in order to be eligible to purchase the plan.
|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|
At the time of purchasing your insurance plan, you will be required to opt for a sum assured amount. In case of the policyholder’s untimely death, this is the guaranteed amount that will be paid to the nominee.
|Minimum Sum Assured||Rs.15 lakh|
|Maximum Sum Assured||No limit|
The premium a nominal sum of money that you will have to pay to the insurer, post purchasing an insurance plan.
|Minimum term of the policy||10 years|
|Maximum term of the policy||30 years|
|Premium Payment Term (PPT)||
|Premium Payment Mode||Yearly payments|
*Premiums vary based on age, location, plan term, GST, and other factors.
|Death Benefit||In the event of the policyholder’s untimely death during the policy tenure, the sum assured, as chosen by the policyholder at the time of purchasing the policy, will be paid to the nominee.|
Insurance providers offer add-ons or riders, which policy buyers can purchase along with their base policy, to enhance the level of protection that the base policy provides. Riders that you can purchase along with the Protection Plan include:
If the policyholder commits suicide within a year of the commencement of the risk cover, the policy will be considered void and the nominee will be paid 80% of the total premiums paid during the policy tenure. No other death benefit will be paid to the nominee.
If the policyholder commits suicide within a year of reviving the policy, the nominee will be paid the surrender value or 80% of the premiums paid during the policy tenure, based on whichever is the higher of the two.
|Grace Period||The insurer provides a grace period of 30 days to policyholders. If premiums are not paid during the grace period, the policy will lapse.|
|Policy Revival||Lapsed policies can be revived within a period of 2 years.|
|Loan||Policyholders cannot avail a loan against this policy.|
|Free-Look Period||Policy buyers are given a 15-day free-look period to review the terms and conditions of their policy. If the policy was purchased through distance marketing channels, the insurer offers a free-look period of 30 days.|
Individuals who purchase this policy can avail tax benefits under Section 80C of the Income Tax Act, for the annual premium paid towards maintaining this policy. Similarly, your nominee can also claim tax rebates under Section 10(10D) of the Income Tax Act, if they are paid the death benefit.
Purchasing a policy with a large life cover is a must if you wish to provide sufficient financial security to your loved ones, in case of an unfortunate eventuality. The Protection Plan from Edelweiss Tokio Life is a non-participating, non-linked, term insurance plan that provides a large cover at an affordable price, to policy buyers.
The insurer, Edelweiss Tokio Life, is one of the most prominent life insurance providers in India. The insurer offers a range of insurance solutions, have around 91 branches across the country, and have employed around 21,449 agents, in order to meet the varied needs of their customers. The insurer also settles claims in a timely manner and had a claim settlement ratio of 93.29% for FY16-17.