Edelweiss Tokio Life Protection Plan

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.

Eligibility - Who is the Edelweiss Tokio Life – Protection Plan for?

Insurance companies usually set eligibility criteria for policies, which customers need to meet in order to be eligible to purchase the plan.

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

Sum Assured

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.

Premiums*

The premium a nominal sum of money that you will have to pay to the insurer, post purchasing an insurance plan.

*Premiums vary based on age, location, plan term, GST, and other factors.

Plan Coverage - What the Edelweiss Tokio Life – Protection Plan covers?

Riders/Add-On Plans – Additional coverage under the Edelweiss Tokio Life – Protection Plan

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:

• Edelweiss Tokio Life – Accidental Total and Permanent Disability Rider
• Edelweiss Tokio Life – Critical Illness Rider
• Edelweiss Tokio Life – Waiver of Premium Rider
• Edelweiss Tokio Life – Accidental Death Benefit Rider

Exclusions - What the Edelweiss Tokio Life – Protection Plan doesn’t cover?

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.

Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

Tax Benefits – How you can save with the Edelweiss Tokio Life – Protection Plan?

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.

Other Features of Edelweiss Tokio Life

• Online Policy Purchase: Certain insurance plans can be purchased directly through the insurer’s official website.
• Online Premium Calculator: Policyholders can also calculate the premiums for various insurance plans by keying-in certain information, on the insurer’s website.
• Range of Plans: Edelweiss Tokio Life has a varied product portfolio. The insurer offers a range of plans, such as online insurance plans, investment plans, term insurance plans, health insurance policies, child policies, annuity plans, micro insurance plans, and group insurance policies.
• Online Claim Intimation: Nominees can intimate the insurer of upcoming claims through the official website.

Why should you buy the Protection Plan from Edelweiss Tokio Life?

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.