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  • Edelweiss Tokio Life Protection 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 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.

    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

    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.

    Minimum Sum Assured Rs.15 lakh
    Maximum Sum Assured No limit

    Premiums*

    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)
    • Single Pay
    • Regular Pay
    • 5 years
    • 10 years (available for a policy term of 20 years and above)
    • 15 years (available for a policy term of 25 years and above)
    Premium Payment Mode Yearly payments

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

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

    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.

    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.

    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.
    Surrender Benefit
    • Single Pay Policies: Policyholders can surrender their policies from the second policy year onwards. In this case, the insurer will pay the guaranteed surrender value to the policyholder.
    • Limited Pay (PPT of 5, 10, or 15 years) Policies: No surrender benefit will be paid if the policyholder surrenders the policy during the premium payment term. Post completion of the premium payment term, the guaranteed surrender value will be paid.
    • Regular Pay Policies: No surrender benefit will be paid to the policyholder.
    Discounts
    • The insurer offers discounts to non-tobacco users.
    • Discounts are also offered to individuals who opt for a large sum assured.
    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.

    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.