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The Simply Protect Plan from Edelweiss Tokio is a guaranteed endowment assurance plan that is simple to understand. Customers can pay premiums for 15 years and enjoy benefits for the next 15 years. Assured benefits upon maturity of the plan make this policy quite attractive. Edelweiss Tokio offers personal financial advice to help you decide on the appropriate premium amount.
For any life insurance plan, the insurance provider sets certain eligibility requirements that the customer must fulfill in order to be able to avail the plan. In order to avail this plan, customers must meet certain criteria set out by Edelweiss Tokio.
|Minimum entry age||3 years|
|Maximum entry age||50 years|
|Minimum age at maturity||18 years|
|Maximum age at maturity||65 years|
*Ages mentioned refer to age last birthday
Given below are the details of the sum assured, premiums and policy terms available with the Edelweiss Tokio Life – Simply Protect Plan.
|Minimum sum assured||Rs.4,83,630|
|Maximum sum assured||No limit, subject to underwriting|
|Policy term||15 years|
|Premium payment terms||15 years|
|Premium payment frequency||Annual|
|Minimum Premiums||3 years to 35 years - Rs.30,000 36 years to 40 years - Rs.40,000 41 years - 45 years - Rs.50,000 46 years to 50 years - Rs.60,000|
*Premiums vary based on age, location, plan term and other factors
The Edelweiss Tokio Life – Simply Protect Plan has a number of benefits for the life insured and their family. Given below are some of the important benefits associated with this plan.
|Death benefit||Upon the death of the life insured, the nominee will be entitled to claim the following (whichever is higher):
|Maturity benefit||If the life insured survives till the end of the policy term, then 200% of the annual premium (Not including extra premium and rider premium) will be paid out through a payout period. The life insured/nominee can also opt to get the benefit as a lump sum during any payout year at a discounted value of 9% p.a. The lump sum is calculated as follows: (number of premiums/15 x 16,121) per thousand of annualised premiums (Not including extra premium and rider premium).|
|Tax benefits||Available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.|
Riders enhance the protection level offered with the base plan. You can opt for a rider by paying an additional premium. The rider will payout different benefits upon the occurrence of the event it covers. Given below are the rider plans available with the Guaranteed Income Plan from Edelweiss Tokio Life.
The rider sum assured cannot exceed the base sum assured. The total rider premium cannot be more than 30% of the base policy’s premium.
Inception of the policy - If the life insured commits suicide within 1 year from the commencement of the policy, whether medically sane or insane, the policy benefits are not payable. Edelweiss Tokio will refund at least 80% of the premiums paid till date (not including extra mortality premium).
Revival of the policy - If the life insured commits suicide within 1 year from the revival date of the policy, whether medically sane or insane, the policy benefits are not payable. Edelweiss Tokio will refund at least 80% of the premiums paid till date or the surrender value available on the date of death, whichever is higher.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
Knowing the details mentioned in your life insurance policy document is very important. These details are mentioned in the policy document and you are advised to read it before purchasing it. Given below are some of the important features of the Edelweiss Tokio Life – Simply Protect Plan.
|Grace Period||30 days is granted from the premium due date as a grace period. The benefits will continue till the end of the grace period.|
|Policy Loan||Once the policy acquires a surrender value, a loan can be availed against the policy for a maximum of 90% of the surrender value. Interest rate is based on the SBI base rate + 1.75% or as declared by the company from time to time.|
|Free-look Period||The policyholder has 15 days (30 days for policies sold through distance marketing) to review the policy. If they disagree with the terms of the policy, they can return the original policy bond and submit a letter with the reasons for objection. The policy will be cancelled and the premium will be refunded minus medical expense and stamp duty charges.|
|Policy Lapse||If premiums are discontinued after paying the first premium, the policy will lapse. The company will not be liable to pay any surrender or paid-up value. If premiums are discontinued after paying two premiums, then the policy will be converted to a paid-up policy.|
|Surrender Value||The policy will acquire a surrender value if premiums have been paid for at least 2 policy years. The surrender value is the higher of the Guaranteed Surrender Value or the Special Surrender Value. The GSV is a percentage of the premiums paid up to the date of surrender (not including rider premiums and underwriting extras).|
|Reinstatement||From the due date of the first unpaid premium, you can reinstate your policy within 2 years. You need to submit the following:
|Termination||The policy will terminate under the following circumstances:
|Assignment||Assignment is allowed as per the provision of Section 38 of the Insurance Act, 1938.|
|Nomination||Nomination is allowed as per the provision of Section 39 of the Insurance Act, 1938.|
As per the prevailing tax laws in India, you can claim for tax benefits under Section 80C and Section 10(10 D) of the Income Tax Act, 1961. Premiums paid for Critical Illness Riders and Hospital Cash Benefit Riders might be eligible for deductions under Section 80D. Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits.
When you choose Edelweiss Tokio as your insurance provider, you can stand to benefit from the following:
Edelweiss Tokio Life Insurance was set up with a commitment to build a long-term sustainable business. The company has a customer-centric approach and develops its products based on its understanding of the diverse financial needs of Indian customers.
This policy is ideal for you if you have dependents you wish to take care of financially in case of your untimely demise. In the event that you survive the policy term, you are entitled to a sizeable maturity benefit. This plan helps you invest your money wisely while also providing life cover. Furthermore, with a wide range of riders available, you can enhance the level of protection according to your needs and budget.
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