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Insurance CompaniesOctober 28, 2020

Edelweiss Tokio Life Insurance

“Protect what you Love” with the Insurance that is created to do so!

Life has hit a mundane rock bottom as we spend our lives flipping through TV channels or swiping through Sharmaji’s good morning messages on Whatsapp (sometimes both happening simultaneously). Now, our lives may be somewhat on autopilot mode with work and family. We pause at times to think – how can I protect my family in the best possible way? What can I do to make sure that my future is safe?

Of course, we’re not living in times of war (making a nuclear bunk is not a bad idea in those times). We’re in the modern age and we need two key elements to secure as well as protect our family’s future – financial security and good health.

Now the second one is an onus on us completely (convincing the husband to lay low on junk food is futile, he is the only one who can determine his health levels). However, the first key element is completely in our hands, we can ensure that we create a financial security for our family’s collective future.

Traditionally, financial stability has meant saving enough so that one is covered well into old age to deal with setbacks related to health and financial well-being of self and loved ones. But today, savings alone are not enough to cover our needs since a single setback, medical or otherwise may result in our lifelong accumulated wealth being wiped out in one fell swoop.

A majority of the Indian population is not covered by life insurance. Only about 25% of our population has opted for life insurance as per an analysis of the Indian Government data by the Swiss Re Group. In India, the unorganized sector (informal employment) is exposed to a large number of risks including hazardous workplace conditions, lack of benefits and unstable income. These risks can easily be reduced through insurance. 82 % of the Indian workforce is informally employed which leads them to live their lives under constant threat since they have practically non-existent insurance coverage.

Now the middle class has been smart enough to gather savings; however, not so smart when picking a long-term financial investment. Life insurance is an excellent long-term financial instrument. But sadly, there is not enough conviction in purchasing one. One of the reasons could be the agents who are selling these plans. They generally market products which are beneficial to them versus the benefit to the customer. The government has also come up with various schemes for protection for the economically downtrodden. However, their schemes are failing to provide adequate risk protection to the lower-middle-class section of society.

In today’s uncertain scenario one thing is clear – adversity may strike anytime and what way to be better prepared for such an eventuality than going in for a term insurance plan design to act as a shield. The times have evolved, and one does not need to be at the mercy of a selling agent. We live in an age of consumer democracy, where he/she can choose the plan that benefits them the most.

Edelweiss Tokio Life Insurance Company Limited has come up with just such a plan – the Edelweiss Tokio Life – Simply Protect Plan, a low-cost assurance plan designed to provide the financial support to the family in the unfortunate event of the death of a loved one.

It is a joint venture between Edelweiss Financial Services Limited, one of India’s leading and diversified financial services companies and Tokio Marine Holdings Inc, one of the oldest (138 years) and largest insurance companies in Japan which has a worldwide presence.

Let’s check out the key features of this plan:

  • Simply Protect is a low cost and highly affordable plan that allows for a minimum barrier of entry financially.
  • The Policy term is covered over 10 to 40 years.
  • The minimum age at entry is 18 years and maximum age at entry is 65 years. Minimum age at maturity is 28 years and the maximum age at maturity is 80 years.
  • The minimum sum assured for this policy is Rs 25 lakh and there is no limit for maximum sum assured, however subject to the underwriting guidelines of the policy, which determine individual eligibility.
  • Premium payment frequency will be Single or Annually (which means there is flexibility on when one wants to be paid their premiums).
  • Premium payment term may be Single Pay, 5,10,15,20 or 25 years term or you may opt to pay regularly throughout the policy term. The policy term will vary depending upon the premium payment term opted for; for example, a regular payment term will offer a policy term of 10 to 40 years while a 10-year payment term will offer a policy term of 15-40 years only.
  • There are several pay-out options available for the Sum Assured which need to be chosen at the Proposal stage.
  • Lump-sum Option: Under this option, the sum assured will be paid in a lump sum.
  • Income Benefit Option: Under this option, 1% of sum assured will be payable every month for the next 130 months starting from the next policy month anniversary from the date of death. During the pay-out period, if the nominee wants a lump-sum instead of staggered benefit then the remaining future monthly pay-outs will be discounted at the rate of 5.25% per annum which will be paid as a lump-sum immediately.
  • There is a discount offered for females above the age of 22 years where the premium amount will be the same as a male who is 3 years younger.
  • There are also discounts offered depending upon the Sum Assured, Policy term and Premium payment term opted for.
  • There is a Free Look Period of 15 days on offer after receipt of Policy. Within this framework of time, you may opt to cancel the Policy if the terms and conditions are not agreeable to you. In the case of Purchase of Policy through Distance Marketing, the Free Look Period is for 30 days. This is a super feature that gives the purchaser enough time to reconsider their decision.
  • Surrender Value on the policy is payable on the Single and Limited Premium payment options only subject to the terms of the policy. No Surrender Value is available for Regular Premium payment option.
  • A Grace Period of 30 days will be provided for payment of Premium and the Policy will remain in force. However, if the premium remains unpaid after the Grace Period, the Policy will be considered as lapsed.
  • A lapsed policy can be revived within 5 years from the date of first unpaid premium upon payment of all overdue Premiums. However, the company may charge interest on the unpaid premium.
  • Tax Benefits as applicable under prevailing Income Tax Laws are available for this Policy.

What are the death benefit options?

Life Cover – As per this option, upon death, the Sum Assured will be payable either in a lump sum or income benefit depending upon the pay-out option chosen and thereafter the policy will terminate.

Life Cover with inbuilt Accidental Death Benefit – In case of death occurs as the result of an accident, then the Sum Assured will be payable as either a lump sum or in the form of an income as per the pay-out option chosen. Additionally, an additional Sum Assured equal to the Accidental Death benefit will be payable as a lump sum and after the pay-out. Inbuilt Accidental Death Benefit will be equal to the Life Cover Sum Assured subject to a maximum of Rs 1 crore and maximum maturity age of 70 years.

Life Cover with inbuilt Waiver of Future Premiums payable on Accidental Total and Permanent Disability- under this option Sum Assured will be payable either as a lump sum or in the form of an income benefit based upon the pay-out option chosen. However, under this option, once there is a confirmed diagnosis of total and permanent disability due to an accident, all future premiums under the base plan are waived for the balance premium paying term of the policy or death of the life assured, whichever is earlier. This claim can be triggered only once on the first diagnosis of accidental total and permanent disability during the premium paying term.

Life Cover with inbuilt Waiver of Future Premiums payable on Critical Illness –  All future premiums under the base plan are waived off upon  confirmed diagnosis of the life assured suffering from one out of 12 critical illnesses which are listed in the brochure. This waiver will be implemented until the premium paying term of the policy or death of the life assured, whichever is earlier occurs. Subsequently, the Death benefit will be payable either as a lump sum or in the form of an income benefit as per the pay-out option chosen. This inbuilt waiver option of Future Premium Benefit option is available only if Sum Assured is up to Rs 50 lacs and entry age plus the premium paying term is 70 years or below.

Why Edelweiss Tokio Life – Simply Protect

  • It is an individual, non-linked and non-participating which means that the ups and downs in the stock market do not affect the Policy and it also means that there are no bonus payments associated with the policy as well.
  • Since you can opt to choose life cover up to the age of 80 years, your family is protected over a longer period.
  • There is also the option to choose from different premium paying terms offered under this Policy
  • You can get an additional discount for higher Sum Assured.
  • You can avail of additional protection through inbuilt benefit options which ensures that the Simply Protect Policy covers all aspects.

However, this does not mean that there are no drawbacks to this plan. Let us take a look at some of the features which are not beneficial in the Simply Protect Plan:

  • There is no maturity benefit since this is purely a Life Insurance product.
  • Since this is a non-participating policy, there is no bonus pay-out either for this Policy.
  • There are certain exclusions for the inbuilt Accidental Benefit, Critical Illness as well as the Inbuilt Waiver of Future premiums payable on Accidental Total and Permanent Disability. For example, in the case of attempted suicide, while sane or insane will result in non-payment of either one of the Benefits.
  • There is no discount available on online purchase of this Policy.
  • The Premium payment option has only 2 options – Single and Annual. There is no monthly or quarterly option available for the payment of Premium, which may reduce its accessibility to a wider customer base.

There is no perfect plan on this planet, but there are perfect plans for you. Give your family the protection it deserves and live stress-free in these stressful times. Head to our site <link> and after a few clicks, you are set! Now you don’t need to pause between flipping through Whatsapp forwards and your favourite TV channels with worries about the future anymore!