Edelweiss Tokio Life Insurance

One of the new entrants in the Indian insurance Sector, Edelweiss Tokio Life Insurance was established in 2011.

Basing their expertise in the chosen filed, Edelweiss Tokio Life Insurance offers an eclectic range of life insurance plans covering pure protection, savings, and investment, retirement, and online in every flavour to suit all individual preferences.

What is the Edelweiss Tokio Life Insurance?

Financial planning is an imperative endeavour of every earning individual, aiming to set financial goals with life risk cover and systematically build a corpus for meeting life stage milestones and comfortable retired life. A life insurance product meets these demands fully. It provides life risk cover for a sum assured, against a premium for a chosen term. In the event of the demise of the policyholder during the policy term, the beneficiary receives death benefit equivalent to the sum assured. On survival and maturity, the policyholder stands to benefit as per the terms and conditions specified in a particular life insurance plan. Various life insurance products are designed to meet specific future goals in alignment with the needs of the family. 

Accordingly, Edelweiss Tokio Life Insurance delivers Term Plans for pure protection of the financial future of the family, Savings and Investment Plans to help money grow in tune with the risk appetite of individuals, Retirement Plans to enjoy a contented retired life, Child Plans to support their dreams and aspirations, Health Plans to cover for lifestyle critical illnesses rampant in modern society and Group Plans to cater primarily to the rural clientele.

Why choose the Edelweiss Tokio Life Insurance Plan?

The credentials of Edelweiss Tokio Life Insurance make it a choice insurer to repose faith for a suitable life insurance plan in their portfolio. The customer-centric focus is reflected not only in their range of insurance plans but also in delivering a seamless experience in all stages of life insurance policy owners.  A rapidly expanding, vibrant network presently has 121 branches in 91 cities with a highly qualified team of advisors, leading individuals to a good life insurance plan. An extremely customer friendly claim settlement process cushions the emotional trauma resulting from the demise of the policyholder.

Features and Benefits

The multiplicity of Life Insurance Plans not only adds comfort to the customer with a one-stop outlet for all insurance needs but is also laced with a host of attractive features and benefits. 

1. Features

   Listed below are the key features of Edelweiss Tokio Life Insurance plans:

   • Financial Shield: Life’s uncertainties are best protected by a suitable life insurance plan fitting the needs of the family. The death benefit shields the family from financial disaster and also ensures continuity of the existing lifestyle, free from financial woes.
   • Financial Backup: It is a fact of life that milestone commitments in a family are continuously raising. A suitable life insurance plan meeting the different life stage milestones involving children's education, marriage, purchase of a house, etc. can be organized by choosing the right insurance plan.
   • Flexibility: The biggest advantage with Edelweiss Tokio Insurance Plans is the element of flexibility. Be it the sum assured, policy terms, premium payment terms, investment funds or the choice of riders, every provision is available at hand.
   • Reasonable Pricing: The life insurance plans are competitively priced to suit every budget, delivering value for money. It is sensible to use Premium Calculator at their portal to ascertain the affordability of their plans.
   • Multiple Payout Benefits: The death or maturity benefit across the board offers multiple options to suit every taste. It is not confined to lump-sum payment only but can be staggered as monthly income over the long term.
   • Riders: Variety of riders enables the policyholder to augment the risk cover to suit various needs. 

2. Benefits

   Some of the core benefits of insurance plans offered by Edelweiss Tokio Life Insurance are:

   • Life Cover: Edelweiss Tokio Insurance Plans cover the risk of life and provide for financial security by paying a death benefit to the nominee on the demise of the policyholder. It gives ample peace of mind due to financial coverage.
   • Savings and investments: It is a means to make wise investments systematically to grow money in the long run. Except for term plans, all other insurance plans provide for maturity benefits, yielded from traditional or market-linked instruments based on the risk appetite of the policyholder.
   • Loan Facility: Life insurance plans other than term plans can be used as collateral to avail of loans in an emergency, without in any way compromising on insurance benefits.
   • Secure Income: Annuity or pension paying Retirement plans helps maintain a comfortable lifestyle post-retirement. These provide for stability safeguarding the returns from fluctuations.
   • Risk Absorption: Life insurance plans like endowment and ULIP are designed for individuals with varied risk appetites. Those who are averse to risk are safe with the traditional endowment plans for the steady growth of money. On the other hand, ULIP investments in market-linked instruments with higher returns suit individuals with higher risk appetite.
   • Dual Tax Savings: The tax regime followed in India with Life Insurance Plans is EEE. Thus premium paid in a Financial Year is exempt under Section 80C, and the sum assured benefits under section 80D of the Income Tax Act, 1961 subject to compliance of rules.

Types of Edelweiss Tokio Insurance Plans

As already enunciated, their portfolio comprises insurance plans of all hues, with variants and options to suit every taste. All the types are tabulated for easy comprehension, as classified by the insurer.

Edelweiss Tokio Life Insurance Plans – Explained

Here is a rundown to the brief description of different plans offered by Edelweiss Tokio Life Insurance:

Term Plans

These are pure risk protection plans designed to secure the financial future of the family in the absence of the policyholder. All insurance plans in this category uniformly offer high sum assured at an affordable premium.

1. Edelweiss Tokio Life Zindagi+: 

   A term insurance plan with provision for multiple options:

   • Better Half Benefit: Provides additional coverage to the spouse, whether working or homemaker. It protects dependent children and parents as well. Only married couples with Base sum assured equal or greater than Rs.50 lakhs can opt for it
   • Top-up Benefit: The sum assured increases every policy anniversary in tune with growing needs
   • Life Stage Benefit: Enhancement of sum assured to match life stage milestones

2. Edelweiss Tokio Life My Term+: 

   A limited Term Plan along with options for the better half benefit, waiver of premium, and critical illness rider. 

   • Limited Pay Option: Premium can be paid for 5/7/10/15 and 20 years for continued cover until 85 years of age
   • Death Benefit: All the three options of a Lump sum. Monthly and a combination of the two are available 

3. Edelweiss Tokio Life Simply Protect: 

   The cover extends to a waiver of premium and critical illness. It comes with unique Death Benefit Payout options.

   • Payout Option: Paid out in lump sum & 1% of the sum assured paid for 130 months from the date of death
   • Death Benefit: There are two options to choose from

4. Edelweiss Tokio Life Protection: 

   It is plain term insurance with premium paying term flexibility

Savings and Investment Plans

These are life insurance policies that provide the policyholder choice in terms of investment opportunities in harmony with individual risk appetite. The outcome is to build a suitable corpus over the long term, besides life risk.

1. Edelweiss Tokio Life Wealth Secure+:

   It is a ULIP Plan designed to cater to all the future goals of the policyholder matching different life stages, in addition to life risk cover. The key benefits of the plan are:
   
   The regular policy term for 10 years, with provision to extend it to whole life

   • Plan Options
   • Individual
   • Joint Life
   • Child
   • Option to withdraw after 5 years
   • Savings at Rs 1000 per month

2. Edelweiss Tokio Life GCAP:

   It provides for stable wealth creation with assured accruals for staying invested for 9 years. The key features are:

   • Guaranteed returns
   • Accrual additions after 9th year
   • Waiver of premium and critical illness cover
   • Savings at Rs 1500 per month

3. Edelweiss Tokio Life Income Builder:

   It is an endowment plan delivering guaranteed returns. The key advantages are:

   • Maturity Benefit
   • Lump-sum
   • Regular Income
   • Flexibility to set the frequency for regular income

4. Edelweiss Tokio Life Wealth Gain:

   The ULIP plan is designed for wealth accumulation along with savings:

   • Nil allocation charges
   • Booster and Loyalty additions in defined policy anniversaries

5. Edelweiss Tokio Life Smart Lifestyle:

   It is a savings plan that grows with the policyholder providing increasing benefits.

   • Loyalty sum assured every 5th policy anniversary
   • Bonus and additions

6. Edelweiss Tokio Life Dhan Labh:

   It is an endowment plan but providing for wealth accumulation.

7. Edelweiss Tokio Life Wealth Plus:

   It is a new generation ULIP providing for unique features:

   • Annualized additions where 100% investments are supplemented by up to 7% added to the policy
   • Rising Star Benefit ensures protection for the financial future of the child

8. Edelweiss Tokio Life Saral Nivesh:

   It is an endowment plan with a lower premium in regular and single payment options.

9. Edelweiss Tokio Life Wealth Ultima:

   It is a ULIP combined with Systematic Monthly Plan as a safeguard against market volatility. The key benefits are:

   • Systematic Monthly Plan
   • Little Champ Benefit
   • Systematic Transfer Plan
   • Systematic Withdrawal Plan

10. Edelweiss Tokio Life Single Pay Endowment Assurance Plan:

    Pay premium once and get maturity benefit plus protection.

Retirement Plans

These are plans specially designed to cater to policyholders in the twilight of their lives on retirement.

1. Edelweiss Tokio Life Cash Flow Protection Plus:

   It is an endowment plan which provides for regular tax-free income till death. All the benefits like Death, Survival, Maturity applies to this plan.

2. Edelweiss Tokio Life Immediate Annuity Plan:

   There are 7 annuity options which further determine the benefits.

3. Edelweiss Tokio Life Easy Pension:

   It is a retirement solution with ULIP benefits with options to buy an annuity with the entire proceeds or total withdrawal from the policy 

Documents Required to Apply for Edelweiss Tokio Life Insurance Plans

The standard list of documents required to purchase a suitable insurance policy at Edelweiss Tokio Life are:

• Identity Proof with anyone valid photo ID cards

• Age Proof with valid cards plus school leaving or birth certificates

• Address Proof with valid ID cards or latest utility bills

• Income proof depending on the status of the applicant

• Recent passport size photographs

Eligibility Criteria to Apply for Edelweiss Tokio Life Insurance Plans

The first step to check for eligibility and the applicable premium is to use the Premium Calculator at the insurer portal.

Inclusions and Exclusions

The basic working principle of any life insurance plan is to provide guaranteed policy benefits either on death or as maturity benefit on the survival of the policyholder. Inclusions are those benefits defined in the policy document of each plan, which is normally paid if there is no deficiency in documentation or premium default. The beneficiary is entitled to 100% benefits. On the other hand, certain events are not covered in Edelweiss Tokio Insurance Plans and are referred to as exclusions. The policyholder must scan the fine print of the policy document to comprehend all the exclusions for a seamless claim process.

• Benefits will be denied if the policyholder dies within 90 days of the commencement of risk

• Suicidal death within 12 months of inception of risk

• Death occurring due to any pre-existing medical condition not explicitly mentioned in the policy document

• Death due to self-inflicted injury

• Accidental death under the influence of intoxicants, drugs or alcohol
• Participation in adventurous, extreme, hazardous sports like racing, paragliding, sailing, bungee jumping, etc.
• Participation in any illegal or criminal activity leading to death
• Death caused due to acts of war, hostilities, terrorism or military operations
• Death occurring due to radioactive, nuclear, biological, or chemical contamination
• Death due to HIV / AIDS or STD

Claim Process in Edelweiss Tokio Life Insurance

The claim settlement process followed at Edelweiss is simple and time-bound. It is reflected in their Claim Settlement Ratio of 95.82% in the FY 2018-19. The simplified mechanism comprises the following few sequences:

• The claim has to be intimated to Edelweiss Tokio Life in writing

• The company communicates with the claimant for submission of requisite documents for processing

• The claimant submits the relevant documents

• Edelweiss Tokio Life processes the claim after verification of all the documents and decides on the settlement

• The claim amount is remitted to the claimant in full settlement

Thus the entire process can be summarized in three distinct steps for easy comprehension.

• Step 1: Claim intimation

• Step 2: Documentation

• Step 3: Claim decision

Thus the entire process can be summarized in three distinct steps for easy comprehension.

• Email: claims[at]edelweisstokio.in

• Cell: 8879688110

• Toll-Free: 1800 2121 212

Documents Required for Claim

Here is a list of documents required while filing claims:

• Death Claim

  • Original policy document
  • Death Certificate
  • Medical certificate and Hospital Records
  • Employer’s certificate for the salaried policyholder
  • Treating Physician’s certificate
  • Post Mortem Report
  • Police Report including FIR and Investigation
  • Claimant’s KYC documents and bank details for remittance
  • Driving license of the policyholder if driving

• Critical Illness / Disability Claim

  • All medical records including Discharge Summary and investigation reports, in addition to the documents for death

Renewal Process at Edelweiss Tokio Life Insurance Plans

Renewal of policy needs payment of premium on the due date or within the grace period. The frequency can be Annual, Half-Yearly, Quarterly, and Monthly.  If the policy renewal is not done due time, the policy is considered lapsed, and all benefits cease. There are two ways for policy renewal.

• Offline: To be paid by cash, Cheque /DD or ECS Debit

• Online: It can be paid at the portal by any digital mode using card, wallet or Net Banking

How to Buy Edelweiss Tokio Life Insurance Plans?

A suitable insurance policy from Edelweiss Tokio Life Insurance can be bought either through an agent or online at the portal, which offers additional benefits like the facility to compare plans and use calculator tools. The online purchase is defined in a few steps:

• Choose the plan to purchase with a matching option. Add to the benefits by choosing the optional riders to enhance the coverage

• Choose the right sum assured in consonance with the need of the family and goals. In the case of term plan, it should at least be ten times of the annual income

• Calculate the premium to be paid with the help of the calculator. It will depend on the choice made with compare plans online in respect of plan, variant, and rider

• Fill the proposal form with all the details including lifestyle habits and health profile
• Make payment using the online gateway for the amount required based on the chosen premium frequency
• In the final step, all the required documents have to be submitted for acceptance of risk

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