Term insurance is a popular type of life insurance policy policy, which provides coverage for a specified "term" of years. If the insured dies during this period and their policy are active, then a death benefit shall be paid to the dependants or the nominee.
Edelweiss Tokio offers a wide range of term insurance policies that help the policyholders to secure the financial future of their family, in their absence. Each of the Edelweiss Tokio Term Insurance policies has its distinguished features and benefits. People can easily compare plans offered by Edelweiss Tokio and subsequently invest in the term insurance policy that perfectly suits their requirements and concerns. Term insurance policies are typically more affordably priced than permanent life insurance plans.
Edelweiss Term Insurance Plans are designed to secure the financial future of the insured and their dependents, in case of disability. If any kind of unfortunate happens to the policyholder, the nominee shall receive the cover sum, also known as a death benefit or assured sum. The premium of the Edelweiss Life Tokio Term Insurance policies is calculated based on the individual's health, age, and life expectancy of an individual.
Here is a rundown to the salient features and core benefits of Edelweiss Tokio Term Insurance Plans:
There are a lot of financial responsibilities that people need to consider in regards to their family. In case of the sudden demise of the breadwinner of a family, the lifestyle and future of the dependants can get hampered significantly. By investing in an Edelweiss Term Plan, people can be assured of the stable financial security of their family members
Edelweiss Tokio Term Insurance policies provide high life cover at the low premium sum. The sooner people opt to invest in such a plan; the cheaper shall be their premium. People can easily buy an Edelweiss Life Tokio term insurance plan at minimal premiums for a fixed term, and if anything unfortunate happens to them during the policy term, their nominees would either be able to avail the assured sum as monthly instalments, as a lump-sum amount, or even as a combination of both
Term insurance plans provide longer protection to the insured and their family members, in comparison to other policy
The premiums paid for Edelweiss Tokio Term Insurance policies are exempt from tax under Section 80C, and the assured sum (maturity amount) received for such plans are exempt subject to the conditions under Section 10(10D) of the Indian Income Tax Act, 1961
Many of the Edelweiss Tokio Term Insurance policies come with the option of getting add-ons, like critical illness cover, accidental death benefit, permanent disability cover, and so on. Edelweiss Tokio Life Zindagi Plus plan additionally offers a better ‘half benefit’ that enhances financial security in the breadwinner’s absence. As per this benefit, a life cover will start in the name of their spouse, after the death of the policyholder
Edelweiss Tokio Term Insurance policies have quite a hassle-free claim process. Edeilweiss Tokio Life Insurance Company is renowned for having an easy and straightforward claim process, and hold an excellent claim settlement record with a claim ratio of 93.29%
Edelweiss Tokio Life Insurance Company offers term insurance policies with tailored options, customizable pay-outs, and benefits. In many of these plans, policyholders get to enjoy flexible pay-out as lump-sum, monthly, or a combination of both, among which they can select an option that perfectly suits their requirements
|Type of the plan||Minimum and maximum entry age||Basic sum assured||PPT - Premium paying term||Policy term|
|Edelweiss Tokio Life: Total Secure+||Min age of entry - 18 years Max age of entry - 65 years||Basic sum assured – Rs 25 Lakh Critical illness sum assured – Rs 5 Lakh||Life cover – Single pay Limited pay - 5, 10, 15, 20, and 25 years Regular pay Life and Comprehensive Cover and life and basic health cover: Regular pay only||Life and comprehensive cover and life and basic health cover: Min policy term - 10 years Max policy term - 40 years Life cover: Min policy term - 10 years Max policy term - 62 years|
|Edelweiss Tokio Life Income Replacement||Min age of entry - 18 years Max age of entry - 60 years||The monthly benefit’ chosen shall be given out, and it will increase at the rate of 5% each year, until policy term-end.||For single and regular pay – 5, 10, if the policy term is 20 years or more 15 years if the policy term is 25 years or more||Min policy term - 10 years Max policy term - 30 years|
|Edelweiss Tokio Life Protection||Min age of entry - 18 years Max age of entry - 60 years||Min basic sum assured - Rs.15 lakh. Max - No limitations (subject underwriting policies approved by the Board)||For single and regular pay – 5, 10, if the policy term is 20 years or more 15 years if the policy term is 25 years or more||Min policy term - 10 years Max policy term - 30 years|
|Edelweiss Tokio Life MyLife+||Min age of entry - 18 years Max age of entry - 60 years||Min necessary sum assured – Rs 25 Lakh. Max - No limitations (subject underwriting policies approved by the Board)||Regular pay only||This Edelweiss Tokio Term Insurance Plan is offered for fixed terms of 10, 15, 20, 25, 30, 35, and 40 years|
|Edelweiss Tokio Life Zindagi Plus||Min age of entry for the life insured - 18 years Maxi age of entry – 65 years (Life cover along with regular pay PPT & level sum assured) 50 years (Life cover along with the payment option ‘Pay Till 60’ & level sum assured) 55 years (Life cover along with regular pay and reducing sum assured) 50 years (Life cover along with the payment option ‘Pay Till 60’ and a reducing sum assured)||Minimum sum assured amount: Rs 50 Lakh (For Top-Up Benefit, Life Stage Benefit, or Better Half Benefit ) Rs 25 Lakh For any other scenario Max - No limitations (subject underwriting policies approved by the Board)||For regular pay - 10 years For the option ‘Pay Till 60’ - (60 - age of entry + 1) year||Mini policy term: Regular pay - 10 years ‘Pay Till 60’ - 15 years Max policy term - 62 years|
|Edelweiss Tokio SimplyProtect||Min age of entry - 18 years Max age of entry - 65 years||Min basic sum assured – Rs 25 Lakh Max - No limitations (subject underwriting policies approved by the Board)||Single/limited pay of 5, 10, 15, and 20 years and regular pay||This policy is offered for a fixed term between 10 and 40 years If the coverage is extended up to 80 years of age, then policy term shall be 62 years|
This Edelweiss Term Insurance policy provides comprehensive life cover and covers against 35 critical illnesses. It has been designed to adequately protect the financial future of the family members of policyholders, while also fulfilling their need for critical illness insurance. This plan additionally comes with several customization options, among which people can choose the critical illness benefit, policy term, life cover, and premium paying term, as per their convenience.
In this Edelweiss Term Plan, the death benefit is offered each month at increasing rates, post the policyholder’s death. This plan has been designed to replace the income inflows of the policyholder, by providing their dependants with a death benefit in monthly instalments.
This Edelweiss Term Insurance Plan provides a lump sum to the family of the insured, in the scenario of their unfortunate death. This policy has been designed to help dependants maintain their lifestyle and secure their financial future.
This is a non-participating and non-linked Edelweiss Life Tokio Term Insurance Plan that offers the policyholder the flexibility to select their death benefit as lump-sum or monthly pay-out or a combination of both. It also enables them to select a cover for up to 80 years of age.
This is an Edelweiss Life Tokio Term Insurance policy that ensures complete protection for the family of the policyholder after their demise. This plan comes with 4 unique death benefit options, which even offers protection against disability and 12 critical illnesses. People can select the ideal death benefit payout option as per their requirement so that their family does not have to compromise on any of their future needs.
This is an innovative and customizable insurance policy that provides the spouse of the policyholder with an additional life cover with the better-half benefit option, apart from providing life cover to the policyholder. This Edelweiss Term Insurance Plan also accounts for the growing needs of people and increases the life cover on a yearly basis with a top-up benefit option. This plan allows further customization as well, where the policyholders can opt to increase your life cover at various crucial stages of their life. The Edelweiss Tokio Life Zindagi Plus plan even comes with a waiver of premium benefit option that provides security against 35 critical illnesses.
In addition to these policies, Edelweiss Tokio Life - Raksha Kavach is another Edelweiss Life Tokio Term Insurance Plan. This is a micro term insurance plan, which is specially designed for people living in rural areas. The Edelweiss Tokio Life - Raksha Kavach provides people with life cover at quite low rates of premiums. Here are the key features of this Micro- Edelweiss Tokio Term Insurance:
Here are the documents that people would need when planning to buy an Edelweiss Term Plan
Driving license, school/college certificate, passport, PAN card or birth certificate can act as an age proof.
Voter ID, driving license, PAN card or Aadhaar card can be used as an identity proof.
People can present electricity bill or bank account statement as their proof of address.
Income tax return or employer certificate can be presented as income proof.
In addition to the documents mentioned above, the policy buyer also has to fill up an application or proposal form, as well as provide self-attested copies of KYC documents, when investing in an Edelweiss Term Insurance Plan.
Edelweiss Term Insurance policies promise to pay the nominees a lump-sum amount in the event of the death of the policyholder. Such plans, however, come with a few inclusions and exclusions.
The claim for Edelweiss Life Tokio Term Insurance Plan is typically rejected by the insurance company in case the death of the policyholder takes place due to abnormal circumstances.
If the policy includes a critical illness or accidental coverage rider, the insurance claim is rejected in case of:
Other exclusions for Edelweiss Term Insurance plans include:
Edelweiss Term Insurance policy renewal can be done online via PaisaWiki. One can call the customer care number 1800-258-5970 regarding policy renewal or follow the steps below:
Step 2: Select the insurance company – Edelweiss Tokio Term Insurance and click on ‘Proceed’.
Step 3: Enter policy number and date of birth. Hit the ‘Get Premium’ button.
Step 4: Make the payment through credit or debit cards, net banking, or selected online wallets.
Step 5: The insured will receive a message on the registered mobile number and email id.
Just like the renewal process, Edelweiss Tokio Term Insurance claim process is also easy and quick:
The claimant firstly has to submit claim intimation for the relevant Edelweiss Life Tokio Term Insurance Plan. This claim intimation must include certain basic information about the policy, such as the cause of death, place of death, policy number, name of the insured, date of death, and name of the claimant. With the written claim intimation, the claimant would also be required to submit certain important documents, such as:
Based on the policy duration, cause of death, and claim amount, Paisawiki may request certain other documents as well. Or, simply logon to www.paisawiki.com and go to ‘Claim’ option.
Fill in the necessary details and hit the ‘Request Claim Assistance’ button. The insured will get a call from the company for verification.
The claimant must submit the complete documentation as early as possible. Once all the needed documents, records and forms have been submitted, PaisaWiki would thoroughly go through the documentation. And, the process will begin.
Once the verification of the records and documentation of the Edelweiss Tokio Term Insurance Plan claim has been done, they shall either accept or deny the claim, as per their findings. If the claim is accepted, then it shall be settled within 30 days, and the relevant fund amount would be transferred to the bank account of the claimant through NEFT.
Edelweiss Tokio Term Insurance policies can easily be bought by visiting any branch offices of the insurer or through an insurance agent. The Edelweiss Tokio Life MyLife+ and Edelweiss Tokio Life Zindagi Plus can easily be bought through the official website of Edelweiss Tokio Insurance. Here are the steps involved in any of these two Edelweiss Term Insurance policies:
Step 2: Fill in the form on the home page. Click ‘Get Quotes’.
Step 3: Choose the appropriate plan along with add-on riders.
Step 4: Make the payment through credit or debit cards, net banking, or selected online wallets.
There are multiple Edelweiss Term Insurance policies on which people over 60 can invest in, to ensure the financial security of their loved ones.
The online modes include:
The offline modes include: