Edelweiss Tokio Life Child Plans

Child insurance or child plans are a valuable combination of a savings plan and a life insurance plan. The savings component makes sure that policyholders build a corpus over a longer period and are assured of good returns. The insured can pre-define the stages through which the returns are needed, for instance when the child gets into high school or college admissions or when they get married. The life insurance component ensures that the child's finances are completely met by the provisions of life cover, in case of the unfortunate demise of the policyholder.

What are Edelweiss Tokio Life Child Plans?

Edelweiss Tokio child plans are a financial tool that helps to plot a secure future for the child. These plans make sure that the financial insecurities do not come between the child and their cherished dreams even when the policyholder is not around.

Why Choose Edelweiss Tokio Life Child Plans Insurance?

Getting a higher graduation degree from the top educational institutes requires a robust financial framework. Top management institutes have raised their fee structure by 4 times and the present minimum charges are more than Rs 20 Lakh. The future projections of the fees of the top institutes are targeted to cross Rs 1 Crore, ten years later.

The cost of professional courses is slated to cross Rs 50 Lakh over the next decade. If policyholders want their children to graduate from prestigious institutions, then the sole merit of the child is not enough to qualify, but you need to be wealthy or save systematically to choose to pay for the top college educations.

If the education of the child is to be covered, it is a prerequisite, to inculcate a savings habit. The main thrust is to start saving as early as possible. Policyholders with the help of Edelweiss Tokio child policies can be in a financially-ready mode to provide a strong support structure to their children's dreams.

Policyholders can save little amounts of money every month, construct up a corpus fund over the long-term. Another option of saving is the Child Education plan, which not only ensures superlative financial returns on the savings but also provides the added confidence of a life cover. The returns can be chosen at vital stages of the child's life. Edelweiss Tokio child plans to make sure that all promised benefits will be given to the child even in the happening of an unfortunate event.

Edelweiss Tokio Life Child Plans Features

Edelweiss Tokio Life Child Plans come packed with a wide range of features of child insurance policies. Here is a rundown of Edelweiss Tokio Life Child Plans:

Edelweiss Tokio Life EduSave

This is a conventional Child Plan, which allows savings for the future of the child and provides a zero-risk future and financial stability for the child in case the parent is not around. This is a participating plan with limited and regular premium payment options.  This plan offers various maturity pay-out options which also carry the benefits of a money-back plan.

Salient Features of Edelweiss Tokio Life EduSave

The key features offered under the Edelweiss Tokio Life EduSave plan are as follows:

  • On the unfortunate death of the policyholder, the assured sum is paid immediately. The future premiums are waived completely and the accrued bonuses are added to the final pay-out. At the end of the term, the maturity benefit is paid to the nominee.
  • On policy maturity, the total amount of the sum assured plus the accrued bonuses are paid to the insured's nominee.

Edelweiss Tokio Life Education Plan

This is a traditional child educational plan with a choice of 5 various types of maturity benefits depending on the requirement of the child's future. The assured sum in this policy is payable under all circumstances.

In this plan, if the insured life, i.e. the parent undergoes demise within the tenure of the policy, the beneficiary will stand to receive the total sum assures as an immediate death benefit. The future premiums are completely waived off and the sum is paid by the insurer. One per cent of the total sum assured is liable to be paid every month to take care of the regular monthly expenses such as school and college fees.

Salient Features of Edelweiss Tokio Life Education Plan

Here is a rundown of key features of the Edelweiss Tokio Life Education Plan:

  • The death benefit consists of 3 fold payment- Immediate Assured Sum+ Waiver of future premium amounts+ 1 per cent of the total Sum Assured which is payable monthly till maturity.
  • In this Edelweiss Tokio child policy, the additional guaranteed amount is paid, which lies in the range of 25-50 per cent of the total Sum Assured, which also depends on the policy term.

Edelweiss Tokio Life Wealth Ultima Plan

This is a unit-linked insurance plan with a unique combination of a systematic monthly plan for wealth accumulation and safety from market volatility. This plan helps in the preservation of wealth and asset transfer from one portfolio to another in an opportune fashion. This plan can be considered as the right child market-linked plan.

Salient Features of Edelweiss Tokio Life Wealth Ultima Plan

Here are the key features offered under Edelweiss Tokio Life Wealth Ultima Plan:

  • Systematic withdrawal plan and systematic transfer plan are the main attributes of this child insurance plan
  • This plan provides life cover which offers a lump sum amount to the nominee in the case of the death of the life assured
  • The Little Champ Benefit feature is the main crown jewel of this insurance plan. In case of the unfortunate demise of the policyholder during the policy term, the plan shall continue to be in force and the child nominee will stand to receive the benefits of the policy
  • There are multiple choices of premium paying terms and policy term. The policy term ranges from the age of 10 years till the age of 100, while the term of premium payment ranges from 5 years till the completion of the policy term.

Edelweiss Tokio Life - Wealth Secure+

This plan provides 3 diverse plan options which are based on different events of life: Individual option, joint-life option and Child option. The individual option provides a life cover that is available on individual life. The joint-life option is available on a joint life basis.

This variation of Edelweiss Tokio child plan can opt only when the policyholder is married whereby both the insured and his or her spouse are covered. In the Child option variant, in the event of the unfortunate death of the policyholder, the policy shall remain in force and the child will receive the policy benefits as planned.

Salient Features of Edelweiss Tokio Life Wealth Secure+

Below are the key features that are offered by the insurer under Edelweiss Tokio Life Wealth Secure+:

  • Low amount of premium - This Edelweiss Tokio child plan option allows you to initiate savings at Rs 1000 per month.
  • Retirement planning - This plan provides the option of systematic withdrawal that can become a source of a steady income in the post-retirement stages.
  • Fund enhancement - Policyholders are rewarded by remaining invested for the long term with loyalty boosters and maturity additions. This child insurance plan offers the alternative to invest for 5 years and then after the policy term in 5 years, results in an amazing tool for short term investments.
  • This plan offers 7 fund savings alternatives with the option to select from a collection of 7 funds with unlimited switches. The tax benefits on your premiums and the maturity amounts are eligible for tax savings under the appropriate sections of the Income Tax act.

Benefits of Edelweiss Tokio Life Child Plans

Apart from the aforementioned key features of Edelweiss Tokio Life Child Policies, there are a set of core benefits offered under these plans. The key benefits of Edelweiss Tokio Life Child Plans are as follows:

  • Less Risk

    While policyholders are saving for their children's education, certain short-term based investments may lead to higher returns. However, a child insurance plan is less risky compared to other savings options, While remaining investments are subject to market risks and fluctuations, a child insurance plan is not restricted to any such conditions. Hence, Edelweiss Tokio child plans are considered a safe investment alternative for the family.

  • Tax Benefits

    Additional savings can be effortlessly done to secure the future of the children. Selecting a child insurance plan carries the exciting benefit of tax deductions. While planning tax payments, it is always advisable to select instruments that serve dual purposes. Not only they help to save tax but also offer long-term benefits in terms of protection or savings, in line with the financial needs of the family.

  • Assured Returns plan

    Edelweiss Tokio child plans also come with the option of guaranteed returns. This option gives the flexibility of providing an assured amount on the completion of the maturity term. A guaranteed financial return plan is a safe and guaranteed way to begin saving for the future of the child and it does not entail any high investments risks.

Benefits of Market Linked Child Plans

The following are the key benefits of market-linked child policies by Edelweiss Tokio Life Insurance:

  • Flexibility

    ULIPs help policyholders to select the premium amount as per the financial requirements of the family. These plans also provide the additional option of choosing funds as per the parameters of the family's financial positions. These market-linked plans are popularly known as ULIPs in the markets. These plans offer the unique possibility of enhancing your pay-out amounts during the premium-payment term, which also depends on the needs of the family.

  • Liquidity

    Irrespective of the premium-paying term, also known as the policy term, after a minimum lock-in period of 5 years, policyholders can partially or fully withdraw account funds when there is a dire need for funds.

  • Systematic Savings

    These child ULIP plans give policyholders the advantage of putting aside a sizeable chunk of their incomes to engage in precious savings for the child's education and cherished dreams in a systematic way.

  • Wealth Accruement

    ULIPs not only provide an earnings option but also aid in enhancing wealth by systematically allocating it to reputed market-linked funds.

  • Single-Premium Child Insurance Plans

    Apart from serving as savings and investment plans, every responsible parent must have a robust life cover to defend their child's future. Edelweiss Tokio child plans have the benefit of a single premium plan which ensures that a lump sum yearly premium is paid instead of quarterly or monthly payments.

Types of Edelweiss Tokio Life Child Policies

Different types of Edelweiss Tokio Life Child Insurance Plans are as follows:

  • Edelweiss Tokio Life EduSave

      Minimum Maximum
    Age of Entry 18 years 45 years
    Age of Maturity - 60  years
    Term of Policy 10 years 30 years
    Amount of Premium Rs 6970 No limit
    Sum Assured Rs 2.25 Lakh No limit
    Term of premium payment Equal to term plan or term minus 5 years or 10 years
  • Edelweiss Tokio Life Education Plan

      Minimum Maximum
    Assured Sum 2.50 Lakh No Limit
    Term of Policy 10 years 25 years
    Term of premium payment 5,10,15 years Equal to premium term
    Age of entry if Life Insured(Parent) 21 years 65 years
    Maturity Age of parent - 75 years
    Age of entry of the child 0 17 years
    Age of maturity of Child 0 30 years
  • Edelweiss Tokio Life wealth Ultima Plan

    Minimum of the policy term 10 years
    Maximum of the policy term 5-6 premium payment term: 70 minus the entry age
    7 PPT and more: 100 minus the age of entry

     

    Term of policy PPT With the benefit of Little Champ Without the benefit of Little Champ
    10 to 30 years Regular Payment Available when the age of the assured life is equal to less than 30 years  
    Limited payment 5 years is the minimum term of the Policy or,b) 30 years minus the age of the entry of the life insured 5 years to 1 year
  • Edelweiss Tokio Life - Wealth Secure+

    Conditions of eligibility Base Life partner Child
    Age of entry(last birthday)( PPT<10 years) 0-50 years 18 years-45 years 18 years-40 years
    Age of Maturity( with PPT>10 years) 0-60 years 18-50 years
    Term of Policy 5-25 years and 100 years minus entry age 5 years to 25 years
    Premium paying term Regular pay: Same as the term of the policyLimited Pay- 5 years-( term of policy-1) years
    Minimum assured sum 7 x Yearly premium amount
    Maximum assured sum 10 x yearly premium amount

Eligibility and Exclusion Details  

The eligibility criteria and exclusions details under Edelweiss Tokio Life Child Plans are as follows:

Edelweiss Tokio Life EduSave 

Grace Period

A 20-day grace period is provided for premium payment for all modes. In case the policyholder fails to honour the payment with the stipulated grace period, the policy is considered as lapsed.

Surrender Benefit

The policyholder is permitted to surrender the policy and will receive the surrender value. The surrender value will be calculated as the highest of the Special surrender value or the guaranteed surrender value.

Free Look Period

If such a case arises, where the policyholder is not satisfied with the terms of the coverage and the terms and conditions of the policy, there is an option of policy cancellation within 15 days of receiving the policy documents, provided that claim has not been made.

Inclusion

Loan amounts are available to the policyholders under the plan up to a maximum of 90 per cent of the total surrender value.

Additional Riders or Features

  • Discounts are provided for Large Sum Assured ranges
  • The premium discount is provided for female lives

The below-given Riders are offered to guarantee comprehensive coverage for the insured.

  • Accidental Death Benefit Rider
  • Life term rider
  • Critical illness rider
  • Hospital and Cash benefit Rider

Exclusions

In case the policyholder commits suicide within 12 months of the inception of the policy, then only 80 per cent of the total premium paid is returned to the beneficiary. In case the act of suicide is carried out within 12 months of revival, the highest of 80 per cent of the total premium paid or the amount of acquired Surrender Value is paid.

Edelweiss Tokio Life Education Plan

Death Benefit

  • This policy offers extensive life protection in the event of the death of the insured within the policy tenure.
  • The Assured sum is paid instantly on the death of the policyholder to take care of the exigent expenses of the dependent family members.
  • From the beginning of the date of the death, one per cent of the assured sum is paid regularly every month until the maturity date, to provide cover for the monthly expenditure.
  • The future premium amounts are completely waived off and paid by the insurance company to guarantee a secure financial future for the family of the policyholder.  Maturity benefits are completely paid whenever there are due.

Survival Benefit

5 alternatives are provided for maturity benefit.

  • Graduate Plan- 28 per cent and 25 per cent of the total Sum Assured is payable in the final 4 years of the policy term.
  • Post Graduate Plan- 52 per cent of the total sum assured is payable in the final 2 years of the policy term.
  • Doctor Plan/ Unified 5 year Degree Plan- 20 per cent and 25 per cent of the total Sum assured is payable in the final 5 years of the policy term
  • Marriage Funding Option- 100 per cent of the total Sum assured is payable in the final 5 years of the term policy.

Maturity Benefits

The final assured additional amounts are paid on maturity.

  • 10-14 years: 25 per cent of the assured sum is paid as guaranteed addition
  • 15-19 years- 40 per cent of the total Sum assured is paid as guaranteed addition
  • 20-25 years- 50 per cent of the Sum Assured is given to the beneficiary as a guaranteed addition.

The Benefit of Income Tax Deduction

The premium amounts paid under the life insurance policy are exempted from Income tax under Section 80 C and the proceeds of the maturity are exempted from the income tax net under Section 10 of the Income Tax Act.

Edelweiss Tokio Life wealth Ultima Plan

Death Benefit

In the event of the demise of the life assured while the policy is in effect, the below benefit will be paid. For policies where the age of entry of the insured life is below 1 year, the death benefits payable is the highest of

  • Fund Value
  • 105 per cent of the total premium amounts received by the insurer

 AND Higher of the:

  • Top-up fund value
  • 105 per cent of the complete top-up premiums received by the policyholder in the contingency of death of the life assured after passing of 12 months from the date of the policy commencement.

Maturity Benefits

If the assured life outlives the term of the policy, the value of the fund will be paid as the maturity benefit. The concerned individual shall be given the choice to collect the proceeds of the maturity in instalments. This is also referred to as the Settlement option.

Enhancement in the Fund

This Edelweiss Tokio child plan has three types of additions, namely guaranteed additions, Additions of Loyalty and booster additions. These enhancements assist in increasing the fund value, thereby decreasing the total cost under the plan.

Tax Benefits

Tax deductions can be claimed under appropriate provisions of the Income Tax Act of 1961 for the paid premiums toward the plan. The maximum value of deduction that can be claimed under the particular section is limited to a maximum of Rs 1, 50,000. Proceeds from this insurance policy are entirely tax-free in the hands of the beneficiary under Section 10 of the Income Tax Act.

Exclusions in Case of Suicide Claims

In the event of the death of suicide within 12 months from the date of the inception of the policy or the date of the revival, the policyholder's nominee or beneficiary will be entitled to the total fund value, as available on the actual date of demise. Any charges applied after the date of the death of the assured life will be given back to the nominee or the legal beneficiary along with the total death benefits.

Edelweiss Tokio Life - Wealth Secure+

Death Benefits

The death benefits are paid as a higher amount of a) Assured sum deducted by the partial withdrawals b) 105 per cent of the total base premium amount paid till the time of demise Plus, a) Total top-up sum assured; b) 105 per cent of the complete top-up premium amount paid till the time of death.

Maturity Benefit

On the survival of the insured life till the maturity date, given that the policy is still in force, the total fund value is calculated at the present NAV on the date of maturity, will be payable as the lump sum amount or as per the option of the settlement chosen.

Additions

This Edelweiss Tokio child plan offers periodical additions such as loyalty additions, booster additions and maturity additions which are expressed as a percentage of the fund value. These additions are applicable only till the term of premium payment whereas booster additions are applied through the policy term. Maturity additions will be applied to the fund value on the date of maturity.

Loyalty Additions

The loyalty additions are initiated from the sixth policy year until the completion of the premium paying term. Loyalty additions will be added to the total fund value on the last date of the policy year. The total fund value will be added until the previous policy year and are considered to be calculated on the future loyalty additions.

How to Buy Edelweiss Tokio Life Child Plans?

The following steps are to be followed if one plans on buying Edelweiss Tokio Life Child Insurance plans:

Step 1: Visit the official website of Paisawiki and click on the tab of Child insurance this is present under the personal tab.

Step 2: Click the option of New Quotes to compare the top cream of insurance providers.

Step 3: Enter the date of birth, which prompts you for details regarding your smoking status and the expected payout amount. On this central basis of your pay-out sum, an approximate estimate of the premium amount will be seen on your screen. Click Continue.

Step 4: Fill in the required details asked on the screen such as email- address, country code, city, name and mobile number. Next click Continue.

Step 5: This will directly take you to a webpage that reflects the insurance premium quote of the top ten child plan insurers. Next, select the plan -A single time pay-out or Monthly Amount Pay-out plans.

Step 6: After doing an extensive review of each life insurance quote on a comparative basis, click the insurance premium amount to buy the desired plan.

Step 7: A pop-up will appear on the screen which provides you with a complete understanding of the selected plan while focusing on important features such as plan features, premium, additional riders and exclusions. Click Proceed

Step 8: This will ultimately take the prospective clients to the selected insurer's website. Once again confirm your details to purchase the plan.

Documents required while Buying Edelweiss Tokio Life Child Insurance Plans

Documentation is a key step in purchasing Edelweiss Tokio child plans. Certain documents should be kept handy during the initial purchase stage. The investors are required to give these documents as proof of KYC.

Proof of Income Proof of Income Address Proof Proof of Age Identification Proof
Salaried Individuals Self-Employed Voter identification PAN Card Aadhar
Copy of Form 16 for the latest year Form 26 AS Aadhar Card Aadhar PAN Card
Bank statements for the last 3 months showing salary credit. Income tax returns for the latest 2 years will not be filed in the same year for purposes of income calculation Passport Passport Voter Identification
Income tax return documents for the last 2 years. In the event of income computations not being available: Last 3 year's ITR is no0t filed in the present year Document of National Population Register showing details of stated address, name and Aadhaar number A birth certificate as per municipal records Passport
Income tax return documents for the last 2 years. CA audited balance sheet and Profit-Loss account statement for the Any listed document issued by the Central Government Voter Identification Passport

The Renewal Process for Edelweiss Tokio Life Child Insurance Policies

The renewal procedure of the child insurance policy is as follows:

Step 1: Visit the website and select the option of 'Renew’ option.

Step 2: Enter the right policy number and include the personal details of the insured and then click the Proceed button.

Step 3: Fill in the applicable relevant information like the personal information of the policyholder and click on submit.

Step 4: The policyholder needs to make a financial transaction for the plan renewal.

Step 5: After the successful completion of the renewal process, an e-copy of the renewed insurance policy will be sent by e-mail to the individual and an SMS will be sent to the registered mobile number and a hard copy of the renewed traditional life insurance plan will be sent by post to the residential address.

There are many websites for comparing the current premiums of different insurance companies, offers auto-renewal options for policyholders. An easy process of form filling and standard online procedure of Edelweiss Tokio child plans renewal are readily accessible for all insured individuals without running across brick and mortar offices. Setting up an auto-renewal facility ensures that the policies are never lapsed and eliminates the incidence of human error. Policyholders always have peace of mind with auto-renewal facility.

Edelweiss Tokio Life Child Plans - FAQs