Edelweiss Tokio Term Insurance
Protecting your family’s future has never been more imperative than it is now. You never know when your luck takes a turn for the worse and your family finds itself in dire straits after suddenly losing a breadwinner. This is why Edelweiss Tokio’s term insurance is a prudent choice when it comes to securing your loved ones’ financial health in the unfortunate event of your demise.
Who Is Edelweiss Tokio?
Ranked number 1 by CRISIL in 2020 for their ULIP offerings, Edelweiss Tokio, formed in 2011, is a joint venture by the Edelweiss Group and the Japanese insurance company Tokio Marine.
| Company Name | Edelweiss Tokio |
| Joint Venture Between | Edelweiss Group and Tokio Marine |
| Established in | 2011 |
| MD & CEO | Mr. Sumit Rai |
| Claim Settlement Ratio | 97.01% |
| No of Agents | 58,145 |
| Branches | 116 |
| Awards | Edelweiss Tokio Life has been named one of the Best Workplaces in Life Insurance India by Great Place to Work and is ranked 51st among India’s Best Companies to Work for. No 1 ULIP – CRISIL; Asia’s Best Insurance Company award for Digital Sales Channel – Insurance Alerts Awards 2020; Best Innovation in Customer Service – 25th BFSI Tech Innovation Forum; Product Innovation Company of the Year – India Insurance Summit & Awards 2020; Best Life Insurer – Outlook Money Awards 2016 and more. |
Edelweiss Tokio Term Insurance - What to Expect?
Edelweiss Tokio’s term life plans to offer a host of benefits. Here’s what you can expect:
| Features | Benefits |
| Pocket-friendly premiums | High coverage for term plans offered at low premiums |
| Financial Stability | One of the Best Workplaces in Life Insurance India by Great Place to Work and is ranked 51st among India’s Best Companies to Work for. |
| Covid-19 Coverage | Complete financial security for the family by Edelweiss Tokio Life term insurance products, which include coverage for death due to the Coronavirus pandemic. |
| Long-term protection | Coverage offered for up to the age of 100 years |
| Tax rebate | Avail of tax benefits under IT Section 80C on term insurance premiums; payout for life cover is also eligible for tax benefits under IT Section 10D |
| Riders | Accidental cover; critical illness cover; hospital cash benefit; waiver of premium |
| Additional coverage | Term plan covers death due to COVID-19 |
Which Edelweiss Tokio Term Plan Should You Choose?
Edelweiss offers the following term insurance plans.
1. Edelweiss Tokio Zindagi Plus Plan
This plan has a variety of options that can be availed whether you are a married couple or a family with children.
Key Features:
- Discounts: Get discounts on larger sum assured.
- Tax Benefits: Avail tax benefits as per current income tax laws.
- Death benefit: Receive death benefit upon death of insured.
- Spouse Benefits: In the event of your untimely mortality, your spouse will be provided with supplementary life insurance coverage at no additional cost.
- Top up Benefits: Top-up Sum Assured is equal to Top-up Rate multiplied by Base Sum Assured.
- Waiver of Premium : The premium payable under the Waiver of Premium Benefit is guaranteed for the first five years and is subject to revision thereafter, but only with the agreement of IRDAI.
| Age of entry | Minimum age – 18 years (For Life Insured and Spouse*) Maximum age: Life Cover with Level Sum Assured Option: Regular Pay: 65 Years (life insured) and 60 years (spouse) Pay till 60: 50 years (life insured and spouse) Life Cover with Decreasing Sum Assured Option: Regular Pay: 55 Years (life insured) and 55 years (spouse) Pay till 60: 50 years (life insured and spouse) |
| Age of maturity | Life Cover with Level Sum Assured Option:Regular Pay: Minimum is 28 years and the maximum is 80 years Pay till 60: Minimum is 65 years and the maximum is 80 years Life Cover with Decreasing Sum Assured Option: Regular Pay: Minimum is 65 Years and the maximum is 80 years Pay till 60: Minimum is 65 years and the maximum is 80 years |
| Policy term | Minimum policy term: Regular Pay – 10 years Pay till 60 – 15 years Maximum: {80 – Age at Entry (age last birthday)} years |
| Sum assured | The minimum is 25 Lakhs and the maximum limit is subject to approval. Maximum for underwriting status medical – No Limit, subject to Board approved underwriting policy For underwriting status non-medical – Rs 99,99,000 |
| Minimum and Maximum Premium | Minimum: Annual 3,000 Semi-Annual 2,000 Quarterly 1,250 Monthly 300 Maximum: No Limit |
| Premium Frequency | Annual, Semi Annual, Quarterly and Monthly |
2. Edelweiss Tokio Saral Jeevan Bima Plan
For individuals seeking basic financial security for their loved ones at an economical price, this plan is the perfect choice for you.
Key Features:
- Hassle-free: This plan comes with simple, straightforward processing with quality protection and coverage.
- Tax Benefits: Avail tax benefits as per current income tax laws.
- Death benefit: Receive death benefit upon death of insured.
- Options for the range : Option to choose from a range of life cover from Rs. 5 lakhs to Rs. 25 lakhs (in multiples of 50,000)
| Age of entry | Minimum age – 18 years last birthday Maximum age – 65 years last birthday |
| Age of maturity | The maximum age of maturity is 70 years last birthday |
| Policy term | 5 years to 40 years |
| Sum assured | The minimum is Rs 5,00,000 (Sum Assured would be allowed only in the multiple of Rs. 50,000) and the maximum is Rs 25,00,000 subject to board approved underwriting policy |
| Premium payment terms | Regular Pay: 5 to 40 years Limited Pay: 5 & 10 years Single pay |
| Premium amount | The minimum is: Annual: Rs. 1,206 Semi-annual – Rs. 617 Monthly – Rs. 106 The maximum has no limit, subject to approval. |
| Premium payment frequency | For Regular & Limited Pay: Annual, Semi-Annual, Monthly (only under ECS / NACH) For Single Pay: Lumpsum |
What’s Covered With Edelweiss Tokio Term Plan
The following conditions are included in the term plans offered by Edelweiss Tokio:
- Death due to COVID-19
- Addition benefit: Cover offered to policyholder’s spouse after the demise of the policyholder
- Optional child coverage term plan
- Pay-out choices of the lump sum, monthly income, or lump sum plus monthly income
What’s Not Covered With Edelweiss Tokio Life Term Policy
The following conditions are not covered under Edelweiss Tokio term insurance plans:
- Death due to suicide within 12 months from date of commencement or renewal of the policy
- Better Half Benefit –
- Death of spouse before the death of the policyholder
- Death of policyholder and their spouse simultaneously
- After the death of the policyholder, if the spouse dies by suicide with 12 months of the date of commencement or renewal of the policy, the beneficiary receives 80% of Better Half Benefit premiums paid.
Better Coverage With Riders With Edelweiss Tokio Term Insurance
Riders are a great way to enhance the coverage of your term plan. Edelweiss Tokio offers the following riders on its term insurance policies.
- Accidental Death Benefit – Accidents, by their very nature, are sudden and give no warning. Death by accident can happen at any time to anyone. Edelweiss Tokio’s accidental death benefit rider provides an assured sum of a minimum of INR 10,000 to the nominee in case of the policyholder’s death due to an accident.
- Critical Illness – Critical illnesses have the capacity to drain you physically, mentally, and financially. With this rider, you will receive the assured sum of up to INR 50,00,000 to manage your expenses when you’re diagnosed with a critical illness. The sum assured is payable only once. A list of the critical illnesses covered is available on the official website.
- Accidental Total and Permanent Disability – Some accidents can leave you with a lifelong disability which could hamper your income and expenses. With the accidental total and permanent disability rider, you will be eligible to receive a lump sum amount of at least INR 1,00,000 in the event of a total and permanent disability due to an accident.
- Waiver of Premium – If you face an accidental permanent and total disability or a critical illness diagnosis, this rider waives off all future premiums without any compromise to your current term plan.
- Hospital Cash Benefit – While hospitalization charges are covered by health insurance policies, costs arising once you are discharged and recovering at home aren’t. The hospital cash benefit rider provides you with a cash benefit of a minimum of INR 1000 up to INR 6000 a day, right from the first day of your hospitalization. If you were admitted to the ICU, the rider provides you 1% of the sum assured for each day you were in the ICU. It also provides a lump sum amount of 4% of your total sum assured in the form of a recuperating benefit, which will help take care of expenses while you focus on resting and recovering.
Buying A Edelweiss Tokio Term Plan Has Never Been Easier
Buy on Edelweiss Tokio’s website:
- Visit Edelweiss Tokio’s website, browse through their term insurance offerings, and choose the plan with the desired coverage amount that you wish to purchase.
- Select the policy term for your plan along with the frequency of premium payments.
- Choose from the available riders and add your nominee.
- Once the company verifies your details and furnished documents, you will receive your policy document.
Purchase your Term Plan on Probus:
- Visit Probus and log in using your credentials. You can quickly create an account if you don’t have one.
- Browse through the different term life plans and select the one that meets your needs.
- Enhance your policy coverage by selecting the riders you wish to buy.
- Review your choice and then make the premium payment to receive the policy document in your email inbox
Documents To Purchase A Edelweiss Tokio Term Plan
To buy an Edelweiss Tokio term plan, you will need to submit the following documents:
- Identity proof
- Address proof
- Proof of age
- Proof of income
While buying the policy online, you can scan a copy of the above-mentioned documents and mail them or click a photo and send them via WhatsApp.
Renew Your Edelweiss Tokio Term Plan
To renew your term policy from Edelweiss Tokio’s official site:
- Log in to the customer portal with your credentials.
- Select the policy you want to renew.
- If you want to make any additions or alterations, you can do so.
- Pay the quoted premium online and receive the renewed policy document.
To renew your Edelweiss Tokio term plan on Probus:
- Log in to Probus with your username and password.
- Select the term plan that you want to renew.
- If you want to select additional riders or alter your plan, you can do so.
- Receive a quote of the premium that you need to pay to renew your plan.
- Get the policy document in your email inbox in a jiffy.
File A Term Policy Claim With Edelweiss Tokio
In the unfortunate event of the policyholder’s demise, you will need to file a claim with the company to receive the benefits.
- Give written intimation to the insurance company of the impending claim as soon as possible. You will need to provide details like the policy number, name, and date of death of the policyholder, cause and place of death, and the name of the claimant.
- Provide the requisite documents so the insurance provider can begin processing your claim.
- The insurance company will then process your claim and release the payout if the claim is deemed valid. In case, the claim needs to be investigated further, the insurance provider has up to 6 months from the date of the written intimation to finish its investigation.
Filing A Claim - Documents To Submit
To file a claim, you will need to submit the following documents to the insurance provider based on the situation.
To file a death claim:
- Death certificate
- Original policy document
- Duly-filled claim form
- Supporting documents
To file an accidental disability or a critical illness claim:
- Copies of medical records
- Copies of test reports
- Copies of the discharge summary
- Copies of admission records of hospitals and laboratories
- Original policy document
- Claim forms
- Supporting documents
To file maturity claims:
- Original policy bond
- Maturity claim form
Frequently Asked Questions
Life is uncertain, and you never know when it might end. As a breadwinner, you provide for your family and have established a certain standard of living. You may also be paying off loans. Even with multiple breadwinners in the family, the loss of even one can seriously hamper the family’s finances. Being covered by a term plan will ensure that your family will be well taken care of after you’re not around.
With this benefit, you can secure your child’s future. The coverage increases the base sum assured, from 10% up to 100% of the base sum assured, and covers your child until they reach the age of 25.
Yes. You can pay online by:
- Credit card
- Debit card
- Net banking (available for over 45 banks)
Term insurance can be purchased by those as young as 18 years old and as old as 60 years old. You and your loved ones can feel safe for a longer period of time with the help of a term insurance plan.
The questions and concerns of policyholders are handled by a single department at each insurance provider. The IRDAI rules do not distinguish between customers who have made purchases online or offline because they are the same for both types of shoppers.
Term Insurers
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FAQs
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- Decreasing Term Insurance Plan
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