Edelweiss Tokio Life – Cash Income Plan Review
Edelweiss Tokio Life – Cash Income is a comprehensive insurance solution, suited to meet your wealth accumulation needs to plan for a regular income in the future.
Key Features
- Simplified product structure with guaranteed benefits
- Pay premium for 20 years and get protection benefits till 100 years of age
- Life cover increases in the first 40 policy years
- st Assured monthly money-back from 21 policy year till 40th policy year
- th A guaranteed lump-sum benefit at the end of 40 policy year
- Loan facility is available to meet unforeseen needs
- Enhance your benefits by adding various riders available with the product
Plan Benefits
Survival Benefit:
Survival Benefit has three components as given below:
Cashback: From the 21 policy year the plan provides a regular payout (cash back) increasing at a simple rate of 6% per annum. The payout will be made on monthly basis wherein the payout amount would be equally distributed over the 12 months of each policy year.
Thus the payout in the 21 policy year would be equal to one annualized premium (i.e. 8.33% of annualized premium at nd the end of each month), in 22 policy year it will be 106% of annualized premium, it will be 112% of annualized premium in 23 policy year and so on with the payout in 40 policy year being 214% of annualized premium.
Cashback will stop after the 40 policy year.
Lump-sum Benefit:On survival of the life assured till the end policy year 40, a lump-sum amount as % of sum assured is payable as given in the table below:
| Entry age of the life assured |
Lump-sum at the end of Policy Year 40 |
| Age 91 days – 20 years |
150% of sum assured |
| Age 21 days – 40 years |
120% of sum assured |
| Age 41 days – 50 years |
100% of sum assured |
Maturity Benefit: Further lump-sum equal to 100% Sum Assured is payable on survival of life assured till maturity i.e.100 years of age last birthday.
Death Benefit
For life assured with entry age above 5 years:
The death sum assured, irrespective of survival benefit already paid, at any time during the policy term is either equal to or higher than of:
- 10 times of annualized premium OR
- 105% of premiums paid till date of death OR
- Minimum guaranteed sum assured on maturity OR
- Absolute amount assured to be paid on death
For life assured with entry age below 5 years:
For the minor where entry age is below 5 years the risk cover will start one month prior to the second policy anniversary. In case of death during the 1 year and 11 months from the date of commencement of the policy for minor lives where entry age was below 5 years, the company will pay 105% of total premiums paid till date of death. Once the risk cover starts the death benefit would be as per the benefit offered for Entry Age above 5 years.
For Eg: If the age at entry of life assured is 2 years then the risk cover will start after 1 year and 11 months from the date of commencement of the policy and absolute amount assured to be paid on death would start at 106% of sum assured. After one month i.e. completion of second policy anniversary absolute amount assured to be paid on death would increase to 112% of sum assured and so on.
Surrender Benefits
The policy acquires surrender value if all the premiums have been paid for at least three consecutive years. On surrender anytime thereafter, the surrender value will be immediately paid and policy will be terminated.
The surrender value payable is higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Eligibility & Other Conditions
| |
Minimum |
Maximum |
| Entry Age of Life Insured (last birthday) |
91 days |
50 years |
| Maximum Maturity Age (last birthday) |
100 years |
| Policy Term |
(100 – Age at entry) |
| Premium Paying Term (PPT) |
20 years |
| Premium Payment Frequency |
Monthly, Semi-annual, Annual |
| Minimum Premium |
Rs 25,000 |
No Limit |
| Minimum Sum Assured |
Rs 2,65,000 |
No Limit, subject to underwriting |
Loan Facility
Policy loan is available once it acquires surrender value. Maximum loan amount available is 90% of surrender value
offered by the Company. Interest will be charged on the outstanding loan amount at a rate declared by the Company from
time to time based on then prevailing market conditions
Riders
Edelweiss Tokio Life – Accidental Total and Permanent Disability Rider
Edelweiss Tokio Life – Accidental Death Benefit Rider
Edelweiss Tokio Life – Waiver of Premium Rider
Edelweiss Tokio Life – Term Rider
Edelweiss Tokio Life – Critical Illness Rider
Edelweiss Tokio Life – Payor Waiver Benefit Rider
