Edelweiss Tokio Cashflow Protection Plan
Edelweiss Tokio Life Cashflow Protection Plan
Edelweiss Tokio Life Cashflow Protection Plan is a Non-linked, Participating Money Back Plan. Thus, it is a Traditional Endowment Assurance Plan with Bonus facility.
This plan is also a protection plan for Whole Life since it can be continued till 100 years of age and also helps in planning for Retirement Purpose since it provides for Money Back Payouts from 7th, 10th or 13th policy year depending upon the Policy Tenure chosen till the end of the Policy Term.
How it works – In this plan premium needs to be paid till the end of the Premium Paying Term of 10, 15 or 20 years, as selected. The Policy Tenure can be chosen anytime from 85 to 100 years of age, in multiples of 5 years. Thus, the policy continues way beyond the premium paying term.
Now, there are number of benefits payable in this plan.
- 5% of the Sum Assured is paid as Money Back Payout every year from the 7th, 10th or 13th policy year depending upon the Policy Tenure chosen, which continues till the Policy matures when the Life Insured is 85-100 years old
- A Cash Bonus is also paid along with the Money Back pay-outs
- There is a Guaranteed Accrual Benefit of 5% of the Sum Assured every year, which is payable on Maturity or on earlier Death. This benefit accrues every year from the 5th policy anniversary and continues till one year before the Money Back Payout begins.
- Thus, if the Life Insured survives till the end of the policy tenure, 110% to 140% of the Sum Assured is paid as Maturity Benefit, according to the calculation of the Guaranteed Accrual Benefit.
However, if the Life Insured dies before the policy term ends, then the entire Sum Assured + Guaranteed Accrual Benefit would be paid, according to the year of death as Death Benefit, irrespective of the amount already paid out as Money Back Payout and the policy would be terminated.
This plan also has 5 additional riders in this plan.
Key Features
The below illustration is for a healthy Male (non-tobacco user) opting for a
Sum Assured= Rs 5, 00, 000
Premium Paying Term= 15 years
Maturity Age= 95 years
Annual Premium = Rs 45895
Benefits:
Guaranteed Sum Assured= Rs 5,00,000
Total Guaranteed Accrual Benefit= Rs 1,25,000
Money Back Payout= Rs 25,000 from 10th year onwards till end of Policy Term
Guaranteed Maturity Benefit= Rs 6,25,000 + Cash Bonus which starts along with the Money Back payout and continues to be paid till maturity.
Benefits
In case of death of the Life Insured, the nominee gets the Sum Assured + Guaranteed Accrual Benefit as Death Benefit and the policy would terminate.
The Guaranteed Accrual Benefit calculated for payout along with Death Benefit is calculated according to the Year of Death. PPT stands for Premium Paying Term.
| Guaranteed Accrual Death Benefit | PPT=10 | PPT=15 | PPT=20 |
| Year of Death | 1-5: 0% | 1-5:0% | 1-5: 0% |
| 6: 5% | 6: 5% | 6: 5% | |
| 7+: 10% | 7: 10% | 7: 10% | |
| - | 8: 15% | 8: 15% | |
| - | 9: 20% | 9: 20% | |
| - | 10+: 25% | 10: 25% | |
| - | - | 11: 30% | |
| - | - | 12: 35% | |
| - | - | 13+: 40% |
5% of the Sum Assured is paid as Money Back Payout from the:
- 7th Policy Anniversary for PPT=10 Years,
- 10th Policy Anniversary for PPT=15 Years
- 13th Policy Anniversary for PPT=20 Years
This starts along with the Money Back payout and continues to be paid till maturity.
- 7th Policy Anniversary for PPT=10 Years,
- 10th Policy Anniversary for PPT=15 Years
- 13th Policy Anniversary for PPT=20 Years
If the Life Insured survives till the end of the policy tenure, 110% to 140% of the Sum Assured is paid as Maturity Benefit, according to the calculation of the Guaranteed Accrual Benefit.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.
There are 5 additional riders available in this policy:
- Accidental Death Benefit Rider
- Accidental Total and Permanent Disability Rider
- Critical Illness Rider
- Term Rider
- Waiver of Premium Rider
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 75,000 | No Limit |
| Annual Premium (in Rs.) | 5702 | No Limit |
| Policy Term (in years) | 85 years less age at entry of the life insured | 95 years |
| Premium Payment Term (in years) | 10/15 | 20 |
| Entry Age of Life Insured (in years) | 5 | 65 |
| Age at Maturity (in years) | 85 | 100 |
| Payment modes | Annual, Semi-Annual, Quarterly and Monthly | |
FAQs
What happen if you stop paying the premium ?If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends. The policy can however be revived within 2 years from the date of first unpaid premium.
The policy continues with the Paid Up Sum Assured which is calculated according to the number of years’ the premium has been paid for. For death during Paid Up period, Paid Up Sum Assured is used for calculation.
What happen if you want to surrender the policy ?Surrender Benefit is allowed under this plan but after 3 policy years.
Guaranteed Surrender Value = 30% of all Premiums paid till date– 1st year’s premium
There is Special Surrender Value of this plan for various Premium Paying Terms.
What happen if you want a loan against your policy ?Loan facility is available under this policy after the 3rd policy year.
