Edelweiss Tokio Income Replacement

Edelweiss Tokio Life Income Replacement Plan

Edelweiss Tokio Life Income Replacement is a Monthly Income Plan. In this plan, the nominee would get the chosen Monthly Income Benefit every month till the end of the term or 5 years, whichever is later. The Monthly Benefit would keep increasing every year by 5% so as to combat inflation. Being a pure protection plan, there is no maturity benefit. 

Key Features of Edelweiss Tokio Life Income Replacement

§  It is a pure Term Insurance Policy with Death Benefit only and no Maturity Benefit

§  The chosen Monthly Income Benefit every month if the life insured dies

§  The Monthly Benefit would keep increasing every year by 5% so as to combat inflation

§  Large Sum Assured rebate is available.

§  Limited Premium paying Options available

§  Discount for non-smokers for a sum assured of Rs 25 lacs and more.

Benefits of Edelweiss Tokio Life Income Replacement 

Death Benefit – In case of death of the policy holder, the nominee would receive Monthly Benefit, as chosen till the end of the term or 5 years, whichever is later. In increases every year by 5% so as to fight inflationary price hikes. 

Maturity Benefit – Being a pure protection plan, there are no maturity benefits under this plan.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C

Eligibility conditions and other restrictions in Edelweiss Tokio Life Income Replacement

Sample illustration of premium amount in Edelweiss Tokio Life Income Replacement 

The below illustration is for a healthy Male (non-tobacco user) opting for a Monthly Benefit = Rs. 25000 and Policy Term = 25 years

Additional Features and Benefits of Edelweiss Tokio Life Income Replacement

Riders – There are no riders available in this policy

What happens if?

You stop paying the premium - If you stop paying the premium, then all benefits of the policy will cease after the policy lapses.

You want to surrender the policy – Surrender Benefit option is available only to Single Premium and Limited Premium policies according to the following formula:

Surrender Value = Total Premium paid x 70% x No. of remaining complete months of cover/Total Policy Term in months

Surrender is allowed only after the Premium Paying Term is over for Limited Paying Policy.

You want a loan against your policy – Loan facility is not available under this policy.