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.
§ 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.
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
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
15,00,000 |
No Limit |
Policy Term (in years) |
10 |
30 |
Premium Payment Term (in years) |
Single, 5, 10, 15 |
Equal to policy term |
Entry Age of Policyholder |
18 |
60 |
Age at Maturity |
28 |
70 |
Payment modes |
Only Annual |
The below illustration is for a healthy Male (non-tobacco user) opting for a Monthly Benefit = Rs. 25000 and Policy Term = 25 years
Riders – There are no riders available in this policy
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.