Edelweiss Tokio Life - Protection is a vanilla term plan from Edelweiss Tokio Life Insurance Company where the nominee would get the Sum Assured as death benefit if the life insured dies within the policy tenure but nothing would be payable to the policyholder if the life insured survives. Hence there is no maturity or survival benefit in this case.
Death Benefit – In case of death of the policy holder, the nominee would receive the sum assured under this policy.
Maturity Benefit – There are no maturity benefits under this plan.
Income Tax 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
|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 Sum Assured = Rs. 50 lakhs and Policy Term = 25 years
Additional Features and Benefits of Edelweiss Tokio Life - Protection
Riders – There are no riders available in this policy
You stop paying the premium - If the policy holder stops 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.