Edelweiss Tokio Life Education Plan
Edelweiss Tokio Life- Education Plan is a traditional child policy. In this plan, you have a choice of 5 different types of Maturity Benefit according to your requirement for your child’s future which is payable under all circumstances. In this plan, if the life insured, i.e. the parent dies within the policy tenure, the nominee would receive the Sum Assured as Immediate Death Benefit. The future premiums are waived off and paid by the insurer AND 1% of the sum assured is payable every month to take care of the monthly expenses such as school fees, etc.
Key Features of Edelweiss Tokio Life Education Plan
Benefits you get from Edelweiss Tokio Life- Education Plan
Death Benefit – This plan offers comprehensive protection if the life insured dies within the policy tenure
Survival Benefit – There are 5 options for Maturity Benefit:
Maturity Benefit – The final Guaranteed Additions are paid on maturity.
10 – 14 years – 25% of the Sum Assured is paid as Guaranteed Addition
15 – 19 years – 40% of the Sum Assured is paid as Guaranteed Addition
20- 25 years – 50% of the Sum Assured is paid as Guaranteed Addition
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility in Edelweiss Tokio Life Education Plan
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
2,50,000 |
No Limit |
Policy Term (in years) |
10 |
25 |
Premium Payment Term (in years) |
5, 7, 10, 15 |
Equal to PT |
Entry Age of Life Insured (Parent) (in years) |
21 |
65 |
Age at Maturity of Parent (in years) |
- |
75 |
Entry Age of Child (in years) |
0 |
17 |
Age at Maturity of Child (in years) |
- |
30 |
Single premium (in Rs.) |
NA |
|
Payment modes |
Yearly, Half-yearly, Quarterly, Monthly or SSS |
Sample illustration of premium amount in Edelweiss Tokio Life Education Plan
The below illustration is for a 35 years old health parent opting for :
Sum Assured = Rs. 15,00,000
Policy Term = 15 years, Annual Premium = Rs 1,04, 839
Maturity Benefit Option = Graduate Plan
Additional Features and Benefits of Edelweiss Tokio Life Education Plan
Riders- There are 5 riders available with this plan-
What happens if?
You stop paying the premium – If the premiums are not paid within the grace period, the policy lapses and all benefits would stop. However, the policy can be revived if the due premium with interest is paid within 2 years from the date of first unpaid premium.
You want to surrender the policy – Surrender of policy is allowed only after completion of 3 years or more.
Surrender during the Premium Paying Term = 50% of all premiums paid – 1st year’s premium and any additional premium paid.
Surrender after the Premium Paying Term = 60% of all premiums paid – 1st year’s premium and any additional premium paid.
You want a loan against your policy – Policy Loan is available in this plan upto a maximum of 80% of the Surrender Value.