Edelweiss Tokio 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.

• This is a traditional child plan where there are 5 choices for maturity benefit
• The death benefit is 3 fold- Immediate Sum Assured + Future premiums waived off + 1% of Sum Assured payable monthly till maturity
• In this plan, there is a Guaranteed additional amount of 25-50% of the Sum Assured depending on the Policy Term
• There are 5 additional riders

Death Benefit – This plan offers comprehensive protection if the life insured dies within the policy tenure

1. The Sum Assured is paid immediately on death - to take care of Immediate Expenses
2. From the date of death, 1% of the Sum Assured is paid every month till maturity - to take care of regular Monthly Expenditure
3. All future premiums are waived off and paid by the insurer so as to ensure that the future. Maturity Benefits are paid whenever due.

Survival Benefit – There are 5 options for Maturity Benefit:

1. Graduate Plan – 28%, 25%, 25% and 28% of the Sum Assured payable in the last 4 years of the Policy Term
2. Post Graduate Plan – 51% and 51% of the Sum Assured payable in the last 2 years of the Policy Term
3. Doctor Plan / Integrated 5 year Degree Plan -  20%, 20%, 20%, 25% and 25% of the Sum Assured payable in the last 5 years of the Policy Term
4. Dual Degree Plan – 16%, 16%, 16%, 16%, 24% and 24% of the Sum Assured payable in the last 6 years of the Policy Term
5. Marriage Funding Plan – 100% of the Sum Assured payable in the last 5 years of the Policy Term

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)

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

Riders- There are 5 riders available with this plan-

• Waiver of Premium Rider
• Accidental Death Benefit Rider
• Accidental Death Benefit & Accidental Total and Permanent Disability Rider
• Term Rider
• Critical Illness

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.