Edelweiss Tokio Life Multigain Plan
Edelweiss Tokio Life MultiGain Plan
Edelweiss Tokio Life-MultiGain Plan (WA) is a Traditional Money Back Plan with Bonus facility.
How it works – In this plan, premium needs to be paid for the entire Policy Tenure as chosen.
In this plan, 20% of the Sum Assured is paid at an interval of every one-fifth of policy term. Thus, it is paid at the end of every 4 years for a 20 years policy, 5 years for a 25 years policy and 6 years for a 30 years policy as Survival Benefit. The remaining 20% of the Sum Assured + vested Bonus is paid to the policyholder as Maturity Benefit on survival till the end of the Policy Tenure.
However, if the Life Insured dies within the Policy Tenure, then 100% of the Sum Assured + vested Bonus is paid to the policyholder as Death Benefit, irrespective of the amount already paid as Survival Benefit and the policy terminates.
There are 7 additional riders in this plan and discount for High Sum Assured, Premium in Annual Mode and female lives.
Key Features
Benefits
In case of death of the Life Insured within the Policy Tenure, 100% of the Sum Assured+ accrued Bonus is paid to the nominee as Death Benefit and the policy terminates, irrespective of the amount already paid.
Policy Tenure
|
Year of Payout
|
Money Back Amount
|
20 Years
|
At the end of 4th, 8th, 12th and 16th year
|
20% of the Sum Assured at each interval
|
25 Years
|
At the end of 5th, 10th, 15th and 20th year
|
20% of the Sum Assured at each interval
|
30 Years
|
At the end of 6th, 12th, 18th and 24th year
|
20% of the Sum Assured at each interval
|
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
- Accidental Total and Permanent Disability Rider
- Accidental Death Benefit Rider
- Waiver of Premium Rider
- Term Rider
- Critical Illness Rider
- Hospital Cash Benefit Rider
- Payor Waiver Benefit Rider
Eligibility
|
Minimum
|
Maximum
|
Sum Assured (in Rs.)
|
Rs 1,50,000
|
No Limit
|
Policy Term (in years)
|
20, 25
|
30
|
Premium Payment Term (in years)
|
Equal to Policy Tenure
|
|
Entry Age of Life Insured (in years)
|
5
|
45
|
Age at Maturity (in years)
|
-
|
75
|
Premium (in Rs.)
|
Annual: Rs 7,012,
Semi-Annual: Rs 3,750, Quarterly: Rs 2,000,
Monthly: Rs 750
|
No Limit
|
Payment modes
|
Monthly / Quarterly / Semi-Annually / Annually
|
FAQs
If the policy holder stops paying the premium, then the policy lapses and all benefits cease. However, if at least first two policy years’ full premiums have been paid, then the policy may continue as a ‘Paid-up’ policy for a reduced Sum Assured.
Loan facility is not available in this plan.