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Edelweiss Tokio Life Multigain Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.
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 of Edelweiss Tokio Life-MultiGain Insurance Plan
 
  • It is a Money Back Plan with Bonus facility
  • In this plan, there is discount for High Sum Assured and premium in Annual Mode
  • In this plan, 20% of the Sum Assured is paid out as Money Back at an interval of every one-fifth of policy term
  • On survival till the end of the policy term, the remaining 20% of the Sum Assured + vested Bonus is paid to the policyholder as Maturity Benefit
  • However, if the Life Insured dies within the policy year, then the Sum Assured+ accrued Bonus is paid to the nominee as Death Benefit, irrespective of the amount already paid and the policy terminates
  • There is discount for female lives in this plan
  • There are 7 additional riders in this plan
  • This policy distributes 90% of the surplus generated as bonus

COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
 
 
Benefits you get from Edelweiss Tokio Life-MultiGain Insurance Policy
 
Death Benefit – 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.
 
Survival Benefit – 20% of the Sum Assured is paid out as Money Back at an interval of every one-fifth of policy term as per the table below.

 

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
 
Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets the remaining 20% of the Sum Assured + accrued Bonus as Maturity Benefit and the policy terminates.
 
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 
Eligibility conditions & other restrictions in Edelweiss Tokio Life-MultiGain Policy
 

 

 
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
 
 
Sample illustration of Edelweiss Tokio Life-MultiGain Plan (WA)
 

The below illustration is for a healthy male opting for Sum Assured of Rs 5,00,000

 

Edelweiss Tokio Life MultiGain Plan Sample Premiums

 

Additional Features and Benefits of Edelweiss Tokio Life-MultiGain Plan (WA)
 
Riders – There are 7 additional riders in this plan
  1. Accidental Total and Permanent Disability Rider
  2. Accidental Death Benefit Rider
  3. Waiver of Premium Rider
  4. Term Rider
  5. Critical Illness Rider
  6. Hospital Cash Benefit Rider
  7. Payor Waiver Benefit Rider
 
 
What happens if?
 
You stop paying the premium - 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.
 
You want to surrender the policy – The Policy can be surrendered after at least 2 years premiums have been paid. On Surrender the surrender value, if any, will be immediately paid and policy will be terminated. The surrender value payable is higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Guaranteed Surrender Value= 30% of all premiums paid -1st year’s premium
Special Surrender Value= (Paid-up Sum Assured + accrued bonuses till paid-up or surrender whichever is earlier) X Surrender Value Factor.
The Surrender Value Factor depends on policy term and policy year of surrender.
 
You want a loan against your policy – Loan facility is not available in this plan.




 
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