Edelweiss Tokio Life POS Saral Nivesh
Edelweiss Tokio Life POS Saral Nivesh plan is a non-linked, non-participating endowment life insurance plan which provides guaranteed benefits.
Key Features of Edelweiss Tokio Life POS Saral Nivesh:
- Simple to understand with all the guaranteed benefits
- Simple to buy - Complete a short proposal form and get insured
- Flexibility in premium paying terms
- Liquidity for unforeseen emergencies
- Option to avail a loan
- Income Tax benefits as per prevailing Income Tax Laws
Eligibility conditions and other restrictions in Edelweiss Tokio Life POS Saral Nivesh plan:
| |
Minimum |
Maximum |
| Entry Age(Last Birthday) |
1 Year |
50 Years |
| Maturity Age(Last Birthday) |
18 Years |
65 Years |
| Premium |
Annual - Rs. 5,000
Monthly - Rs. 1,000 |
Annual - Rs. 1,00,000
Monthly - Rs. 8,800 |
| Sum Assured on Maturity |
Rs. 50,000 |
Rs. 10 Lacs |
| Policy Term |
10-20 Years
12-20 Years |
| Premium Paying Term |
5,7,10 Years
12 Years |
Benefits in Edelweiss Tokio Life POS Saral Nivesh plan:
a) Guaranteed Maturity Benefit
At the end of your policy term, you will receive the Guaranteed Maturity Benefit provided all due premiums have been paid in full and the policy is in-force. Your Guaranteed Maturity Benefit is equal to the Sum Assured on Maturity.
b) Guaranteed Death Benefit
In case of unfortunate demise of Life Insured while the policy is in-force, the Nominee will receive the Guaranteed Death Benefit.
The Guaranteed Death Benefit is equal to the Sum Assured on Death which is -
Higher of –
- 10 x Annualised Premium ; or
- Sum Assured on Maturity; or
- 105% of total premiums paid (excluding underwriting extras, service tax and cess, if any) till date of death; or
- Any absolute amount assured to be paid on death which is higher of Sum Assured on Maturity or 10 x Annual Premium
The policy has a 90 day waiting period from the Date of Inception of the Policy within which, if death occurs (other than due to accident), the nominee will receive 100% of the premiums paid till the date of death excluding service tax and cess. During this period the Guaranteed Death Benefit will not be payable.
Other Benefits in Edelweiss Tokio Life POS Saral Nivesh plan:
a) Loan Benefit:
With simplicity and flexibility, this plan offers you liquidity. You can avail a loan facility once your policy acquired a surrender value.
b) Income Tax Benefit:
You can avail tax benefits under Section 80C and Section 10 (10D) of Income Tax Act, 1961 subject to conditions under the Sections. Tax benefits are subject to change in the tax laws.
c) Revival
You have an option to revive your policy within two years from the date of the first unpaid premium. The revival will be considered on receipt of written application from the policyholder along with the proof of continued insurability of Life Insured and on payment of all overdue premiums together with interest as declared by the Company from time to time.
d) Surrender Benefit
You can surrender this policy. Your policy will acquire surrender benefit based on the premium paying term you choose and the number of premiums you have paid.
For 5 and 7 Premium Paying Term
- Your Policy acquires Surrender Value if all the premiums have been paid in full for at least first two policy years.
For 10 and 12 Premium Paying Term
- Your Policy acquires Surrender Value if all the premiums have been paid in full for at least first three policy years.
e) Free Look Period
If you are disagreeable with the terms and conditions, you can return the policy within 15 days from the date of receiving your policy, stating the reason. Premium paid will be refunded to you after deducting stamp duty charges and proportionate risk premium for the period already covered.
