Edelweiss Tokio Life Safe N Sure Plan

Edelweiss Tokio Life Safe n Sure Plan

Edelweiss Tokio Life-Safe n Sure Plan (WA) is a non-Participating Endowment Plan. It is a Traditional Plan without Bonus facility.

How it works – In this plan, premium needs to be paid for 15 years irrespective of the Policy Tenure chosen. Thus, there is Limited Payment as well as Regular Payment Option in this plan.

In this plan, the Sum Assured would be paid to the policyholder on survival till the end of the policy tenure as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the policy year, then the Sum Assured would be paid to the nominee as Death Benefit and the policy terminates.

There are 6 additional riders in this plan.

Bonus facility

Maturity Benefit

6 additional riders

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Key Features

It is an Endowment Plan without Bonus facility

In this plan, premium needs to be paid for 15 years only, irrespective the policy tenure chosen

In this plan, the Sum Assured is paid to the nominee if the Life Insured dies within the Policy Tenure

On survival till the end of the policy term, the Sum Assured is paid to the policyholder as Maturity Benefit

There is discount for higher Sum Assured in this plan

There is discount for female lives as well

There are 6 additional riders in this plan

Benefits

Death Benefit

In case of death of the Life Insured within the Policy Tenure, the Sum Assured would be paid to the nominee as Death Benefit and the policy terminates.

Maturity Benefit

On survival till the end of the policy tenure, the policyholder gets the Sum Assured as the Maturity Benefit and the policy terminates.

Income Tax Benefit

Life Insurance premiums paid up to Rs. 1,50,000 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.

Riders

There are 6 additional riders in this plan

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

Eligibility

	Minimum	Maximum
Sum Assured (in Rs.)	2,00,000	No Limit
Policy Term (in years)	15, 20	25
Premium Payment Term (in years)	15
Entry Age of Life Insured (in years)	5	55
Age at Maturity (in years)	-	80
Premium (in Rs.)	Annual: Rs 7,326, Semi-annual: Rs 4,000, Quarterly: 2,500, Monthly: Rs 1,000	No Limit
Payment modes	Monthly / Quarterly / Semi-Annually / Annually

FAQs

What happen 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.

Paid-up Sum Assured = Sum Assured * (Number of premiums paid/ Number of premiums payable)

What happen if 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 -1^st year’s premium

Special Surrender Value= Paid-up Sum Assured X Surrender Value Factor.

The Surrender Value Factor depends on policy term and policy year of surrender.

What happen if you want a loan against your policy ?

Loan facility is available in this plan upto 90% of surrender value.