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Edelweiss Tokio Life Save N Grow Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
Edelweiss Tokio Life-Save n Grow Plan
Edelweiss Tokio Life-Save n Grow Plan is a Participating Endowment Plan. It is a Traditional Plan with Bonus facility.
How it works – In this plan, premium can be paid for 10 years, 15 years or till the end of the Policy Tenure as chosen. Thus, there is Limited Payment as well as Regular Payment Option in this plan.
In this plan, the Sum Assured increases by 15% every 5 policy years from the 6th policy year onwards. Thus, if the Life Insured dies within the policy year, then the associated Sum Assured+ accrued Bonus is paid to the nominee as Death Benefit and the policy terminates.
However, if the Life Insured survives till the end of the Policy Tenure, then the Sum Assured + vested Bonus is paid to the policyholder as Maturity Benefit and the policy terminates.
There are 7 additional riders in this plan.
Key Features of Edelweiss Tokio Life-Save n Grow Insurance Policy
It is an Endowment Plan with Bonus facility
In this plan, there is Limited Payment as well as Regular Payment Option
In this plan, there is discount for High Sum Assured
In this plan, the Sum Assured increases by 15% every 5 policy years after the initial 5 years
Thus, if the Life Insured dies within the policy year, then the associated Sum Assured+ accrued Bonus is paid to the nominee as Death Benefit and the policy terminates
On survival till the end of the policy term, the Sum Assured + vested Bonus is paid to the policyholder as Maturity Benefit
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 ENDOWMENT PLANS
Benefits you get from Edelweiss Tokio Life-Save n Grow Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the associated Sum Assured+ accrued Bonus is paid to the nominee as Death Benefit and the policy terminates.
Policy Year
Death Benefit
1-5
100% of Sum Assured + accrued Bonuses
6-10
115% of Sum Assured + accrued Bonuses
11-15
130% of Sum Assured + accrued Bonuses
16-20
145% of Sum Assured + accrued Bonuses
21-25
160% of Sum Assured + accrued Bonuses
26-30
175% of Sum Assured + accrued Bonuses
Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets 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-Save n Grow Insurance Plan
Minimum
Maximum
Sum Assured (in Rs.)
Rs 1,50,000
No Limit
Policy Term (in years)
15, 20, 25
30
Premium Payment Term (in years)
10, 15
Equal to Policy Tenure
Entry Age of Life Insured (in years)
5
60
Age at Maturity (in years)
-
75
Premium (in Rs.)
Annual: Rs 4,661,
Semi-annual: Rs 3,000, Quarterly: 2,000,
Monthly: Rs 750
No Limit
Payment modes
Monthly / Quarterly / Semi-Annually / Annually
Sample illustration of Edelweiss Tokio Life-Save n Grow Plan (WA)
The below illustration is for a healthy male opting for Sum Assured of Rs 5,00,000 for a Policy Tenure of 25 years.
Additional Features and Benefits of Edelweiss Tokio Life-Save n Grow Plan (WA)
Riders – There are 7 additional riders in this plan
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
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.
Paid-up Sum Assured = Sum Assured * (Number of premiums paid/ Number of premiums payable)
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 available in this plan upto 90% of surrender value.
