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Edelweiss Tokio Life Simply Protect

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Edelweiss Tokio Life Simply Protect

Edelweiss Tokio Life – Simply Protect is a non-participating, non-linked individual term assurance plan that covers your life and provides security to your family at a very competitive price.


Key Features of Edelweiss Tokio Life Simply Protect

 Low cost Term Assurance Plan

 Flexibility to choose from four (4) death benefit options

 Flexibility to choose the premium paying term as per your need

 Get discounts for higher Sum Assured

 Lower premium rates for female lives

 Option to choose cover up to age 80

 Get tax benefits* for premium and claim amount

Benefits of Edelweiss Tokio Life Simply Protect

The product offers four (4) death benefit options as follows:

• Life Cover

• Life Cover with inbuilt Accidental Death Benefit

• Life Cover with inbuilt Waiver of Future Premiums payable on Accidental Total and Permanent

Disability

• Life Cover with inbuilt Waiver of Future Premiums payable on Critical Illness

Customer can choose any one option. The option has to be chosen at the proposal/application stage

and once chosen cannot be changed during the term of the policy.

Customer can choose any one of the following Sum Assured payout option at the proposal/ application stage:

Lumpsum Option: Under this option, sum assured will be paid in lumpsum.

Income Benefit Option: Under this option, 1% of sum assured will be payable every month for the next 130 months starting from next policy month anniversary from the date of death. During the payout period, if the nominee wants lump-sum instead of staggered benefit then the remaining future monthly payouts, discounted at the rate of 5.25% per annum, will be paid as lump-sum immediately.

Maturity Benefit

Since this is a pure protection plan, there is no maturity benefit.

Death Benefit

On Death of Life Insured during the policy term, when the policy is inforce,
Life Cover: Sum Assured will be payable either in Lumpsum or in the form of income benefit, as per the payout option chosen and the policy will terminate.

Life Cover with inbuilt Accidental Death Benefit: Sum Assured will be payable either as Lump sum or in the form of income benefit, as per the payout option chosen and the policy will terminate. If death happens due to accident then an additional sum assured equal to the accidental death benefit Sum assured shall be payable as Lump sum.

Inbuilt Accidental Death Benefit will be equal to the Life Cover Sum Assured subject to maximum of Rs 1 crore and maximum maturity age of 70 years.

Life Cover with inbuilt Waiver of Future Premiums payable on Accidental Total and Permanent

Disability: On confirmed diagnosis of total and permanent disability due to accident on the assured’s life, all future premiums under the base plan will be waived till the premium paying term of the policy or death of life assured, whichever is earlier, Sum Assured will be payable either as Lump sum or in the form of income benefit, as per the payout option chosen, on death of the life assured. Claim will be triggered only once on the first diagnosis of accidental total and permanent disability during the premium paying term.

Life Cover with inbuilt Waiver of Future Premiums payable on Critical Illness: On confirmed diagnosis of the life assured suffering from one of the 12 insured critical illnesses conditions (definitions as mentioned under the covered critical illness conditions below), all future premiums under the base plan will be waived till the premium paying term of the policy or death of assured life, whichever is earlier, The benefit will be payable either as Lump sum or in the form of income benefit, as per the payout option chosen, on death of the life assured.

The inbuilt Waiver of Future Premium benefit option is available only if ‘Waiver of Premium Sum

Assured’ is upto Rs 50 lacs and entry age plus premium paying term is 70 years or below.

‘Waiver of premium sum assured’ is equal to present value of outstanding premiums (excluding first

Premium) discounted at 5% per annum at inception.

Eligibility conditions and other restrictions in Edelweiss Tokio Life Simply Protect
  Minimum Maximum
Sum Assured (in Rs.) 25,00,000 No Limit
Policy Term (in years) 10 40
  For coverage up to age 80 years : 62 years
Premium Payment Term (in years)
Single Pay/ Limited pay of 5,10,15,20 and Regular pay
Entry Age of Policyholder 18 65
Age at Maturity 80
Payment modes Annual / Single
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