Edelweiss Tokio Life Single Pay Endowment Assurance Plan

views

views

Edelweiss Tokio Life Single Pay Endowment Assurance Plan

Edelweiss Tokio Life Single Pay Endowment Assurance Plan 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 in a lumpsum under Single Premium Paying Option and the policy continues for the entire policy tenure of 10 years. The Sum Assured is fixed at 10 times the Single Premium paid.

In this plan, the Maturity Benefit would be paid to the policyholder on survival till the end of the policy tenure and the policy terminates. The Maturity Benefit is defined at the beginning of the Policy Tenure depending on age, gender and premium band.

However, if the Life Insured dies within the policy year, then the Sum Assured, i.e.10 times the Single Premium paid would be paid to the nominee as Death Benefit and the policy terminates.

There are 4 additional riders in this plan.

Key Features of Edelweiss Tokio Life Single Pay Endowment Assurance Policy

It is an Endowment Plan without Bonus facility
In this plan, premium needs to be paid in lumpsum while policy continues for 10 years
The Maturity Benefit is defined at the beginning of the Policy Tenure depending on age, gender and premium band
The Sum Assured is in this plan is 10 times the Single Premium paid
On survival till the end of the policy tenure, the Maturity Benefit would be paid to the policyholder
if the Life Insured dies within the policy year, then the Sum Assured would be paid to the nominee as Death Benefit
There are 4 additional riders in this plan

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

I authorize MyInsuranceClub & its partners to Call/SMS & agree to the Terms of Use.

Show premiums

Benefits you get from Edelweiss Tokio Life Single Pay Endowment Assurance Policy

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 Maturity Benefit predefined as per the policy schedule and the policy terminates. There are 5 bands for Maturity Benefit

Premium Band	Single Premium Range
Band 1	Rs 40,000 to Rs 99,999
Band 2	Rs 1,00,000 to Rs 2,49,999
Band 3	Rs 2,50,000 to Rs 9,99,999
Band 4	Rs 10,00,000 to Rs 24,99,999
Band 5	Rs 25,00,000 and more

The table below shows the Maturity Benefit for sample ages (male lives) per Rs.1,000 Single Premium.

Age	Maturity Benefit
Age	Band 1	Band 2	Band 3	Band 4	Band 5
30	Rs 1,782	Rs 1,801	Rs 1,865	Rs 1,904	Rs 1,924
35	Rs 1,728	Rs 1,747	Rs 1,818	Rs 1,863	Rs 1,884
40	Rs 1,625	Rs 1,645	Rs 1,730	Rs 1,784	Rs 1,808
45	Rs 1,438	Rs 1,458	Rs 1,571	Rs 1,644	Rs 1,672
50	Rs 1,119	Rs 1,141	Rs 1,304	Rs 1,411	Rs 1,449

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.

Eligibility conditions & other restrictions in Edelweiss Tokio Life Single Pay Endowment Assurance Insurance Policy

	Minimum	Maximum
Sum Assured (in Rs.)	4,00,000	No Limit
Policy Term (in years)	10
Premium Payment Term (in years)	Single
Entry Age of Life Insured (in years)	18	50
Age at Maturity (in years)	-	60
Premium (in Rs.)	40,000	No Limit
Payment modes	Only Single

Additional Features and Benefits of Edelweiss Tokio Life Single Pay Endowment Assurance Plan

Riders – There are 4 additional riders in this plan

Accidental Total and Permanent Disability Rider
Accidental Death Benefit Rider
Term Rider
Critical Illness Rider

What happens if?

You stop paying the premium – Being a single premium plan, there is no requirement of further payment of premium.

You want to surrender the policy – The Policy can be surrendered after the first policy year.

Policy Year	Surrender Value
1	NA
2	Higher of 50% of MB and 80% of premium
3	Higher of 54% of MB and 80% of premium
4	Higher of 59% of MB and 90% of premium
5	Higher of 63% of MB and 90% of premium
6	Higher of 68% of MB and 90% of premium
7	Higher of 74% of MB and 90% of premium
8	Higher of 80% of MB and 100% of premium
9	Higher of 86% of MB and 100% of premium
10	Higher of 93% of MB and 100% of premium

**MB=Maturity Benefit

You want a loan against your policy – Loan facility is available in this plan upto 90% of surrender value.

Edelweiss Tokio Life Single Pay Endowment Assurance Plan Brochure

Edelweiss Tokio Life Single Pay Endowment Assurance Plan

Edelweiss Tokio Life Single Pay Endowment Assurance Plan

Key Features of Edelweiss Tokio Life Single Pay Endowment Assurance Policy

Benefits you get from Edelweiss Tokio Life Single Pay Endowment Assurance Policy

Eligibility conditions & other restrictions in Edelweiss Tokio Life Single Pay Endowment Assurance Insurance Policy

Additional Features and Benefits of Edelweiss Tokio Life Single Pay Endowment Assurance Plan

What happens if?

Leave a Comment