India's 1st IRDAI Approved Insurance Web Aggregator

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
 

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
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
  1. Accidental Total and Permanent Disability Rider
  2. Accidental Death Benefit Rider
  3. Term Rider
  4. 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.



 
Similar Withdrawn Endowment Plans from Edelweiss Tokio Life
Compare Endowment Plans

Leave a Comment

Endowment Plan Calculator