Objective

This is a pure risk term plan that offers protection for a fixed tenure. The policy proceeds are paid to the nominees on death of the insured.

What does it do?

This term plan pays sum assured to the nominee in the event of death of the insured. The policy does not pay any maturity benefit on survival. Apart from regular and single premium payment options, there is a limited premium payment option wherein the policyholder can pay premiums for a limited term and enjoy insurance cover throughout the policy term. Surrender is allowed under single pay and limited pay options.

Pros

Policyholders have the choice to pay premiums regularly, as one-time payment or a limited time payment.
The policy gives premium discount to high sum assured policies, non-tobacco users and females.
It provides coverage for higher age of up to 70 years.
The policy can be surrendered in case of an emergency.
Premiums paid towards this policy qualify for taxation benefits.

Cons

Minimum sum assured of Rs 15 lakh can limit the policy to those looking for a high cover.
If one chooses to pay the premium throughout the policy term via the regular mode, the payments can only be made annually, and not semi- annually, quarterly or monthly.
The policy doesn't offer any riders.

Suited for

The policy is suitable for anyone looking for a term plan with more than Rs 15 lakh cover.

Our View

This policy can be taken if you need a insurance cover and prefer to buy the policy with agent's assistance. It does not provide any riders. Limited premium payment mode can be useful to those unsure of regular income inflow after a few years, or those who fear faltering in paying regular premiums.

Eligibility

Entry Age (years)

Minimum

18

Maximum

60

Maximum Maturity Age (years)

70

Policy Term (years)

Minimum

10

Maximum

30

Sum Assured (Rs)

Minimum

1500000

Maximum

No limit

Premium Payment Frequency

Single or Annual

Premium Payment Term

Single, 5-year, 10-year, 15-year and term of the plan

Policy Cover

Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered

Grace Period

You are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover will be terminated

Lapsed Policy Reinstatement

You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any

Tax Benefits

Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.

Customer Service

Edelweiss Tokio Life Insurance Company Ltd., Edelweiss House, Off C.S.T. Road, Kalina, Mumbai - 400 098