Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance Company was incorporated in the year 2011. The company was established by way of a joint venture between Edelweiss Financial Services (one of India’s leading financial service providing company) and Tokio Marine (130-year-old biggest insurance company) both the company has joined hands to provide top-notch insurance products and services to their customers. Edelweiss Tokio Life Insurance Company is one of the leading life insurance companies in India.
Top Edelweiss Tokio Life Insurance Plans (2020)
Edelweiss Tokio Life Insurance Company has designed a wide range of insurance products that satisfy the insurance needs of its customers. All the insurance products offer comprehensive protection solutions along with wealth creation opportunities to help customers achieve their financial goals. So, let’s discuss top life insurance plans offered by Edelweiss Tokio Life Insurance in different insurance categories:
- Edelweiss Tokio Life Term Insurance Plans
Term insurance plans are the most simple and pure life insurance plans. These plans are designed to offer financial protection and cover the risk of death. In the event of premature death of the insured, the term insurance plan compensates the family by paying the death benefit to the nominee thereby offering financial security. Being a pure protection plan it comes at a very affordable premium amount. A term insurance plan allows to avail higher sum assured at low premiums.
Term Insurance Plans offered by Edelweiss Tokio Life Insurance are as follows:
|Product Name||Product Description|
|Edelweiss Tokio Life Zindagi Plus||This is a new term insurance plan that allows a unique feature of customisation. This plan offers the option of extending the life coverage to your better-half with an additional life cover called the ‘Better-Half Benefit’. The plan offers an option to increase the sum assured at important milestones of life. The plan also offers financial protection against medical emergencies in case of 35 critical illnesses. Upon diagnosis of these illnesses, the future premiums under the policy are waived off.|
|Edelweiss Tokio Simply Protect||This is a comprehensive pure protection plan for the entire family. The plan comes with 4 built-in life cover options that offer insurance coverage against disability, 12 pre-determined critical illnesses, and offers additional pay-out in the event of accidental death. The insured has an option to choose the premium payment option as per their financial convenience. The plan offers a limited premium payment option, a single premium option, or an annual regular premium payment option.|
|Edelweiss Tokio Life My Term+||This is a limited premium payment term insurance plan that covers the risk of premature death. You can extend the additional life cover under the ‘Better-Half Benefit’ option.|
|Edelweiss Tokio Life Protection||This is a pure protection plan designed to offer insurance coverage. In the event of the death of the insured the nominee is eligible to receive the death benefit thereby securing their future financially.|
|Edelweiss Tokio Life Saral Jeevan Bima||This is a pure term plan that offers to cover the risk associated with premature death. With this plan, you can plan future financial security for your loved ones in your absence. The plan comes with a limited pay option, regular pay option, or single payment option as per the financial convenience of the policyholder.|
- Edelweiss Tokio Life Endowment/Savings Plan
Endowment plans are traditional and investment-oriented life insurance plans that help in creating wealth by investing regularly throughout the policy tenure. The plan offers long-term insurance coverage and ensures guaranteed benefits to the nominee in the event of the death of the insured or maturity benefit in the event of survival of the insured. All the benefits received are risk-free. Savings plans are endowment plans or money back plans. These plans often offer bonuses or rebate facilities that help in increasing the corpus and also provide savings at the same time.
Endowment/Savings plans offered by Edelweiss Tokio Life Insurance are as follows:
|Product Name||Product Description|
|Edelweiss Tokio Life Active Income Plan||This plan is designed in such a way that it provides steady income to you and your family. The plan offers insurance coverage to cover the risk of death thereby securing your loved ones financially in your absence. The plan offers guaranteed and stable income by way of guaranteed and stable income and bonuses. It offers the flexibility of customisation wherein you can choose whether you want the pay-outs to start immediately or at a later date. Family Income Benefit is offered in case the insured is diagnosed with a critical illness or in the event of untimely death. A loan facility is also available under this plan.|
|Edelweiss Tokio Life GCAP||This plan offers guaranteed returns depending upon age, term, and premium paying term. Under this policy, guaranteed additions are included starting from the 9th policy year. Critical Illness Rider is in-built under this policy that waives off the premium amount if the insured is diagnosed with anyone out of the 12 covered critical illnesses.|
|Edelweiss Tokio Life Income Builder||This is an endowment life insurance plan designed to help you in creating a financial corpus. The policyholder receives guaranteed income and also covers the risk of premature death. Additionally, the plan offers to continue and provide regular income flow in the event of an unfortunate demise of the insured or is suffering from any of the covered critical illness.|
|Edelweiss Tokio Life Dhan Labh||This is an endowment plan that ensures guaranteed returns and provides a higher additional benefit in case of a higher annualised premium. In the event of the death of the insured, the plan offers the death benefit to the nominee plus accrued assured additions. While in the event of survival, the insured receives maturity benefit.|
|Edelweiss Tokio Life POS Saral Nivesh||This is a non-market linked, non-participating endowment plan that offers life cover at an affordable premium. The plan offers a high sum assured to cover the financial future of the family. The policyholder can opt for premium payment mode as per their convenience. The plan offers two modes of premium payment such as single premium and regular premium mode. The plan also offers a loan on policy facility to overcome unforeseen financial contingencies.|
|Edelweiss Tokio Life Single Pay Endowment Assurance Plan||As the name suggests, this is a single premium endowment plan designed to cover the risk of death and offer financial security. Being a single premium plan, you only have to pay the premium once and enjoy the benefits like life cover and maturity benefit up to the maturity date.|
- Edelweiss Tokio Life Unit Linked Insurance plan
Unit-Linked Insurance plans are one of the most popular investment tools that are popular amongst investors who want the double benefit of insurance along with investment. Under a unit-linked plan insured pays the premium which is invested in his/her choice of fund. Thereafter as per the movement of the market, the fund performance reacts. Edelweiss Tokio unit-linked plans offer benefits like partial withdrawal, fund switching, premium redirection, top-up premium, etc. along with insurance coverage and market-linked returns.
Unit-Linked Insurance Plans offered by Edelweiss Tokio Life Insurance are as follows:
|Product Name||Product Description|
|Edelweiss Tokio Life Wealth Secure +||This is a market-linked insurance plan designed to help you plan your financial future systematically. The plan can be availed at just INR 1000 per month. Customers have an option to terminate the plan after 5 years to overcome their short-term needs otherwise, they can continue the plan for 99 years and avail whole life protection. The plan offers 3 options depending upon the life event such as Individual Option, Joint Life Option, and Child Option. The plan offers an option to choose from 7 funds with which they multiply their wealth.|
|Edelweiss Tokio Life Wealth Gain+||This is a unit-linked insurance plan that offers an opportunity for wealth accumulation along with insurance coverage. Under this plan, the investor gets 2 investment strategies and 2 fund options to multiply and plan their investment portfolio. 0% Allocation charges, Life Cover, and in the event of the death of the insured the death benefit is paid to the nominee, while in case of survival maturity benefit is paid to the insured. Loyalty Additions are added from the end of the 10th policy year till the end of the premium paying term.|
|Edelweiss Tokio Life Wealth Plus||This is a unit-linked insurance plan that offers insurance benefits along with child benefits. This is a new generation unit-linked life insurance plan that helps you meet insurance needs by investing 100% of your premium amount and additionally allocating up to 7% to the policy. The ‘Rising Star Benefit’ ensures that your child’s financial needs are satisfied even when you are not around.|
|Edelweiss Tokio Life Wealth Ultima||This is a market-linked systematic monthly plan that helps you to multiply your wealth and to secure your investments from market volatility. The Systematic Transfer Plan helps in preserving the accumulated wealth and transfers the fund from one asset class to another in time. Additionally, the systematic withdrawal plan helps in proper utilisation.|
|Edelweiss Tokio Life Wealth Premier||This is a market-linked insurance plan that offers joint life cover. The plan is available in the joint-life option. So, in the event of the death of one partner, the death benefit is paid to the surviving spouse. However, in the event of the death of one partner, the surviving partner has an option to withdraw the entire fund value.|
- Edelweiss Tokio Life Retirement Insurance Plans
A life insurance plan that helps in creating a retirement corpus is called pension plans or retirement insurance plans. Apart from offering an opportunity to create a financial corpus these plans also offer insurance coverage. By investing in a retirement plan you can either build a financial corpus or can plan to receive a regular flow of money post-retirement. Retirement plans are of two types namely Deferred Annuity Plans and Immediate Annuity Plans. Deferred Annuity Plans are designed to create a lump-sum financial corpus while an Annuity Plan is designed to create a long-term income source post-retirement. Under Annuity Plans, you are allowed to withdraw 1/3rd of the accumulated corpus called commutation of pension while the rest is paid back in instalments. The commutation of pension received by the insured is tax-free.
Retirement plans offered by Edelweiss Tokio Life Insurance are as follows:
|Product Name||Product Description|
|Edelweiss Tokio Life Immediate Annuity Plan||This is a retirement plan that offers the opportunity to the insured to plan for the golden years of his/her life. The plan offers an opportunity for an immediate pension once you are retired. The plan offers 7 annuity options which you can choose as per your financial goals.|
|Edelweiss Tokio Life Easy Pension||This is a unit-linked insurance plan that offers life cover along with retirement planning solutions. The plan offers a death benefit to the nominee in the event of the death of the insured.|
|Edelweiss Tokio Life CashFlow Protection Plus||This is an endowment plan offering retirement benefits. By investing in this plan, you can plan for your retirement. The plan builds a financial corpus that will help you to be financially independent and receive regular cash income until death.|
- Edelweiss Tokio Life Health Insurance Plan
Health Insurance plans are designed to cover the cost of treatment and medical expenses. These plans are very helpful in case of medical emergencies. A health insurance plan provides lump-sum benefits that come in handy to tackle the cost of medicine and hospitalisation expenses.
Health Insurance Plan offered by Edelweiss Tokio Life Insurance is as follows:
|Product Name||Product Description|
|Edelweiss Tokio Life CritiCare+||This is a health insurance product designed to offer financial protection in times of medical emergencies. The plan offers to cover 17 critical illnesses. In the event of diagnosis of any of the covered critical illnesses, a lump-sum benefit shall be paid by the insurance company. The multi-claim option offers an option to claim the sum assured up to 3 times upon diagnosis of 3 different illnesses.|
- Edelweiss Tokio Life Insurance Riders
Riders are optional added covers with which you can top up your life insurance plans to enjoy comprehensive and enhance coverage. Riders can be brought by paying an additional premium. Edelweiss Tokio Life Insurance offers a range of insurance riders to enhance the coverage and customise the plan as per your requirements.
Riders offered by Edelweiss Tokio Life Insurance are as follows:
|Rider name||Rider description|
|Edelweiss Tokio Life Accidental Death Benefit Rider||Edelweiss Tokio Life Accidental Death Benefit Rider is designed to provide additional financial protection to your loved ones in the event of death due to an accident. Under this rider, the nominee is eligible to receive an additional sum assured in case of the death of the insured due to an accident.|
|Edelweiss Tokio Life Hospital Cash||Edelweiss Tokio Life Hospital Cash as the name suggests offers financial coverage in case of hospitalisation of the insured. Under this rider, the insured receives hospital cash benefit to cover the daily allowance incurred in case of hospitalisation. Additionally, post-hospitalisation expenses are also covered under this rider.|
|Edelweiss Tokio Life Critical Illness Rider||Edelweiss Tokio Life Critical Illness Rider is designed to offer financial coverage in case the insured is diagnosed with any of the pre-covered critical illnesses.|
|Edelweiss Tokio Life Payor Waiver||Edelweiss Tokio Life Payor Waiver is a premium waiver rider. Under this rider, in the event of the death of the insured, critical illness, or total and permanent disability caused to the payor the future premium amounts shall be waived off.|
|Edelweiss Tokio Life Waiver of Premium||Edelweiss Tokio Life Waiver of Premium rider is designed to waive off the future premium amounts in the event of diagnosis of critical illness or accidental total and permanent disability to the insured.|
Benefits of Buying Edelweiss Tokio Life Insurance Plans
Edelweiss Tokio Life Insurance Company is known for offering top-notch insurance products and helping their customers achieve their financial goals. Additionally, all these plans offer financial security to the insured and their family to safeguard them against unforeseen situations. All the insurance products of Edelweiss Tokio Life Insurance Company offer a wide range of benefits. These benefits are based on the type of insurance product the customer has purchased. Let us see the various benefits that insurance plans offer to their customers:
- Financial Security-
One of the biggest advantages of investing in a life insurance policy is that it ensures financial security against unforeseen events. Death or disability can cause a huge loss to the family. This loss is not only emotional but also financial. The cost of treatment can cause a huge dent in savings. However, if you have a life insurance plan it can provide financial security to you and your family. The health insurance plan, Endowment Plans, Money-back plans can help you to overcome financial contingencies and help meet your treatment expenses. Additionally, insurance plans are the best way to secure the financial future of your loved ones in your absence. As in the event of the death of the insured, the life insurance plan pays a lump sum amount to the nominee. Thereby helping your family get back on their feet and help them face financial loss.
- Wealth Creation-
Investing in the right life insurance plans helps you in wealth creation. Creating a financial corpus can be done by undertaking investment in the right long-term investment tools. You can also plan to achieve your short-term financial goals by investing in short-term investment tools. Endowment Plans, Child Plans, Unit-linked plans are the best instruments to invest your money that offer the right opportunity for wealth creation along with insurance coverage. By investing in these plans, you can fulfil your short-term or long-term financial goals like a child’s education, child’s marriage, family foreign tour, housing loan, etc.
- Future financial planning for Children-
Financial arrangements for your child’s future is very important. Having optimum finances ready at important milestones will help in planning your child’s future. With the rising cost of living and education making necessary financial arrangements for higher education and marriage will keep you stress-free. The timely benefits received from the Edelweiss Tokio Life child insurance plan will help to fulfil your child’s dream and goals even when you are not around.
- Attainment of Financial Goals-
As life insurance plans help in wealth creation in the same way you can use this instrument to help plan and fund your financial goals. By investing in Edelweiss Tokio Life insurance plans, you can plan to fund your long-term and short-term financial goals like a foreign tour, car loan, housing loan, etc. with ease. By investing in term insurance will help in making financial arrangements for your loved ones in your absence. While investing in retirement plans will help in receiving regular income post your retirement. Thus, every type of insurance plan provides assistance and the opportunity to help you attain your planned financial goals by keeping your savings intact.
- Loan Facility-
Financial contingencies come uninvited in life. Death, Disability, Disease can arise at any time, and to face them we have various life insurance plans like term insurance, health insurance, etc. However, one additional benefit that many life insurance plan offer is a loan facility. With this feature, the insured can make financial arrangements to overcome the financial emergency. Life insurance plans such as endowment policy and money-back policy have in-built loans providing a feature which can be availed by the insured after completion of the specified period. Additionally, a life insurance policy can be used as collateral security for securing a loan. Thus, investing in a life insurance policy is advantageous.
We all need money at a certain point in life. Rather than taking a loan we sometimes want our investments to give us returns. Life insurance plans such as Money- back policies and endowment policies provide a facility wherein the insured can partially withdraw money from the insurance plans or can surrender the policy. Partial withdrawal and surrendering of policy are features that help in overcoming the liquidity needs. With these features, the insured can plan to overcome short-term financial needs. However, these features can be availed after completing a certain specific timeframe.
- Retirement Planning-
Retirement is the most important phase of life where every individual wants to be self-sufficient and financially independent. Investing in retirement plans help you plan your retirement in a more systematic manner. The retirement plans of Edelweiss Tokio Life Insurance are designed to offer you a regular flow of income post-retirement.
- Tax Benefits-
Life Insurance plans offer benefits like insurance coverage, wealth creation, financial security, and also tax savings. Insured or policyholders can avail tax benefits on the premiums paid for themselves and for the family. The tax benefit is received not only on the premiums paid (up to INR 1.5 lakhs per year under section 80C of the Income Tax Act) but also on the pay-outs received (under section 10(10)D of the Income Tax Act 1961), subject to certain terms and conditions.
Edelweiss Tokio Life Insurance Claim Settlement Process
Edelweiss Tokio Life Insurance Company is focused to offer the claim settlement process smoothly and in a hassle-free manner. Claim settlement can be of two types namely maturity claim or death claim. The insurance provider is constantly delivering a simple documentation process and quicker claim settlement process thereby making it simple for you as well as your loved ones. The claim process of Edelweiss Tokio Life Insurance is as follows:
- Maturity Claim:
Maturity Claim arises when the insured survives throughout the policy tenure. At the maturity date, the insured can file for a maturity claim and avail of the maturity benefits in his/her bank account. For availing Maturity Benefit, the insured has to duly fill the discharge form and submit it to the insurance company along with the original policy document, KYC documents of the insured, and Cancelled cheque. Upon receiving the documents, the insurance company shall process the maturity claim and credit the maturity proceeds to the insured’s bank account.
Documents required for Maturity Claim
In the event of survival of the insured till the policy maturity date he/she is required to submit the following documents to the insurance provider and avail maturity benefit:
- Original life insurance policy document
- Duly filled Discharge Form
- KYC documents of the insured
- A cancelled cheque or bank passbook copy with the banker’s attestation in case of NEFT.
- Death Claim:
In the event of the death of the insured, the nominee is responsible for registering the death claim. The first step the nominee has to do is to intimate the insurance company about the death of the insured. Once the claim is intimated to the insurance company, the nominee must fill the death claim form along with the relevant required documents. Once all the documents pertaining to the death claim is received by the insurance provider, they shall administer the claim and credit the proceeds in the bank account of the nominee.
For any assistance required, the insured or the nominee can contact the Edelweiss Tokio Claim Settlement Team and get assistance for quick claim settlement.
Documents required for Death Claim
In the event of registering a death claim the nominee has to submit the following documents to the insurance provider:
- Original life insurance policy document
- Duly filled Death Claim Form
- Duly attested Death Certificate copy issued by local Municipal authority
- NEFT mandate form attested by the bank along with the cancelled check or bank account passbook
- KYC Documents of the nominee such as Identity Proof, Address Proof, etc.
- Additional documents as required by the insurance company.
There could be an investigation carried out by the insurer if the death is within the first 2 years of the policy inception as “early death claim”. In such cases, the claim would be paid only after the investigation is completed.
Edelweiss Tokio Life Insurance Tax Benefit
Tax benefit can be availed on the investments done by the insured or the policyholder on the premium paid amount and on the returns received from the investments. The following are the sections of tax under which tax relief can be availed:
|Income Tax Act Sections||Tax Benefit Available|
|Section 80C||Tax relief up to 10% of the sum assured (subject to a maximum of INR 1.50 Lakhs) can be availed on all premium amounts paid for Edelweiss Tokio Life Insurance plans under section 80C of the Income Tax Act, 1961.|
|Section 80D||Tax relief up to INR 25,000 for individuals and INR 50,000 for a senior citizen can be availed on all the premium amount paid for every financial year for Edelweiss Tokio Life Health Insurance plans under section 80D of the Income Tax Act, 1961.|
|Section 10 (10D)||Under this section, the death benefit received by the nominee from the life insurance plan is completely tax-free. Additionally, Maturity benefit and survival benefits received can also fall under tax-free incomes provided the premium amount does not exceed 10% of the sum insured. However, if the premium amount exceeds 10% of the sum assured the entire maturity benefit and survival benefit would be taxable in the hands of the policyholder.|
|Section 80CCC||Under this section, all the premiums paid towards the annuity plan are eligible to tax deductions.|
Edelweiss Tokio Life Insurance Customer Care Details
Edelweiss Tokio Life Insurance Company prioritize customer service so have a dedicated in-house team that offers 24*7 customer service. The following are various ways through which the customers can contact the company.
|Toll-free Number||1800 212 1212|
|Address||6th Floor, Tower 3, Wing ‘B’, Kohinoor City Mall, Kohinoor City, Kirol Road, Kurla (West), Mumbai – 400070.|
Edelweiss Tokio Life Insurance Review
Some of the interesting details about Edelweiss Tokio Life Insurance Company are as follows:
- The company has over 121 offices all over India at the end of the financial year 2019-2020.
- Claim Settlement Ratio of Edelweiss Tokio Life Insurance stands at 83.44% for the financial year 2019-20
- Edelweiss Tokio Life Insurance has a tie-up with 51723 agents.
- The company has a simplified claim process that assures to settle the claim within 30 days of receipt of all the required documents.
Thus, the above statistics suggest that Edelweiss Tokio Life Insurance company is one of the most preferred insurance partners. The company offers a wide range of insurance products keeping in mind all the insurance and financial needs of its customers.