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Edelweiss Tokio Life Single Pay Endowment Assurance Plan
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Edelweiss Tokio Life Single Pay Endowment Assurance Plan is a non-linked, non-participating, and one-time investment solution that helps you grow your wealth. This life insurance plan also provides you with a substantial life cover ranging from 1.25 times to 10 times of your single premium amount.
Moreover, the plan can be customised to provide extra coverage with the help of 4 rider options. The plan also allows you to avail a loan of up to 90% of the surrender value.
Best Features of Edelweiss Tokio Life Single Pay Endowment Assurance Plan
Following are the key features of Edelweiss Tokio Life Single Pay Endowment Assurance Plan:
- Death Benefit- The plan offers 2 options for availing the death benefit. Under Option A, you get an absolute amount equivalent to 10 times of your single premium and under Option B, you get a death benefit equivalent to the maturity sum assured.
- One-time Investment- The plan is a one-time investment as the premium for it is only payable once for the entire policy term.
- Higher Sum Assured- The plan provides higher sum assured for female lives.
- Policy Loan- The policy allows you to avail a loan of up to 90% of the surrender value of the policy. The loan is available at an interest rate which currently stands at 11.05% p.a.
- Rider Options- The plan offers 4 additional rider options namely Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider, Critical Illness Rider, and Income Benefit Rider.
- Minor Life- In case the life assured is a minor, the ownership of the plan is transferred from the legal guardian to the life assured on attainment of majority.
Benefits of Edelweiss Tokio Life Single Pay Endowment Assurance Plan
Following benefits are available to the policyholders of Edelweiss Tokio Life Single Pay Endowment Assurance Plan:
1. Death Benefit
In case of death of the life assured during the policy term, the highest of the following is paid to the nominee as the death benefit -
- 125% of the single premium
- Guaranteed sum assured on maturity
- An absolute amount as per the chosen death benefit option
- Death Benefit Option A - On the death of the life assured, the absolute amount is equivalent to 10 times of the single premium.
- Death Benefit Option B - Under this option, the death benefit is equivalent to sum assured on maturity.
2. Maturity Benefit
If the life assured survives till the end of the policy term, a guaranteed amount in accordance with the life assured’s age, gender, policy term, death benefit option, and premium band is paid as the maturity benefit.
Following are the 5 premium bands applicable under this plan -
| Premium Band | Single Premium Range |
| Band 1 | Rs. 40,000 – Rs. 99,999 |
| Band 2 | Rs. 1,00,000 – Rs. 2,49,999 |
| Band 3 | Rs. 2,50,000 – Rs. 9,99,999 |
| Band 4 | Rs. 10,00,000 – Rs. 24,99,999 |
| Band 5 | Rs. 25,00,000 & above |
3. Surrender Benefits
If the life assured decides to terminate the policy before the completion of the policy term, the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV) is paid as the surrender benefit.
GSV = Single Premium * GSV Factor
SSV = Sum Assured on Maturity * SSV Factor
Edelweiss Tokio Life Single Pay Endowment Assurance Plan Eligibility
The Edelweiss Tokio Life Single Pay Endowment Assurance Plan comes with the following eligibility conditions -
| Eligibility Criteria For Edelweiss Tokio Life Single Pay Endowment Assurance Plan | ||
| Minimum Age at Entry | For policy term of 10 years - 8 years For policy term of 15 years - 3 years | |
| Maximum Age at Entry | Policy Term Death Benefit Option A Death Benefit Option B 10 years 40 70 15 years 35 65 | |
| Minimum Age at Maturity | 18 years | |
| Maximum Age at Maturity | Death Benefit Option A- 50 years Death Benefit Option B- 80 years | |
| Minimum Premium Amount | INR 40,000 | |
| Maximum Premium | No limit, subject to underwriting | |
| Minimum Sum Assured | Death Benefit Option A -INR 4 Lakh Death Benefit Option B- INR 50,000 | |
| Maximum Sum Assured | No limit, subject to underwriting | |
| Policy Term | 10, 15 years | |
| Premium Paying Term | Single Pay | |
| Premium Payment Frequency | Single | |
Edelweiss Tokio Life Single Pay Endowment Assurance Plan Review
Edelweiss Tokio Life Single Pay Endowment Assurance Plan is a savings plan which provides guaranteed maturity benefit along with death benefit. It is a one-time investment plan as it only accepts a single premium. The plan provides 4 different rider options to help you enhance the coverage during uncertain circumstances along with a policy loan option. For female lives, the plan offers a higher sum assured than male lives. It is a suitable savings plan for individuals who want to avoid making regular premium payments to enjoy an investment corpus.
Edelweiss Tokio Life Single Pay Endowment Assurance Plan FAQs
1. Does the policy provide a free-look period?
Yes, the policy offers a free-look period of 15 days (30 days if policy is purchased online) from the date of its receipt in case you are dissatisfied with its terms and conditions. The premium in such cases is refunded after deduction of stamp duty charges and medical expenses.
2. Does the plan provide for any benefit in case of suicide by the life assured?
In case the life assured commits a suicide within 12 months from the date of commencement of the policy, the higher of the following is paid to the nominee -
- At least 90% of the total premiums paid till the date of death
- Surrender value as on the date of death.