Edelweiss Tokio Term Insurance

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Every increase in your financial income leads to an enhanced lifestyle not only for you but also for your family. It is therefore important that this financial support is well secured in case of an unfortunate event. Term insurance plans, in a scenario when the breadwinner of the family is no more provide financial security and support to the family which is required to maintain their lifestyle. Buying a term insurance plan ensures that you can live a stress-free life knowing that your family is secured financially even when you are not around.

Most Popular Edelweiss Tokio Term Insurance Plans

Edelweiss Tokio Life Insurance offers new-age insurance products in order to fulfil your protection and savings requirements. Term insurance is a pure life insurance product offering financial protection to the life assured and their loved ones. In case of the unfortunate death of the policyholder during the policy tenure, the nominee will receive a death benefit under the chosen term plan. 

1. Edelweiss Tokio Life Zindagi Plus

Zindagi Plus is a customisable and innovative term plan design to provide you with a flexible insurance solution with an option to cover your spouse with an additional premium under the better half benefit. The plan also covers 35 listed critical illnesses such as cancer, kidney failure, heart attack, etc.

Highlighting Features of the plan

  • The plan provides an option to increase the cover by adding top-up benefit on payment of additional premium.
  • Option to choose plan option from life cover with level sum assured or a life cover with decreasing sum assured
  • Option to select waiver of premium benefit on diagnosis with critical illness by paying additional premium
  • The plan covers the death of the life assured due covid-19.
  • You can have a higher sum assured discount on the annualised premium amount for base sum assured
  • Enhance your cover by adding four riders by paying an additional premium.

Eligibility Conditions

Age at entry

Minimum- 18 years

Maximum- 65 years

Age at maturity

Minimum- 28 years/ 65 years

Maximum- 80 years

Policy term

Minimum- 10 years / 15 years

Maximum- 80 years

Sum assured

Minimum- 25 lakh

Maximum- No Limit

Premium paying frequencyMonthly, quarterly, half-yearly and yearly

2. Edelweiss Tokio Life Simply Protect Plan

Edelweiss Tokio Life Simply Protect Term Plan is an individual pure risk premium insurance product that covers your life and provides you with an opportunity to secure your loved ones at a very competitive price. The plan comes in four variants which are as follows: 

  • Life cover- 
    Life Cover Variant pays the sum assured on death in the form of a lump sum amount or as income benefit to your nominee in the event of death of the life assured during the term of the plan.
  • Life cover with inbuilt accidental death benefit- 
    This variant pays an additional pay-out along with the basic sum assured in case of unfortunate death of the life assured due to accident. This variant provides additional in-built accidental death benefit along with basic life cover. 
  • Life cover with the inbuilt waiver of premiums on accident total and permanent disability- This variant provides dual benefits which include life cover and waiver of premium benefit if the life assured is diagnosed with total and permanent disability due to an accident. 
  • Life cover plan in bill waiver of premium in case of critical illness- 
    This variant comes with an inbuilt waiver of premium benefit along with the basic life cover. It waives the premium amount of the plan if the life assured is diagnosed with any of the 12 listed critical illnesses which include heart attack, cancer, stroke, kidney failure, etc.

Highlighting Features of the plan

  • The plan provides the flexibility to select from four death benefit options
  • You can choose life cover up to the age of 80 years to ensure that your family is protected over a longer period of time
  • Plan offers various range of policy term and premium paying term to be selected as per your convenience
  • It offers discounts for high sum assured and lower premiums for female lives

Eligibility Conditions

Age at entry

Minimum- 18 years

Maximum- 65 years

Age at maturityMaximum- 80 years
Policy term

Minimum- 10 years

Maximum- 40 years

Sum assured

Minimum- 25 lakh

Maximum- No limit

Premium paying termRegular pay, Single pay, Limited pay of 5 years/ 10 years/ 15 years and 20 years
Premium paying frequencySingle and Annual

3. Edelweiss Tokio Life Saral Jeevan Bima plan

Edelweiss Tokio Life Saral Bima plan provides life cover and gives you the option to pay the premiums in 5 years or 10 years under a limited pay option, till the policy term under the regular pay option and one time under single pay option. You have the flexibility to choose the premium paying frequency and premium paying mode of the plan.

Highlighting Features of the plan

  • The plan has a waiting period of 45 days from the date of commencement of risk
  • In case of death of the life assured other than due to an accident during the waiting period, 100% of the premiums paid shall be returned to the nominee of the plan.
  • The plan covers death due to pandemic such as covid-19
  • It provides coverage until 70 years of age
  • Offers flexible premium paying term, premium paying frequency and policy term

Eligibility Conditions

Age at entry

Minimum- 18 years

Maximum- 65 years

Age at maturityMaximum- 70 years
Policy term

Minimum- 5 years

Maximum- 40 years

Sum assured

Minimum- INR 5 Lakh

Maximum- INR 2.5 crore

Premium paying termSingle pay, limited pay, regular pay
Premium paying frequencyLump-sum for single pay an annual, monthly, semi-annual for regular  and limited pay

4. Edelweiss Tokio Life My Term Plus Plan

My Term Plus is designed to provide comprehensive insurance protection to you and your family. It not only covers insurance requirements but also provides flexibility to secure your changing responsibility and provide additional life cover to your loved ones. The plan can be customised by choosing convenient premium paying term and death benefit options. 

Highlighting Features of the plan

  • You can choose your policy term with coverage up to 85 years of age
  • The plan offers 5 options of limited premium paying term
  • You can receive the death benefit either in a lump sum, in the form of monthly income or a combination of both
  • Option to choose better half benefit to enhance the financial security even in the absence of the breadwinner.

Eligibility Conditions

Age at entry

Minimum- 18 years

Maximum- 65 years

Age at maturity

Minimum- 28 years

Maximum- 85 years

Sum assured

Minimum- 25 lakhs

Maximum- No limit

Policy term

Minimum- 10 years/ 15 years / 20 years / 25 years (Depending on premium paying term)

Maximum- 85 years less age at entry

Premium payment frequencyMonthly, quarterly, semi-annually and annually

5. Edelweiss Tokio Life Protection Plan

Edelweiss Tokio Life Protection offers eco-friendly insurance solutions providing 360-degree coverage protection of your aspirations for your family and loved ones. The plan offers a level term option under which the sum assured is payable in a lump sum amount in case of premature death of the life assured. 

Highlighting Features of the plan

  • The plan covers premature death of life assured
  • The plan offers a limited premium paying option with a longer policy term
  • Offers lower rates of premium for non-tobacco customers
  • Premium discounts for higher sum assured under the plan
  • The plan offers four additional riders to enhance your coverage by paying an additional premium

Eligibility Conditions

Age at entry

Minimum- 18 years

Maximum- 60 years

Age at maturity

Minimum- 28 years

Maximum- 70 years

Sum assured

Minimum- 15 lakh

Maximum- No limit

Policy term

Minimum- 10 years

Maximum- 30 years

Premium paying termSingle pay, regular pay, limited pay of 5 years/10 years/15 years
Premium paying frequencyAnnual

Apart from the above Edelweiss Tokio Life Insurance offers the following term insurance policies: 

  • Edelweiss Tokio Life Pradhan Mantri Jeevan Jyoti Bima Yojana
  • Edelweiss Tokio Life Group Life Protection
  • Edelweiss Tokio Life Group Total Secure
  • Edelweiss Tokio Life Jan Suraksha Micro Insurance Plan
  • Edelweiss Tokio Life Raksha Kavach Micro Insurance Plan

Benefits of Buying Edelweiss Tokio Term Insurance Plans

The term insurance plan provides the basic purpose of cover against life risk. However, term plans also provide various other benefits which are stated as follows: 

  1. Reliability and affordability- 
    Term plans are one of the cheapest insurance products which provide you with the benefit of reliability that your family will be secured financially even when you are not around. With term insurance plans you can have peace of mind that your loved ones have a secured future. 
  2. Regular income- 
    Edelweiss Tokio term insurance plan comes with an option to receive the payout in a lump sum or as monthly income or a combination of both. This benefit helps you to finance not only your immediate financial requirements but also meet your day to day expenses with ease. 
  3. Wider coverage
    Some Edelweiss Tokio term insurance plan provides an option to include your spouse in the plan under the better half benefit option by paying an additional premium. You can also wider the scope of your plan by buying a top-up at a nominal rate of premium. In addition, the term plans offered by Edelweiss Tokio Life Insurance also covers death due to covid-19. 
  4. Waiver of premium- 
    If the life assured suffers from total and permanent disability or diagnosed with critical illness, he/ she loses the ability to earn. Term insurance plan in such a scenario comes to the rescue and ensures that your term plan does not lapse by waiving off all the future premiums of the plan.
  5. Wide options
    All term plans offered by Edelweiss Tokio Life come with a lot of options and variance to select from. They allow you to choose a plan which best suits your insurance needs the most.
  6. Flexibility
    Edelweiss Tokio term insurance plan offers various policy terms, premium paying term and premium paying mode to choose from as per your requirements. The plans are very flexible and can be customised as per individual insurance needs. You can also add various riders available with the plan to get an enhanced coverage
  7. Easy and simple process- 
    Edelweiss Tokio Life offers a very simple and hassle-free process to buy a plan as well as to claim one. You can also renew your insurance policy by visiting the official website of the insurance company within minutes. You can also track your claim by logging into your account with your credentials.
  8. Tax benefits- 
    Another important advantage of term plans is the tax benefits that they provide. Investing in a term plan can help you to save on tax under section 80C and 10 (10D)  of the Income Tax Act.

What is Covered Under Edelweiss Tokio Term Insurance Policy? 

Let's have a look at what all is covered under the Term plan offered by Edelweiss Tokio Life Insurance: 

  1. Death benefit- 
    The basic motive of term plans is to provide cover against life risk. In case of unfortunate death of the life assured during the policy term while the term policies in force, sum assured on death is paid to the nominee or the beneficiary of the plan.
  2. Critical illnesses- 
    Edelweiss Tokio Life Zindagi Plus has an inbuilt critical illness benefit which provides coverage against 35 listed critical illnesses and pays a lump sum benefit if the life insured is diagnosed with the covered critical illness. The critical illness benefit helps the life assured and his/her family to meet the expensive treatment cost of such a deadly disease.
  3. Accidental death- 
    If the life assured suffers death due to an accident, then the insurance company pays an additional lump sum amount to the beneficiary of the plan. Life cover with inbuilt accidental death benefit variant of Edelweiss Tokio Life Simply Protect plan provides an accidental death benefit. 
  4. Death due to covid-19- 
    Edelweiss Tokio term insurance plans covered life risk against covid-19. If the life assured suffers death due to a pandemic such as covid-19, the insurance company pays a sum assured on death to the beneficiary. 
  5. Accidental Total and permanent disability- 
    Edelweiss Tokio Term insurance covers accidental total and permanent disability. If the life assured suffers an accidental permanent and total disability, then the future premiums of the plan will be waived off and paid by the insurance company.

What is not Covered Under Edelweiss Tokio Term Insurance Policy? 

Exclusions are a set of events that are not covered under the term insurance plan. Edelweiss Tokio term insurance exclusions include the following: 

  1. Death of life assured during the waiting period
  2. Death due to excessive intoxication such as drug abuse or alcohol
  3. Death due to driving the vehicle under the influence of alcohol or drugs
  4. Death in the event of war, strike, invasion, etc
  5. Death of life assured while participating in illegal activity or any adventurous sports or activity
  6. Pre-existing medical condition
  7. Death due to self-injected injury

In the event of death of the life assured due to suicide within the period of 12 months from the date of commencement under the plan or from the date of revival of the policy, the nominee of the policy shall be entitled to at least 80% of the total premiums paid for the plan till the date of death or surrender value as applicable on the date of death, whichever is higher. 

Given above are some of the most common exclusions of term insurance policies. For a detailed list of exclusions, you are advised to visit the website of the insurance company. 

How to aApply for the Edelweiss Tokio Life Term Insurance Pplan

Edelweiss Tokio Life Insurance has made buying term insurance plan online very easy and quick through its simple and hassle-free process which is stated as follows:

  1. Step 1: Select a category- 
    When you have to buy a term plan, you need to do your homework and select a plan category from multiple offerings based on your insurance requirements. You should select a plan keeping in mind the premium that you can pay, the cover amount, eligibility criteria and the pay-out that you wish for.
  2. Step 2: Choose a plan and premium amount- 
    Considering the parameters that you fill, the insurance company will recommend an investment amount and a plan which you have complete control to change. You can select the pay-out option, the premium paying frequency, policy tenure and the premium paying mode of the plan.  You can also add additional riders to enhance the coverage of the plan and customise it as per your requirements.
  3. Step 3: Fill in the proposal form- 
    After selecting a plan, you will have to fill in the proposal form with the relevant personal and policy details. The insurance company will assist you to fill the proposal form and submit the documents for issuance of the policy. The documents required for issuance of the term insurance policy are as follows: 
  • ID proof such as Aadhaar card, pan card
  • Address proof
  • Income proof such as salary slip
  • Bank proof such as your passbook or a cancelled cheque
  • Passport size photograph
  1. Review and pay- 
    You can review the parameters of the plan that you have selected and the add on riders and make the payment using any platform offered as suitable to you. 
  2. Apply for medical- 
    You will have to undergo pre-policy medical screening depending on the sum assured in the plan, your age and the overall medical health at the time of buying the policy.
  3. Issuance of policy- Your term plan will be issued after your details and the documents are verified. The policy document will be sent to you on your registered email ID.

Edelweiss Tokio Term Insurance Riders

Riders are additional protection to the base insurance plan. Riders help you in making your plan comprehensive by paying the additional nominal premium. Riders can be added with the term plan at the inception or at the policy anniversary during the policy term. Following riders are available under the term insurance plan offered by Edelweiss Tokio Life insurance: 

  1. Edelweiss Tokio Life Accidental Death Benefit Rider- 
    This Rider pays an additional lump sum benefit in the event of death of the life assured in an accident. The benefit payable under this rider is in addition to the death benefit table received under the base sum assured.
  2. Edelweiss Tokio Life Critical Illness Rider- 
    As the name suggests, this rider provides you with a lump sum amount on diagnosis of the listed critical illness enabling you to meet the expensive treatment cost of such a deadly disease.
  3. Edelweiss Tokio Life Accidental Total and Permanent Disability Rider- 
    Under this rider, a lump sum amount is paid to the life assured in case the income capacity is hindered due to total and permanent disability suffered by the life insurance in an accident.
  4. Edelweiss Tokyo Life Hospital cash benefit rider- 
    This rider provides post-hospitalisation as well as daily allowance benefits if the life assured is hospitalised during the tenure of the rider. 
  5. Edelweiss Tokio Life Waiver of Premium Rider- 
    If you buy this rider, all the future premiums are waived off in the event of total and permanent disability suffered by the life assured due to an accident or on the diagnosis of any covered critical illness whichever is earlier.

Edelweiss Tokio Term Insurance Claim Process

Edelweiss Tokio Life Insurance promises to deliver prompt settlement of genuine claims through a fair, transparent and hassle-free process. It has made claim processing easy in three simple steps which are discussed as follows: 

  1. Reach out to the insurance company- 
    You will have to inform the insurance company online at https://www.edelweisstokio.in/claim/intimation. You can also send an intimation through email at claims@edelweisstokio.in or by calling the toll free number 1800 212 1212 or at claims mobile number 8879 688 110.
  2. Paperwork for the claim- 
    A duly filled and signed claim form with the details is to be submitted. Submit the claim form along with other documents to the insurance company.

Documents to be submitted for a Death Claim

  • Original policy document
  • Claimant's statement death along with photo Id and address proof of the claimant
  • A copy of the death certificate along with a copy of the cause of death of the life assured
  • Medical records such as test reports and death summary on the life assured
  • Employer’s certificate for the salaried policyholder

Additional documents in case of Unnatural Death

  • Post-mortem report, FIR, police report, inquest report, and panchnama
  • Treating doctor's certificate
  • A copy of the driving licence of the life assured at the time of driving the vehicle in case of accidental death. 
  1. Decision on the claim- 
    The claims executive of the insurance company will access and verify the details of your claim. The insurance company may contact you for additional documents if required and communicate them to you within the prescribed time. After proper verification, your claim amount will be credited to the bank account as provided at the time of making the claim.

You can also reach the insurance company for a claim by visiting the nearest branch of Edelweiss Tokio Life Insurance and submitting the claim form and the relevant documents. For any assistance, you can call on the toll-free number 1800 212 1212 regarding your claim. You can check the status of your claim by visiting the official website of the insurance company. 

Edelweiss Tokio Term Insurance Customer Care Details

Websitewww.edelweisstokio.in 
Registered office6th floor, Tower 3, Wing B, Kohinoor City, Kirol Road, Kurla, Mumbai- 400070
Contact details022 6611 6089
Email

onlinesales@edelweisstokio.in 

care@edelweisstokio.in 

Toll free number1800 212 1212

Edelweiss Tokio Term Insurance Review

Edelweiss Tokio Life Insurance Company offers proprietary meet base insurance solutions to help its customers need their financial goals at different stages of life. This insurance company is very well known for consistently seeking customer imports on their challenging requirements and creating products that meet the lifestyles and financial aspirations of people. The company has over 4000+  employees and 43000+ personal finance advisors serving 1.2 lakh customers across 121 branches in 91 countries. Being recognised as Asia's Best Insurance Company for Digital Sales Channel at Insurance Alert Award 2020, Edelweiss Tokio term insurance is a suitable choice for those who are looking for a reliable and trusted insurer. Edelweiss Tokio Life Insurance is a new generation Insurance Company building a long-term sustainable business that is focused on a customer-centric approach.

Edelweiss Tokio Term Insurance FAQs

  • 1. What is the top-up benefit under the Edelweiss Tokio Term Insurance plan?

    Top-up benefit enhances the sum assured of your term insurance plan. Under this additional benefit, the top-up sum assured will keep adding to the policy sum assured after the expiry of the first policy anniversary. The continuation of addition of a fixed percentage of top-up benefits sum assured can be according to either of the following event: 

    • Every policy anniversary that falls before the life assured turn 60 years of age
    • Every annual policy anniversary till the outstanding tenure under the policy is less than 5 years
    • Every policy anniversary till the top-up sum assured becomes equal to the sum assured of the base plan. 
    • Every policy anniversary till the date of death of the life assured.
  • 2. Are there any discounts available under the Edelweiss Tokio Term Insurance plan

    Edelweiss Tokio Term Insurance plans offer discounts on premium depending on factors such as policy term, sum assured and the premium paying term of the plan. It offers premium discounts for high sum assured and lower premium rates for female lives.

  • 3. What is the grace period offered under Edelweiss Tokio Term Insurance Plan?

    The insurance company offers a grace period of 30 days from the date of the first unpaid premium of the plan. The term plan remains active with all the benefits intact even during the grace period. However, if the premiums remain unpaid at the end of the grace period, your insurance policy will lapse.

  • 4. What is a better half benefit under term plans?

    A better half benefit is an additional benefit that provides life cover to your spouse. The benefit gets triggered in the event of the unfortunate death of the life and no more future premiums will be required to be paid for the plan. This additional benefit is available if the sum assured of the plan is more than or equal to INR 50 lakh. The sum assured under the better half benefit is 50% of the base sum assured or INR 1 crore; whichever is lower. However, there are certain requirements to select the better half benefit under term plans which are discussed as follows: 

    • The life assured of the term plan should be married
    • The term policy is accepted at the standard rate at the time of issuance
    • The age difference between the life assured and his/her spouse should be less than or equal to 10 years
  • 5. What is the claim settlement ratio of Edelweiss Tokio for Term Insurance?

    Edelweiss Tokio Life Insurance Company had an excellent claim settlement with a claim ratio of 83.38% as of 31st March 2021.

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