Edelweiss Tokio Life Simply Protect Term Plan

Edelweiss Tokio Life Simply Protect Term Plan is a Non-participating and Non-linked term plan that offers comprehensive life coverage and provides financial security to your family if you meet an unfortunate event. This pure risk plan comes in 4 life cover variants to choose from, depending upon the individual and financial requirements. This term insurance plan also offers you the flexibility to choose from 3 premium payment options and 2 death benefit payout options.

The Edelweiss Tokio Life Simply Protect Term Plan comes with a free-look period of 15 days, and 30 days in case of policies purchased through distance marketing. This allows you to return the policy within the specified days, starting from the date of receipt of the policy if you are not happy with its terms and/or coverage. A cancellation request letter along with the reason for cancellation is all that is needed to be submitted while returning the policy. 

Best Features of Edelweiss Tokio Life Simply Protect Term Plan

Mentioned below are some of the salient features of the Edelweiss Tokio Life Simply Protect Term Plan that make the plan a beneficial one in comparison to other term policies-

• The plan is available in 4 different variants providing coverage against death, accidents, total and permanent disability, and critical illnesses.
• The plan comes with an income benefit option to ensure that your family can maintain the standard of living in the unfortunate event of your demise.
• Life coverage is offered up to 80 years of age, ensuring that the family of the policyholder has financial protection for a longer period.
• There are attractive premiums offered when a higher Sum Assured is chosen.
• The premium rates for women are lower in comparison to males.
• You have the flexibility of choosing the premium paying term depending upon your needs.

Benefits of Edelweiss Tokio Life Simply Protect Term Plan

1. Death Benefit
The Death Benefit payable at any time during the policy term is given below-

The Absolute Amount Assured is equivalent to the Sum Assured chosen at the policy outset.

Annualised Premium shall be the premium amount that is chosen by the policyholder to be paid in an year, excluding taxes, underwriting extra premiums, and loadings for modal premiums, if any.

Total Premiums Paid means the total amount of all the premiums received till the date of death, excluding any extra premiums and taxes.

2. Income Benefit

Under this benefit option, 1% of the Sum Assured is payable for every month, for the next 130 months, starting from the next policy month anniversary, from the date of death of the Life assured.
If the beneficiary wants a lump sum amount at the time of payout, instead of a staggered benefit, then the same will be paid out immediately at a discounted rate of 5.25% per annum.

3. Surrender Benefit
Upon the surrender of the policy, the surrender value payable is as follows-

4. Discount Benefit
The following discount benefits are offered under the Edelweiss Tokio Life Simply Protect Term Plan-

1. Depending upon the Sum Assured, policy term, and premium payment term, discount is available for large Sum Assured.
2. Discount on female lives:
3. Up to age 21 years - the premium rate is same as that of an 18-year-old male
4. Age 22 years and above - the premium rate is the same as that of a 3 years younger male.

What is Covered?

The different contingencies covered depend upon the Edelweiss Tokio Life Simply Protect Term Plan variant that you choose to buy.

Life Cover
The following types of benefits are covered under this Edelweiss Tokio Life Simply Protect Term Plan variant-

1. Death Benefit

• A lump sum amount is offered as an immediate payout to the beneficiary in case of the unfortunate event of death of the policyholder, provided that the policy is still in force.
• The amount can also be received in the form of Income Benefit, depending upon the payout option chosen. The policy stands terminated after the benefits are received.

Here is how the Life Cover works-

Example -

Benefits Payable 

1. If Mr. Mehra dies during the policy term, the beneficiary is eligible to receive INR 1 Crore, either as a lump sum amount, or as monthly income of INR 1 Lakh, as chosen by the Life Assured during the commencement of the policy
2. Alternately, the beneficiary of Mr. Mehra has the option to get a lump sum amount as the Death Benefit, instead of the monthly income, at a discounted rate of 5.25% per annum. Once the benefits are settled, the policy is terminated.

Life Cover with Inbuilt Accidental Death Benefit

The benefit contingencies that are available under this variant are discussed below-

1. Death Benefit
The Sum Assured on Death is payable either as a lump sum amount or as a monthly income, as chosen by the deceased policyholder at the time of buying the policy. Once the claim settlement is done, the policy terminates and any other benefits attached cease to exist.

2. Accidental Death Benefit
In case the insured dies in an unfortunate accident, an additional Sum Assured equal to the accidental death benefit Sum Assured is payable as a lump sum amount.
The inbuilt Accidental Death Benefit is equal to the Life Cover Sum Assured and is subject to a maximum of INR 1 Crore and a maximum maturity age of 70 years.

Here is how this variant works -

Example -

Benefits Payable 

1. If Mr. Mehra dies during the policy term, when the policy is in force, the beneficiary is eligible to receive a lump sum amount of INR 50 Lakh, or a monthly income of INR 50 Thousand, according to the payout method chosen by Mr. Mehra on the inception of the policy.
2. If Mr. Mehra dies in an unfortunate accident, the beneficiary stands to receive INR 50 Lakh as the Base Sum Assured, and an additional Accidental Death Benefit of INR 50 Lakh.

Life Cover with Inbuilt Waiver of Future Premiums Payable on Accidental Total and Permanent Disability

Following are the benefits that are offered under this plan variant-

1. Death Benefit
In the unfortunate event of death of the policyholder, the Death Benefit is payable to the beneficiary as a lump sum amount or as a monthly income benefit, depending upon the chosen payout option. Post the payout, the policy and any other benefits along with it are terminated.

2. In-built Waiver of Future Premium Payments Benefit
In the scenario where the Life Assured is diagnosed with total and permanent disability caused by an accident, all the future payable premiums under the base plan are waived off till the end of the premium paying term of the policy, or death of the Life Assured, whichever is earlier. The Waiver of Future Premium Benefit is available only if the amount waived off does not exceed INR 50 Lakh. The Entry Age and the premium paying term should be 70 years or below to qualify for this benefit.

Here is how this variant option works -

Example -

Benefits Payable 

1. If Mr. Mehra dies during the policy term, when the policy is in force, his beneficiary is entitled to receive the Death Benefit of INR 1 Crore as a lump sum amount, or as an income benefit of INR 1 Lakh per month, depending upon the payout option chosen.
2. In the unfortunate event where Mr. Mehra is diagnosed with total and permanent disability caused due to an accident, the Waiver of the Future Premium Benefit is triggered into action. He does not have to pay any premiums for the base plan policy till the end of the premium paying term.

Life Cover with inbuilt Waiver of Future Premiums payable on Critical Illness

The benefits that are offered under this variant are mentioned below-

1. Death Benefit
A lump sum amount equal to the Sum Assured or a monthly income benefit chosen at the commencement of the policy is payable as a Death Benefit to the beneficiary upon the demise of the policy holder. After the claim settlement, all other benefits cease to exist and the policy is terminated.

2. InBuilt Waiver of Future Premium Benefit
If the Life Assured is diagnosed with one of the 12 insured critical illnesses that are covered under this plan, in this case, all the future payable premiums under the base plan will be waived off till the premium paying term of the policy, or death of the policyholder, whichever is earlier. To be eligible for this Waiver Benefit, the Entry Age and the premium paying term should be 70 years or below, and the Waiver of the Premium Sum Assured should ot exceed INR 50 Lakhs.

What is not Covered?

Mentioned below are the exclusions that come with the Edelweiss Tokio Life Simply Protect Term Plan variants:

1. Exclusions for Inbuilt Accidental Death Benefit
No Accidental Death Benefit is payable on the death of the insured that is a direct or indirect result of any of the following-

• Any intention self-inflicted injury, or attempted suicide
• Psychotropic, drugs, or alcohol abuse
• Failing to seek and/ or follow medical advice
• Any acts of hostility such as war, rebelion, strike, etc.
• Participation in or serving the police or paramilitary force
• Participation in unlawful acts with criminal intent
• Any injury that is incurred before the effective date of cover
• Nuclear and radioactive material contamination and any accidents that arise from such nature
• Participating in flying activity except as a fare-paying passenger in a licensed aircraft
• Participation in any dangerous sports or other hazardous pursuits.

2. Exclusions for In-built Waiver of Future Premiums Payable on Accidental Total and Permanent Disability

The Future Premium Waiver benefit is not available if the Accidental Total and Permanent Disability is a direct or indirect result of any of the following-

• Pre-Existing Disease: means any ailment, condition, disease, or injury:
  1. That was diagnosed by a Physician in the 48 months prior to the commencement or reinstatement of the policy
  2. For which medical treatment or advice was recommended by, received from a Physician 48 months prior to the effective policy date or its reinstatement
• Attempted suicide or intentional self-inflicted injury
• Drug and alcohol abuse
• Failing to seek or follow the medical advice
• War, invasio, rebelio, strikes, and any other acts of such hostility
• Participation in the police or paramilitary operations
• Participation in aviation activities, except as a fare-paying passenger in a licensed aircraft
• Participation in unlawful activities with illegal or criminal intent
• Any injury that is incurred before the effective date of coverage
• Disability that occurs due to any kind of sickness or disease before and/ or after the effective date of cover
• Any external congenital anomaly (any condition that is present since birth in the visible, accessible body parts, in reference to form, position, or structure)
• Engaging or participating in hazardous sports and activities
• Nuclear contamination, exposure to radioactive material, and any accident arising from such nature
• Any other exclusion under the General Provision of the basic policy.

3. Exclusions for In-built Waiver of Future Premiums payable on Critical Illness

Given below are the minimum exclusions under the Critical Illness cover. There are a few additional exclusions that are disease-specific and incorporated into the disease definition. There are no benefits payable in case of claims that result from the following-

• Diseases that have previously occurred in the life of the insured (benefit is payable only if the disease is a first incidence or diagnosis)
• Any diseases that occur during the first 90 days of the commencement of the coverage (i.e., the waiting period), and any diseases that cause the death of the Life Assured within 30 days of the illness incidence (i.e., the survival period)
• Any claim that is directly or indirectly based on, caused by, arising out of, or howsoever, to any Critical Illness, the care, advice, or treatment for which was recommended or received by a Physician
• Any external congenital anomaly (i.e., a condition which is present since birth, and is abnormal in regard to the form, structure, or position)
• Self-inflicted injury or attempted suicide
• Drug abuse and alcohol addiction
• Failing to follow the medical advice
• War, invasion, terrorist act, and other acts of war and rebel
• Serving in army, air, naval, or police force
• Participating in flying activity, except as a fare-paying passenger of a recognised or commercial airline
• Participating in any dangerous, life-threatening sports and activities of hazardous pursuits
• Participating in unlawful activities with criminal intent
• Exposure to nuclear fuel materials, radioactive substances, explosives, or nuclear contamination, and any accidents that arise from such nature.

Edelweiss Tokio Life Simply Protect Term Plan Eligibility

Mentioned below are the eligibility parameters for buying the Edelweiss Tokio Life Simply Protect Term Plan - 

Edelweiss Tokio Life Simply Protect Term Plan Claim Process

Edelweiss Tokio Life Simply Protect Term Plan follows 3 easy steps for claim processing – 

1. Claim Intimation - The company has to be intimated about any claims for starting the claim process.

2. Documents Submission - The policyholder, or the beneficiary (in case of a Death Benefit Claim) has to furnish the required documents and duly filled forms to initiate a claim.

3. Decision on Claim - Once all the forms and documents are received and found in order by the company, the claim settlement process is initiated and the payout is given upon a valid claim.

Documents Required for Death Claims 

· Claimant address proof & photo identity

· Authentic policy document

· Death certificate copy

· Claimant statement death

· Medical records on the life assured getting hospitalised (death/discharge summary, indoor case papers, and test reports etc.,)

· Cause of Death Certificate’s copy

· For the salaried policyholder, employer certificate

· (In case the life assured got hospitalised) Hospital Certificate

· (If conducted) post-mortem report

· Treating doctor certificate

· Driving license copy in case life assured was driving the vehicle (applicable in case accidental or accidental death benefit and total permanent disability rider is chosen)

· Police report/FIR/Inquest report/Panchnama (In a case filed with police)

Documents Required for Critical Illness Claim 

· Authentic policy document

· Claimant address proof & photo identity

· Claimant statement rider

· Claimant statement death

· (In case the life assured got hospitalised) Hospital Certificate

· For the salaried policyholder, employer certificate

· Treating doctor certificate

· Medical records on the life assured getting hospitalised (death/discharge summary, indoor case papers, and test

reports etc.,)

Documents Required for Disability Claim 

· Authentic policy document

· Claimant address proof & photo identity

· Medical records on the life assured getting hospitalised

· (In case the life assured got hospitalised) Hospital Certificate

· For the salaried policyholder, employer certificate

· Treating doctor certificate

· Driving license copy in case life assured was driving the vehicle (applicable in case accidental or accidental death benefit and total permanent disability rider is chosen)

· Police report/FIR/Inquest

report/Panchnama (In a case filed with police)

Edelweiss Tokio Life Simply Protect Term Riders

There are no riders available with this plan. 

Edelweiss Tokio Life Simply Protect Term Plan Review

Edelweiss Tokio Life Simply Protect Term plan was set up with the commitment to building a sustainable long-term business. Edelweiss Tokio Life has a customer-centric approach. Besides, it develops the products depending upon its comprehending of the different requirements of the Indian customers. In FY 2019-20, the claims settlement ratio of Edelweiss Tokio Life Simply Protect Term Plan is at 83.38%. 

The plan offers a grace period of 30 days upon non-payment of premium. This plan is perfect for individuals looking for financially securing their family in case of their untimely demise. This plan also offers a maturity benefit if the assured survives the policy term, which is a rare but advantageous feature of term plans.