Edelweiss Tokio Life - Save n Prosper (WA)
Edelweiss Tokio Life Insurance Company
Edelweiss Tokio is a new age life insurance player in India, Established in 2011.Edelweiss Tokio Life is a Joint Venture between one of India’s growing and largest non banking financial entity, Edelweiss Financial Services Limited and one of the oldest insurer of Japan, Tokio Marine and Nichido Fire Insurance Co. Ltd.
Contact Details
Toll fee No:- 1800-2121-212
Email Id:- care@edelweisstokio.in
Product Overview of Edelweiss Tokio Life - Save n Prosper (WA) Plan
Edelweiss Tokio Save And Prosper is an Endowment Assurance Plan with profits which offers tax benefits as well as discounts and bonuses on the sum assured. The Endowment Assurance plan helps the customer to save money for their childs future and get benefits as well.
Product Description of Edelweiss Tokio Life - Save n Prosper (WA) Plan
- Get tax-free maturity benefit equal to initial Sum Assured plus accrued bonuses
- Receive 90% of the surplus generated as bonus
- Simplified product structure for ease of understanding
- Choice of various policy terms and premium paying terms are made available to suit your need
- Enhance your benefits by adding various riders
Unique Features of Edelweiss Tokio Life - Save n Prosper (WA) Plan
Edelweiss Tokio Life - Save n Prosper is a traditional endowment plan which participates in bonus and premiums can be paid for a limited term
At the start of each policy year from year 6 to 10 Sum Assured will increase by 5% (simple) of the initial sum assured
Eligibility Criteria for Edelweiss Tokio Life - Save n Prosper (WA) Plan
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Minimum | Maximum | |||||
| Entry Age of Life Assured | 3 Years | 50 Years | ||||
| Age at Maturity | 18 Years | 65 Years | ||||
| Sum Assured (SA) | Rs 200,000 | No Limit, subject to underwriting | ||||
| Policy Term | 15 Year | 35 Year | ||||
| Premium Paying Term | 10 Pay , 15 Pay , Regular Pay | |||||
| Premium Payment Frequency | Annual, Semi-annual, Quarterly and Monthly modes are available | |||||
| Premium Modal Factor | Annually – 100% | Semi-annually – 51.2% | ||||
| Quarterly – 26.0% | Monthly – 8.8% | |||||
| Minimum Premium | Annual: Rs 5,824 | Semi-annual: Rs 3,000 | ||||
| Quarterly: 1,750 | Monthly: Rs 600 | |||||
Product Benefits of Edelweiss Tokio Life - Save n Prosper (WA) Plan
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity Benefit | Initial Sum Assured plus accrued bonuses. | |||||
| Death benefit | Sum Assured as on the date of death plus accrued bonuses. | |||||
Other Policy Features of Edelweiss Tokio Life - Save n Prosper (WA) Plan
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Discounts Available: | Discount is made available to higher Sum Assured as per the table given below | |||||
| Policy Term | Premium Paying Term | |||||
| 10 Pay | 15 Pay | Regular Pay | ||||
| 15 - 19 | Rs. 220 | NA | Rs. 200 | |||
| 20 - 24 | Rs. 300 | Rs. 260 | Rs. 240 | |||
| 25 – 29 | Rs. 360 | Rs. 320 | Rs. 270 | |||
| 30 – 34 | Rs. 420 | Rs. 380 | Rs. 300 | |||
| 35 | NA | Rs. 440 | Rs. 330 | |||
| Notes -: Per Rs. 50,000 sum assured exceeding Rs. 2,00,000 | ||||||
| For female lives, following premium rate will be applicable | ||||||
| Up to Age 6 | Same as Male Rate of age 3 | |||||
| Age 7 & above | Same rate as 3 year younger Male | |||||
| At the start of each policy year from year 6 to 10 Sum Assured will increase by 5% (simple) of the initial sum assured. | ||||||
| Policy Year | 1-5 | 6 | 7 | 8 | 9 | 10 till policy term |
| Sum Assured (as % of initial Sum Assured) | 100% | 105% | 110% | 115% | 120% | 125% |
| Paid Up Value | If premium is not paid even after the grace period after first two policy years’ full premium payment then the policy may continue as a ‘Paid-up’ policy for a reduced Sum Assured (Paid -up Sum Assured) | |||||
| Paid-up Sum Assured will be calculated as given below: Paid-up Sum Assured = Initial Sum Assured * (Number of premiums paid/ Number of premiums payable) |
||||||
| Premium Discontinuance | On premium discontinuance before two years’ full premium payment, the policy will be lapsed and no surrender value or paid-up value will be payable | |||||
| On premium discontinuance after first two policy years’ full premium payment, the policy will acquire paid-up value as defined above | ||||||
| Surrender Benefit | The Policy can be surrendered provided that at least premium for two policy years has been paid in full by the policyholder. On surrender, surrender value will be immediately paid and policy will be terminated. | |||||
| The surrender value payable is higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV). | ||||||
| Guaranteed Surrender Value | The Guaranteed Surrender Value is sum of : - | |||||
| Surrender value of premiums: A specific percentage (as given in the Annexure I) of the total premiums received till date. Any amount paid towards underwriting extras, riders is not payable on surrender of the policy | ||||||
| Surrender value of bonuses paid till date Surrender value of bonuses accrued till the date of Surrender = Accrued bonuses * Guaranteed Surrender Value Factor | ||||||
| Notes :- For Guaranteed Surrender Value Factor Ref PDF | ||||||
| Special Surrender Value | The policy will accrue special surrender value if at least 2 years full premiums have been paid. | |||||
| The Special Surrender Value is equal to: (Paid-up Sum Assured + bonus declared till the policy gets paidup) X by Special Surrender Value Factor. | ||||||
| Paid-up Sum Assured = Initial Sum Assured * (Number of premiums received/ Number of premiums payable) | ||||||
| Notes :- For Guaranteed Surrender Value Factor Ref PDF | ||||||
| Policy Loan | Policy loan is available once it acquires surrender value | |||||
| Revival | If premiums are not paid within the period of grace the policy lapses | |||||
| The policy may be revived within two years from the date of the first unpaid premium | ||||||
| The revival will be considered on receipt of written application from the policyholder along with the proof of continued insurability of Life Assured and on payment of all overdue premiums with simple interest of 1% per completed number of months | ||||||
Add-ons for Edelweiss Tokio Life - Save n Prosper (WA) Plan
Accidental Total & Permanent Disability Rider
Accidental Total and Permanent Disability Rider provides you a lump sum benefit to cater your immediate expenses in case your income earning capacity is hindered due to an accidental disability.
Accidental Death Benefit Rider
Edelweiss Tokio Life - Accidental Death Benefit Rider provides for additional financial security in case any accident occurs. Also, the benefit is payable in lumpsum.
Waiver of Premium Rider
Edelweiss Tokio Life - Waiver of Premium Rider provides you protection in case of critical illness or accidental total and permanent disability.
Life - Term Rider
Edelweiss Tokio Life - Term Rider provides you with a lumpsum amount in addition to the base plan cover to provide increased security to your family
Critical Illness Rider
Edelweiss Tokio Life - Critical Illness Rider Provides you with a lumpsum to cater to your immediate expenses in case your income earning capacity is hindered in the event of critical illness
Hospital Cash Benefit Rider
Edelweiss Tokio Life - Hospital Cash Benefit Rider provides for daily allowance as well as post hospitalization benefits ,in case of hospitalization of the policyholder.
Payor Waiver Benefit Rider
Edelweiss Tokio Life - Payor Waiver Benefit Rider waives off future premiums in case of death, critical illness or total and permanent disability due to accident of the proposer (payor) so that the life assured continues to get the benefits
Exclusion in Edelweiss Tokio Life - Save n Prosper (WA) Plan
The revival will be considered on receipt of written application from the policyholder along with the proof of continued insurability of Life Assured
and on payment of all overdue premiums with simple interest of 1% per completed number of months
Tax Benefits of Edelweiss Tokio Life - Save n Prosper (WA) Plan
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Claim Process for Edelweiss Tokio Life - Save n Prosper (WA) Plan
Know Claim ProcessBonus History for Edelweiss Tokio Life - Save n Prosper (WA) Plan
Not Available