Edelweiss Tokio Life - Education
Product Info
UIN
147N001V01
Status
Withdrawn
Launch Date
10/06/2011
Withdrawn Date
31/12/2013
Product Overview
Edelweiss Tokio Life- Education Plan is a traditional child policy. In this plan, you have the option to choose from 5 different types of Maturity Benefit according to the requirements for your child’ s future. In this plan, if the life insured, i.e. the parent dies within the policy tenure, the nominee would receive the Sum Assured as an Immediate Death Benefit.
Product Description
- This is a traditional child plan where there are 5 choices for maturity benefit
- In this plan, there is a Guaranteed additional amount of 25-50% of the Sum Assured depending on the Policy Term
- Limited premium term option gives you the flexibility to plan your policy based on the stability of your current income stream
- There are 5 additional riders
COMPARE & BUY SIMILAR PLANS
Unique Features
- The plan offers 5 maturity options, in each option guaranteed maturity payouts are made which is percentage of sum assured
- In addition to the guaranteed payouts, there is an additional guaranteed payout on maturity which depends on the policy term and ranges from 25%-50% of the sum assured
- In the case of death of the parent/grandparent, sum assured is paid as lumpsum plus 1% of the Sum Assured is paid every month till maturity plus all future premiums are waived off and paid by the insurer
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Minimum | Maximum | |||||
| Entry Age of Life Assured | 21 Years | 65 Years | ||||
| Entry Age of Child | 0 | 17 Years | ||||
| Maximum Maturity Age of Life Assured | 75 years of age | |||||
| Maxi Maturity Age of Child | 30 years of age | |||||
| Policy Term | 10 Years | 25 Years | ||||
| Premium Paying Term | 5, 7, 10, 15 and Regular Pay* | |||||
| Premium Payment Frequency | Annual , Semi-annual, Quarterly and Monthly | |||||
| Minimum Basic Sum Assured | Rs. 2,50, 000/- (multiples of 10,000) | |||||
| Maximum Basic Sum Assured | No Limit, subject to underwriting Discount available for Higher Sum Assured | |||||
| Notes :- * Regular pay is available for policy term 15 or less , 3% Premium Discount on Annual Mode only, Under this plan Life assured can be parent or grandparent |
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OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
| Benefit | Description | |||||
| Maturity Benefit | As per chosen maturity benefit plan | |||||
| There are 5 different types of maturity benefit plans made available for funding the education and marriage needs of your child. All the benefits are guaranteed and are payable to you in two parts. | ||||||
| Survival Benefit | Graduate Plan – 28%, 25%, 25% and 28% of the Sum Assured payable in the last 4 years of the Policy Term | |||||
| Post Graduate Plan – 51% and 51% of the Sum Assured payable in the last 2 years of the Policy Term | ||||||
| Doctor Plan / Integrated 5 year Degree Plan - 20%, 20%, 20%, 25% and 25% of the Sum Assured payable in the last 5 years of the Policy Term | ||||||
| Dual Degree Plan – 16%, 16%, 16%, 16%, 24% and 24% of the Sum Assured payable in the last 6 years of the Policy Term | ||||||
| Marriage Funding Plan – 100% of the Sum Assured payable in the last 5 years of the Policy Term | ||||||
| Death Benefit | I) In the unfortunate event of the Life Assured’s death | |||||
| Lump sum amount equal to sum assured will be paid | ||||||
| Monthly amount of 1% of sum assured will be paid each month starting from next month from the date of death till maturity | ||||||
| All the future premiums will be paid by the Company and target maturity benefit will be protected | ||||||
| II) In the unfortunate event of the child’s (nominee) death before death of the Life Assured | ||||||
| During the premium paying term: {All premiums paid - the first-year premiums - extra premium for substandard lives (if any) | ||||||
| After the premium paying term: {Total premiums paid - extra premium for substandard lives (if any) - Service Tax} * (1 + (Completed Policy Year – Premium Paying Term) * 5%) | ||||||
| Policy can be continued if proposer wishes to do so | ||||||
| III) In the unfortunate event of the child’s (nominee) death after death of the Life Assured | ||||||
| An amount equal to discounted value (which is equivalent amount of all future benefits paid as lump-sum) of monthly benefit amounts of 1% of sum assured for the remaining month till the end of policy term + the discounted value of maturity benefit as per Marriage Funding Plan will be paid | ||||||
| The discounting rate used for the same will be 0.75% per month | ||||||
| Tax Benefit | Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961 | |||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Based on the maturity benefit plan chosen, the payouts are made as per the table below | ||||||
| Maturity Benefit Plans | Maturity payout installments (beginning of the year) | |||||
| 1 | 2 | 3 | 4 | 5 | 6 | |
| Graduation Plan | 28.00% | 25.00% | 25.00% | 28.00% | ||
| Post-graduation Plan | 51.00% | 51.00% | - | - | - | - |
| Doctor/Integrated 5 years degree Plan | 20.00% | 20.00% | 20.00% | 25.00% | 25.00% | - |
| Dual Degree Plan | 16.00% | 16.00% | 16.00% | 16.00% | 24.00% | 24.00% |
| Marriage Funding Plan | 100.00% | - | - | - | - | - |
| Notes -: Option to postpone the maturity pay out (up to a maximum of 4 years) with 5% simple interest per annum for the deferment period (on a pro rated basis) |
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| Surrender | Surrender benefit is payable if first 3 years full premium have been paid | |||||
| Surrender during premium payment term is 50% of all premiums paid subsequent to the first year excluding any premium for substandard risk and service tax | ||||||
| Surrender after the premium payment term is 60% of all premiums paid excluding any premium for substandard risk less service tax. | ||||||
| Higher discretionary surrender value may be paid and is equal to 80% of the asset share calculated on a retrospective basis, subject to minimum of guaranteed surrender value | ||||||
| Paid-up Value | The policy acquires paid-up value if at least 3 full policy years’ premiums have been paid. Under reduced paid-up, all benefits (on death or maturity) reduce in proportion to the number of premiums paid to the number of premiums payable. | |||||
| Loan | Policy loan is available once it acquires surrender value. Maximum loan amount available is 80% of surrender value offered by the Company | |||||
| Reinstatement | If premiums are not paid within the grace period the policy lapses.The reinstatement 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 month. | |||||
Add-ons
- Accidental Total and Permanent Disability Rider:
Edelweiss Tokio Life -Accidental Total and Permanent Disability Rider provides you with a lump sum to cater to your immediate expenses in case your income earning capacity is hindered due to an accidental disability (total & permanent).
- 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
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 60% of premiums paid or the surrender value.
Claim Process
Know Claim Process Of Edelweiss Tokio Life - Education
Company Overview
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.
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