Edelweiss Tokio Life Simply Protect
Edelweiss Tokio Life – Simply Protect is a non-participating, non-linked individual term assurance plan that covers your life and provides security to your family at a very competitive price.
Death Benefit
Life Cover with inbuilt Waiver
Low cost Term
Compare this plan with other Term Plans
Key Features
Low cost Term Assurance Plan
Flexibility to choose from four (4) death benefit options
Flexibility to choose the premium paying term as per your need
Get discounts for higher Sum Assured
Lower premium rates for female lives
Option to choose cover up to age 80
Get tax benefits for premium and claim amount
death benefits
- Life Cover
- Life Cover with inbuilt Accidental Death Benefit
- Life Cover with inbuilt Waiver of Future Premiums payable on Accidental Total and Permanent
Benefits
Death Benefit
- On Death of Life Insured during the policy term, when the policy is forced,
- Life Cover: Sum Assured will be payable either in Lumpsum or in the form of income benefit, as per the payout option chosen and the policy will terminate.
- Life Cover with inbuilt Accidental Death Benefit: Sum Assured will be payable either as a Lump sum or in the form of income benefit, as per the payout option chosen and the policy will terminate. If death happens due to an accident then an additional sum assured equal to the accidental death benefit Sum assured shall be payable as a Lump sum.
- Inbuilt Accidental Death Benefit will be equal to the Life Cover Sum Assured subject to a maximum of Rs 1 crore and maximum maturity age of 70 years.
- Life Cover with inbuilt Waiver of Future Premiums payable on Accidental Total and Permanent
Disability
- Life Cover with inbuilt Waiver of Future Premiums payable on Critical Illness
- Customers can choose any one option. The option has to be chosen at the proposal/application stage
and once chosen cannot be changed during the term of the policy. - Customers can choose any one of the following Sum Assured payout options at the proposal/ application stage:
- Lumpsum Option: Under this option, the sum assured will be paid in a lump sum.
- Income Benefit Option: Under this option, 1% of the sum assured will be payable every month for the next 130 months starting from the next policy month anniversary from the date of death. During the payout period, if the nominee wants lump-sum instead of staggered benefit then the remaining future monthly payouts, discounted at the rate of 5.25% per annum, will be paid as lump-sum immediately.
Life Cover with inbuilt Waiver of Future Premiums payable on Critical Illness
- On confirmed diagnosis of the life assured suffering from one of the 12 insured critical illnesses conditions (definitions as mentioned under the covered critical illness conditions below), all future premiums under the base plan will be waived till the premium paying term of the policy or death of assured life, whichever is earlier, The benefit will be payable either as a Lump sum or in the form of income benefit, as per the payout option chosen, on the death of the life assured.
- The inbuilt Waiver of Future Premium benefit option is available only if the ‘Waiver of Premium Sum
- Assured’ is up to Rs 50 lacs and entry age plus premium paying term is 70 years or below.
- ‘Waiver of premium sum assured’ is equal to the present value of outstanding premiums (excluding first
- Premium) discounted at 5% per annum at inception.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 25,00,000 | No Limit |
| Policy Term (in years) | 10 | 40 |
| For coverage up to age 80 years : 62 years | ||
| Premium Payment Term (in years) | Single Pay/ Limited pay of 5,10,15,20 and Regular pay | |
| Entry Age of Policyholder | 18 | 65 |
| Age at Maturity | 80 | |
| Payment modes | Annual / Single | |
FAQs
After how many premium payments will Edelweiss Tokio Life Simply Protect Plan be converted into a paid-up policy?After 2 premium payments, Edelweiss Tokio Life Simply Protect Plan will be converted into a paid-up policy
Does Edelweiss Tokio Life Simply Protect Plan provide coverage for death due to Covid-19?Yes. Edelweiss Tokio Life Simply Protect Plan provides coverage for death due to Covid-19.
