Edelweiss Tokio Term Insurance
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Edelweiss Tokio Term Insurance

Edelweiss Tokio Life Insurance Company Limited, a name renowned for providing insurance policies to people and meeting their investment requirements, is a joint venture between Edelweiss Financial Services and Tokio Marine Holdings Inc. The company offers protection through its multiple life insurance segments such as term plans, investments plans, among others.

Highlights of the company:

Death Claim Settlement Ratio

2018-2019

95.82%

2017-2018

95.24%

2016-2017

93.29%

2015-2016

85.11%

Number of agents

51, 723

**Last Updated on 21-12-2020

Edelweiss Tokio Term Insurance Plans

To offer comprehensive protection to you & your family, the company offers the best term insurance plans and creates a financial bubble around your family in your absence. Let's discuss the plans in detail:

1. Edelweiss Tokio Life - Zindagi Plus

Edelweiss Tokio Life - Zindagi Plus is a customizable term insurance plan that provides life cover to the insured and his/her spouse and comes with the flexibility to choose from multiple premium payment options and premium paying modes.

Key Features:

  • Better half benefit: With this benefit, your spouse will get an additional life cover in case of your demise without paying any further premiums.
  • COVID protection: In case the policyholder dies due to COVID-19, the plan will take care of his/her family's financial liabilities.
  • Waiver of premium: All future premiums will get waived off if the insured is diagnosed with any of the below listed 35 critical illnesses.
    1. Cancer of specified severity
    2. Myocardial Infarction (First Heart Attack - of Specific Severity)
    3. Open Heart Replacement or Repair of Heart Valves
    4. Surgery to Aorta - including minimally invasive procedures
    5. Cardiomyopathy
    6. Primary (idiopathic) Pulmonary Hypertension
    7. Open Chest CABG
    8. Blindness
    9. End Stage Lung Failure
    10. End Stage Liver Failure
    11. Kidney Failure Requiring Regular Dialysis
    12. Major Organ/ Bone Marrow Transplant
    13. Apallic Syndrome
    14. Benign Brain Tumor
    15. Coma of specified Severity
    16. Major Head Trauma
    17. Permanent Paralysis of Limbs
    18. Stroke resulting in permanent symptoms
    19. Alzheimer's Disease
    20. Motor Neuron Disease with Permanent Symptoms
    21. Multiple Sclerosis with Persisting Symptoms
    22. Muscular Dystrophy
    23. Parkinson's Disease
    24. Loss of Independent Existence
    25. Loss of Limbs Deafness
    26. Loss of Speech
    27. Systemic lupus
    28. Erythematosus with Renal Involvement
    29. Third Degree Burns
    30. Aplastic Anaemia
    31. Bacterial Meningitis
    32. Creutzfeldt-Jakob Disease
    33. Encephalitis
    34. Rheumatoid arthritis
    35. Poliomyelitis

Eligibility:

Criteria

Life Cover with Level Sum Assured

Life Cover with Decreasing Sum Assured

Minimum Entry Age 

18 years (For Life Insured and Spouse)

Maximum Entry Age (Life Insured)

Regular Pay: 65 Years

Pay till 60: 50 Years

Regular Pay: 55 Years

Pay till 60: 50 Years

Maximum Maturity Age

80 Years

Minimum Sum Assured (Rs.)

If top-up benefit or better half benefit is opted: 50 lakhs
All other scenarios: 25 Lakhs

Maximum Sum Assured (Rs.)

No limit, subject to board approved underwriting policy

**Last Updated on 21-12-2020

2. Edelweiss Tokio Life - My Term+

Edelweiss Tokio Life - My Term+ is a limited pay term life insurance plan that offers life cover to you and your spouse (with a better-half benefit), along with numerous other benefits.

Key Features:

  • Protection against critical illnesses: On diagnosis of the listed 12 critical illnesses, the plan offers a lump sum amount to manage your medical expenses. This benefit is payable only once in a policy term.
  • Death benefit: The plan provides three death benefit payout options (Lump sum, Monthly Income, and Combination of the first two) to the insured's nominee.
  • Enhanced protection: The plan offers the below-mentioned riders for enhanced protection:
    • Edelweiss Tokio Life - Accidental Death Benefit Rider
    • Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider
    • Edelweiss Tokio Life - Hospital Cash Benefit Rider
    • Edelweiss Tokio Life - Critical Illness Rider
    • Edelweiss Tokio Life - Waiver of Premium Rider

Eligibility:

Minimum Entry Age

18 years (For Life Insured and Spouse)

Maximum Entry Age

Base - 65 years for Life insured

Better Half Benefit - 65 years for Life Insured and Spouse

Maximum Maturity Age

85 Years

Minimum Sum Assured (Rs.)

Base Sum Assured: 25,00,000

Sum Assured under Better Half Benefit: 25,00,000

Better Half Benefit is available only if the Base Sum Assured chosen is 50,00,000 or more.

Maximum Sum Assured (Rs.)

Base Sum Assured: No limit, subject to board approved underwriting policy

Sum Assured under Better Half Benefit: 10,000,000

**Last Updated on 21-12-2020

3. Edelweiss Tokio Life - Simply Protect

Edelweiss Tokio Life - Simply Protect is a term insurance plan that financially protects the family of the insured in case of his/her unfortunate death. The plan offers the flexibility to choose between 4 life cover variants, 2 premium pay-out, and 3 premium payment options.

Key Features:

  • Discounts available: Grab a discount for a high sum assured depending on the policy term, the sum assured, and the premium payment term you choose. The plan also offers a discount on female lives as per the below criteria:

    Up to Age 21: Same as Male Rate of age 18

    Age 22 & above: Same as 3 years younger Male Rate

  • Death benefit: There are two death benefit payouts (lump sum and monthly income option). In income benefit, 1% of the sum assured will be paid monthly for the next 130 months.
  • Flexibility: The plan comes with 4 death benefit options that the policyholder can choose from:
    • Life Cover
    • Life Cover with Accidental death benefit
    • Life Cover with Waiver of Premium on Accidental Disability (total & permanent)
    • Life Cover with Waiver of Premium on Critical Illness

Eligibility:

Minimum Entry Age

18 years

Maximum Entry Age

65 Years

Maximum Maturity Age

80 Years

Minimum Sum Assured

Rs. 25,00,000

Maximum Sum Assured

No limit, subject to board approved underwriting policy

**Last Updated on 21-12-2020

4. Edelweiss Tokio Life - Protection

Edelweiss Tokio Life - Protection is a risk cover term insurance plan that safeguards the financial interests of the insured's family when (s)he is not around.

Key Features:

  • Flexibility: The plan provides flexibility to pay a premium for a limited period, and reap benefits in the form of a risk cover for an extended period.
  • Tax benefits: Under Section 80C and 10(10D) of the Income Tax Act, 1961, you are eligible for tax benefits for premiums paid against this policy.
  • Loan facility: You can't avail of a loan under this policy.

Eligibility:

Minimum Entry Age

18 years

Maximum Entry Age

60 Years

Maximum Maturity Age

70 Years

Minimum Sum Assured

Rs.15,00,000 (multiples of 1,00,000)

Maximum Sum Assured

No limit, subject to board approved underwriting policy

**Last Updated on 21-12-2020

Why Choose Edelweiss Tokio Life Insurance As Your Term Insurance Provider?

  • With a claim settlement ratio of 83.44%, the company ensures that you/your nominee experience a hassle-free & timely claim settlement.
  • With 121 branches all over India, one can easily visit the nearest branch of Edelweiss Tokio to buy/resolve his/her policy-related queries.
  • Edelweiss term plans are eligible for tax benefits under the Income Tax Act, 1961. So, you get the dual benefit of protection and savings.

How To Buy Edelweiss Tokio Term Insurance Plans?

Buying an Edelweiss Tokio Term Insurance plan online helps you to save time and avoid unnecessary paperwork. Here is the process for the same-

  • Visit the official website of Edelweiss Tokio Life Insurance. On the top of the page, click on the 'Plans' tab and select the term insurance plan you want to buy.
  • Click on the 'Buy Now' tab. On the next page, you have to fill and submit a form with your basic information.
  • Once submitted, the page will show the premium and other policy details. You can also include add-ons in your plan.
  • Pay the premium amount online, and your policy details will be mailed to your registered ID.

Note- Edelweiss Tokio only sells Edelweiss Tokio Life - Zindagi Plus and Edelweiss Tokio Life - Simply Protect online. To buy other plans, you need to visit the nearest branch of Edelweiss Tokio.

How To File a Claim For Edelweiss Tokio Term Insurance?

Edelweiss Tokio offers a three-step process to file claims. Read along to know the claim process:

  • Intimation of claim: The claimant needs to intimate the company about the claim. One can do this by logging into the company's official website or visiting its nearest branch.
  • Submission of documents: Submit the necessary documents as per your claim type.
  • Decision on a claim: After examining all the documents, the company will either approve or reject the claim.

Documents to be submitted-

  • Policy document
  • Death certificate of the insured
  • Medical records of the insured (if hospitalized)
  • Treating doctor certificate
  • Post mortem report
  • FIR (in case of an accident)
  • Others requested by the company

Contact Details of Edelweiss Tokio Life Insurance:

Address: 6th Floor, Tower 3, Wing 'B', Kohinoor City Mall, Kohinoor City, Kirol Road, Kurla (West), Mumbai - 400070.

Email ID:care@edelweisstokio.in

Toll-Free Number: 1800 212 1212

FAQ's

1. How much time will it take to process my claim request?

All genuine and approved claims will be settled within 24 hours of submission of all required documents & information.

2. Can I withdraw my Edelweiss Tokio term policy post-issuance?

Yes, you can. You need to give a request in writing, stating the reasons behind it. The policy can only be cancelled within the free-look period, which is 15 days (30 days if bought via distance mode).

3. Can I add riders to my Edelweiss Tokio Zindagi Plus?

The plan allows you to add up to 4 riders by paying an additional premium. Following riders are available with this plan:

  • Edelweiss Tokio Life - Accidental Death Benefit Rider
  • Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider
  • Edelweiss Tokio Life - Hospital Cash Benefit Rider
  • Edelweiss Tokio Life - Critical Illness Rider

Last updated on 21-12-2020