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Edelweiss Tokio Life – Dhan Labh Plan

What is the Plan all About?

Edelweiss Tokio Life – Dhan Labh is a Non-Linked, Non Participating, guaranteed returns endowment plan that helps you accumulate wealth, so you can achieve the long term financial goals. This plan also offers guaranteed maturity benefit and death benefit.

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What are the Key Features?

  • Guaranteed amount on maturity
  • Financial protection for family
  • Get additional benefits from through Assured Additions
  • Simplified product structure
  • Extra benefit on paying higher premium
  • Loan benefit
  • Choose riders to get more comprehensive coverage
  • Flexibility to choose Policy Term and Premium Paying Term

What are the Plan Benefits?

Death Benefit

    Entry age 5 years and above:

    Sum Assured on Death plus accrued Assured Additions, in the event of death of the life assured.
     

    Entry age below 5 years:

    The risk cover starts after completion of 23rd month from the commencement of the policy. In the event of unfortunate demise of the life assured during these 23 months, 105% of the total premiums are payable. Upon commencement of the risk cover, the death benefit payable is same as for Entry Age 5 years and above.
     

    The amount of death benefit is reduced by the outstanding loan amount, accumulated interest, due premiums with Interest, the unpaid premiums in the year of death.
     

    Sum Assured on Death is higher of Sum Assured on Maturity, multiple of Annualized Premium, absolute amount assured to be paid on death, or 105% of total premiums paid. Here, Multiple of Annualized Premium is 10/11/13 times for 7/10/12 pay, respectively.

Maturity Benefit

    Sum Assured on Maturity plus Accrued Assured Additions. Here, Sum Assured on Maturity = Annualized Premium * Premium Paying Term + Large Premium Benefit


    Large Premium Benefit

    An additional benefit of Rs 500 is added with the Sum Assured on Maturity for every Rs 500 premium in excess of minimum annualized premium for each of Band 1 and Band 2 respectively. An additional benefit of Rs 1,000 is added to the Sum Assured on Maturity for every Rs 1,000 premium in excess of minimum annualized premium in each of Band 3 and Band 4 respectively.

Assured Addition

    Assured Additions accrue at the beginning of every year from the 13 policy year till death or maturity under the policy. The amount of Assured Additions depends on Policy Term, Premium Paying Term, Annualized Premium, Entry Age and Gender of the Life Assured. It is payable on the death or maturity.

Loan Benefit

    The loan benefit can be availed once during the policy, provided the policy acquires the surrender value. The maximum loan amount available is 25%/35%/45% of surrender value for 7/10/12 premium pay term, respectively.

Surrender Value

    Surrender Value payable is higher of Guaranteed Surrender Value and Special Surrender Value. For 7 Pay, Surrender Value is acquired on payment of at least first 2 policy years’ premium and for 10/12 pay, Surrender Value is acquired on payment of at least first 3 policy years’ premium.

Tax Benefit

    Premium paid under this plan is eligible for tax benefits under section 80C, policy proceeds under section 10 (10D) of Income Tax Act. Premiums paid for Critical Illness Rider also qualify for tax exemption under section 80D of the Income Tax Act, subject to change in the tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 91 Days 45 Years
Age at Maturity 18 Years 75 Years
Policy Tenure 15/20/25 Years 30 Years
Premium Paying Term 7/10/12 Years -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount For 7 Pay- Rs 7,500 (annually), Rs 4,000 (semi Annually), Rs 2,000 (quarterly), Rs 1,000 (monthly) For 10/12 Pay- Rs 5,000 (annually), Rs 3,000 (semi Annually), Rs 1,500 (quarterly), Rs 1,000 (monthly) No Limit
Sum Assured Rs 55,000 No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Offline -

Is any Rider Available with this Plan?

Following riders can be opted under this plan, on payment of additional rider premium.

  • Edelweiss Tokio Life - Accidental Death Benefit Rider
  • Edelweiss Tokio Life - Accidental Total & Permanent Disability Rider
  • Edelweiss Tokio Life - Critical Illness Rider
  • Edelweiss Tokio Life - Income Benefit Rider
  • Edelweiss Tokio Life - Term Rider
  • Edelweiss Tokio Life - Waiver of Premium Rider
  • Edelweiss Tokio Life - Payor Waiver Benefit Rider

How the Plan Works?

Let us understand the plan with the help of an illustration.

Mr. Raman at 30 years of age, wants to get wealth accumulation to fulfill the family’s financial obligations. He also wants to get the life cover. He decides to buy Edelweiss Tokio Life – Dhan Labh with policy term of 20 years, and pays Rs 1 Lac premium annually for 10 years.
 

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the end of the policy term, the sum assured of Rs 10.8 Lacs plus assured additions accrued is payable at the maturity of the policy.
 

Edelweiss Tokio Life – Dhan Labh


Scenario B: Raman dies during the Policy Term

In the event of demise of Mr. Raman during the 15th policy year, the sum assured amount of Rs 10.8 Lacs plus assured additions accrued is payable as the death benefit to the nominee. This payout provides financial protection for the family.

Edelweiss Tokio Life – Dhan Labh Plan