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Edelweiss Tokio Life -GCAP Plan

What is the Plan all About?

Edelweiss Tokio Life –GCAP is a non-linked, non-participating guaranteed return plan that helps you maximize the wealth, so you can achieve the long term financial goals. This plan offers guaranteed maturity benefit and death benefit, so your family’s future is secured.

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What are the Key Features?

  • Maximize your wealth
  • Get maturity benefits
  • Life cover
  • Simplified product structure
  • Enjoy Guaranteed Accrual Additions
  • Flexibility to choose policy term & premium pay term
  • Extra benefit on paying higher premium
  • Avail loan facility
  • Choose rider(s) to boost policy benefits

What are the Plan Benefits?

Death Benefit

    Applicable for policyholder with entry age 5 years and above
     

    In case of unfortunate demise of the life insured, Sum Assured on Death Plus Cumulative Guaranteed Accrual Additions is payable. Sum Assured on Death is higher of 11 times of Annualized Premium (5, 7 & 10 Pay) and 13 times of the Annualized premium for 12 Pay, 105% of total premiums paid, or Sum Assured on Maturity.
     

    Applicable for policyholder with entry age less than 5 years
     

    With entry age below than 5 years, the risk cover starts one month before the second policy anniversary. If death occurs during 1 year and 11 months following the date of commencement of the policy, 105% of total premiums paid (till the date of death). Upon commencement of the risk cover, the death benefit payable is same as applicable for policyholder with entry age 5 years and above.
     

    The amount payable as Death Benefit is reduced by the outstanding loan amount, accumulated interest and due premiums with interest, unpaid premiums in the Policy Year when death occurs (when Premium Frequency is other than Annual).

Maturity Benefit

    Sum Assured on Maturity plus Cumulative Guaranteed Accrual Additions (CGAA) is payable on maturity of the policy.
     

    Sum Assured on Maturity = Premium Paying Term*Annualized Premium. Sum assured on maturity is payable in 5 equal annual installments, starting from the date of maturity.
     

    CGAA is payable as a lump sum along with the first installment at the date of maturity.
     

    If opted for lump sum maturity amount, the future installments are payable at a discounted rate of 6% per annum.
     

    Large Premium Benefit

    Additional Rs 5000/Rs 10,000/Rs 15,000/Rs 20,000/Rs 20,000 is payable on maturity for policy term 10/15/20/25/30 years respectively. This benefit is payable per Rs 20,000 premium amount exceeding the annual premium of Rs 40,000.

Guaranteed Accrual Additions

    Guaranteed Accrual Additions (GAA) depends on policy term, premium paying term, annualized premium, entry age and gender of the life insured. GAA is accrued at starting of every year from the 9th policy year till maturity and it is payable on maturity or death.

Loan Benefit

    The loan amount that can be availed is up to 90% of surrender value.

Surrender Value

    Surrender Value payable is higher of Special Surrender Value or Guaranteed Surrender Value. For 5/7 pay, Surrender Value can be acquired on payment of at least 1st full policy years’ premium. For 10/12 pay, Surrender Value can be acquired on payment of at least first 2 full policy years’ premium. On surrendering, the surrender value is paid immediately and the policy gets terminated.

Tax Benefit

    Premium paid under this policy is eligible for tax benefits under section 80C, Premium paid for Critical Illness Rider under section 80D, & surrender/maturity/death benefit can get tax benefits under section 10 (10D) of the IT Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 91 Days 55 Years
Age at Maturity 18 Years 70 Years
Policy Tenure 10/15/20/25 Years 30 Years
Premium Paying Term 5/7/10 Years -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 15,000 (annually), Rs 8,000 (semi Annually), Rs 4,000 (quarterly), Rs 1,500 (monthly) No Limit
Sum Assured Rs 1,65,000 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 - Payor Waiver Benefit Rider
  • Edelweiss Tokio Life - Term Rider
  • Edelweiss Tokio Life - Waiver of Premium Rider

How the Plan Works?

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

Mr. Raman at 30 years of age, want to maximize the wealth, so he can fulfill the long term financial goals. He also wants to ensure financial protection for the family. He decides to buy Edelweiss Tokio Life –GCAP Plan with policy term of 20 years, Rs 10 Lacs sum assured, and pays Rs 1 Lac annual premium for 10 policy years.
 

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the end of the policy term, the first installment of Rs 2 Lacs as a lump sum plus guaranteed accrual additions plus large premium benefit. The rest amount is payable as 4 annual installments of Rs 2 Lacs each, as maturity benefit.
 

Edelweiss Tokio Life -GCAP


Scenario B: Raman dies during the Policy Term

In the event of demise of Mr. Raman during the 15th policy year, a lump sum amount of Rs 10 Lacs or above plus guaranteed accrual additions is payable as the death benefit to the nominee. This payout provides financial cover for the family.
 

Edelweiss Tokio Life -GCAP Plan