Edelweiss Tokio Life – Guaranteed Income Plan

Death Benefit

In the event of death of the life insured during the policy term, the death benefit as a lump sum is payable to the nominee/legal heir. This lump sum amount is the highest of 125% of annualized premiums paid (as on the date of death), 10 times of annualized premium, or Lumpsum amount available at maturity.
 

In case of death during the payout period (16^th to 30^th year), the maturity benefit for the remaining payout period is then payable to the nominee.

Maturity Benefit

In case of survival of the insured till end of the policy term, 200% of the annual premium is payable at the end of each year during 16^th to 30^th year. If you want to receive the outstanding maturity benefit as a lump sum at any time during the payout period, the discounted value @9% per annum discount rate is payable. The policy will terminate after payment of benefits as a lump sum.

Loan Benefit

The maximum loan amount available under this policy is 90% of surrender value.

Surrender Value

Surrender Value payable is higher of Special Surrender Value and Guaranteed Surrender Value. Surrender Value is acquired on payment of 2 full policy years’ premium. On surrendering, the surrender value is paid immediately and the policy is then terminated.

Tax Benefit

Under this policy, you can avail tax benefits under section 80C & 10 (10D) of the Income Tax Act. You can also avail tax exemption for premium paid towards Critical Illness Rider and Hospital Cash Benefit Rider under section 80D of the Income Tax Act, 1961.

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

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

Mr. Raman at 30 years, wants to buy a plan that can provide regular annual payouts plus ensures financial protection for the family. He opts to buy Edelweiss Tokio Life – Guaranteed Income Plan with Rs 20 Lacs sum assured chosen and policy term of 15 years, Rs 2 lacs annual premium payable for 15 years.
 

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the end of the policy term, Rs 4 Lacs as maturity benefit is payable annually from 16^th to 30^th year. This maturity benefit can help fulfill your family’s dreams.

Scenario B: Raman dies during the Policy Term

In the event of demise of Mr. Raman during the 8^th policy year, a lump sum amount of Rs 20 Lacs or above is payable as the death benefit to the nominee. This payout provides financial security for the family.