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Edelweiss Tokio Life – Guaranteed Income Plan is a non-participating, non-linked, regular pay endowment assurance plan that ensures guaranteed annual income for 15 years after maturity of the policy. This plan also provides protection for your family, in case of your untimely death.BUY NOW
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 (16th to 30th year), the maturity benefit for the remaining payout period is then payable to the nominee.
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 16th to 30th 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.
The maximum loan amount available under this policy is 90% of 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.
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.
|Age (as on last birthday)||3 Years||50 Years|
|Age at Maturity||18 Years||65 Years|
|Policy Tenure||15 Years||-|
|Premium Paying Term||15 Years||-|
|Premium Paying Mode||Annually Only||-|
|Premium Amount||Rs 30,000 (age 3 To 35 Years), Rs 40,000 (age 36 To 40 Years), Rs 50,000 (age 41 To 45 Years), Rs 60,000 (age 46 To 50 Years)||No Limit|
|Sum Assured||Rs 4,83,630||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||-|
Following riders can be opted under this plan, on payment of additional rider premium.
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 16th to 30th 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 8th 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.