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Edelweiss Tokio Life – Guaranteed Income Plan

What is the Plan all About?

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.

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What are the Key Features?

  • Guaranteed maturity benefits as 200% of annual premium paid
  • Avail life cover
  • Premium payment for 15 years
  • Loan facility available
  • Option to receive maturity benefit as lump sum
  • Save for your loved ones
  • Simplified product structure
  • Choose riders to enhance benefits

What are the Plan Benefits?

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 (16th to 30th 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 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.

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.

Who can Buy the Plan?

Factor Minimum Maximum
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 -
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 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

How the Plan Works?

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.

 

Edelweiss Tokio Life – Guaranteed Income Plan


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.

Edelweiss Tokio Life – Guaranteed Income Plan 1