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Edelweiss Tokio Life – Milestones Plan

What is the Plan all About?

Edelweiss Tokio Life – Milestones Plan is a non-linked & a participating endowment assurance plan under which you can receive cash back at regular intervals to make the special milestones even more special. It helps you to achieve the objective of wealth accumulation. You will also receive a large payout at maturity along with the accrued bonuses.

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What are the Key Features?

  • Regular cash back at pre-determined policy years
  • Avail reversionary bonus every year
  • Flexibility to choose a policy term and cash back intervals
  • Enjoy Higher Sum Assured Discount
  • Add riders to make cover more comprehensive
  • Simplified product structure
  • Get tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of unfortunate demise of the life insured, 100% of sum assured plus accrued bonuses till the date of death is payable. The death benefit payable is irrespective of total survival benefit already paid.

Survival Benefit

    On survival of the life insured, cash back which is a percentage of the sum assured is payable.

    • For 16 year policy term, it is 20% payable at the end of 4th, 8th & 12th policy year.
    • For 20 year policy term, it is 15% payable at the end of 4th, 8th, 12th & 16th policy year.
    • For 25 year policy term, it is 15% payable at the end of 5th, 10th, 15th & 20th policy year.
    • For 30 year policy term, it is 15% payable at the end of 6th, 12th, 18th & 24th policy year.

Maturity Benefit

    In case of survival of the life insured till maturity, 40% of Sum Assured plus accrued bonuses till maturity is payable as a lump sum.

Bonus

    Accrued reversionary bonuses (as applicable) are payable under this policy.

Loan Benefit

    No loan can be availed under this policy.

Surrender Value

    Surrender Value payable is higher of Guaranteed Surrender Value and Special Surrender Value. Surrender Value can be acquired on payment of all premiums for at least 3 policy years.

Tax Benefit

    The premiums paid under this policy is eligible for tax benefit under section 80C, policy proceeds enjoy the tax benefit under section 10 (10D) of the Income Tax Act. You can also avail tax benefit for premium paid towards critical illness riders under section 80D of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 12 Years (For 30 Year Policy Term), 13 Years (For 25 Year Policy Term), 14 Years (For 16/20 Year Policy Term) 30 Years (For 30 Year Policy Term), 35 Years (For 25 Year Policy Term), 40 Years (For 20 Year Policy Term), 44 Years (For 16 Year Policy Term)
Age at Maturity - 60 Years
Policy Tenure 16/20/25 Years 30 Years
Premium Paying Term 12 Years (For 16 Year Policy Term), 16 Years (For 20 Year Policy Term), 20 Years (For 25 Year Policy Term), 24 Years (For 30 Year Policy Term) -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount - -
Sum Assured Rs 2,50,000 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/15 Days ( For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

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

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

How the Plan Works?

Hitesh is looking to buy a plan that can ensure regular cash back at specific milestones plus maturity payout along with the life cover. He at the 30 years of age thus decides to buy Edelweiss Tokio Life – Milestones Plan with the policy term of 25 years and premium pay term of 20 years, pays annual premium of Rs 54,000 and the sum assured is Rs 10 Lacs.

Scenario A: Hitesh Survives the Policy Term

On survival of Hitesh, he receives regular cash back of 15% of sum assured payable at the end of 5th, 10th, 15th & 20th policy year. If he survives till the maturity of the policy term, 40% of Sum Assured plus accrued bonuses is also payable as a lump sum.

Scenario B: Hitesh dies during the Term of the Policy

In the event of the demise of Hitesh at 22nd policy year, 100% of sum assured plus accrued bonuses till the date of death is payable as a lump sum.

Premium Illustration:

Edelweiss Tokio Life Milestones Plan Premium Illustration