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Edelweiss Tokio Life – Save N Prosper Plan

What is the Plan all About?

Edelweiss Tokio Life – Save n Prosper is a participating non-linked endowment assurance plan that helps accumulate wealth and you can achieve your long term financial goals. This plan also provides financial security for the family, when you are not around.

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What are the Key Features?

  • Get tax-free maturity benefit
  • Life cover
  • Opt appropriate rider(s) to enhance policy benefits
  • Avail loan benefit
  • Flexible policy tenure & premium paying term
  • Discount for higher Sum Assured
  • Premium discount for female lives
  • 90% of the surplus generated as bonus
  • Simplified product structure

What are the Plan Benefits?

Death Benefit

    Sum assured plus accrued bonuses is payable immediately, in the event of death of the life insured. Sum Assured during 1st to 5th policy year is 100% of initial sum assured. From 6th to 10th policy year, the sum assured increases by 5% (simple rate) of the initial sum assured.

Maturity Benefit

    Initial sum assured plus accrued bonuses is payable at the maturity of the policy.
     

    Sum assured applicable for death/maturity benefit is equal to or higher of 10 times of annualized premium, sum assured, minimum guaranteed sum assured on maturity, or 105% of the total premiums paid.

Bonus

    Bonuses (as applicable) are declared during the term of the policy.

Loan Benefit

    Loan facility is available up to 90% of the surrender value. The interest charged on the outstanding loan amount is equal to ‘SBI Base Rate+1.75%’.

Surrender Value

    Surrender Value payable is higher of Guaranteed Surrender Value and Special Surrender Value. Surrender Value is acquired on payment of all due premiums for at least 2 full policy years. On surrendering, the surrender benefit is paid immediately and the policy gets terminated.

Tax Benefit

    Premium paid for this policy is eligible for tax benefits under section 80C, policy proceeds under section 10 (10D), & premium paid for Critical Illness Rider and Hospital Cash Benefit Rider qualifies for tax benefits under Section 80D of the IT 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 35 Years
Premium Paying Term Regular Pay, Limited Pay 10 Years (for Policy Term 15 To 30 Years), Limited Pay 15 Years (for Policy Term 20 To 35 Years) -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 5824 (annually), Rs 3000 (semi Annually), Rs 1750 (quarterly), Rs 600 (monthly) No Limit (subject To Underwriting)
Sum Assured Rs 2 Lacs 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 - 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 ensure wealth accumulation along with the financial cover for his family. He thus opts to buy Edelweiss Tokio Life – Save n Prosper plan with policy term of 20 years, pays annual premium of Rs 40,720 for 10 years and the sum assured is Rs 5 Lacs.
 

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the end of the policy term, a lump sum of Rs 5 Lacs plus accrued bonuses is payable at the maturity of the policy. This maturity benefit can be utilized to achieve long term financial goals.

 

Edelweiss Tokio Life – Save n Prosper


Scenario B: Raman dies during the Policy Term

In the event of demise of Mr. Raman during the 12th policy year, a lump sum of Rs 6.25 Lacs plus accrued bonuses is payable as the death benefit to the nominee. This payout provides financial security for the family.

 

Edelweiss Tokio Life – Save n Prosper Plan