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Edelweiss Tokio Life – Single Pay Endowment Assurance Plan

What is the Plan all About?

Edelweiss Tokio Life – Single Pay Endowment Assurance Plan is a non-participating & non-linked life insurance plan that helps build long term savings, so there is no roadblock in fulfilling your family’s dreams. This plan also provides a life cover that ensures financial security for your family, if something unfortunate happen to you.

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What are the Key Features?

  • Guaranteed amount on maturity
  • Get the comprehensive cover
  • Single premium to get policy coverage
  • Avail loan facility
  • Choose riders to enhance coverage
  • Avail tax free returns

What are the Plan Benefits?

Death Benefit

    In the event of demise of the life insured during the policy term, the sum assured equal to 10 times of single premium is payable to the nominee. In case of death of minor life, the death benefit is paid to the proposer.

Maturity Benefit

    Guaranteed Maturity Benefit (depending on age, gender, & premium band) is payable at the end of the policy term.

Loan Benefit

    Up to 90% of surrender value is payable as the loan amount. The interest charged on the loan amount is equal to ‘SBI Base Rate+1.75%’.

Surrender Value

    Surrender value can be acquired after payment of all the due premiums for at least first policy year. From 2nd policy year, the surrender value is payable as applicable.

Tax Benefit

    Premium paid under this plan provides tax benefits under section 80C, surrender/maturity/death benefit is eligible for tax benefits under section 10 (10D), & premiums paid towards critical illness rider can avail tax benefits under section 80D of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years 50 Years
Age at Maturity - 60 Years
Policy Tenure 10 Years -
Premium Paying Term Single Pay -
Premium Paying Mode Single -
Premium Amount Rs 40,000 No Limit (subject To Underwriting)
Sum Assured Rs 4 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 Total and Permanent Disability Rider
  • Edelweiss Tokio Life - Accidental Death Benefit Rider
  • Edelweiss Tokio Life - Critical Illness Rider
  • Edelweiss Tokio Life - Term Rider
  • Edelweiss Tokio Life - Income Benefit Rider

How the Plan Works?

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

Mr. Raman at 35 years, wants to enhance his wealth, so he can fulfill his family’s dreams. Not only this, he also wants to provide financial protection for his family. He thus opts to buy Edelweiss Tokio Life – Single Pay Endowment Assurance Plan with policy term of 10 years, pays single premium for Rs 1 Lac with sum assured of Rs 10 lacs.
 

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the end of the policy term, the guaranteed maturity benefit is payable at the maturity of the policy. This maturity benefit can be utilized to fulfill his family’s dreams.

 

Edelweiss Tokio Life – Single Pay Endowment Assurance 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 of Rs 10 Lacs is payable as the death benefit to the nominee. This payout provides financial security for the family.
 

Edelweiss Tokio Life – Single Pay Endowment Assurance Plan 1