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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.BUY NOW
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.
Guaranteed Maturity Benefit (depending on age, gender, & premium band) is payable at the end of the policy term.
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 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.
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.
|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||-|
Following riders can be opted under this plan, on payment of additional rider premium.
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.
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.