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Edelweiss Tokio Life - Cash Income Plan

What is the Plan all About?

Edelweiss Tokio Life – Cash Income is a Guaranteed Whole Life Insurance Plan that helps you to meet wealth accumulation needs, so you can plan for a regular income in the future. This plan provides a regular monthly payout from the 21st policy year onwards. Not only this, the initial monthly payout increases at simple rate of 6% per annum and it is payable till the 40th policy year. You will also receive a lump sum amount at the end of the 40th policy year.

What are the Key Features?

  • Avail guaranteed benefits
  • Protection till 100 years of age
  • Premium payment for 20 years
  • Increase in life cover during first 40 years
  • Assured money-back from 21st till 40th policy year
  • Guaranteed lump sum at the end of 40th policy year
  • Loan facility to meet unforeseen needs
  • Attach riders to enhance benefits
  • Tax benefits

What are the Plan Benefits?

Death Benefit

    Following is the death benefit payable:
     

    For Life Insured with entry age below 5 years

    For the minor, when the entry age is below 5 years, the risk cover will commence one month before the 2nd policy anniversary. In the event of death during the first 1 year and 11 months of the policy, 105% of total premiums paid till the date of death is payable. After completion of 1 year and 11 months from the date of commencement of the policy, the death benefit is the same as for entry age of 5 years and above.
     

    For Life Insured with entry age of 5 years & above

    For life insured with the entry age of 5 years and above, the death sum assured, irrespective of survival benefit already paid, is either equal to or higher than of 10 times of annualized premium, or 105% of premiums paid till date of death, or minimum guaranteed sum assured on maturity or absolute amount assured to be paid on death.

Survival Benefit

    • Cashback:  From the 21st policy year, the plan provides a regular payout increasing at a simple rate of 6% per annum. The payout is made on monthly basis wherein the payout amount is equally distributed over the 12 months of each policy year.

      The payout in the 21st policy year is equal to one annualized premium (for each month, it is 8.33% of annualized premium), in 22nd policy year it will be 106% of annualized premium, it will be 112% of annualized premium in 23rd policy year and so on. The payout in the 40th policy year will become 214% of annualized premium.

      Cashback ceases after completion of the 40th policy year.
       
    • Lump Sum Benefit: On survival of the life insured till the end of 40th policy year, a lump sum amount as 150%/120%/100% of sum assured is payable, when the entry age of life insured is 91 days to 20 years/21 to 40 years/41 to 50 years, respectively.
    • Maturity Benefit: A lump sum amount equal to 100% of Sum Assured is payable on survival till maturity i.e., 100 years of age.

Bonus

    No bonus is applicable, as it is a non-participating insurance plan.

Loan Benefit

    You can avail loan benefit up to 90% of the surrender value.

Surrender Value

    The surrender value can be acquired on payment of all due premiums for at least first three policy years. The surrender value payable is the higher of Guaranteed Surrender Value or Special Surrender Value.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 91 Days 50 Years
Maturity Age - 100 Years
Policy Tenure (100 Minus Age At Entry) Years -
Premium Paying Term 20 Years -
Premium Paying Mode Annually, Semi Annually & Monthly -
Sum Assured Rs 2,65,000 No Limit (subject To Underwriting)
Premium Amount Rs 25,000 No Limit
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?

This plan offers following riders, 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 – Waiver of Premium Rider
  • Edelweiss Tokio Life – Term Rider
  • Edelweiss Tokio Life – Critical Illness Rider
  • Edelweiss Tokio Life – Payor Waiver Benefit Rider

Is the Plan, eligible for Tax Benefit?

This plan offers tax benefits under section 80C & section 10 (10D) of Income Tax Act, 1961. The premium paid for Critical Illness Rider is also eligible for tax deduction under section 80D of the Income Tax Act, subject to prevailing tax laws.

How the Plan Works?

Rajiv at 30 years of age, is planning for his retirement and looking for a plan that can ensure wealth accumulation that can help you receive a regular income in the future. He thus decides to buy Edelweiss Tokio Life – Cash Income with the policy term of 70 years, premium payment term of 15 years, and sum assured is Rs 10.6 Lacs with annual premium of Rs 1 Lac.
 

Scenario I: Rajiv survives till 100 years

On Rajiv’s survival till maturity, cashback is payable from the 21st policy year till the 40th policy year with payout increasing at a simple rate of 6% per annum. On survival of the life insured till the end of 40th policy year, 120% of sum assured is payable. At maturity, a lump sum amount equal to 100% of Sum Assured i.e., Rs 10.6 Lacs is payable.
 

Scenario II: Rajiv dies during the Term of the Policy

In the event of the demise of Rajiv at 80 years of age, the death sum assured of Rs 21.2 Lacs is payable.
 

Benefit Illustration:
 

Edelweiss Tokio Life Cash Income Plan Benefit Illustration