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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.
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.
No bonus is applicable, as it is a non-participating insurance plan.
You can avail loan benefit up to 90% of the 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.
|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||-|
This plan offers following riders, on payment of additional rider premium:
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.
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.