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Edelweiss Tokio MyLife Plus lumpsum Plan

What is the Plan all About?

With the increase in earning potential, people have led to the enhanced lifestyles. And, it is important for a sole earning member of the family to ensure that his family can maintain the same lifestyle and status even after his death. Edelweiss Tokio MyLife+ plan is a non-linked non-participating term plan that secures the financial future of your family. It is a great family protection plan available with affordable pricing. This plan provides the option to choose the death benefit as lump-sum payout plus the monthly income benefit to your family so they can easily meet their day to day expenses.

What are the Key Features?

Low cost term assurance plan

Flexibility to choose life cover up to the age of 80 years

Lump-sum benefit paid to nominee

Option to choose a monthly benefit

Choose riders to enhance the protection

Low premium rates for female lives

Buy the plan online

Option to chose a combination of lumpsum and monthly benefit

What are the Plan benefits?

  • Death Benefit (Lump Sum Benefit)

Under lump-sum benefit option, a lump-sum amount equal to the sum assured will be paid on the death of the life insured and policy will then liable to terminate.The sum assured in this policy will be higher of 10 times the annualized premium, or 105% of the annualized premiums. There is an option to take monthely income benefit under this plan.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 60 Years
Age at Maturity - 80 Years
Policy Tenure 10 Years 40 Years
Premium Paying Mode Annually Only
Sum Assured 25 Lacs No Limit (subject to underwriting)
Maturity Proceeds

Nil

Plan Type Online

Is any Rider Available with this Plan?

You may opt for the following riders(s):

 

Accidental Total and Permanent Disability Rider

This rider provides you with a lump sum to easily meet your immediate expenses in the event when your income earning capacity is stalled owing to the accidental (total & permanent) disability.

 

Accidental Death Benefit Rider

This rider provides an added financial security in the event of any accident. The benefit is payable in a lump sum.

 

Waiver of Premium Rider

This rider offers protection in the event of the accidental (total and permanent) disability or critical illness.

 

(Riders are optional and are available at an extra cost.)

Premium Illustration

Assuming you a 30 years old healthy mal, the premium you need to pay will be Rs. 5,880 for Sum Assured Rs. 50 lac and Policy Term 25 years.

 

Note: Hence, this is an illustration, the actual premium may vary. 

Is the Plan, eligible for Tax Benefit?

Edelweiss Tokio MyLife+ is eligible for Tax benefits as stated:

  • Premiums paid, qualify for tax benefits as per Section 80C of the Income Tax Act.
  • Death benefit(s) are entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

(Subject to the provision stated therein.)

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