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Edelweiss Tokio Edusave Child Plan Insurance

EduSave is a unique Children’s plan from Edelweiss Tokio Life catering to the need of an insured’s child’s education and marriage planning. A Non-Linked Participating Life Insurance endowment plan, it is designed to cater to securing a financially stable future for their children. Parents have dreams for their children’s education &future including marriage. And Edusave is there to turn these dreams into reality.
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Edelweiss Tokio Life insurance review

Edelweiss Tokio Insurance Plans
Distribution - Number of branches pan India (March 2019)
123
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
25 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/62
Solvency Ratio (FY 2018-19) *
2.29
Number of Policies Sold (Ind+Group) *
79,913
Number of Lives Covered (Ind+Group) **
266,160
Claims Settlement Ratio (Ind+Group) ***
98.41%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Edelweiss Tokio Edusave Child Plan Insurance overview

  • Key Features
  • Eligibility
  • Benefit Description

Features of Edusave Child Plan Insurance

  • Get double protection against unforeseen events
    • Lump sum amount on pre-mature death provides a readjustment cushion to the family
    • Maturity benefit protected even when the life insured is no more
  • Get additional benefits through Bonus which continues to accrue till maturity even in case of death oflife insured during the term
  • Various payout plans on maturity to allow you to plan the benefits as per your requirements.
  • Flexibilityis provided to change the plan in case the requirements undergo a change in future.
  • Multiple options of policy term and premium paying term to suit your requirements
  • Get discount on premium for large sum assured
  • Loan facility to meet any urgent / unforeseen liquidity requirements
  • Option to make your cover more comprehensive through riders

Eligibility criteria of Edusave Child Plan Insurance

Minimum Entry Age (Last birthday) 18 years
Maximum Entry Age (Last birthday) 45 Years
Maximum Maturity Age (Last birthday) 60 Years
Policy Term 10 to 30 Years
Premium Paying Term (PPT)
Policy Term Entry Age Premium paying term
10 18 - 40 pay Regular pay
11 - 14 18 - 45 Regular pay
15 18 – 45 Regular pay, 10 pay
16 - 30 18 – 45 Regular pay, 10 pay, Policy Term less 5 years
Premium Payment Frequency
  • Annual - 100% of annual premium
  • Semi-annual - 51.2% of annual premium
  • Quarterly - 26.0% of annual premium
  • Monthly - 8.8% of annual premium
Minimum Premium Rs. 6,968
Minimum Sum Assured Rs 2,25,000
Maximum Sum Assured No Limit, subject to underwriting
Discounts Available for Discount per 50,000 SA exceeding Rs. 250,000
Higher Sum Assureds
PT/ PPT 10 Pay Regular Pay Policy Term less 5 years
10 - 14 NA 150 NA
15 - 19 200 165 190
20 - 24 250 180 200
25 - 29 300 190 210
30 400 200 220
Discount for Female Lives
  • Up to Age 21 : Same as Male Rate of age 18
  • Age 22& above : Same rate as 3 year younger Male

Benefit description of Edusave Child Plan Insurance

Death Benefit
  • Sum Assured will be payable immediately to Nominee/Legal heir
  • Waiver of all future premiums
  • Reversionary Bonus continues to be accrued till maturity
  • Policy continue till maturity date and Maturity Benefit (Sum Assured plusaccrued bonuses) will be paid at maturity to beneficiary/nominee
Maturity Benefit The maturity benefits comprises of two parts.
  • Sum Assured payable in pre-defined instalments and
  • The Accrued Bonuses
Premium Discontinuance On premium discontinuance before three years’ full premium payment, the policy will be lapsed and no surrender valueor paid-up value will be payable.
On premium discontinuance after first three policy years’ full premium payment, the policy will acquire paid-up status andpaid-up benefits as given below will be payable.
Paid Up Benefits If the premiums for the first three policy years have been fully paid and at any point thereafter if the policy lapses (non-payment of premium within the grace period)then the policy will continue as a ‘Reduced Paid-up’ policy for a reducedSum Assured (Paid-up Sum Assured).
Paid-up Sum Assured will be calculated as given below: Paid-up Sum Assured = (Number of premiums paid/ Number of premiums payable) *Sum Assured.
On the policy being reduced paid-up, the benefits payable like Death Benefits, Maturity Benefit and Bonus are arrived at as per the terms and conditions of the policy.
Surrender Benefit The policy acquires surrender value if all the premiums have been paid in full for at least first three policy years.
Onsurrender, the surrender value, if any, will be immediately paid and policy will be terminated.
Loan Benefit Policy loan is available once it acquires surrender value. Maximum loan amount available is 90% of surrender valueoffered by the Company. Interest will be charged on the outstanding loan amount at a rate declared by the Company fromtime to time based on then prevailing market conditions and will be equal to “SBI Base rate(minimum rate at which SBIlends) + 1.75%”.
Enhanced Protection through Riders A rider is an add-on provision to the base plan. Riders can help in making the plan more comprehensive by paying an additional premium. Riders can be added at the inception of the policy or at policy anniversary during the Policy Term subject to underwriting and terms and conditions of the riders and the product.
Following riders are available with this plan:
  • Payor Waiver Benefit Rider : This rider waives future premiums in case of death, Critical Illness or total and permanent disability due to accident of the proposer (payor) so that the Life Insuredcontinues to get the benefits.
  • Accidental Death Benefit Rider : This rider provides for additional financial security in case any death occurs due to accident. Also, the benefit is payable in lumpsum.
  • Accidental Total and Permanent Disability Rider : This rider provides the insured with a lump sum to cater to any immediate expenses in case the insured’s income earning capacity is hindered due to an accidental disability (total & permanent).
  • Term Rider : This rider provides the insured with a lumpsum amount in addition to the base plan cover to provide increased security to the dependent family.
  • Waiver of Premium Rider : This rider waives of future premiums in case the insured suffers from Critical Illness or total and permanent disability due to accident.
  • Critical Illness Rider : This rider provides the insured with a lumpsum to cater to any immediate expenses in case the insured’s income earning capacity is hindered in the event of critical illness.
  • Hospital Cash Benefit Rider (available with regular pay only) – This rider provides the insured with a hospital cash benefit during hospitalisation.
Free Look / Grace Period 15 / 30 days
Grace Period 30 days

Brochure

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Policy wordings

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