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Edelweiss Tokio Insurance Plans

Guaranteed Income Plan Insurance

This is a regular pay, endowment assurance plan offering guaranteed tax free income. With regular payouts, this Guaranteed Endowment Assurance Plan ensures a higher liquidity for a longer period of time at maturity and is a comprehensive combination of protection and security for the insured and his/her family.
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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

Guaranteed Income Plan Insurance Overview

  • Key Features
  • Eligibility
  • Benefit Description

Features of Guaranteed Income Plan Insurance

Below are some of the important features of Guaranteed Income Plan:
  • Simplified product structure for easy understanding
  • Pay premium for 15 years and get benefit for the next 15 years
  • Assured benefit at maturity of 200% of each premium paid
  • Loan facility is available to meet unforeseen needs
  • Start to save for loved ones/family members when they are still very young (as early as age of 3 years)
  • Enhance benefits and coverage by adding various riders
  • Option to receive maturity benefit payments as a lump-sum amount
  • Tax Benefits : Avail tax benefits under Section 80C and Section 10 (10D) of Income Tax Act, 1961

Eligibility Criteria of Guaranteed Income Plan Insurance

Eligibility Minimum Maximum
Entry Age of Life Insured (last birthday) 3 years 50 years
Maturity Age (last birthday) 18 years 65 years
Policy Term 15 years
Premium Paying Term (PPT) 15 years
Payout Period 16th - 30th year from policy commencement date
Premium Payment Frequency Annual
Minimum Premium Age 3 to 35: Rs 30,000 No Limit
Age 36 to 40: Rs 40,000
Age 41 to 45: Rs 50,000
Age 46 to 50: Rs 60,000
Minimum Sum Assured Rs 4,83,630 No Limit, subject to underwriting

Benefit Descriptions of Guaranteed Income Plan Insurance

Death Benefit
  • Policy Year 1-15
    A lumpsum benefit equal to – Highest of
    • 10 times of annualized premium* or
    • 125% of annualized premiums paid till date of death or
    • Lumpsum amount available at maturity i.e. end of policy year 15
    (* - Excluding extra premium and rider premium)
    Policy will terminate after the payment of lumpsum

  • After the policy term (during payout period)
    If death occurs after the policy term then Maturity benefit will continue to be paid as per schedule i.e. 200% of the annual premium will continue to be paid during the remaining payout period.
Maturity Benefit On survival of the life assured till maturity, 200% of the annual premium (excluding rider premium and extra premium) will be paid at the end of each year during the payout period.

After maturity of the policy, if the policyholder/nominee wishes to get the discounted value of outstanding future survival benefits as lump sum during any of the payout year then the discounted value calculated by using the discount rate of 9% per annum will be payable.
Benefits for Paid Up Policies If premium is not paid even after the grace period after first two policy years’ full premium payment then the policy may continue as a ‘Paid-up’ policy. The benefits are then revised to:

Maturity Benefit
Benefit during payout period = (Number of premiums paid/ 15) * 200% * annualized premium (excluding rider premium and extra premium)

At maturity if the policyholder wishes to get the maturity benefit as a lump sum, the lump sum maturity benefit would be (Number of premiums paid/ 15 * 16,121) per thousand Annualized Premium (excluding rider premium and extra premium).

Policy will terminate after the payment of lumpsum.

Death Benefit
If death occurs any time during the policy term then following death benefit which is lumpsum benefit offered will be equal to – Highest of
  • 10 times of annualized premium* (Number of premiums paid/ 15) or
  • 125% of annualized premiums paid * (policy year of death/15) or
  • Lumpsum amount available at maturity* (Number of premiums paid/15)
(* - Excluding extra premium and rider premium)
Surrender Value The Policy can be surrendered provided that at least premium for two policy years has been paid by the policyholder.

On surrender anytime, surrender value, if any, will be immediately paid and policy will be terminated.

The surrender value payable is higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Policy Loan Policy loan is available once policy acquires surrender value. Maximum loan amount available is 90% of surrender value offered by the Company. Interest will be charged on the outstanding loan amount at a rate declared by the Company from time to time based on then prevailing market conditions and will be equal to “SBI Base rate + 1.75%”. Changed interest rate will be applicable for new loans only.

For reduced paid-up policies, if at any point of time the outstanding loan amount is equal to or exceeds the surrender value, then the policy shall be terminated without value. Prior to this, the Company will notify when the outstanding loan amount is 95% of the surrender value and will give an opportunity to repay all or part of the outstanding loan amount.

On death of the life assured or surrender of the policy the outstanding loan amount will be recovered from the benefit payable and rest of the benefit amount, if any, will be paid.

On maturity of the policy if there is any outstanding loan amount*, then the insured will be notified of the same and if the insured does not repay the outstanding amount within 3 months of maturity then the outstanding loan amount will be reduced from the discounted value (at the rate of 9%) of the future survival benefit. The remaining value of the discounted future survival benefit, if any, will be payable to You as lump-sum and policy will be terminated.

(*- Where ‘Outstanding loan amount’ is equal to the outstanding principal amount plus accumulated interest)
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:
  • Income Benefit Rider : This rider will make sure that the insured’s family has a backup source of monthly income even in the insured’s absence.
  • 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 Insured continues 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.
Free Look / Grace Period 15 / 30 days

Brochure

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Policy wordings

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