Edelweiss Tokio Insurance Plans

Single Pay Endowment Assurance Plan

Single Pay Endowment Assurance Plan is an Endowment Plan where the insured gets to pay a single premium and get maturity benefit along with protection. This is a non-linked non-participating single premium endowment life insurance plan specifically for wealth enhancements while also providing comprehensive cover for the insured and his/her family at maturity.
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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

Single Pay Endowment Assurance Plan Overview

  • Key Features
  • Eligibility
  • Benefit Description

Features of Single Pay Endowment Assurance Plan

  • Get guaranteed amount on Maturity.
  • Avail comprehensive life insurance cover ranging between 1.25 times to 10 times of single premium.
  • Loan facility is available to meet unforeseen needs.
  • Option to make your cover more comprehensive through riders.
  • Tax Benefits: The insured can avail income tax benefits on the premiums paid and on the benefits received as per the prevailing income tax laws.

Eligibility Criteria of Single Pay Endowment Assurance Plan

Policy Term 10 / 15 years
Premium Paying Term Single Pay
Premium Payment Frequency Single
Minimum Premium Rs. 40,000
Maximum Premium No Limit, subject to board approved underwriting policy
Minimum Sum Assured on Death Option A: Rs. 4,00,000
Option B: Rs. 50,000
Maximum Sum Assured on Death No Limit, subject to board approved underwriting policy
(All in Years) Policy Term Death Benefit Option A Death Benefit Option B
Minimum Entry Age of Life Insured (last birthday) 10 Years 8 8
15 Years 3 3
Maximum Entry Age of Life Insured (last birthday) 10 Years 40 70 10 Years 40 40
15 Years 35 65
Minimum Maturity Age (last birthday) 10 / 15 Years 18 18
Maximum Maturity Age (last birthday) 10 Years 50 80
15 Years 50 80
Sum Insured for Minors Premium Band Single Premium Range (Rs.)
Band 1 40,000 – 99,999
Band 2 1,00,000 – 2,49,999
Band 3 2,50,000 – 9,99,999
Band 4 10,00,000 – 24,99,999
Sum Insured on Maturity for Female Lives For Policy Term of 10 Years
  • For Age less than or equal to 10: Sum Assured on Maturity as applicable for Male of same age
  • For Age 11 and above: Sum Assured on Maturity as applicable for 3 year younger Male
For Policy Term of 1 Years
  • For Age less than or equal to 5: Sum Assured on Maturity as applicable for Male of same age
  • For Age 6 & above: Sum Assured on Maturity as applicable for 3 year younger Male

Benefit Descriptions of Single Pay Endowment Assurance Plan

Death Benefit Sum Assured on Death is higher of:
  • 125% of the Single Premium or
  • Guaranteed Sum Assured on Maturity or
  • Any absolute amount assured to be paid on death
Guaranteed Sum Assured on Maturity is the Sum Assured on Maturity.

The insured can choose between the following two (2) death benefit options:

Option A : The absolute amount payable on death as per (iii) above is equal to 10 times the single premium.
Option B : The absolute amount payable on death as per (iii) above is equal to Sum Assured on Maturity.
Maturity Benefit Sum Assured on Maturity will be payable
Surrender Benefit The policy can be surrendered anytime during the policy term. On surrender of the policy the surrender value is payable.

The surrender value payable is higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Policy Loan Policy loan is available once it 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 (minimum rate at which SBI lends) + 1.75%”. Charged interest rate will be applicable for new loans only.
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 :
  • 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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