Edelweiss Tokio Insurance Plans

Smart Life Investment Insurance

This is a Non-Linked Participating Endowment Life Insurance Plan that keeps pace with an individua's changing lifestyle. It offers the insured increased benefits, protects their family from financial uncertainties and ensures that the insured is always a step forward from your financial worries. The Smart Lifestyle plan, helps grow the insured’s wealth through regular bonuses and additions that also increase the financial protection.
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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

Smart Life Investment Insurance Overview

  • Key Features
  • Eligibility
  • Benefit Description

Key Benefits of Smart Life Investment Insurance

  • Loyalty Sum Assured : A unique feature which increases the Sum Assured every 5 years in the policy
  • Maturity Benefit : At the end of your policy term, the insured will receive Maturity Benefits
  • Tax Benefits : Under Section 80C and Section 10 (10D) of Income Tax Act, 1961
  • Bonus and Additions : The insured’s benefits (if any) are enhanced with increased Bonuses and Guaranteed Additions
  • Death Benefit : On death of the Life Insured during the policy term, the nominee will receive the Death Benefit based on the option chosen
  • Multiple Policy Terms and Premium Paying Terms: Ample flexibility to design a plan in terms of multiple Policy Term and Premium Paying Term options. Pay as per convenience and receive benefits as per the insured’s financial goals
  • A life insurance product to address multiple needs of
    • Family Protection
    • Wealth Accumulation

Eligibility Criteria of Smart Life Investment Insurance

Particulars Base Option Family Protection Option*
Minimum Entry Age (last birthday) 1 years 18 years
Maximum Entry Age (last birthday) 50 Years 40 Years
Minimum Maturity Age (last birthday) 18 Years 28 Years
Maximum Maturity Age (last birthday) 70 Years 60 Years
Policy Term/Premium Paying Term (PPT) PPT (years) Policy Term (years)
5 10 to 20
7 10 to 20
10 15 to 20
12 15 to 20
Minimum Sum Assured on Maturity (₹, Rs) 1,00,000
Maximum Sum Assured on Maturity (Rs.) No limit, subject to underwriting
Premium Paying Mode Annual, Semi-Annual, Quarterly, Monthly
Minimum Annualised Premium (Rs.) Mode/ PPT (years) 5 7 10 12
Annual 36,000 36,000 24,000 24,000
Semi - Annual 72,000 72,000 48,000 48,000
Quarterly 72,000 72,000 48,000 48,000
72,000 72,000 48,000 48,000
Maximum Premium (Rs.) No limit, subject to underwriting

Benefit Descriptions of Smart Life Investment Insurance

Death Benefit Under Base option : If the Life Insured dies during the policy term while the policy is in-force, the sum of the following shall be payable and the policy will terminate
  • Sum Assured on Death, which is higher of
    • 10 times the Annualised Premium or
    • Sum of Sum Assured on Maturity and Loyalty Sum Assured on Maturity
    • Any absolute amount* assured to be paid on death
  • Accrued Guaranteed Addition
  • Accrued Reversionary Bonus, if any
  • Terminal Bonus, if any
The Death Benefit payable will not be less than 105% of total premiums paid as on date of death.

On payment of the above benefit, the policy will terminate and all rights, benefits and interests under the policy shall cease to apply.

Under Family Protection Option : If the Life Insured dies during the policy term while the policy is in-force, Sum Assured on Death shall be payable immediately. The death benefit payable will not be less than 105% of total premiums paid as on date of death.
Loyalty Sum Assured As the plan progresses, the Loyalty Sum Assured gets added to the policy without any change in premium amount. This will accrue at the end of every 5 policy years starting from the end of 5th policy year as mentioned in the table below:
At the end of policy year Loyalty Sum Assured as percentage of Sum Assured on Maturity
5th 10%
10th 15%
15th 20%
20th 25%
Maturity Benefit On maturity date, while the policy is in-force, the sum of the following shall be payable:
  • Sum Assured on Maturity
  • Loyalty Sum Assured on Maturity
  • Accrued Guaranteed Addition
  • Accrued Reversionary Bonus, if any
  • Terminal Bonus, if any
On payment of above benefit, the policy will terminate and all rights, benefits and interests under the policy shall cease to apply.
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.
Large Premium Discount With Edelweiss Tokio Life – Smart Lifestyle, we reward you with a premium discount if you trust us with high premium. The applicable large premium discount is as per table below:
PPT PT Annualized premium Discount
5 pay, 7 pay 10 – 14 years Annualized premium >= 72,000 2.0%
5 pay, 7 pay 15 – 20 years Annualized premium >= 72,000 3.0%
10 pay, 12 pay All Annualized premium >= 48,000 3.0%
Loan Benefit A life insurance policy should be handy for the insured in case of any adverse financial emergencies and this plan is designed to meet just that, whereby he/she can avail a loan under the policy once the policy acquires surrender value.

The maximum loan amount is 80% of Surrender Value applicable under the policy when a request for a loan is received less any outstanding policy loan plus accumulated/accrued interest, if any, on that date.
Surrender Benefit For the premium paying term of 5 and 7 years, the policy will acquire Surrender Value only from second policy year provided the insurance company has received full premiums for the first two policy years.

For the Premium Paying Term of 10 and 12 years, the policy will acquire Surrender Value only from third policy year, provided the insurance company has received full premiums for at least first three policy years.

On Surrender, the policy shall be terminated and all the benefits under the policy shall cease to apply. On Surrender of the policy, the insurance company will pay the higher of Guaranteed Surrender Value or Special Surrender Value.
Free Look / Grace Period 15 / 30 days

Brochure

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Policy wordings

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