Edelweiss Tokio Insurance Plans

Edelweiss Tokio HealthShield+ Insurance

HealthShield+ is an insurance plan built to fight against cancer and heart illness . In case an individual is diagnosed with a form of cancer or a heart related ailment, the insurance company ensures that the insured and their family getthe required support to manage their day-to-day expenses as well as the treatment expenses through the benefits of the policy.
A Non-Linked, Non-Participating Fixed Benefit Health Insurance Plan, HealthShield+ was built taking into consideration the possibility that maybe cancer can win, in which case the term trigger benefit helps to provide for the insured’s family after they are not around. Under this plan, one can claim for a minor condition related to your heart or cancer detection and later for major condition of cancer or heart disease.
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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 HealthShield+ Insurance overview

  • Key Features
  • Eligibility
  • Benefit Description

Features of HealthShield+ Insurance

The salient features of this plan include:
  • Multiple Plan Options: This plan offers the flexibility to choose from 3 options: Under all these options, lumpsum benefit is provided on incidence of minor and major conditions to take care of loss of income as well as medical costs.
    • Option A - Cancer Cover
    • Option B –Heart Ailment Cover
    • Option C –Cancer &Heart Ailment Cover
  • Term Trigger Benefit: With this benefit the insured will be provided life cover even after the major condition has been diagnosed. This benefit ensures that the insured’s family is financially secure at a time when they require it the most.
  • Survival Benefit : Get separate payouts on survival of a minor and major degree of illness
  • Return of Premium Option Benefit : Opting for this benefit will provide the following added advantages
    • The insured will not only be covered against heart and/or cancer ailments
    • All premiums paid by the insured minus any claim(s) paid, will be returned on maturity
    • This benefit can only be selected with Option A – Cancer Cover. However, it can’t be selected if Term Trigger Benefit isselected.
  • Waiver Of Premium Option : Get an exemption from paying premiums in the event of a minor diagnosis.
  • Tax Benefits : Avail tax benefits by purchasing HealthShield+

Eligibility criteria of HealthShield+ Insurance

Minimum Entry Age (Last Birthday)
  • Option A - 0 years
    • 18 years if opted with Term Trigger
    • 3 years if opted with Return of Premium Benefit
  • Option B &C - 18 years
Maximum Entry Age (Last birthday) 65 Years
Maximum Maturity Age (Last birthday)
  • Option A: 80 years
  • Option B & C: 70 years
Minimum Policy Term
  • For Plan Option A - 10 years
  • For Plan Option B & C - 5 years
Maximum Policy Term
  • Option A: 60 years
  • Option B & C: 40 years age
Premium Paying Term (PPT) Regular Pay: Equal to Policy Term
Premium Payment Frequency Annually, Semi-Annually, Quarterly, Monthly
Minimum Critical Illness Sum Assured Rs. 5,00,000
Maximum Critical Illness Sum Assured Rs. 50,00,000
Minimum Premium
Mode Minimum Premium
Monthly 200
Quarterly 400
Semi-Annual 600
Annual 1,000
Maximum Premium Based on age, maximum Critical Illness Sum Assured & policy term

Benefit description of HealthShield+ Insurance

Option A – Cancer Cover Critical Illness Benefit
  • Minor Condition: On diagnosis of Early Stage Cancer or Carcinuma in Situ (CiS) during thepolicy term while the policy is In-Force, 15% of Sum Assured for each Early Stage Cancer/CiSclaim is payable. A maximum of 2 Early Stage Cancer/CiS claims shall be payable during thepolicy term provided both claims are from different sites and/or organs subject to thecooling-off period of 180 days. In addition, the future premiums for the next 5 years from thedate of most recent early stage claim will be waived off and the policy will continue. Thisbenefit is available only on first and second valid Minor Condition claim. On completion ofthe 5 Years for which premiums have been waived, premium shall become payable by you onthe due dates for the remaining Policy Term.
  • Major Condition: On diagnosis of Major Stage Cancer during the policy term while the policyis In-Force, 100% of Sum Assured less Early Stage Cancer/CiS claim(s) paid, if any, will bepayable and the policy will terminate if Term Trigger Benefit is not selected
Optional benefit
  • Death Benefit: This benefit will be applicable onlyif Term Trigger Benefit is selected. In caseof death of the life insured after 365 days of survival from the date of diagnosis of any majorcondition, while the policy is in-force, we shall pay an amount equal to the Critical IllnessSum Assured. No Death Benefit will be paid if the death of the Life Insured happens beforethe expiry of 365 days from the date of diagnosis of any Major Condition. If this option isselected, then, on the diagnosis of Major Condition, all the future premiums will be waived.
  • Date of Diagnosis of cancer is defined as the date on which Major stage cancer isunequivocally proven and qualifies the definition of Major stage cancer as per thedefinitions of covered Critical Illnesses mentioned later in the document. In case ofhistopathological evidence, it shall be the date of 1st such report confirming the diagnosis ofMajor stage cancer.
  • Maturity Benefit: This benefit will be applicable only if the Return of Premium Benefit isselected. If the life insured survives till the maturity date while the policy is in-force, we shallpay the sum of all the premiums payable for the entire policy term after deducting anyamount paid towards claim(s), if any. The premiums payable above exclude taxes, if any.
  • If Option A is opted with Term Trigger benefit then Return of Premium benefit is notavailable. Similarly, if Option A is opted with Return of Premium benefit, then Term Triggerbenefit is not available.
Option B – Heart Ailment Cover Critical Illness Benefit
  • Minor Condition: On diagnosis of Minor Heart Condition during the policy term while thepolicy is In-Force, 15% of Sum Assured for each Minor Heart Condition is payable. Amaximum of 2 Minor Heart Condition claims shall be payable during the policy term subjectto the cooling-off period of 180 days. However the second Minor Heart Condition claim isnot permissible if it occurs due to the same condition as the first Minor Heart claim. Inaddition, the future premiums for the next 5 years from the date of most recent Minor HeartCondition claim will be waived off and the policy will continue. This benefit is available onlyon first and second valid Minor Condition claim. On completion of the 5 Years for whichpremiums have been waived, premium shall become payable by you on the due dates for theremaining Policy Term.
  • Major Condition: On diagnosis of Major Heart Condition during the policy term while thepolicy is In-Force, 100% of Sum Assured less Minor Heart Condition claim(s) paid, if any, will be payable and the policy will terminate
Option C – Cancer & Heart Ailment Critical Illness Benefit
  • Minor Condition: On diagnosis of Early Stage Cancer/(CiS) or Minor Heart Condition duringthe policy term while the policy is In-Force, 15% of Sum Assured for each Early StageCancer/(CiS) or Minor Heart Condition is payable. A maximum of 2 (either two Early StageCancer or two Minor Heart Condition or one each of Early Stage Cancer and Minor HeartCondition) claims shall be payable during the policy term subject to the cooling-off period of180 days (no cooling off period is applicable where the first claim is related to Early StageCancer/CiS and the second claim is related to Minor Heart Condition or vice versa) and thefollowing conditions:
    • Second Early Stage Cancer/CiS claim shall be payable during the policy term provided thesecond Early Stage Cancer/CiS is from different sites and/or organs
    • Second Minor Heart Condition claim is not permissible if it occurs due to the samecondition as the first Minor Heart claim
    In addition, the future premiums for the next 5 years from the date of most recent MinorHeart Condition / Early Stage Cancer claim will be waived off and the policy will continue.This benefit is available only on first and second valid Minor Condition claim. On completionof the 5 Years for which premiums have been waived, premium shall become payable by youon the due dates for the remaining Policy Term.
  • Major Condition: On diagnosis of either Major Stage Cancer or Major Heart Conditionwhichever is diagnosed first during the policy term while the policy is In-Force, 100% of SumAssured less Early Stage Cancer/CiS/Minor Heart Condition claim(s) paid, if any, will bepayable and the policy will terminate.
Premium Discontinuance If Return of Premium Benefit is selected:If all the premiums for at least first three policy years have not been paid in full within the grace period, the policy shallimmediately and automatically lapse and no surrender value shall be payable by us under the policy.If all the premiums for at least first three policy years have been paid in full, and if the insurance company do not receive subsequent premiumswithin the grace period, the policy will be eligible for Surrender Benefits. The insured will be given two years from the date of first unpaid premium to revive the policy.

If Return of Premium Benefit is not selected:If any premium remains unpaid at the end of the grace period, the policy shall lapse and no benefits shall be payable.
Surrender Benefit If Return of Premium Benefit is selected:The Policy will acquire Surrender Value only from 3rd Policy Year provided we have received full Premiums for at least firstthree Policy Years.On surrender, the Surrender Value, if any, will be immediately paid, the Policy shall be terminated and all the benefitsunder the Policy shall cease to apply.

If Return of Premium Benefit is not selected:The Policy shall not acquire any Surrender Value any time during the Policy Term.On surrender, the policy shall be terminated and all the benefits under the policy shall cease to apply. On surrender of thepolicy, we will pay the higher of Guaranteed Surrender Value or Special Surrender Value.
Free Look Period 15 days
Grace Period 30 days

Brochure

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Policy wordings

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2022