Edelweiss Tokio Insurance Plans

Income Builder Investment Insurance

Edelweiss Tokio Life - Income Builder is an endowment life insurance plan that helps an individual insured build financial reserves. It gives the policyholder a regular income that is guaranteed as well as tax-free! It helps the insured in planning your dreams, your family;s future and also for the uncertainties of life. Additionally this plan has an option that will ensure that the family continues to receive a steady stream of income in case of an unfortunate demise of the Life Insured or in case of suffering from any covered critical illness.
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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

Income Builder Investment Insurance Overview

  • Key Features
  • Eligibility
  • Benefit Description

Features of Income Builder Investment Insurance

The important features of this plan include:
  • Secure the insured’s family’s financial future through life insurance cover.
  • Option to receive regular income or regular income plus lumpsum, to fulfil future dreams.
  • 'Secured Income' Plan Option to ensure that those dreams are met even in case of an eventuality.
  • Two Maturity Benefit Options to choose from – Regular Income / Regular Income plus Lumpsy.
  • Flexibility to pay premiums and receive income payouts as per the insured’s convenience, financial stability and financial goals.
  • Flexibility to receive income on that date of a month which the insured cherishes the most.

Eligibility Criteria of Income Builder Investment Insurance

Particulars Base Option Secured Income Option
Minimum Entry Age(Last Birthday) Policy Term (years) Age 18 years
6 12
7 11
8 10
10 8
12 6
Maximum Entry Age (Last Birthday) 55 years 50 years
Minimum Maturity Age (Last Birthday) 18 years 24 years
Maximum Maturity Age (Last Birthday) 67 years 62 years
Policy Term Single Premium - 6 / 8 / 10 / 12 years
Regular Premium - 7 / 10 / 12 years
7 / 10 / 12 years
Payout Period Premium Payment Option Policy Term Payout Period
Single Premium 6 6
8 8
10 10
12 12
Regular Premium 7 7
13
18
23
10 10
15
20
12 12
18
Premium Paying Term
  • Single Premium: 1 year
  • Regular Premium: Equal to Policy Term
Minimum Sum Assured on Death
  • Regular Premium: Rs. 3,00,000
  • Single Premium: Rs. 1,10,000
Maximum Sum Assured on Death No Limit, subject to Board approved underwriting policy
Minimum Premium
  • Regular Premium: Rs. 30,000
  • Single Premium: Rs. 1,00,000
Maximum Premium No Limit, subject to Board approved underwriting policy
Premium Paying Frequency Annually, Semi-Annually, Quarterly, Monthly
Payout Frequency Annually, Semi-Annually, Quarterly, Monthly

Benefit Descriptions of Income Builder Investment Insurance

Maturity Benefit (for both plan options) The Maturity Benefit is payable in the form of Regular Income or Regular Income plus Lumpsum depending on the Maturity Benefit Option as detailed below. The Option once chosen at inception cannot be changed during the Policy Term:
Regular Income Provided the policy is In-Force, Regular Income Instalment shall be payable starting from the First Payout Date in the Payout Frequency, as decided by the insured till the end of the Payout Period.
The insured also has the option to advance the first payout date by a maximum of 30 days. This option can be exercised only once and at least 90 days before the maturity date.
Regular Income plus Lumpsum Provided the Policy is In-Force, Regular Income Instalment shall be payable starting from the First Payout Date in the Payout Frequency, as decided by the insured till the end of the Payout Period. In addition, a Lumpsum Payout shall be payable with the last Regular Income Instalment.
The insured also has the option to advance the First Payout Date by a maximum of 30 days. This option can be exercised only once and at least 90 days before the maturity date.
Critical Illness Benefit ** This benefit will be applicable only if the Plan Option selected is Secured Income.

If the Life Insured is diagnosed with one of the covered Critical Illness conditions, during the Policy Term and while the policy is In-Force, the insurer will pay the Critical Illness Sum Assured as lumpsum provided the Life Insured has survived for a period of 30 days following the date of diagnosis.

In addition, all the future premiums will be waived and the policy will continue for Death Benefit, Surrender Benefit and Maturity Benefit. The Critical Illness Sum Assured is equal to 5 times the Annualised Premium.

No Critical Illness Benefit will be payable within the Waiting Period of 90 days from the risk commencement date of the policy or revival whichever is later.
Death Benefit Base Option
  • For Premium Payment Option – Regular Premium
If the Life Insured dies during the Policy Term while the policy is In-Force, Sum Assured on Death is payable. Sum Assured on Death is higher of:
  1. 10 times the Annualised Premium or
  2. Maturity Sum Assured or
  3. 105% of all the Premiums paid till date of death;
  4. Any absolute amount assured to be paid on death
  • For Premium Payment Option – Single Premium
If the Life Insured dies during the Policy Term while the policy is In-Force, Sum Assured on Death is payable. Sum Assured on Death is higher of:
  1. 125% of Single Premium if age at entry of Life Insured is less than 45 years or
  2. 110% of Single Premium if age at entry of Life Insured is 45 years and above or
  3. Maturity Sum Assured or
  4. Any absolute amount assured to be paid on death
Any absolute amount assured to be paid on death will be equal to 125% of Single Premium if age at entry of life assured is less than 45 years or 110% of Single Premium if age at entry of life assured is 45 years and above.

Secured Income Option
  • Regular Premium Payment Option
If the Life Insured dies prior to making any claim for the covered Critical Illness Benefit during the Policy Term while the Policy is In-Force; Sum Assured on Death is payable. Sum Assured on Death is higher of:
  1. 10 times the Annualised Premium or
  2. Maturity Sum Assured or
  3. 105% of all the Premiums paid till date of death or
  4. Any absolute amount assured to be paid on death
Any absolute amount assured to be paid on death will be equal to 10 times the Annual Premium.
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.
Payor Waiver Benefit Rider and Waiver of Premium Rider won’t be offered under the Secured Income Option and with Single Premium Payment Option.
Surrender Benefit For Single Premium Payment Option, the policy will acquire surrender value immediately after the insurance company has received the premium.

For the Regular Premium Payment Option and Policy Term of 7 years, the policy will acquire Surrender Value only from second policy year provided we have received full premiums for the first two policy years.

For the Regular Premium Payment Option and Policy Term of 10 and 12 years, the policy will acquire Surrender Value only from third policy year, provided we have 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 insurer will pay the higher of Guaranteed Surrender Value or Special Surrender Value.
Reduced Paid Up Death Benefit Under the Base Option, if the Life Insured dies during the Policy Term and while the Policy has become Reduced Paid-Up, the Reduced Paid-Up Sum Assured on Death shall be payable and the Policy will be terminated.

Under the Secured Income Option, if the Life Insured dies prior to making any claim for a covered Critical Illness Benefit during the Policy Term and while the Policy has become Reduced Paid-Up, the Reduced Paid-Up Sum Assured on Death shall be payable.
Free Look / Grace Period 15 / 30 days

** - Covered Critical Illnesses include Cancer of Specified Severity Major Organ/ Bone Marrow Transplant / Open Chest Coronary Artery Bypass Graft / Permanent Paralysis of Limbs / Myocardial infarction (First Heart Attack of Specified Severity)/ Stroke resulting in permanent symptoms / Open Heart Replacement or Repair of Heart Valves / Major Surgery Of Aorta Kidney Failure Requiring Regular Dialysis / Coma of Specified Severity / Third Degree Burns Total Blindness

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