Edelweiss Tokio Insurance Plans

Triple Advantage Plan

The Triple Advantage Plan is an ideal Endowment Policy Plan for an individual approaching and planning for Retirement . This is both and endowment assurance and money back plan which has three payouts till maturity to ensure the individual has a relaxed and peaceful retirement. While providing financial security, this savings plan offered as non-linked participating life insurance plan, also provide a life cover simultaneously.
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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

Triple Advantage Plan overview

  • Key benefits
  • Eligibility criteria
  • Benefit description

Key benefits of Triple Advantage Plan

  • Limited payment periods allow the insured to pay from your present income for your future needs
  • Get first lump-sum payout at the end of premium payment term
  • Get second lump-sum payout when insured reaches age 75
  • Get third lump-sum payout on maturity i.e. when insured reaches age 100
  • Get discounts for higher Sum Assured on Maturity
  • Loan facility to meet any urgent / unforeseen liquidity requirements
  • Option to make your cover more comprehensive through riders
  • Tax Benefits : You can avail tax benefits under Section 80C

Eligibility criteria of Triple Advantage Plan

Minimum Entry Age 91 Days
(For entry age below 5 years, risk commences after 1 Year and 11 months from the date of commencement of the policy.For entry age of 5 years and above, risk commences immediately.)
Maximum Entry Age (Last birthday) 55 Years
Maximum Maturity Age (Last birthday) 100 Years
Policy Term (PT) 100 Years less age at entry of the life insured
Premium Paying Term (PPT) 10, 15, 20 and 25 years
Premium Payment Frequency Annual, Semi-annual, Quarterly, Monthly
Minimum Premium Rs 9,531
Sum Assured on Death Higher of: 11 times of the Annualized Premium* OR Sum Assured on Maturity
Sum Assured on Maturity
  • Minimum : Rs 2,00,000
  • Maximum : No Limit, Subject to Underwriting
Discount for Large Sum Assured This plan provides for additional discount on higher sum assured premium amount are given as per the table below:
PPT Large Sum Assured discount on premium (Rs.)(per Rs.50,000 Sum Assured on Maturity exceeding Rs.200,000)
10 500
15 400
20 360
25 340
Premium Rates for Female Lives For PPT of 10 years
  • Up to Age 11 : Same Rate as for Male of age 8
  • Age 12 & above : 3 year age setback to Male Rate
For PPT of 16 years
  • Up to Age 6 : Same Rate as for Male of age 3
  • Age 7& above : 3 year age setback to Male Rate
For PPT of 20 & 25 years
  • Up to Age 3 : Same Rate as for Male of age 0
  • Age 4 & above : 3 year age setback to Male Rate

Benefit descriptions of Triple Advantage Plan

Death Benefit
  • For Life Insured with entry age below 5 years
    For minor lives, where the entry age is below 5 years, in case of death during the first 1year and 11 months from the date of commencement of the policy, the company will pay 105% of total premiums paid till date of death. After completion of 1 year and 11months from the date of commencement of the policy, the death benefit would be asper the benefit offered for Entry Age of 5 years and above.
  • For Life Insured with entry age of 5 years and above:
    • Till end of PPT: Sum Assured on Death Plus accrued Reversionary Bonus (RB1)
    • After end of PPT till end of policy year when Life Insured attains age 75 years: SumAssured on Death Plus accrued Reversionary Bonus (RB2)After attaining age 75 years: Sum Assured on Death
Where, the Sum Assured on Death at any time during the policy term is higher of thefollowing:
  • 11 times of the Annualized Premium
  • Guaranteed Sum Assured on Maturity
Maturity Benefit On maturity of the policy, the paid-up sum assured on maturity will be payable.Further, the benefit payable on maturity shall never be less than 105% of total premiums paid to date.
Reversionary Bonus (RB) This is a non-guaranteed benefit payable during the policy term based on the performance ofthe Par Fund as mentioned below:
  • Reversionary Bonus during PPT (‘RB1’): This will accrue every year from the first policy year till the end of premiumpaying term and will be payable on death or at the end of premium paying term, whichever is earlier.
  • Reversionary Bonus after PPT (‘RB2’): This will accrue every year from one year after the premium paying term till theend of the policy year when the Life Insured attains age 75 and will be payable on death or at the end of policy yearwhen Life Insured attains age 75, whichever is earlier.
Guaranteed Lump Sum Benefit (GLB) This is a survival benefit payable only upon the survival of the Life Insured at theend of the Premium Paying Term (‘PPT’) and at the end of policy year when Life Insured attains age 75 and is equal to SumAssured on Maturity.
GLB is payable twice during the policy term as follows:
  • First GLB payout: At the end of the PPT
  • Second GLB payout: At the end of policy year when Life Insured attains age 75.
GLB will not be a part of death benefit.
Surrender Benefit The Policy will acquire Surrender Value if all the premiums have been paid in full and received by Us for at least first threepolicy years. On surrender, the Policy shall be terminated, the Surrender Value, if any, as calculated will be immediatelypaid and all the Benefits under the Policy shall cease to apply.
On surrender, the higher of the Guaranteed Surrender Valueor the Special Surrender Value will be payable.
Survival Benefit Reversionary bonus (RB1) that has been declared before the policy gets paid-up will be protected and paid at the end of PPT.
Paid-up GLB shall be payable on survival of Life Insured at the end of PPT and end of policy year when Life Insured attainsage 75. It will not be a part of death benefit.
The total survival benefit payable during the policy term is as follows:
  • At the end of PPT: Paid-up GLB plus RB1
  • At the end of policy year when Life Insured attains age 75: Paid-up GLB
Reduced Paid Up Benefit If all the premiums have been paid for at least first three consecutive years then the policy will not lapse and continue as a‘Reduced Paid-up’ policy and all the benefits shall be reduced proportionately.All the benefits will be multiplied by a paid up factor, where paid-up factor is as below:
  • Paid-up factor = (Number of premiums paid/ Number of premiums payable)
  • Paid-up Sum Assured on Maturity= Paid-up factor *Sum Assured on Maturity.
Loan Benefit Policy loan is available once it acquires surrender value. Maximum loan amount available is 90% of surrender valueoffered by the Company. Interest will be charged on the outstanding loan amount at a rate declared by the Company fromtime to time based on then prevailing market conditions and will be equal to “SBI Base rate(minimum rate at which SBIlends) + 1.75%”.
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:
  • 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 Insuredcontinues 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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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2022