Edelweiss Tokio Insurance Plans

Edelweiss Tokio My Life + Insurance

This is an online term insurance plan that provides life cover upto the age of 80 years at an affordable premium to the insured. It is a protection plan that will secure the family’s future in an unfortunate situation of the insured’s. The death benefit can provided in three payout options–lumpsum, monthly or a combination of both.A lumpsum payout option helps in paying immediate expenses whereas monthly payout option can be considered as a monthly income to meet household expenses.

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 My Life + Insurance Overview

  • Key Features
  • Eligibility
  • Benefit Descriptions

Benefits of My Life + Insurance

  • Low Cost Assurance Plan
  • Option to choose the death benefit as lump sum or a monthly payout or both
  • Option to make your cover more comprehensive through riders
  • Get discounts for higher sum insureds
  • Lower premium rates for female lives
  • Options to choose cover upto 80 years of age
  • Tax Benefit for Premium and Claims Amount

Eligibility Criteria of MyLife Plus Insurance

Entry Age Minimum - 18 years last birthday
Maximum - 60 years last birthday
Maturity Age Maximum - 80 years last birthday
Policy Term You can opt for any Policy Term from 10 /15 / 20 /25 / 30 / 35 / 40 years / 80 years minus entry age
Premium Payment Term Regular Payment
Total Sum Assured Minimum - ₹25 lakhs
Maximum - No limit, subject to underwriting
Premium Payment Mode* Annual

Benefit descriptions of My Life + Insurance

Accidental Death The death benefit is equal to the Total Sum Assured and payable on the demise of the insured subject to all due Premiums have been paid. The nominee can choose to receive payouts in the following manner:
  • Lump-sum benefit option: Under this option, a lump-sum benefit equal to the sum assured will be paid on death of the life insured and policy will terminate.
  • Income benefit option: Under this option, 1% of sum assured will be paid every month for the next 130 months starting from next monthiversary from the date of death.
At the application stage, policyholder can choose a combination of both the options as well when the policy term is same. Under such combination, the sum assured will be arrived at by adding the sum assured of both the options and one single contract will be issued. Add-On / Rider Benefit The insured can make their term cover more comprehensive by adding any or all of the riders from the below mentioned options:
  • Accidental Total and Permanent Disability Rider
  • Accidental Death Benefit Rider
  • Waiver of Premium Rider
Maturity & Surrender Benefit
No benefit is payable

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