Edelweiss Tokio Insurance Plans

Edelweiss Tokio Simply Protect Insurance

Simply Protect is a non-participating, non linked individual term assurance plan that covers your lifeand provides security to your family. It is a great opportunity to secure your family at a very competitive price.

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 Simply Protect Insurance Overview

  • Key Features
  • Eligibility
  • Benefit Description

Benefits of Simply Protect Insurance

  • Option to choose life cover up to the age of 80 years so that your family has protection over a longer period
  • Option to choose from various range of premium paying tem and policy term offered under this contract.
  • Option to choose enhanced protection through inbuilt benefit options, which makes this plan truly comprehensive
  • Attractive premiums for higher Sum Assured

Eligibility Criteria of Simply Protect Insurance

Entry Age Minimum - 18 years last birthday
Maximum - 65 years last birthday
Maturity Age Maximum - 80 years last birthday
Policy Term You can opt for any Policy Term from 10 – 40 years / 62 years (for coverage upto 80 years)
Premium Payment Term Single Pay/ Limited pay of 5,10,15,20 and Regular pay
Total Sum Assured Minimum - ₹25 lakhs
Maximum - No limit, subject to underwriting
Premium Payment Mode* Annual, Single

Benefit descriptions of Simply Protect Insurance

Death Benefit
The product offers four (4) death benefit options as follows
  • Life Cover: Sum Assured will be payable either in Lumpsum or in the form of incomebenefit, as per the payout option chosen and the policy will terminate.
  • Life Cover with inbuilt Accidental Death Benefit: Sum Assured will be payable eitheras Lump sum or in the form of income benefit, as per the payout option chosen andthe policy will terminate. If death happens due to accident then an additional sumassured equal to the accidental death benefit Sum assured shall be payable as Lumpsum.Inbuilt Accidental Death Benefit will be equal to the Life Cover Sum Assured subject tomaximum of Rs 1 crore and maximum maturity age of 70 years.
  • Life Cover with inbuilt Waiver of Future Premiums payable on Accidental Total andPermanent Disability: On confirmed diagnosis of total and permanent disability dueto accident on the assured’s life, all future premiums under the base plan will bewaived till the premium paying term of the policy or death of life assured, whicheveris earlier, Sum Assured will be payable either as Lump sum or in the form of incomebenefit, as per the payout option chosen, on death of the life assured. Claim will betriggered only once on the first diagnosis of accidental total and permanent disabilityduring the premium paying term.
  • Life Cover with inbuilt Waiver of Future Premiums payable on Critical Illness: Onconfirmed diagnosis of the life assured suffering from one of the 12 insured criticalillnesses*** conditions (definitions as mentioned under the covered critical illnessconditions below), all future premiums under the base plan will be waived till thepremium paying term of the policy or death of assured life, whichever is earlier, Thebenefit will be payable either as Lump sum or in the form of income benefit, as per thepayout option chosen, on death of the life assured.
The inbuilt Waiver of Future Premium benefit option is available only if ‘Waiver ofPremium Sum Assured’ is upto Rs 50 lacs and entry age plus premium paying term is70 years or below. The claim payment options are two fold:
  • Lumpsum Option: Under this option, sum assured will be paid in lumpsum.
  • Income Benefit Option: Under this option, 1% of sum assured will be payable every month for the next 130 monthsstarting from next policy month anniversary from the date of death.
*** 12 Critical Illnesses Covered include:
  • Cancer of Specified Severity
  • Open Chest CABG
  • First Heart Attack
  • Open Heart Replacement (Open Heart repair of Heart Valves)
  • Kidney Failure Requiring Regular Dialysis
  • Major Burns
  • Major Organ / Bone Marrow Transplant
  • Permanent Paralysis of Limbs
  • Stroke (Resulting in Permanent Symptoms)
  • Surgery of aorta
  • Coma of Specified Severity
  • Blindness
Surrender Benefit
On surrender of the policy the following surrender value is payable:
  • Single Pay: The benefit payable on surrender is equal to “ Single Premium includingextra premium for substandard lives (if any), x 70% x {Number of remaining completemonths of cover / Total Policy Term in months}”
  • Limited Pay: Surrender value is zero during the premium payment term. Surrender value after the premium payment term is equal to “Total Premiums paid till the date of surrender including extra premium for substandard lives (if any), x 70% x {Number of remaining complete months of cover / Total Policy Term in months}”
  • Regular pay:No surrender benefit is available

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