Investment Plans 168 views June 26, 2021

Edelweiss Tokio Life EduSave Plan

Edelweiss Tokio Life EduSave is a participating endowment assurance plan that helps you build a corpus for your child’s education. Under this policy, the insurer provides you multiple convenient options to receive maturity benefits. And don’t worry, in case of an unforeseen event (death), your nominee will receive a sum assured, plus all the future premiums will be waived off to reduce the burden on your family. Read this page further and know more about Edelweiss Tokio Life EduSave Plan.

Investment

To know the right investment, please fill the details below and our policy experts will get in touch with you

+91

Edelweiss Tokio Life EduSave Plan Death Benefit

In case of an unfortunate event of death during the policy term, provided the policy is in force, the insurer shall provide the following benefits to the nominee.

  1. Pays the sum Assured immediately to the nominee/legal heir
  2. Waives off all the future premiums
  3. The reversionary bonus shall continue to be accrued till maturity
  4. Maturity benefit shall be paid to the nominee on the maturity date

The minimum death benefit is at least 105% of all the paid premiums as on the date of death.

Edelweiss Tokio Life EduSave Plan Maturity Benefit

Upon survival till the maturity date, you’ll receive the sum assured plus accrued bonuses. You can receive your maturity benefit in pre-defined installments by choosing any of the following payout options:

Maturity Benefit Payouts% of the Sum Assured Payable After the End of the Policy Term
Marriage Funding Plan100%
Post-Graduation Plan52% and 52%
Graduation Plan32%, 24%, 24%, 32%
Integrated 5 year degree plan20%, 20%, 20%, 28%, 28%
Dual Degree Plan18%, 18%, 18%, 18%, 24%, 24%

You can alter your maturity benefit payout options anytime throughout the policy term, except for one year before the maturity date. The accrued bonuses shall be payable to you at the end of the policy term along with your first installment irrespective of the option chosen by you.

What are the Consequences of Non-Payment of Premium?

If you don’t pay your premiums before the due date, either of the following happens:

  1. Your policy will lapse and no surrender value or paid-up value will be payable, provided you have stopped paying premium before three complete policy years
  2. Your policy will acquire a paid-up status and paid-up benefits shall be payable, provided you have stopped paying premium after three complete policy years

Paid-up Sum Assured = (Number of paid premiums/ Number of premiums payable) x Sum Assured

The following benefits shall be payable to you in case your policy converts into a paid-up status

  1. Upon survival till the end of the policy term, you will receive the paid-up sum assured plus accrued bonuses declared till the policy gets paid-up
  2. In case of death, the insurer will pay 100% of the paid-up sum assured to the nominee in a lump sum plus accrued bonuses on maturity.

Edelweiss Tokio Life EduSave Plan Loan Facility

You can avail of a loan against Edelweiss Tokio Life EduSave Plan once it acquires a surrender value. The maximum amount you can borrow against Edelweiss Tokio Life EduSave Plan is 90% of the surrender value.

The interest rate will be charged on the outstanding loan amount at a rate declared by the insurer from time to time based on prevailing market conditions and it will be equal to “SBI Base rate (the minimum rate at which the RBI lends) + 1.75%” per annum.

In case of reduced paid-up policies, if at any point of time the outstanding loan amount and accumulated interest equal to or exceed the policy surrender value, the policy shall terminate without value. The insurer will notify you when your outstanding loan balance is 95% of the surrender value and will allow you to repay all or part of the loan balance.

In case of death, maturity or surrender of the policy, the outstanding loan amount and accumulated interest will be recovered from the benefit payable and the rest of the benefit amount will be paid to you/nominee.

Eligibility for Edelweiss Tokio Life EduSave Plan

You can purchase this plan from Edelweiss Tokio if you meet the following age criteria:

  1. Minimum Entry Age – 18 Years (as on the date of last birthday)
  2. Minimum Entry Age – 45 Years (as on the date of last birthday)

Note: The maximum age of an individual allowed till maturity is 60 years.

Edelweiss Tokio Life EduSave Plan Premium Amount & Sum Assured

The policy term ranges from 10 to 30 years and you can pay your premium:

  1. Yearly (100% of annual premium)
  2. Half-Yearly (51.2% of annual premium)
  3. Quarterly (26.0% of annual premium)
  4. Monthly (8.8% of annual premium)

The minimum premium amount is INR 6,968 for Edelweiss Tokio Life EduSave Plan. You can pay your premium regularly or for a limited period such as 10 years or a policy term less 5 years. The minimum sum assured is INR 2,25,000, while the maximum sum assured has no limit, as the latter is subject to the board-approved underwriting.

Edelweiss Tokio Life EduSave Plan Rider Options

You have an option to enhance your policy benefits by adding any of the following riders to this plan:

  1. Accidental Death Benefit Rider
  2. Accidental Total and Permanent Disability Rider
  3. Term Rider
  4. Critical Illness Rider
  5. Waiver of Premium Rider
  6. Hospital Cash Benefit Rider (available with regular pay variant only)
  7. Payor Waiver Benefit Rider

Note: The rider sum assured shouldn’t exceed the base sum assured and the total rider premium cannot exceed 30% of the base policy premium.

Free Look Period

You will have a free look period of 15 days from the date of receipt of the policy document. During this period, you can check the terms and conditions of the policy and return the same stating the reason for your cancellation. On such cancellation, you’ll get a refund of the paid premiums after the deduction of the proportionate risk premium for the period on cover, stamp duty and cost of medical expenses, if any.

Note: The free look period will be 30 days if the policy is purchased through distance marketing mode.

Suicide Clause

If the life insured commits suicide within a year from the date of issuance, the policy shall be void and 80% of the premiums (excluding extra mortality premium) will be payable to the nominee. Whereas, if the life insured commits suicide within one year from the date of revival, the policy shall be void and a higher of the following shall be paid to the nominee:

  1. 80% of the paid premiums as on the date of death (excluding extra mortality premium)
  2. Surrender value available as on the date of death

People Also Read