Term Insurance 1878 views November 21, 2019

About Edelweiss Tokio Term Insurance

The Edelweiss Tokio term plan is of great use to anyone who wishes to cover their own life in a comprehensive yet economical manner. The company offers some of the very best term plans in India. Edelweiss Tokio is considered to be one of the top life insurance companies in India. Let us find out what makes the insurer so good.

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Why Choose the Edelweiss Tokio Term plan? 

Many life insurance companies in India offer very good term insurance covers. Then why should you choose a term plan from Edelweiss Tokio?  Here are some good reasons why:

  1. Comprehensive coverage – You get a comprehensive and wholesome life cover when buying a term plan from Edelweiss Tokio. This is a very big advantage available to you from this insurance provider.
  2. Affordable rates – The prices of the term plan from Edelweiss Tokio are rather low and affordable. You need not exhaust all your money when buying a term insurance from this insurance company. You get some very good deals, helping you stay covered in a very economical manner.
  3. Helpful insurer – Edelweiss Tokio has a very good and well-trained customer support team who you can reach out to at any time. This is a big advantage as you need an insurer who helps you out when you have doubts and queries.
  4. Ease of access – The insurance company has a very strong online presence. You can get all the information regarding the Edelweiss Tokio plan online. This apart, you can also buy term insurance online, pay your premium, etc with just the click of a few buttons.
  5. High claim settlement ratio – The claim settlement ratio of Edelweiss Tokio plan is quite high, giving a good account of itself when it comes to settling term insurance claims.

With so many benefits of Edelweiss Tokio term plans, there should not be any doubt left on why you should get a good term cover from the insurer.

How to Choose the Edelweiss Tokio Term Insurance Plan? 

Edelweiss Tokio comes with numerous term plan options for you to choose from. This is why you need to be careful and select an appropriate cover. Here are some tips that could help you choose the best term insurance policy.

Go Over the Options

Edelweiss Tokio has many term plan on offer. Go over the options, read the policy wordings and see which plan is most suitable for you. The good plans from this insurer include:

  1. Edelweiss Tokio Life – Zindagi Plus
  2. Edelweiss Tokio Life – Simply Protect
  3. Edelweiss Tokio Life – MyTerm+
  4. Edelwess Tokio Life – Protection

Edelweiss Tokio Life – Zindagi Plus

It’s an innovative term plan offering you a life cover, additional life cover for your spouse under the half-benefit option. It offers financial protection against 35 critical illnesses of which Heart Attack, Cancer, Kidney Failure are some. Discounted premiums are offered on choosing a high sum assured. The plan has life cover with level and decreasing sum assured.

It comes with both Regular Pay and Pay Till 60 premium paying term options. While the ‘Regular Pay’ premium paying term will be same as the policy term, the policy term for Pay Till 60 will be (60-entry age at entry +1) years.

Whereas the minimum policy term is 10 and 15 years for Regular Pay and Pay Till 60 variants, respectively. The maximum term will be (80-Entry Age Last Birthday) years.

While the minimum base sum assured amounts to INR 25-50 lakh, the maximum depends on the board-approved underwriting norms.

On the other hand, the premium amount for Yearly, Half-yearly, Quarterly and Monthly intervals is INR 3,000, INR 2,000, INR 1,250 and INR 300, respectively.

Edelweiss Tokio Life – Simply Protect

This protection plan comes with 4 Life Cover variants, 3 Premium Payment and 2 Premium Payout options. The 4 Life Cover variants provide protection against disability, 12 critical illnesses, as well as additional payment upon accidental death. You have three premium payment options –

  • Regular Annual Payment
  •  Limited Payment (5,10,15 and 20 years)
  • One-time payment

Edelweiss Tokio Life – MyTerm+

It’s a limited pay term plan that provides life cover, an additional life cover for spouse with the better-half benefit option. The premium payment term options are 5,7,10, 15 and 20 years. With a limited pay, you can pay premium for a limited period but will continue to get cover for the policy term you choose at inception.

Assess Your Needs

Unless you know what you need, you cannot find the best term insurance plan of Edelweiss Tokio. So before you go shopping, make a list of your own requirements. See what kind of financial assistance your family members would need after your demise. Keep the figures and needs in mind before choosing a term insurance cover.

Keep an Eye on the Price

It is very important for you to keep an eye on the price of the term insurance plan that you look to buy. Everyone has different financial capacities. You should, therefore, look to buy a plan that suits your budget. If the premium rates are too high, you will struggle to pay them on time.

Once you have completed these steps, you will know which term insurance cover is best suited for you. You can simply go online thereafter and get a term cover that you feel would be invaluable for you and your family after your demise.

Contemplate Rider Options for Enhanced Coverage

Edelweiss Tokio Term Insurance comes with several rider options – Critical Illness, Accidental Death and Hospital Cash – to cover you extra. All these riders will have a separate sum assured and premium. So, the addition of any of these riders to your base term plan will raise your premium accordingly.  Let’s read more about these riders to figure out the best one for you.

Edelweiss Tokio Life – Critical Illness Rider – In case the policyholder is found to be suffering from any of the 12 specified critical illnesses upon diagnosis, he/she will get 100% of the rider sum assured upon surviving for 30 days from the date of diagnosis. These 12 critical illnesses are –

  • Open Chest CABG
  • Cancer of Specified Severity
  • Myocardinal Infarction
  • Open Heart Replacement or Repair of Heart Valves
  • Failure of kidneys requiring constant dialysis
  • Transplantation of major organs/bone marrow
  • Permanently paralyzed limbs
  • Permanent symptoms due to stroke
  • Aorta Surgery
  • Blindness
  • Coma of specified severity

The rider is available for individuals aged from 18 to 65 years at entry, while the maximum age allowed till the proposed maturity is 23 to 70 years. You can get a rider term of 5 to 52 years with premium paying term options of Regular Pay, Limited Pay and Single Pay. While the minimum sum assured amounts to INR 1,00,000, the maximum remains INR 50,00,000. The premium amount depends on policyholder’s age and gender, sum assured and premium paying term.

Edelweiss Accidental Death Benefit Rider – If the life assured dies due to an accident, his/her dependents will get 100% of the rider sum assured. This lump sum payment is payable only once during the policy term, and once it happens, the rider benefit ceases to exist. Also, the payment happens only if the base term plan is in force. Here, accidental death means traumatic death caused solely due to accident within 90 days of such trauma. However, the insurer must be satisfied with the cause of death before disbursing the benefit payout to the concerned dependents.

Anyone aged from 18 to 65 years can buy this rider. The maximum age allowed till maturity is 23 to 70 years. Policyholders can have a rider term of 5 to 52 years and get premium paying term options of Regular, Limited and Single Pay. The premium amount is based on the premium paying term, rider term and the sum assured. However, the rider premium won’t be more than 30% of the base premium. While the minimum sum assured is INR 10,000, there’s no maximum limit set. Depending on the underwriting norms, the insurer can set the maximum sum assured.

Edelweiss Tokio Life – Hospital Cash Benefit Rider – In case you get hospitalized and receive medically necessary treatment for an illness or injury for a minimum of 24 hours, you will get daily cash benefit from the first day of hospitalization. The minimum and maximum daily cash amount is INR 1,000 and INR 6,000, respectively.  The daily cash benefit amounts to 1% of the rider sum assured.

Stays in an intensive care unit (ICU) grant you an additional 1% of the rider sum assured. It is subject to the daily cash benefit payable at the time of hospitalization. The ICU benefit amount is granted up to 20 days of hospitalization per policy year.

A lump sum recuperating benefit amounting up to 4% of the sum assured is payable for 7 or more days of continuous hospitalization for the same disease or injury. This is subject to the daily cash benefit being payable during hospitalization. You will get this benefit once in a policy year, irrespective of whether the life assured is hospitalized to one or more hospitals for a particular treatment at the same time.

Anyone aged from 18 to 65 years can purchase this rider, which can last till your age of 23 to 70 years at maturity. While the rider term will range from 5 to 52 years, premium paying term options  of single, limited and regular pay will remain. The minimum and maximum sum assured amounts to INR 1 lakh and INR 6 lakh, respectively. The rider sum assured will, however, be within that of the base sum assured.

Questions to Know Before Applying for Edelweiss Term insurance Plans

Here are some questions to ask before you go for the Edelweiss term insurance plan in India.

What are the Edelweiss Tokio plan exclusions?

Like all other forms of insurance, in term insurance too, there are a few exclusions to take note of. It the death of the policyholder happens due to suicide or self-harm, the insurance claim may not be paid out by Edelweiss Tokio.

What is a payout in term insurance?

You can opt for multiple payout options when buying an Edelweiss Tokio term plan. You can opt for the lump sum payout option, the staggering payout option or a combination of the two. Choose the option that would benefit your family the most.

For how long should I pay the premium?

When you buy an Edelweiss Tokio term plan, you are given the option of a limited premium payment term. You can complete paying the premium in a shorter duration while staying covered for longer. You can also choose to pay the premium for the entire duration of the term life cover. As for the payment, it can be done annually, semi-annually, quarterly or monthly.

Get all your doubts regarding term insurance cleared before you buy a policy. You can call the Edelweiss Tokio helpline number or read the policy wordings on their website to get a better idea of the coverage available.

The Final Word

As you can see, you get many benefits when you buy the Edelweiss Tokio term plan. So if you are currently looking for a good term life insurance policy, do consider the options from Edelweiss Tokio. Keep in mind all the points mentioned above and choose a suitable one for you.

FAQs

What are the documents needed when buying Edelweiss term insurance?

Getting term insurance from Edelweiss in India is quite easy. You need to give the insurer a copy of your address and ID proof and proof of your income. No complicated paperwork is involved in the process.

Do term plan also offer joint policies for spouses? 

Yes, you can get enrolled an Edelweiss Tokio term plan along with your husband or wife. The coverage offered will be higher since two people will be covered under the same term life insurance policy.

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