A detailed guide on the key features of the Edelweiss Tokio Total Protect Plus term plan
Abhinav (28 years) works in a prodigious IT company in Bangalore and is the only son of Mr & Mrs Malhotra. Though Abhinav manages his expenses and savings appropriately, still being a bachelor, he sometimes spends extravagantly. His parents are planning to settle him by marrying him within one year. To manage expenses and upcoming responsibilities properly, Abhinav is desperately looking for some term plan. In this context, Edelweiss Tokio Total Protect Plus term plan could be the utmost choice for him.
Edelweiss Tokio Life Insurance has recently introduced a term plan, i.e., Edelweiss total protection plan, that gives comprehensive protection (Life Cover and critical illness cover) to a family for any financial problems. You are free to customize this plan by selecting a suitable Premium Payment Term, the Benefit Option, and the Death Benefit payment mode.
Key features of Edelweiss Tokio Total Protect Plus
Edelweiss Tokio term plan comes with the following features.
- Edelweiss Tokio term plan offers 5 main riders (Accidental death, disabilities, waiver of premium, hospitalization cash benefit rider and critical illnesses).
- This plan embraces you with a better half option to protect your spouse under the same plan.
- The child’s future protection benefit option offers add-on life insurance during the growth phase of your children.
- Death coverage due to uncertainties like COVID-19 is also included with this Edelweiss term insurance policy. This insurance plan offers a strong layer of future financial security to your family members.
- If you can finish your medical within 7 days of purchase, you will be eligible for a 6% discount on your first premium.
- This insurance policy offers coverage up to 100 years, and that’s why this policy is also called Edelweiss 100 years term plan.
- With this policy, you are free to choose your premiums payment frequencies. You can either go for regular premiums or limited pay for 5/7/10/15/20 years.
So, this insurance plan is an all-inclusive product catering to all the needs of the policyholders and their respective families.
Eligibility criteria for Edelweiss Tokio Total Protect Plus term plan
This term policy comes with death benefit if the policyholder expires during the tenure of the policy.
- Minimum age: 18 years
- Maximum age: 55 years
- Minimum maturity age: 28 years
- Maximum maturity age: 100 years (entry age would be deducted)
- Minimum policy tenure: 10 years
- Minimum Sum assured: Rs. 25 lakhs
- Maximum sum assured: Depends on underwriting
- Minimum premiums: Monthly: Rs. 300, Quarterly: Rs. 1250, Semi-annual: Rs.2000, and Annual: Rs.3000
5 Top Benefits of Edelweiss Tokio Total Protect Plus term insurance
If you are the sole bread earner of your family, then you need to manage the financial stability of your spouse and children prudently. In this scenario, nothing could be better than Edelweiss Tokio Total Protection Plan term insurance policy. Some of its key benefits include:
1. Child’s Future Benefit: By paying an extra premium, you can get additional life insurance for your children till they turn 25 years. The percentage of the sum assured will not only allow your child to pursue his/her studies but also encourage them to choose the best career option as their goal in your absence. This term policy will remain active with the base sum assured if the insured parent lives till the kid turns 25.
2. Spouse Benefit: If you pay an additional premium, then this policy protects your spouse’s life by adding 50% of your life coverage in case of your sudden demise. If the insured policyholder expires during the policy period, the spouse is also eligible for other benefits.
- Your better half doesn’t need to pay any future premium
- The beneficiary is also eligible for the death benefit.
- The spouse coverage will start, and it will continue till the death of your spouse or the end of the policy term.
By purchasing this Edelweiss Tokio Total Protect Plus term plan, you are offering a safety net to your spouse even after your death.
3. Death Benefit Payments: This can be made by two options.
- Monthly income: You can get a certain percentage of the death benefit for a fixed number of months.
- Lumpsum: You may get a hefty death benefit amount in total
You can also select a lump sum plus monthly income if there is any.
4. Rider Benefits: Riders always strengthen your base policy. By paying minimal premiums, you can get riders to make your policy studier. This policy comes with 5 riders.
- Accidental death benefit riders (In case of accidental death of the policyholder, this rider offers financial protection to the family).
- Accidental permanent & total disability rider (If there is an income loss because of your accident, this rider helps you to cover your medical expenses).
- Critical illness rider (This rider covers medical expenses [ a hefty amount] in case of diagnosed with any critical illnesses).
- Waiver of premium (If you got disabled because of an accident, this rider annuls your future premiums).
- Hospital cash rider (If the policyholder needs to be hospitalized, this rider offers daily allowance as post-hospitalization assistance).
5. Tax Benefits: According to Indian Income Tax laws, this policy offers tax benefits to policyholders.
Other things to remember
- Edelweiss Tokio Total Protect Plus term plan doesn’t allow you to take loans based on this policy.
- Under the life cover option, you won’t get any maturity benefits.
In this fast-paced world, risks are thriving exponentially. Thus, the Edelweiss Total Protect Plus term plan could be the best choice to safeguard your and your family’s financial future.