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Edelweiss Tokio Life Income Replacement

Objective

This term policy aims to provide regular income in case of unfortunate demise of the breadwinner of the family.


What does it do?

This term plan aims to replace regular income in case of unfortunate demise of the breadwinner of the family. Death benefit is paid as monthly installments for the remaining policy term or minimum of 5 years. At the time of purchasing the policy, the applicant has to decide the monthly income that would be required by the family. The benefit amount increases at 5 per cent every year to take care of rising cost of living. Apart from regular and single premium payment options, the policy also offers a limited premium payment option which allows to pay premiums for a limited term (for example 5 years) and enjoy the insurance cover throughout the policy term (for example 20 years). Surrender is allowed only under single pay and limited pay options and the surrender value will be calculated on the basis of specified formula.


Pros

The policy gives premium discount to high sum assured policies, non-tobacco users and females.
The policy can be surrendered in case of an emergency.
It provides coverage for higher age of up to 70 years.
Premiums paid towards this policy qualify for taxation benefits under Section 80C.


Cons

The policy doesn’t offer any riders and half-yearly, quarterly or monthly premium payment modes are also missing.


Suited for

Monthly death benefit payout makes it more apt for a family who may not be able to manage a lump sum amount.


Our View

Loss of life cannot be indemnified but insurance protection can help a family tide over financial difficulty in case the earning member dies.
The premium payment mode can be useful to those unsure of regular  income inflow after a few years, or those who fear faltering in paying regular premiums.
The premium payment tenure can also be customized to suit one's wallet. This is a traditional term plan where one needs an agent to assist in buying the policy.
The policyholder must have a separate health insurance cover as there are no riders in this policy.

Eligibility
Entry Age (years) 
Minimum18
Maximum60
Maximum Maturity Age (years)70
Policy Term (years) 
Minimum10
Maximum30
Sum Assured (Rs) 
MinimumMonthly benefit x 12 x Policy Term; minimum monthly benefit is Rs 15000
MaximumNo limit
Premium Payment FrequencySingle or Annual
Premium Payment TermSingle, 5-year, 10-year, 15-year and term of the plan
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered
Grace PeriodYou are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover will be terminated
Lapsed Policy ReinstatementYou can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any
Tax BenefitsSection 80C, 10 (10D) of the Income Tax Act, 1961 would apply
ExclusionsIn case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.
Customer Service 
AddressEdelweiss Tokio Life Insurance Company Ltd., Edelweiss House, Off C.S.T. Road, Kalina, Mumbai - 400 098
Mail To[email protected]
Call On1-800-2121-212 between 8 am to 8 pm; Monday to Saturday
Annual Premium Option for Male
Policy Term (in years)Age (in years)
2530354045505560
1026502848348649007092113701729027478
153778410450846936102001637225134NA
2048325388692897661468223700NANa
255834683891801333820484NANANA
30700087121211618204NANANANA
Figures indicate premiums for a monthly benefit of Rs 20,000 for an age over different policy tenures exclusive of service tax
Annual Premium Option for Female
Policy Term (in years)Age (in years)
2530354045505560
102588268630064074566890041353821000
15368038404352565681041285819480NA
2046664950578878401152618412NANa
255564604475181056815954NANANA
3065207442977414338NANANANA
Figures indicate premiums for a monthly benefit of Rs 20,000 for an age over different policy tenures exclusive of service tax
Single Premium Option for Male
Policy Term (in years)Age (in years)
2530354045505560
10179581970424582342004991077360119368187248
153140036120464186489095466148884231600NA
20476005753677116110032163692255868NANA
256890287090119920173742260194NANANA
3096678126432177718261250NANANANA
Figures indicate premiums for a monthly benefit of Rs 20,000 for an age over different policy tenures exclusive of service tax
Single Premium Option for Female
Policy Term (in years)Age (in years)
2530354045505560
1017506182822098828128396486140694118144932
152985832486389385234675790117534181682NA
2044136500846324087966129074201106NANA
25620947391297144137790204554NANANA
3084924105446142564206598NANANANA
Figures indicate premiums for a monthly benefit of Rs 20,000 for an age over different policy tenures exclusive of service tax
Annual Premium Option for Male with 5-year Limited Premium Payment
Policy Term (in years)Age (in years)
2530354045505560
10413054025574780211322180162820844018
15737483941067614816217403502455910NA
20112261343817854253383766861092NANA
251603020088274543961659348NANANA
3022272288964037859262NANANANA
Figures indicate premiums for a monthly benefit of Rs 20,000 for an age over different policy tenures exclusive of service tax
Annual Premium Option for Female with 5-year Limited Premium Payment
Policy Term (in years)Age (in years)
2530354045505560
1040284200478064469022142902216233878
1570367608901011998172842762843694NA
20104521177414714203082972247952NANA
251450617138223283147446662NANANA
3019652242103248646938NANANANA
Figures indicate premiums for a monthly benefit of Rs 20,000 for an age over different policy tenures exclusive of service tax
Annual Premium Option for Male with 10-year Limited Premium Payment
Policy Term (in years)Age (in years)
253035404550
206672789010384146822186036678
25933411554156902258233894NA
3012762163942277833402NANA
Figures indicate premiums for a monthly benefit of Rs 20,000 for an age over different policy tenures exclusive of service tax
Annual Premium Option for Female with 10-year Limited Premium Payment
Policy Term (in years)Age (in years)
253035404550
20625069688598117781722228700
2585089932127941795026602NA
3011352138101836826470NANA
Figures indicate premiums for a monthly benefit of Rs 20,000 for an age over different policy tenures exclusive of service tax
Annual Premium Option for Male with 15-year Limited Premium Payment
Policy Term (in years)Age (in years)
2530354045
2571308728117741693626574
309548121361677424634NA
Figures indicate premiums for a monthly benefit of Rs 20,000 for an age over different policy tenures exclusive of service tax
Annual Premium Option for Female with 15-year Limited Premium Payment
Policy Term (in years)Age (in years)
2530354045
256558755096221345420812
308554102801355219498NA
Figures indicate premiums for a monthly benefit of Rs 20,000 for an age over different policy tenures exclusive of service tax