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.
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.
Suited for
Monthly death benefit payout makes it more apt for a family who may not be able to manage a lump sum amount.
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.
Eligibility
Entry Age (years)
Minimum
18
Maximum
60
Maximum Maturity Age (years)
70
Policy Term (years)
Minimum
10
Maximum
30
Sum Assured (Rs)
Minimum
Monthly benefit x 12 x Policy Term; minimum monthly benefit is Rs 15000
Maximum
No limit
Premium Payment Frequency
Single or Annual
Premium Payment Term
Single, 5-year, 10-year, 15-year and term of the plan
Policy Cover
Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation
In 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 Period
You 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 Reinstatement
You 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 Benefits
Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply
Exclusions
In 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
Address
Edelweiss Tokio Life Insurance Company Ltd., Edelweiss House, Off C.S.T. Road, Kalina, Mumbai - 400 098
Mail To
[email protected]
Call On
1-800-2121-212 between 8 am to 8 pm; Monday to Saturday
Cost Details
| Annual Premium Option for Male | ||||||||
| Policy Term (in years) | Age (in years) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 10 | 2650 | 2848 | 3486 | 4900 | 7092 | 11370 | 17290 | 27478 |
| 15 | 3778 | 4104 | 5084 | 6936 | 10200 | 16372 | 25134 | NA |
| 20 | 4832 | 5388 | 6928 | 9766 | 14682 | 23700 | NA | Na |
| 25 | 5834 | 6838 | 9180 | 13338 | 20484 | NA | NA | NA |
| 30 | 7000 | 8712 | 12116 | 18204 | NA | NA | NA | NA |
| 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) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 10 | 2588 | 2686 | 3006 | 4074 | 5668 | 9004 | 13538 | 21000 |
| 15 | 3680 | 3840 | 4352 | 5656 | 8104 | 12858 | 19480 | NA |
| 20 | 4666 | 4950 | 5788 | 7840 | 11526 | 18412 | NA | Na |
| 25 | 5564 | 6044 | 7518 | 10568 | 15954 | NA | NA | NA |
| 30 | 6520 | 7442 | 9774 | 14338 | NA | NA | NA | NA |
| 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) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 10 | 17958 | 19704 | 24582 | 34200 | 49910 | 77360 | 119368 | 187248 |
| 15 | 31400 | 36120 | 46418 | 64890 | 95466 | 148884 | 231600 | NA |
| 20 | 47600 | 57536 | 77116 | 110032 | 163692 | 255868 | NA | NA |
| 25 | 68902 | 87090 | 119920 | 173742 | 260194 | NA | NA | NA |
| 30 | 96678 | 126432 | 177718 | 261250 | NA | NA | NA | NA |
| 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) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 10 | 17506 | 18282 | 20988 | 28128 | 39648 | 61406 | 94118 | 144932 |
| 15 | 29858 | 32486 | 38938 | 52346 | 75790 | 117534 | 181682 | NA |
| 20 | 44136 | 50084 | 63240 | 87966 | 129074 | 201106 | NA | NA |
| 25 | 62094 | 73912 | 97144 | 137790 | 204554 | NA | NA | NA |
| 30 | 84924 | 105446 | 142564 | 206598 | NA | NA | NA | NA |
| 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) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 10 | 4130 | 5402 | 5574 | 7802 | 11322 | 18016 | 28208 | 44018 |
| 15 | 7374 | 8394 | 10676 | 14816 | 21740 | 35024 | 55910 | NA |
| 20 | 11226 | 13438 | 17854 | 25338 | 37668 | 61092 | NA | NA |
| 25 | 16030 | 20088 | 27454 | 39616 | 59348 | NA | NA | NA |
| 30 | 22272 | 28896 | 40378 | 59262 | NA | NA | NA | NA |
| 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) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 10 | 4028 | 4200 | 4780 | 6446 | 9022 | 14290 | 22162 | 33878 |
| 15 | 7036 | 7608 | 9010 | 11998 | 17284 | 27628 | 43694 | NA |
| 20 | 10452 | 11774 | 14714 | 20308 | 29722 | 47952 | NA | NA |
| 25 | 14506 | 17138 | 22328 | 31474 | 46662 | NA | NA | NA |
| 30 | 19652 | 24210 | 32486 | 46938 | NA | NA | NA | NA |
| 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) | |||||
| 25 | 30 | 35 | 40 | 45 | 50 | |
| 20 | 6672 | 7890 | 10384 | 14682 | 21860 | 36678 |
| 25 | 9334 | 11554 | 15690 | 22582 | 33894 | NA |
| 30 | 12762 | 16394 | 22778 | 33402 | NA | NA |
| 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) | |||||
| 25 | 30 | 35 | 40 | 45 | 50 | |
| 20 | 6250 | 6968 | 8598 | 11778 | 17222 | 28700 |
| 25 | 8508 | 9932 | 12794 | 17950 | 26602 | NA |
| 30 | 11352 | 13810 | 18368 | 26470 | NA | NA |
| 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) | ||||
| 25 | 30 | 35 | 40 | 45 | |
| 25 | 7130 | 8728 | 11774 | 16936 | 26574 |
| 30 | 9548 | 12136 | 16774 | 24634 | NA |
| 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) | ||||
| 25 | 30 | 35 | 40 | 45 | |
| 25 | 6558 | 7550 | 9622 | 13454 | 20812 |
| 30 | 8554 | 10280 | 13552 | 19498 | NA |
| Figures indicate premiums for a monthly benefit of Rs 20,000 for an age over different policy tenures exclusive of service tax | |||||
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