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Edelweiss Tokio Life Single Pay Endowment Assurance Plan
Introduction/Overview Edelweiss Tokio Life Single Pay Endowment Assurance Plan is a traditional Endowment Assurance plan with a single pay facility which enables the policyholder to reap the benefits later on in life while at the same time being protected under the life cover feature. Key Features This plan is a non-participating traditional Endowment plan with Single pay premium payment term
Product Specification
Details about Premium Premium in Rupees and Maturity benefit illustration Policy Details Grace Period: grace period is not applicable for single pay plans Policy Termination or Surrender Benefit: the policy can be surrendered anytime if 1 full years premium has been paid. The Surrender value will be higher of the applicable % of the Maturity Benefit or applicable % of the Single premium Paid. The applicable % depends on the year of surrender Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Inclusions The policy provides loan facility of up to 90% of the Surrender value Additional Features or Riders Higher Maturity Benefits for female lives aged 11 years and above The following riders are available under the plan: Edelweiss Tokio Life Accidental Death Benefit Rider Edelweiss Tokio Life Accidental Total and Permanent Disability Rider Edelweiss Tokio Life Term Rider Edelweiss Tokio Life Critical Illness Rider Exclusions In case of suicide within 12 months from inception, 90% of the premiums paid is refunded
Benefits
On maturity, Guaranteed Maturity Benefit is paid which depends on age, sex and premium range On death, Sum Assured is payable which is equal to 10 times the Single premium paid Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person. Edelweiss Tokio Life launches My Life+