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Income Replacement Plan
Income Replacement is a term insurance plan which aims to replace the income inflows post the policyholders death by providing the death benefit in monthly instalments.
Income Replacement Benefits
On death of the policyholder, the chosen Monthly Benefit is paid every month which increases by 5% with every payout and is paid for the remaining term with a minimum guaranteed term of 5 years. Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Eligibility Details
On death of the policyholder, the chosen Monthly Benefit is paid every month which increases by 5% with every payout and is paid for the remaining term with a minimum guaranteed term of 5 years. Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Key Features
It is a pure term insurance plan with Regular, Limited and Single Pay premium paying options. The death benefit is paid in increasing monthly instalments for the entire term or 5 years whichever is later.
Product Specification
Details About Premium Annual premium in Rupees for a non-smoker for a 25 year term with a Monthly Benefit of Rs.25, 000 Policy Details Grace period: 30 days grace period is allowed for payment of premium. Policy termination or Surrender Benefit: the plan acquires a Surrender Value only in case of Single and Limited pay options where the policy can be surrendered form the 2nd year or after the Premium Paying Term respectively. Surrender Value for Single Pay plans – Single premium * 70% * (number of remaining months of cover/total policy term in months) ^2 Surrender Value for Limited Pay plans – total premiums paid * 70%* (number of remaining months of cover/total policy term in months) ^2 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.
Documents Required
Policyholder has to fill up an `Application form/ proposal form online and provide self-attested copies of KYC/AML Documents. Edelweiss Tokio Life launches My Life+
Income Replacement Plan
Income Replacement is a term insurance plan which aims to replace the income inflows post the policyholders death by providing the death benefit in monthly instalments.
Income Replacement Benefits
On death of the policyholder, the chosen Monthly Benefit is paid every month which increases by 5% with every payout and is paid for the remaining term with a minimum guaranteed term of 5 years. Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Eligibility Details
On death of the policyholder, the chosen Monthly Benefit is paid every month which increases by 5% with every payout and is paid for the remaining term with a minimum guaranteed term of 5 years. Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Key Features
It is a pure term insurance plan with Regular, Limited and Single Pay premium paying options. The death benefit is paid in increasing monthly instalments for the entire term or 5 years whichever is later.
Product Specification
Details About Premium Annual premium in Rupees for a non-smoker for a 25 year term with a Monthly Benefit of Rs.25, 000 Policy Details Grace period: 30 days grace period is allowed for payment of premium. Policy termination or Surrender Benefit: the plan acquires a Surrender Value only in case of Single and Limited pay options where the policy can be surrendered form the 2nd year or after the Premium Paying Term respectively. Surrender Value for Single Pay plans – Single premium * 70% * (number of remaining months of cover/total policy term in months) ^2 Surrender Value for Limited Pay plans – total premiums paid * 70%* (number of remaining months of cover/total policy term in months) ^2 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.
Documents Required
Policyholder has to fill up an `Application form/ proposal form online and provide self-attested copies of KYC/AML Documents. Edelweiss Tokio Life launches My Life+