Edelweiss Tokio Life Insurance Company

Established in the year 2011, Edelweiss Tokio Life Insurance Company Ltd. is a new age, private sector insurance provider in India. The Company is a collaboration between the Edelweiss Group, a top financial service company in India, and Tokio Marine, an expanding life insurance company in Japan. The company’s stake is distributed into a ratio of 74:26 between both the firms i.e. Edelweiss and Tokio Marine.

Edelweiss Tokio Life Insurance Company offers an array of insurance policies with an objective to provide higher returns on investment, child education needs, retirement security, life coverage, guaranteed payments of interest, etc. to cater to the various requirements of insurance seekers.

The insurance services offered by Edelweiss Tokio Life Insurance are child plans, wealth enhancement plans, retirement plans, savings plans, income replacement plans, life protection plans, and term insurance plans. The company recorded a claim settlement ratio of 93.29% in the year 2016-2017, and recorded 100% settled grievances in the same duration.

Types of Plans Offered By Edelweiss Tokio Life Insurance

Edelweiss Tokio Life Insurance Protection Plans

These life protection plans aim to provide high sum assured to insurance holders at affordable premium rates. As a pure term insurance policy, Edelweiss Tokio Life Insurance provides financial protection to the family of the insured in the event of unfortunate death of the policyholder. Plans offered by Edelweiss Tokio Life Protection are:

Plans Entry Age Policy Term Sum Assured Tax Benefit
Edelweiss Tokio Life my Life Minimum– 18 years

Maximum- 60 years

10,15,20,25,30,35,40 Minimum-Rs. 25,00,000

Maximum- No upper limit

Tax Benefit Under Section 80C and 10(10D) of Income Tax Act
Edelweiss Tokio Life Protection Minimum– 18 years

Maximum-60 years

30 years Minimum-Rs. 15,00,000

Maximum-No Upper Limit

Tax Benefit Under Section 80C and 10(10D) of Income Tax Act
Edelweiss Tokio Life Income Replacement Minimum- 18 years

Maximum– 60 years

30 years Minimum- Monthly benefit x 12X policy tenure

Maximum- No upper Limit

Tax Benefit Under Section 80C and 10(10D) of Income Tax Act
Edelweiss Tokio Life Raksha Kavach (Micro Insurance Plan) Minimum- 18 years

Maximum- 50 years

 

5 years Minimum- Rs.5,000

Maximum-Rs.50,000

Tax Benefit Under Section 80C and 10(10D) of Income Tax Act

Edelweiss Tokio Life Insurance Savings Plans

These are investment plans that offer additional payouts apart from the death benefit. An individual can buy these plans to create savings by investing in debt instruments, or for earning higher interest rates by investing in mutual funds and other financial instruments. Edelweiss Tokio Life Insurance Savings Plans are available into two categories.

  • Wealth Enhancement Plans
Plans Entry Age Policy Term Sum Assured Tax Benefit
Edelweiss Tokio Life Dhan Nivesh Bima Yojana (Microinsurance, endowment, single premium) Minimum- 18 years

Maximum- 45 years

10 years Minimum-Rs. 5,000

Maximum-Rs. 25,000

Tax Benefit Under Section 80C and 10(10D) of Income Tax Act
Edelweiss Tokio Life Wealth Enhancement Ace (ULIP) Minimum- 5 years

Maximum- 65 years

For entry age below 45 years – 10, 15, and 20 years.

For entry age 45 years and above – 10 years.

Minimum-

For entry age below 45 years: SP x 1.25

For entry age 45 years and above: SP x 1.10

Maximum-

SP s 10 Top-ups: Top-up premium x 10

 

*SP is denoted as Single Premium

Tax Benefit Under Section 80C and 10(10D) of Income Tax Act
Edelweiss Tokio Life Single Pay  Endowment Assurance Plan (Single premium, endowment ) Minimum- 3 years

Maximum- Option A- 40 years

Option B- 70 years

10-15 years Minimum-

Option A- Rs. 4,00,000

Option B-Rs. 50,000

Tax Benefit Under Section 80C and 10(10D) of Income Tax Act.
  • Wealth Accumulation Plans
Plans Entry Age Policy Term Sum Assured Tax Benefit
Edelweiss Tokio Life Cashflow Protection Plus (Participating, non-Linked) Minimum- 91 days

Maximum- 55 years

100 years Minimum- Rs. 2,00,000

Maximum- no upper limit

Tax Benefit Under Section 80C, 80D and 10(10D) of Income Tax Act.
Edelweiss Tokio Life Wealth Accumulation (Accelerated Cover) (ULIP) Minimum- 5 years

Maximum- 65 years

10, 15, 20, 25, and 30 years Minimum-

For below 45 years of entry age- AP x higher of (10,0.5 x PT)

For 45 years of entry age and above-

AP x higher (7,0.25 x PT)

Maximum-

For below 45 years of entry age- AP x 25

For 45 years of entry age and above- AP x 20

 

*AP full form is Annualized Premium

*PT Full form is Policy Term

 

Tax Benefit Under Section 80C and 10(10D) of Income Tax Act.
Edelweiss Tokio Life Guaranteed Income Plan (Non- participating, non-linked, endowment) Minimum- 3 years

Maximum-50 years

15 years Minimum- Rs. 4,83,630

Maximum- No upper limit

Tax Benefit Under Section 80C and 10(10D) of Income Tax Act.
Edelweiss Tokio Life Save & Prosper (Endowment) Minimum- 3 years

Maximum-50 years

15-35 years Minimum-Rs. 2,00,000

Maximum- No upper limit

Tax Benefit Under Section 80C, 80D and 10(10D) of Income Tax Act.
Edelweiss Tokio Life Safe & Sure Plan (Non-participating, endowment, non-linked) Minimum- 5 years

Maximum- 55 years

15, 20, 25 years Minimum- Rs. 2,00,000

Maximum- No upper limit

Tax Benefit Under Section 80C, 80D and 10(10D) of Income Tax Act.
Edelweiss Tokio Life Milestone Plan (Participating, Non-linked) Minimum- 14 years

Maximum- 44 years

16, 20, 25, and 30 years Minimum- Rs. 2,50,000

Maximum- o upper limit

Tax Benefit Under Section 80C, 80D and 10(10D) of Income Tax Act.
Edelweiss Tokio Life Wealth Builder(non-participating, non-linked) Minimum- 91 days

Maximum- 55 years

10, 15, 20, 25, and 30 years ——- Tax Benefit Under Section 80C, 80D and 10(10D) of Income Tax Act.
Edelweiss Tokio Life Wealth Accumulation (cover plus) (ULIP) Minimum- 5 years

Maximum-65 years

10, 15, 20, 25, and 30 years Minimum-

For below 45 years of entry age- AP x higher of 10, 0.5 PT

For 45 years of entry age and above- AP x higher of 7,0.25 x PT

 

Maximum- For below 45 years of entry age- AP x 25

For 45 years of entry age and above- AP x 20

 

 

Tax Benefit Under Section 80C and 10(10D) of Income Tax Act.
Edelweiss Tokio Life Welath Accumulation (Privilege) (ULIP) Minimum- 5 years

Maximum- 65 years

10, 15, 20, 25, and 30 years Minimum-

For below 45 years of entry age- AP x higher of 10,0.5 PT

For 45 years of entry age and above- AP x higher of 7,0.25 x PT

 

Maximum- For below 45 years of entry age- AP x 25

For 45 years of entry age and above- AP x 20

 

 

Tax Benefit Under Section 80C and 10(10D) of Income Tax Act.

Edelweiss Tokio Life Insurance Child Plans

In order to safeguard the future of children financially, Edelweiss Tokio Life Insurance offers child insurance plans. These plans aim to provide financial support to a child in case of the unfortunate demise of his/her parents, so that s/he can pursue an education in their choice of field. The child plan offered by Edelweiss Tokio Life Insurance is:

  • Edelweiss Tokio Life EduSave– Under this plan, the beneficiary of the policy i.e. the child will continue to receive the pre-determined benefits by the insurer, even in the event of the death of the insured within the tenure of the policy.
Plan Entry Age Policy Term Sum Assured Tax Benefit
Edelweiss Tokio Life EduSave Minimum- 18 years

Maximum- 45 years

10-30 years Minimum-Rs. 2,25,000

Maximum- No upper Limit

Tax Benefit Under Section 80C, 80D and 10(10D) of Income Tax Act.

Edelweiss Tokio Life Insurance Retirement Plans

It is very important to have a proper retirement plan while an individual is in service so that their life after retirement can be secured financially. Edelweiss Tokio Life Insurance offers retirement plans with the dual benefits of life protection as well as regular payments in fixed intervals of time. Retirement plans that are offered by Edelweiss Tokio Life Insurance Plans are:

Plans Entry Age Policy Term Sum Assured Tax Benefit
Edelweiss Tokio Life Cashflow Protection Plus Minimum- 91 days

Maximum- 55 years

100 years Minimum-Rs. 2,00,000

Maximum- No upper Limit

Tax Benefit Under Section 80C, 80D and 10(10D) of Income Tax Act
Edelweiss Tokio Life Pension Plan Minimum- 18 years

Maximum- 65 years

Single pay, 5 pay, regular pay-10-40 years

10 pay-11-40 years

Minimum:

Single Pay- Rs. 1,25,000

Other pay – Rs. 2,00,000

Maximum- No upper limit

 

Tax Benefit under section 80CCC and 10(10A) of Income Tax Act
Edelweiss Tokio Life Immediate Annuity Plan Minimum- 18 years

Maximum-85 years

The annuity is paid annually, half-yearly, the quarterly and monthly basis —-
Edelweiss Tokio Life Cash Income Plan Minimum- 91 days

Maximum- 50 years

100- Age at entry Minimum- Rs. 2,65,000

Maximum- No upper limit

Tax Benefit Under Section 80C, 80D and 10(10D) of Income Tax Act

Edelweiss Tokio Life Insurance Claim Process

The claim process of Edelweiss Tokio Life Insurance is very simple and hassle-free. According to his/her own convenience, the insurance-holder can file a claim either online or offline. Here we have briefly described the online and offline claim process of Edelweiss Tokio Life Insurance.

Online Claim Process

The insurance-holder can easily file a claim online with no hassles and by following a few simple steps:

  1. In order to file a claim, the beneficiary is required to visit the official website of Edelweiss Tokio Life Insurance.
  2. After locating the relevant tab, the nominee of the policy will have to fill an online claim form
  3. Once the beneficiary has thoroughly filled the claim form, he/she will have to submit other important documents with the policy number, the name of the policyholder, address, date of birth, etc. along with the claim form.
  4. After submission of the claim form along with the required documents, the insurance company verifies the claim application and the final payout is paid to the beneficiary of the policy as a death

Offline Claim Process

  1. In order to file a claim, the nominee of the policy will be required to visit Edelweiss Tokio Life Insurance branch office and fill the claim form.
  2. Along with the filled claim form, the beneficiary will also have to submit the main documents, the policy number, the name of the policyholder, address, date of birth, etc.
  3. After the submission of the claim form, the insurance company will verify all the submitted documents.
  4. Once the verification has been completed, the final payment is given to the beneficiary as a death

Eligibility Criteria of Edelweiss Tokio Life Insurance

  1. The Minimum age eligibility to avail the policy is 18 years. Whereas, the maximum age eligibility to avail the policy is 70 years.
  2. The individuals should be salaried, professionals, self-employed.
  3. The maximum tenure of the plans offered by Edelweiss Tokio Life insurance is 30 years.

Documents Required For Edelweiss Tokio Life Insurance

  1. Identity Proof
  2. Income Proof
  3. Age Proof
  4. PAN Number
  5. Address Proof

Process to Check the Policy Status of Edelweiss Tokio Life Insurance

Checking the status of a life insurance policy is as important as buying a life insurance policy. By keeping a track of the policy status the insured can avail uninterrupted life coverage. With the help of online and offline process, the insured can keep a track of the policy status and pay the premiums on time.

Online Process to Check the Policy Status 

  1. By visiting the website of Edelweiss Tokio life insurance, the insured can check the status of the policy.
  2. If the policyholder is a new user, then he/she will have to register themselves first.
  3. Once the policyholder completes the process of registration, then he/she will have to log in to the account and select the option of ‘Policy Details’.
  4. On the new page the current policy status will be displayed on the screen.
  5. Moreover, the policyholder can also send an email to the company’s mail ID to know the status of the policy.
  6. It is important to keep in mind that the insured will have to enter all the important details like policy number, address, policyholder’s name, email, etc.

Offline Process to Check the Policy Status

  1. In order to know the status of policy, the policyholder can call the customer care number and get the information related to the status of the policy.
  2. The insured will have to provide all the important details like policy number, address, policyholder’s name, email, etc.

Edelweiss Tokio Life Insurance Online Premium Payment Process

Edelweiss Tokio Life Insurance offers an easy and hassle-free process of online premium payment. With the help of the online process of premium payment, the insured can pay the premiums of the policy anytime and anywhere. Here are few simple steps that are should be followed when paying the policy premium online.

  1. Visit the official website of Edelweiss Tokio Life Insurance and select the option of pay premium under the section of ‘Quick Link’.
  2. Enter all the key details like email, policy number, date of birth, etc. and click on the submit button.
  3. Enter the premium amount to be paid and choose the premium payment option.
  4. Complete the process of the transaction through the selected option of premium payment.
  5. After the completion of the transaction process, an acknowledgment slip is sent to the insured.

Edelweiss Tokio Life Insurance FAQ’s

What are the premium payment modes available for Edelweiss Tokio Life Insurance?

Ans- The premium payment modes available for Edelweiss Tokio Life Insurance are:

  • Online mode include:
  1. Debit Card
  2. Net Banking
  3. Credit Card
  4. Payment Through Standing Instructions
  • Offline mode includes:
  1. Through ECS facility
  2. Money Order
  3. Cheque /Cash/DD
  4. IVRS
  5. Visit the nearest branch to your location.

How to check the policy status of Edelweiss Tokio Life Insurance?

Ans- There is various different methods to check the status of the policy. The insured can check the policy status through online method, by visiting the website of the company or through offline method. In offline method, the insured can send SMS and Email to the company and know the status of the policy. Moreover, the policyholder can also call to the toll free number of the company and know the status of the policy.

What is Free-look period?

Ans- In case, the policyholder is dissatisfied with the terms and conditions of the policy then a free-look period of 15 days is provided by the company during which the policyholder can cancel the policy.

What is a Grace Period?

Ans- If the insured fails to pay the premium of the policy within the due date, then a grace period of 30 days is offered by the company during which they can clear the entire due amount and continue with the benefits of the plan.

What are the tax benefits offered by Edelweiss Tokio Life Insurance?

Ans- Edelweiss Tokio Life Insurance offered tax benefit on the premium amount and maturity proceeds under section 80C and 10(10D) of Income Tax Act 1961.

What is the claim settlement process of Edelweiss Tokio Life Insurance?

Ans- To settle the claim of the policy, the beneficiary of the policy will be required to submit the document of the policy along with the thoroughly filled claim form to the nearest branch office of the company. Once the submission of the claim form and document is done, it is verified by the insurance company. After the completion of the verification process, the claim amount is paid to the beneficiary of the policy within 30 days.

What are the documents required to apply for Edelweiss Tokio Life Insurance?

Ans- The documents required to apply for Edelweiss Tokio Life Insurance are:

  • Age proof
  • Identity proof
  • PAN number
  • Address proof
  • Income Proof
  • Passport size photograph.

How to cancel the existing policy of Edelweiss Tokio Life Insurance?

Ans- In order to cancel the policy of Edelweiss Tokio Life Insurance, the insured will have to fill the surrender form thoroughly and submit it to the branch office. The insured will also have to pay the cancellation charge while submitting the surrender form.

Latest Articles

Other Insurers