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Edelweiss Life Income Replacement Plan

Edelweiss Life Income Replacement is a term insurance plan which aims to replace the income inflows post the policyholder’s death by providing the death benefit in monthly instalments.

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Key Features

It is a pure term 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.

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.

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	18 years	60 years
Maturity Age (Last Birthday)	28 years	70 years
Policy Term (PT) in years	10	30
Premium Paying Term (PPT) in years	Single Pay, 5 Pay, 10 Pay, 15 Pay, Regular Pay
Premium Paying Frequency	Annual
Yearly Premium	Depends on age, Sum Assured, term and PPT
Minimum Monthly Benefit	15,000	No limit
Sum Assured	Monthly Benefit amount * 12 * term

Details About Premium

Annual premium in Rupees for a non-smoker for a 25 year term with a Monthly Benefit of Rs.25, 000

Age/PPT (yrs.)	Single Pay	5 Pay	10 Pay	15 Pay	Regular Pay
30	79,885	18,510	10,743	8180	6618
35	105,585	24,275	13,963	10,560	8310
40	147,945	33,913	19,463	14,688	11,595

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 2^nd 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.

Additional Features or Riders

The plan offers the following Riders for additional protection:

Edelweiss Life – Accidental Total & Permanent Disability Rider
Edelweiss Life – Accidental Death Benefit Rider
Edelweiss Life – Waiver of Premium Rider
Edelweiss Life – Critical Illness Rider
- Premium discounts are given for availing large Monthly Benefit ranges from 20,000 and above.
- Premium discounts for non-tobacco users.