Edelweiss Life Saral Jeevan Bima

Key Features of Edelweiss Tokio Saral Jeevan Bima

Let us take a look at the key features of this Edelweiss Tokio term insurance plan:

• The plan offers the option to the buyers to choose their desired policy tenure ranging from a minimum of 5 years to a maximum of 40 years.

• The plan offers coverage up to the age of 70 years.

• The plan offers the flexibility to choose different premium paying mode.

• The policyholder can choose to pay the premium either through single pay, regular pay, or limited pay of 5-10 years.

• The Edelweiss Tokio Saral Jeevan Bima plan can be purchased online through a simple and hassle-free process.

Edelweiss Tokio Saral Jeevan Bima Elegibility Criteria

To purchase this Edelweiss Life insurance plans, here are eligbility conditions you need to satisfy:

Edelweiss Tokio Saral Jeevan Bima Benefits

• Death Benefit

  In the event of an unfortunate demise of the life assured during the policy tenure, the sum assured amount on death is paid to the beneficiary of the policy.

  In case the policyholder suffers an unfortunate death during the waiting period, the benefit amount payable would be:

  If the policyholder suffers an accidental death, for regular and limited premium policies:

  • 10 times the AP (annualised premiums)

  • Absolute amount payable on death

  • 105 percent of the premiums paid till death

  In case of accidental death, single premium policies

  • 125 percent of the single premium

  • Absolute amount payable on death

  In case of death due to any other reason than an accident, 100 percent of the premiums, excluding taxes, will be paid to the nominee.

  In case of the death of the policyholder after the end of the waiting period, the benefit amount payable would be:

  For regular and limited premium policies, the higher of 

  • 10 times the AP (annualised premiums)

  • 105 percent of the total premiums paid until death

  • Absolute amount payable on death

  For single premium policies, the higher of 

  • 125 percent of the single premium

  • Absolute amount payable on death

  * The waiting period for this policy is 45 days from the date the policy starts covering risk, i.e. from the date of issuance.

  *Annualized premium is the total premium amount payable in a year excluding the taxes, rider premium, loading for modal premiums, and underwriting extra premiums if any.

  The death benefit will also be payable to the beneficiary of the policy in case of demise of the life assured due to any pandemic like COVID-19.

• Maturity Benefit

  As edelweiss Tokio Saral Jeevan Bima is a pure term plan, there is no maturity benefit offered by the policy.

• Tax Benefits

  You can claim term insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.

Other Features of Edelweiss Tokio Saral Jeevan Bima Plan

• Surrender Value

  No surrender value is applicable under this policy. 

• Policy Cancellation Value

  If the policyholder wants to cancel their policy, the policy cancellationn value for limited and single premium policies will be as follows:

  70 percent x single or total premium paid x remaining policy term / total policy term

• Policy Revival

  If the policy goes into lapse due to non-payment of premiums, the policyholder has the option of reviving their lapsed policy within the revival period. The policyholder needs to pay the remaining premiums and the applicable interest.

• Loan Facility

  This term insurance plan does not provide any loan facility.

• Free Look Period

  A free-look period of 15 days ( 30 days in case of online policies) is offered from the date of policy inception, to review the terms and conditions of the policy. If the insurance holder disagrees with any of those terms and conditions, then he/she can return the policy to the insurer for cancellation, stating the reason for cancellation. On cancellation, the policyholder is entitled to receive the refund of the premium paid subject to a deduction of expenses incurred by the insurance company like stamp duty charges and medical test of the proposer. Moreover, a proportionate risk premium for the period of cover is also deducted.

• Grace Period

  30 days of grace period for the mode of yearly or half-yearly premium payment and 15 days in case of monthly premium payment is offered by the insurance company to the policyholder during which he/she can pay the due premiums. If the premium is not paid within the grace period, the policy lapses.

Exclusions

• Suicide Exclusion

  Under Regular/Limited Pay: The policy will be nullified in case, the life assured commits suicide within 12 months from the date of commencement of risk, provided the policy is in force or within 12 months from the date of policy revival. No claim will be entertained by the insurer except 80% of the premium amount (excluding any extra amount if charged under the policy due to underwriting decisions, taxes, and rider premiums, if any) till the date of death or policy cancellation value as on date of death, whichever is higher is paid to the beneficiary of the policy, provided the policy is in force.

  This clause is not applicable in the case of a lapsed policy.

  Under Single Premium Policy: The policy will be nullified in case, the life assured commits suicide within 12 months from the date of commencement of risk, No claim will be entertained by the insurer except 90% of the single premium paid (excluding any extra amount if charged under the policy due to underwriting decisions, taxes, and rider premiums, if any) till the date of death or policy cancellation value as on date of death, whichever is higher is paid to the beneficiary of the policy, provided the policy is in force.