Edelweiss Life Guaranteed Income Plan

Edelweiss Life Guaranteed Income Plan is a traditional Endowment Assurance Plan which enables savings for future requirements and also provides life insurance cover for protection purposes.

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  • 4.8~ Rated
  • 7.7 Crore Registered Consumer
  • 50 Partners Insurance Partners
  • 4.2 Crore Policies Sold

Investment Plans

  • Guaranteed Tax Savings^Under sec 80C & 10(10D)
  • Under sec 80C & 10(10D)Invest ₹10k Per Month*
  • Zero LTCG Tax^
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rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Key Features

  • This plan is a non-participating traditional Endowment plan with regular premium payment term
  • The plan promises guaranteed regular annual payouts after maturity for 15 years

Benefits

  • On maturity, 200% of the annual premium is paid starting form the end of term for 15 years
  • The policyholder can avail the payouts in lump sum any time during the payout period discounted @ 9%
  • On death during the policy term higher of 10 times the annual premium or 125% of annual premiums paid till death or lumps sum amount payable on maturity
  • On death post the end of term, the payouts continue as and when they accrue
  • Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

3 years

50 years

Maturity Age (Last Birthday)

18 years

65 years

Policy Term (PT) in years

15

Premium Paying Term (PPT) in years

15

Premium Paying Frequency

Annual

Yearly Premium

30,000

No limit

Sum Assured

483,630

No limit

Policy Details

Grace Period: 30 days’ grace period is allowed for premium payment in all modes

Policy Termination or Surrender Benefit: the policy can be surrendered anytime if 2 full years’ premiums have been paid. The Surrender value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)

GSV = (% of all Premiums paid)

SSV = (number of premiums paid/15) * SSV Factor * lump sum maturity benefit

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

The following riders are available under the plan:

  • Edelweiss Life Accidental Death Benefit Rider
  • Edelweiss Life Accidental Total and Permanent Disability Rider
  • Edelweiss Life Term Rider
  • Edelweiss Life Critical Illness Rider
  • Edelweiss Life Waiver of Premium Rider
  • Edelweiss Life Payor Waiver Benefit Rider

Exclusions

In case of suicide within 12 months from inception, total premiums paid is returned and within 12 months of revival, higher of 80% of total premiums paid or acquired Surrender Value is paid to the nominee

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.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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