Edelweiss Life Single Pay Endowment Assurance Plan
Introduction/Overview
Edelweiss Life Single Pay Endowment Assurance Plan is a traditional Endowment Assurance plan with a single pay facility which enables the policyholder to reap the benefits later on in life while at the same time being protected under the life cover feature.
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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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Key Features
- This plan is a non-participating traditional Endowment plan with Single pay premium payment term
Benefits
- On maturity, Guaranteed Maturity Benefit is paid which depends on age, sex and premium range
- On death, Sum Assured is payable which is equal to 10 times the Single premium paid
- Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively
Product Specification:
|
|
Minimum |
Maximum |
|
Entry Age (Last Birthday) |
8 years |
50 years |
|
Maturity Age (Last Birthday) |
- |
60 years |
|
Policy Term (PT) in years |
10 |
|
|
Premium Paying Term (PPT) in years |
Single pay |
|
|
Yearly Premium |
40,000 |
No limit |
|
Sum Assured |
400,000 |
No limit |
Details about Premium
Premium in Rupees and Maturity benefit illustration
|
Age / Premium |
Applicable Maturity Benefit |
||||
|
50,000 |
1 lakh |
2.5 lakhs |
10 lakhs |
25 lakhs |
|
|
30 yrs. |
89,100 |
180,100 |
466,250 |
19,04,000 |
48,10,000 |
|
35 yrs. |
86,400 |
174,700 |
454,500 |
18,63,000 |
47,10,000 |
|
40 yrs. |
81,250 |
164,500 |
432,500 |
17,84,000 |
45,20,000 |
|
45 yrs. |
71,900 |
145,800 |
392,750 |
16,44,000 |
41,80,000 |
|
50 yrs. |
55,950 |
114,100 |
326,000 |
14,11,000 |
36,22,500 |
Policy Details
Grace Period: grace period is not applicable for single pay plans
Policy Termination or Surrender Benefit: the policy can be surrendered anytime if 1 full year’s premium has been paid. The Surrender value will be higher of the applicable % of the Maturity Benefit or applicable % of the Single premium Paid. The applicable % depends on the year of surrender
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
- Higher Maturity Benefits for female lives aged 11 years and above
- 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
Exclusions
In case of suicide within 12 months from inception, 90% of the premiums paid is refunded
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.
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. 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. 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
^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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