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Edelweiss Life Insurance is the concord of Tokio Marine Holdings Inc, Japan, and Edelweiss Financial Services, Mumbai, established in 2011. This company is one of the leading financial service providers that cater to various customer needs and provide diverse products specifically designed to serve the customers' needs.
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Edelweiss Life Insurance Company sells different types of term insurance plan to its customers, each with extensive features and benefits. Let us look at the different types of term life insurance plans available with the company in detail.
| Edelweiss Tokio Term Plans | Benefits | Eligibility and Other Criteria |
| Edelweiss Life My Life + Plan | Regular Premium paying option The death benefit can be availed either in a lump sum or in instalments Sum Assured on death is higher of 10 times the yearly premium or 105% of total premiums paid | Entry: 18 to 60 years Maturity: 80 years Term: 10 to 40 years Premium: Rs. 2,500+ Sum Assured: Rs. 25 lakh+ |
| Edelweiss Life Income Replacement Plan | Regular Pay, Limited Pay or Single Pay options Month death benefit paid up to the end of the term (minimum 5 years) Monthly payouts increase by 5% Discounts in premiums for non-tobacco users and for monthly benefits of Rs. 20,000 and above | Entry Age: 18 to 60 years Maturity: 28 to 70 years Term: 10 to 30 years Monthly Benefit: Rs. 15,000+ Sum Assured: Monthly Benefit * 12 * Term |
| Edelweiss Life Protection Plan | Regular Pay, Limited Pay or Single Pay options Sum assured paid to the nominee on demise of insured during the tenure of the plan Discounts in premium for non-tobacco users and for sum assured of Rs. 20 lakh and above Tax benefit on the premium paid and claims | Entry: 18 to 60 years Maturity: 28 to 70 years Term: 10 to 30 years Sum Assured: Rs. 15 lakh+ |
| Edelweiss Life Raksha Kavach Plan | Covers people living in the rural areas Premiums can be paid for the entire duration of the plan or only once | Entry: 18 to 50 years Maturity: 23 to 55 years Term: 5 years Sum Assured: Rs. 5000 to Rs. 50,000 |
| Edelweiss Life Wealth Gain Plus | The plan provides insurance coverage to the family of the insured in case of any eventuality. The plan offers two strategies to cater to the different investment requirements of the insured person. After the completion of 5 years policy, the life insured can make a partial withdrawal in case of an emergency. The fund value percentage is added back to the fund of the life insured to maximize the savings | Entry age- 0-45 years, 50 years Maturity- 18 years- 70 years Term- 10-20 years Sum Assured- Higher of (10, Policy Term/ 2) X Annualized Premium |
| Edelweiss Life Wealth Plus | The plan provides financial protection to the family in case of the demise of the life insured. Additional units are added by the insurer during the premium payment tenure of the policy in order to increase the fund value. For the first 5 policy years, the allocation benefits start at the rate of 1% and then increases every 5 years at the rate of 3%,5% and 7%. No premium allocation and policy administration charges are applied in this plan. In case of an emergency, partial withdrawal is applicable from the sixth policy year. | Entry Age- 1 year- 55 years Maturity Age- 18 years- 70 years Policy Term- 10 years- 20 years Sum Assured- 10 X Annualized Premium. |
| Edelweiss Life -GCAP | After the completion of the 9th policy year, the life insured is entitled to receive guaranteed accrual additional benefit. The plan provides extra benefits for a higher premium. The plan provides a loan facility. Provides additional riders benefits to enhance the coverage of the policy. | Entry Age- 91 days- 55 years Maturity Age- 18 years- 70 years Policy Term- 10, 15, 20,25 and 30 years. Sum assured- Minimum- Rs.1, 65,000 Maximum- No limit |
| Edelweiss Life Zindagi Plus | The plan provides insurance coverage to the spouse in case of the demise of the insured. The plan provides the option to increase the insurance coverage yearly as per the selected rate. Daily cash allowance is provided in case of hospitalization of the life insured. Moreover, the plan also provides post-hospitalization benefits as well. | Entry Age- 18 years- 65 years Maturity Age- 80 years Policy Term- 10 years- 62 years Sum assured- 50 Lakh and 25 Lakh Maximum- No upper limit |
The benefit on death in this Edelweiss term plan is paid at an increasing rate every month post-death. Other points include:
Edelweiss Life Income Replacement Plan – Eligibility Details
| Minimum | Maximum | |
| Entry Age | 18 years | 60 years |
| Maturity Age | 28 years | 70 years |
| Policy Term | 10 years | 30 years |
| Monthly Benefit | Rs.15, 000 | No limit |
| Premium amount | Depends on the age, coverage, tenure and the premium paying term | |
| Sum Assured | Monthly Benefit amount * 12 * Term | |
| Premium Payment Term | Equal to policy term or 5, 10 or 15 Pay or Single Pay | |
| Premium Paying Frequency | Yearly | |
The plan has lower rates of premiums and the following points:
Edelweiss Life Protection Plan – Eligibility Details
| Minimum | Maximum | |
| Entry Age | 18 years | 60 years |
| Maturity Age | 28 years | 70 years |
| Policy Term | 10 years | 30 years |
| Premium amount | Depends on the age, coverage, tenure and the premium paying term | |
| Sum Assured | Rs.15 lakhs | No limit |
| Premium Payment Term | Equal to policy term or 5, 10 or 15 Pay or Single Pay | |
| Premium Paying Frequency | Yearly | |
A micro term insurance plan designed for the backward classes of the society like rural areas to provide life cover at cheap rates of premiums. The features and benefits of the plan are as follows:
Edelweiss Life RakshaKavach Plan – Eligibility Details
| Minimum | Maximum | |
| Entry Age | 18 years | 50 years |
| Maturity Age | 23 years | 55 years |
| Policy Term | 5 years | |
| Premium amount | Depends on the age, coverage and tenure | |
| Sum Assured | Rs.5000 | Rs.50, 000 |
| Premium Payment Term | Equal to policy term or Single Pay | |
| Premium Paying Frequency | Yearly | |
It is a non-participating unit-linked life insurance plan that provides life insurance cover to ensure financial security to the family of the policyholder in case of his/her demise. The key benefits of this plan are:
Edelweiss Life Wealth Gain Plus – Eligibility Details
| Eligibility Conditions | Maximum | Minimum | |||
| Entry Age | 45 Years (For Premium Paying Term that is less than 10 years) | Zero years | |||
| 50 Years (For Premium Paying Term that is greater than or equal to 10 years) | |||||
| Maturity Age | 70 Years | 18 Years | |||
| Premium Paying Term | For Regular | Equal to the policy term | Equal to the policy term | ||
| Limited | Policy Term – 1 | Five Years | |||
| Policy Term | 20 Years | 10 Years | |||
| Top-Up Sum Assured | 1.25 X Top-Up Premium | 1.25 X Top-Up Premium | |||
| Sum Assured | Higher of (10, Policy Term/ 2) X Annualized Premium | Higher of (10, Policy Term/ 2) X Annualized Premium | |||
| Top Up the Sum Assured | 1.25 X Top-up Premium | 1.25 X Top-up Premium | |||
| Annualized Premium | No Limit | Premium Payment Term | Policy Term | ||
| 5-9 Years | >=10 Years | ||||
| 48,000 | 36,000 | 10 – 14 Years | |||
| 36,000 | 30,000 | 15 – 19 Years | |||
| 24,000 | 18,000 | 20 Years | |||
| Top-Up Premium | The total top-up premium paid by should not be more than the total of the base premium paid at the time. | Rs. 5, 000 | |||
It is a futuristic Unit-Linked Insurance plan that is developed to cater to the digitally savvy customers of Edelweiss Life. The key features of this plan are:
Edelweiss Life Wealth Plus – Eligibility Details
| Eligibility Conditions | Minimum | Maximum | ||||||
| Entry Age | 1 Year | 55 Years | ||||||
| Policy Term | 10 Years | 20 Years | ||||||
| Maturity Age | 18 Years | 70 Years | ||||||
| Premium Payment Term | Limited | Five Years | Policy Term – 1 | |||||
| Regular | Equal to the policy term | Equal to the policy term | ||||||
| Sum Assured | 10 X Annualized Premium | 10 X Annualized Premium | ||||||
| Premium Payment Frequency | Monthly, quarterly, half-yearly, yearly | |||||||
| Top-Up Sum Assured | 1 – 44 Years | 1.25 X Top-up Premium | 1.25 X Top-up Premium | |||||
| 45 Years and More | 1.10 X Top-up Premium | 1.10 X Top-up Premium | ||||||
| Annualized Premium | PPT (Years) | Policy Term (Years) | Mode Other than Annual | Annual Mode | No Limit | |||
| 5 – 10 | 10 – 14 | Rs.48,000 | Rs.60,000 | |||||
| 15 – 20 | Rs.36,000 | Rs.36,000 | ||||||
| More than 10 | 11 – 14 | Rs.48,000 | Rs.48,000 | |||||
| 15 – 20 | Rs.36,000 | Rs.36,000 | ||||||
| Top-Up Premium | Rs.5, 000 | At any time the total top-up premium that is paid should not be more than the total of the base premiums that are paid at that time. | ||||||
The eligibility conditions for Rising Star Benefit for the policyholder and the life insured are as follows:
| Eligibility Conditions | Minimum | Maximum | |
| Entry Age | Policyholder | 18 Years | 55 Years |
| Life Insured | One Year | 17 Years | |
| Maturity Age | Policyholder | 28 Years | 70 Years |
| Life Insured | 18 Years | 37 Years | |
Wealth Ultima is a ULIP plan that comes with combinations of Systematic Monthly Plan, Systematic Withdrawal Plan, and Systematic Transfer Plan. Some of the key features of this policy are:
Edelweiss Life Wealth Ultima – Eligibility Details
This policy comes with two options:
| Minimum Policy Term | 10 Years |
| Maximum Policy Term | 5 to 6 PPT: 70 – entry age (for Option 1) |
| 7 PPT and Above: 100 – entry age (For Option 1 and 2 Both |
Premium Paying Term (PPT)
| Option | Policy Term | PPT | With Little Champ Benefit | Without Little Champ Benefit |
| Option 1 | 10 – 30 Years | Regular Pay | Provided when the age of the Life Insured at the maturity is <= 30 years | Available |
| Limited Pay | 5 Years to Minimum of: · Policy Term – 1 year or · 30 years – entry age of the life insured | 5 years to (Policy Term – 1) | ||
| 31 Years | Regular Pay | No Available | Available | |
| Limited Pay | 5 years to 30 Years (minus entry age of the life insured) | 5 Years to 30 Years | ||
| Option 2 | 100 minus the entry age | Regular Pay | Not Available | Available |
| Limited Pay | 5 Years to 30 Years (minus the entry age of the life insured) | 5 Years to 30 Years |
Entry Age Criteria for Option 1 and Option 2:
| With Little Champ Benefit | Without Little Champ Benefit | |||
| Minimum Entry Age | PPTs | Life Insured | Policyholder | Life Insured |
| All PPTs | 0 Years | 18 Years | 0 Years | |
| Maximum Entry Age | 5 Pay | 17 Years | 70 Years | 50 Years |
| 6 & 7 Pay | 17 Years | 70 Years | 55 Years | |
| 8 Pay | 17 Years | 70 Years | 60 Years | |
| 9 – 13 Pay | 17 Years | 65 Years | 60 Years | |
| 14 – 27 Pay | 17 Years | 60 Years | 60 Years | |
| 28 – 30 Pay | 17 Years | 55 Years | 60 Years | |
| 31 & Above Pay | N/A | N/A | 60 Years | |
It is a non-linked non-participating guaranteed return life insurance policy. The key benefits of this plan are:
Edelweiss Life GCAP – Eligibility Details
| Minimum Entry Age | 91 days |
| Maximum Entry Age | 55 Years |
| Policy Term | 10, 15, 20, 25, and 30 Years |
| Minimum Maturity Age | 18 Years |
| Maximum Maturity Age | 70 Years |
| Premium Payment Term | 5, 7, 10, and 12 Years |
| Frequency of Premium Payment | Monthly, Quarterly, Semi-annual, Annual |
| Minimum Premium | Monthly: Rs.1,5 00 Quarterly: Rs.4, 000 Semi-Annual: Rs. 8, 000 Annual: Rs.15, 000 |
| Sum Assured on Death | Minimum: Rs.1, 65, 000 |
| Maximum: No Limit | |
| Sum Assured on Maturity | Cumulative Annualized Premium, which is equal to Premium Paying Term* Annualized Premium |
| Edelweiss Tokio Term Plans | Benefits | Eligibility and Other Criteria |
| Edelweiss Life Zindagi Plus | A plan with the option to cover the spouse of the policyholder. Different rider benefits to cover various requirements of the insured. | Entry: 18 to 65 Years Maturity: 80 Years Term: 10 to 62 Years Premium: Rs.500+ |
Edelweiss Life Zindagi Plus – Eligibility Details
| Minimum Entry Age | 18 years (For insured and his/her spouse) | |||||
| Maximum Entry Age | Option of Plan | Premium Payment Term | Policyholder | Spouse | ||
| Life Insurance Cover with Level Sum Assured | Regular Pay | 65 Years | 60 Years | |||
| Pay till the age of 60 years | 50 Years | 50 Years | ||||
| Life Insurance Cover with Decreasing Sum Assured | Regular Pay | 55 Years | 55 Years | |||
| Pay till the age of 60 years | 50 Years | 50 Years | ||||
| Minimum Maturity Age | Option of Plan | Premium Payment Term | Minimum Age of Maturity | |||
| Life Cover with Level Sum Assured | Regular Pay | 28 Years | ||||
| Pay till the age of 60 years | 65 Years | |||||
| Life Cover with Decreasing Sum Assured | Regular Pay | 65 Years | ||||
| Pay till the age of 60 years | 65 Years | |||||
| Maximum Maturity Age | 80 Years | |||||
| Minimum Policy Term | Regular Pay | 10 Years | ||||
| Pay till the age of 60 years | 15 Years | |||||
| Maximum Policy Term | 62 Years | |||||
| Maximum Base Sum Assured (in Rs.) | No Limit, which is subject to Board approved policy underwriting. | |||||
| Minimum Base Sum Assured (in Rs.) | In the case of top-up benefit, better half benefit or life stage benefit is opted: 50 Lakh and in other scenarios: 25 Lakh | |||||
| Premium Paying Term (PPT) | Regular Pay | Same as the term of the policy | ||||
| Pay till the age of 60 years | (60 – Entry Age + 1) Years | |||||
| Premium Payment Frequency | Monthly, quarterly, Semi-Annual, Annual | |||||
| Maximum Premium (Rs.) | No Limit, which is subject to board-approved policy’s underwriting. | |||||
| Minimum Premium (Rs.) | Frequency of Premium Payment | Minimum Premium (Rs.) | ||||
| Monthly | 500 | |||||
| Quarterly | 1, 250 | |||||
| Semi-Annual | 2, 000 | |||||
| Annual | 3, 000 | |||||
A term insurance plan that provides an option of ‘better half’ benefit gives an additional life insurance cover to the policyholder's spouse when the policyholder is not around. In this way, the plan ensures complete financial security for the complete family. Some of the key features of this plan are:
Term life insurance is the most basic form of insurance where only the policyholder's life is covered. A term policy usually has no savings component, and so it is known as a pure insurance tool. Term Life Insurance is one of the most popular and widely sold insurance products worldwide simply because it provides a high cover at a low rate, making it very affordable for people.
Under this plan, a yearly premium has to be paid to Edelweiss Life Insurance. On the insured's death during the policy tenure, the insurance amount, called the Sum Assured, is paid by Edelweiss Life Insurance to the nominees of the insured. If the insured survives the policy term, he or she does not get anything in return and loses the yearly premiums paid.
Edelweiss Life Insurance Company offers several term life insurance plans to cover the needs of its customers.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
An increasing term plan is the opposite of a decreasing term plan, and here the sum assured increases each year. This term insurance has a higher value as the sum assured rises every year. This term plan is often brought to secure the policyholder against inflation. If the policyholder feels that the sum assured would not be sufficient in the years to come with rising costs, he can opt for term insurance. The sum assured goes up by 5% every year up to a maximum of 50%, i.e. until the original sum assured is doubled.
A convertible term plan is a type of term insurance policy that can be converted or changed into an endowment plan later in the duration of the policy. The premium rate will change at the time of conversion and become higher. A convertible term plan is ideal for a person who wants to have his life insured at a lower cost early on in life but wants to invest in the insurance plan to address additional financial responsibilities later.
The importance of having term life insurance from Edelweiss Life Insurance cannot be overstated. Amongst all the cheapest life insurance products available in the market, a term plan from Edelweiss Life Insurance helps secure the financial future of one's near and dear ones in the unfortunate event of one not being around to take care of them personally.
Edelweiss Life Insurance helps avoid the possibility of one's family facing bad times due to financial instability in the future.
After having decided to purchase a term insurance plan from Edelweiss Life Insurance, certain things should be kept in mind before taking the final step of buying a plan. These will help avoid confusion and prevent buying a term plan that does not meet one's requirements adequately. It will also restrict over-spending.
The first and foremost thing to do once one has made up his or her mind to buy term insurance is to determine the quantum of cover required. After considering various factors, this amount is arrived at – one's responsibilities, liabilities, income, life-stage, etc.
It is important to understand the purpose of an Edelweiss Life Insurance term plan. It is not bought for the individual benefit of the policyholder/insured but that of his or her family. A term plan from Edelweiss Life Insurance helps secure the financial future of the near and dear ones of the insured if he or she is no longer around to take care of them.
The unique life stage of the insured while purchasing the Edelweiss Life Insurance term plan – whether he or she is single, married or married with children goes to determine the cover amount. The financial responsibility of a married person is obviously higher than someone who is still unmarried. Again, a person with kids has to shoulder more responsibility as he or she has to take care of his or her spouse and his or her children. Consequently, such a situation will require a higher cover.
The number of earning members in a family and additional sources of income to contribute to the overall collective income also affects the amount of insurance required from Edelweiss Life Insurance. The insured, who is the sole breadwinner of the family, will require a much higher cover from Edelweiss Life Insurance to take care of his or her family in his or her absence than a family with more than one earning member.
The total value of liabilities also determines the amount of cover required from Edelweiss Life Insurance. The higher the liabilities, the greater will be the cover required. Liabilities may include outstanding loans which may have been taken to purchase a house or car or taken for children's higher education or for children's marriage.
Apart from determining the cover amount, the needs and requirements of one's family have to be assessed accurately to address them adequately through the term plans of Edelweiss Life Insurance.
The capability of Family Members to Handle Finances
Term plans from Edelweiss Life Insurance usually present a huge lump sum amount of money as a death benefit to the insured's immediate family on his or her demise.
The insured or would-be-insured should make an unbiased judgment on the competence of his or her family members in handling finances. Suppose he or she realizes that their kith and kin are inexperienced and incapable of handling money matters, especially huge sums of money. In that case, alternative options should be explored to reduce the risk of botching up finances. Edelweiss Life Insurance offers annuity payment options as well as monthly, quarterly or semi-annual payments. In addition, Edelweiss Life Insurance offers lump sum payments at different life stages.
The insured/would-be-insured should also endeavor to provide a safety cushion by way of a regular income to his or her family to take care of their day-to-day needs. A fixed monthly income from Edelweiss Life Insurance, in addition to the lump sum amount, will help in this regard.
While determining one's family's needs and requirements, such an option should be chosen that allows them to continue living the lifestyle they are used to despite rising costs and expenses in the unpleasant scenario of the absence of the insured. The best option would also cover their wants and aspirations, but this would mean higher premiums.
Today, several insurance companies offer life insurance policies, and many offer term plans. Things like the insurance company's claim settlement ratio, customer service standards, and market reputation, among others, should be considered in detail before zeroing in on an insurer.
Claim Settlement Ratio is defined as the ratio of claims honored by the insurance company versus the total claims received from customers. A higher ratio signifies greater disbursement of funds to the policyholders, or his or her nominees, as the case might be.
In addition to having a favorable claim settlement ratio, the claim settlement process must be quick, simple, and hassle-free. People resort to filing claims only in times of need when they have suffered the personal loss of their near and dear one, the insured. These are delicate times when family members need all the reassurance and support, even from the insurance company.
It is advisable to choose an insurance company with a strong financial record. A solid record signifies stability and security and gives confidence that when a situation arises, the company will honor the claim and help secure the future of the insured's family.
The business of life insurance is all about trust and credibility. And superior customer service is a big part of it. A customer-centric organization makes buying a term plan easy and ensures that nominees and family members of the insured have a positive experience during the claim settlement process. An organization that provides a positive experience to customers at every touchpoint will undoubtedly focus on nurturing long-term relationships with customers.
A life insurance company that has a good standing in the market is a better option. Positive customer experiences create a good reputation over a period of time. It is always a good idea to go through customer reviews and testimonials on online forums and social networks to get a realistic picture of the reputation of a life insurer. Past customers will always have positive things to say about a company whose dealings are fair, quick, and smooth.
A life insurance company known for good corporate governance is bound to offer better products and superior service to customers. Such companies are more transparent and accountable. Hence, it makes sense to buy policies of such companies whose internal processes are streamlined.
Edelweiss Life Insurance offers customers the option to buy term plans from its website itself. The company offers specific plans which are available online only. The customer only needs to log into the company's website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities, and the policy will be issued. Edelweiss Life Insurance plans purchased online are often cheaper than when they are purchased offline.
Plans which are not available online can be purchased from agents, brokers, banks, etc., where the intermediaries help with the application process. Edelweiss Life Insurance Company finally issues the policy.
†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
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