Edelweiss Life Total Protect Plus Plan

Note: Know more about what is term insurance first before reading this article.

Key Features of Edelweiss Life Total Protect Plus Plan

The Edelweiss Life Total Protect Plus plan has the below features:

• 5 Riders for Accidental Deaths, Disabilities, Accidental Deaths & Hospitalization and Critical Illnesses. 
• Better Half benefit option to protect your spouses in the same plan.
• ​The Child's Future Protection Benefit option provides additional life insurance during your child's growing years.
• A life insurance policy that includes death cover due to uncertainties such as COVID-19 & can help to secure your family's financial future.
• 6% discount applicable on your first-year premium if you have completed your medicals within seven days.
• Option to get life insurance coverage up to 100 years of age.

Eligibility Criteria of Edelweiss Life Total Protect Plus Plan

The policy provides the death benefits and then gets terminated if the policyholder dies during the policy term. However, the policy will end without further benefits if the policyholder survives the policy's expiration date.

The eligibility criteria to purchase this policy is as follows:

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

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

How the Plan Works

Mentioned below is the step by step way in which this plan works:

• Step 1: Select the amount of your life cover and the policy term you desire.
• Step 2: Select the premium payment term, base sum assured, and frequency of paying premiums. 
• Step 3: Select a medical or non-medical underwriting status. The premium charges differ based on the underwriting status selected.
• Step 4: You can choose additional benefits such as the Child's Future Protection Benefit or Better Half Benefit. Each Additional Benefit will attract an additional premium.
• Step 5: Select from the following death benefit payment options: 'Lump-sum,' 'Monthly income,' or "Lump-sum plus monthly income."

Plan Benefits

The Edelweiss Life Total Protect Plus plan comes with several benefits. However, these additional benefits are available at plan inception and will be subjected to the board-approved underwriting policy.

1. Child's Future Protect Benefit:

   You can pay an extra premium to obtain additional life insurance for your child until he/she turns 25. This helps make sure your child can choose the career path he/she desires when you are not around. The insured parent can choose a percentage of the assured sum at policy inception. This percentage lies between 10-100 of the based SA amount.

   However, if the insured parent dies before the child turns 25, the extra child benefit and base sum assured will be paid to the nominee, and the plan will terminate. If the insured parent survives till the kid turns 25, the plan will continue with the base sum assured amount. The premium for the same needs to be paid.

2. Better Half Benefit

   This add-on benefit lets you protect the life of your spouse by adding 50% of your life coverage (which can be a maximum of Rupees 1 Crore) when you're not around, subject to extra premium. This benefit is only applicable when the policyholder passes away while the policy is still in effect.

   Moreover, the below-mentioned benefits also come into effect if the insurer passes away during the policy term:

   • The nominee will be entitled to Death Benefit.
   • Spouse life coverage begins and continues for the remainder of the policy term or the spouse's death, whichever is earlier.
   • The spouse is not required to pay future premiums.

   Note:

   After the commencement of risk coverage, if the spouse passes away, the policy ends with the Better Half Benefit Sum Assured given to the nominee. This sum assured is half of the policyholder's insurance coverage amount of Rupees one crore.

Death Benefit Payment Modes

There are two main modes of death benefit payments, as discussed below:

• Monthly Income: For a fixed number of months, a specific percentage of the Death Benefit will be payable starting at the next policy monthiversary after the date of death.
• ​Lumpsum: Death Benefit will be paid in a lump-sum total.

Depending on the number of months, the exact death benefits are mentioned in the table below:

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

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

Lumpsum plus Monthly Income

You have the option to choose whether you want a portion of the Death Benefit in a lump sum and the remaining amount in monthly payouts. You can choose a lump-sum total between 1-99%. Multiples of 1% must be used to determine the lumpsum percentage. For example, you can choose from 1%, 2%, 3% and so on. However, the percentages cannot be in decimals like 1.2%, 2.35%, etc. 

The Monthly Income will be applied in the same way as described under "Monthly Income" mode. Once the death benefit payment mode has been selected, it cannot be changed over the policy term. If there is an Additional Benefit, the death benefit payment method for that benefit will be the same as for the death benefit for policy options.

Rider Benefits

A rider can be added to your base plan as an additional provision. A nominal premium can be paid for riders to make your plan more complete. Riders may be added at the policy anniversary or the policy inception. All riders are subject to underwriting.

This plan offers the following riders:

1. Accidental Death Benefit Rider (UIN: 147B002V03)

   The rider offers financial protection in the event of an accident-related death. The benefit can also be paid in a lump sum.

2. Accidental Permanent & Total Disability Rider (UIN: 147B001V03)

   This rider will provide you with a lump amount to cover your immediate expenses if your income earning capacity is affected by an accidental disability (total or permanent).

3. Critical Illness Rider (UIN: 147B005V03)

   This rider covers a lump-sum total upon diagnosis of any of the critical illnesses listed in the plan.

4. Waiver of Premium Rider (UIN: 147B003V04):

   If you are seriously ill or permanently disabled due to an accident, this rider will waive future premiums.

5. Hospital Cash Benefit Rider (UIN: 147B006V03)

   If the insured is hospitalized, this rider will provide daily allowance as post-hospitalization benefits.

   The sum assured under a rider can't be more than the sum assured upon the insured's death. The premium paid to all riders (except for Critical Illness or health riders) cannot exceed 30% of the assured sum. The premium paid for any Critical Illness or health-related Rider must not exceed 100% of the base product premium.

   A rider may be added if their outstanding premium-paying term for the base product is not less than five years. Riders must also meet the rider's age, premium payment terms, and rider term limits. Riders whose term exceeds the remaining term of the base policy will not be offered.

Other Benefits

1. Tax Benefits 

   This Policy provides tax benefits as per Indian Income Tax laws and any amendments thereto from time to time.

2. Policy Loan

   This policy does not allow the policyholder to take loans on the policy. 

3. Maturity Benefit

   There are no maturity benefits offered under the life cover option.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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