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Edelweiss Life Zindagi Plus is a life insurance product offered by Edelweiss Insurance. It is a product that ensures a life cover policy and provides the necessary income to the dependents of the policyholder in case of unfortunate events.
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One can customize this plan according to their needs by choosing a suitable Premium Paying term and sum assured payout mode. One can also avail enhanced financial security by opting for Better Half Benefit, where the spouse can get the sum assured in case of an unfortunate event leading to the demise of the partner. Edelweiss Life Zindagi plus also covers death due to COVID-19.
This table looks at the different plan options available under the Edelweiss Life Zindagi Plus policy:
|
Minimum Age at Entry |
18 years for both life insured and spouse |
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|
Plan Options |
Premium Paying Term |
Life Insured |
Spouse |
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|
Maximum Age at Entry |
Life Cover With Level Sum Assured |
Regular Pay |
65 years |
60 years |
|
|
Pay till 60 |
50 years |
50 years |
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|
Life Cover With Decreasing Sum Assured |
Regular Pay |
55 years |
55 years |
||
|
Pay till 60 |
50 years |
50 years |
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|
Minimum Age of Maturity |
Life Cover With Level Sum Assured |
Regular Pay |
28 years |
28 years |
|
|
Pay till 60 |
65 years |
65 years |
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|
Life Cover With Decreasing Sum Assured |
Regular Pay |
65 years |
65 years |
||
|
Pay till 60 |
65 years |
65 years |
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|
Maximum Age of Maturity |
80 years |
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|
Minimum Policy Term |
Regular Pay- 10 years Pay till 60- 15 years |
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|
Maximum Policy Term |
(80-Age at entry (age last birthday) ) years |
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|
Premium Paying Term (PPT) |
Regular Pay- Same as Policy Term
Pay till 60- (60- Age at entry + 1 ) years |
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|
Minimum Premium (Rs.) |
Premium Paying Frequency |
Minimum Amount(Rs.) |
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|
Annual |
3000 |
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|
Semi-annual |
2000 |
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|
Quarterly |
1250 |
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|
Monthly |
300 |
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|
Maximum Premium |
No limit; depends on underwriting policy and status. |
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Note: Know what is term insurance first and then buy a term plan for your loved ones.
Term Plans
The Edelweiss Life Zindagi Plus product offers various benefits such as:
Policyholders can select this benefit only at the policy inception. It is available only for regular premium paying policies. Under this benefit, the top-up sum assured will get added to the policy until the outstanding policy term is less than five years or the year immediately preceding the year when the Life insured attains 60 years. Few other conditions are also applicable. The Top-up Rate is to be selected at the policy inception to avail of this benefit.
The Better Half benefit can be selected at policy inception only if the Life insured is married and the spouse fulfils the age criteria. If the Spouse dies earlier, this benefit cannot be availed; under this scheme, the Spouse will get half of the Base Sum Assured or Rs.1 Crore, whichever is lower. No need to pay future premiums. One cannot opt out of this benefit once implemented. There are specific exclusions and conditions one must consider before opting for the benefit.
Under this benefit, all future premiums of the Life insured suffering from any one of the insured critical illness conditions is waived if he/she survives 30 days after the first diagnosis, the benefits will continue. This benefit cannot be selected with the Top-up benefit. It is applicable only if the premium payment mode is regular and the plan is Life Cover with Level Sum Assured.
If the Life Insured dies before the maturity date, the Sum assured on Death will still be paid. The minimum Sum assured will be the highest of the given criteria. If Top-Up Benefit is also availed, one will also get the cumulative Top-Up Sum Assured along with the Sum Assured on Death.
Edelweiss Life Zindagi Plus Plan is a term plan, so no other benefit is payable on maturity.
Tax benefits under The Edelweiss Life Zindagi Plus Plan may be available as per the Income Tax Act 1961. If they don't counter the laws or other provisions, tax benefits can be availed and enjoyed by the policyholder.
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”
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One can select the most suitable premium paying mode from the various options available under Edelweiss Life Zindagi Plus Plan. The amount of premium depends on the option and benefit chosen at policy inception.
Suppose a man is 35 years old and a non-smoker. His Spouse is also 35 years old, his policy term is 35 years, and his underwriting status is medical. The Sum Assured is Rs 1 crore. Life Cover with Level Sum Assured is selected. Premium under Edelweiss Life Zindagi Plus will be:
|
Plan Option |
Waiver of Premium Benefit |
Better Half Benefit |
Premium Paying Term |
Annual Premium(Rs.) |
|
Life Cover with Level Sum Assured |
Yes |
No |
Regular |
13,641 |
|
Yes |
No |
Pay till 60 |
14,991 |
|
|
Yes |
Yes |
Regular |
14,504 |
|
|
No |
No |
Regular |
13,389 |
|
|
No |
No |
Pay till 60 |
14,735 |
|
|
No |
Yes |
Regular |
14,236 |
The rider is like an additional provision added to the base plan. Riders make your plan suitable and conclusive and can be selected at the policy inception or during the policy renewal. One needs to pay a nominal premium to avail of the benefits of riders. The Sum Assured under the riders cannot go beyond the Base Sum Assured on Death of the Life Insured. The total premium on all of the riders cannot exceed 30% of the premium payable on the base sum assured under the Edelweiss Life Zindagi Plus Plan.
The policy has some eligibility criteria for buying the policy. These are:
Edelweiss Life Zindagi Plus plan has certain exclusions that one must be aware of to experience a hassle-free claim procedure. Some are listed here:
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†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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