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Edelweiss Term Plan Brochure elaborately lays out the benefits and advantages that the policyholder can avail of purchasing the plan. A term plan offers cover against Critical Illnesses in addition to providing cover upon the death of the insured, thus providing complete security to the family.
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Note: Know more about what is term insurance first before reading this article.
Term Plans
The Edelweiss Term Plan Brochure provides detailed information regarding the eligibility norms of the various insurances provided by the corporation. This makes the entire process excessively convenient for individuals that are looking forward to purchasing the plans. The details regarding the eligibility norms have been explained in the following manner:
|
Parameter |
Conditions |
|
Minimum Entry Age (last birthday) |
18 years |
|
Maximum Entry Age (last birthday) |
65 years for life insured |
|
Minimum Maturity Age |
28 years |
|
Maximum Maturity Age |
85 years |
|
Premium Paying Term (PPT) |
5,7,10,15,20 |
|
Minimum Base Sum Assured |
Rs. 25,00,000 |
|
Maximum Base Sum Assured |
No Limit. Rs.10,00,000 under Better Half Benefit |
|
Premium Paying Frequency |
Monthly, Quarterly, Semi-Annual, Yearly |
The Edelweiss Term Plan Brochure describes in depth the features of the term plan insurances in order for the clients to understand the policy better before purchasing it. Its features are mentioned as follows:
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The Edelweiss Term Plan Brochure provides a detailed explanation in context to the benefits the term plan insurances extend to the policyholders. A few of them are listed as follows:
In case of unfortunate death of the policyholder before the end of the tenure of the plan, the nominee/dependant receives the sum assured either as a lump sum amount or in the form of a monthly income. The amount that will be paid in the form of the death benefit to the nominee is 105% of all the premiums paid till the date thereafter which the plan gets terminated.
The policyholder can also opt for plans that cover their spouses as well by paying a slightly higher rate of premium. However, it can only be opted by married individuals on the ground that the age gap between the two is less than or equal to 10 years. This additional benefit can only be availed by policyholders whose assured base sum is Rs.50, 00,000 or above.
Individuals may also opt for riders for additional coverage and benefits in order to ensure maximum financial stability and security of their families so that their dreams do not get compromised even in the absence of the sole breadwinner of the household. The riders that can be opted for by the policyholders are as follows:
It is paid to the nominee in case of the demise of the policyholder due to an accident.
This rider acts as a source of income for the family if the policyholder gets disabled (total and permanent).
This rider covers the medical treatments of the life insured if he/she is hospitalized.
This rider covers the medical bills of the policyholder if he is diagnosed with a critical illness such as cancer, kidney failure, coronary artery diseases, etc.
This rider waives the premiums paid by the policyholders at regular intervals if he/she gets diagnosed with a critical illness or becomes physically disabled.
The policyholders receive tax benefits under Section 80C, and Section 10(10D) of the Income Tax Act, 1961 for the premiums paid and the claims received, respectively.
On several occasions, the death of the sole earner of the family may give rise to several complications and problems, including major financial problems which might shatter the dreams of the family due to irregular cash flow. The option for Regular Monthly Income Benefit provided by the Corporation presents the nominee with 1% of the sum assured as monthly income for a duration of 130 months. This ensures that the policyholder’s family continues to receive a steady income, even in the absence of the earner of the family.
The Edelweiss Term Plan Brochure provides an elaborate explanation as to how an individual can purchase plans that suit their needs. Customers can make their purchases in the online mode through the Edelweiss Term Plan Insurance's official website by simply logging in to the company's official website choosing the plan that suits their needs and requirements, selecting the kind of coverage they need, and by finally providing details such as name, gender, date of birth and so on. Thereafter, the customer can conveniently pay the premiums through debit, credit cards, or net banking facilities.
Edelweiss Term Plan Brochure specifies the documents that are required to be shown to the corporation while purchasing a policy. Those documents are mentioned as follows:
In case of death of the life insured, the nominee will have to present the following documents in order to avail of the death benefits:
The following features have also been briefly explained in the Edelweiss Term Plan Brochure:
According to Section 41 of the Insurance Act, 1938, no individual shall authorize, directly or indirectly, as an incentive to any other person to recommence, bring out, or continue an Insurance concerning any sort of life risk in India, a rebate of the entire or a certain portion of the payable commission or any premium savings as per the policy. Similarly, any individual removing, recommencing, or continuing a policy is not allowed to accept any kind of rebate. This does not include those savings or rebates that may be allowed according to the officially published prospectus of the insurer itself.
If false information has been provided by the policyholder at the time of purchasing the plan, the company has the right to immediately cancel or terminate the plan, and the premiums paid to date are refunded back to the policyholder.
If the life insured survives throughout the tenure of the plan, no amount will be payable to him.
According to the Edelweiss Term Plan Brochure, there are a few exceptions that are followed by the corporation while providing cover to its clients. These exceptions specified are as follows:
Edelweiss Life Insurance Company Limited is a joint venture of Edelweiss Financial Services Limited, one of India's leading financial services companies, and Tokio Marine Holdings Inc, which is one of the oldest (138 years) insurance companies in Japan. The collective efforts of both the companies have been able to bring about a deep understanding of customer needs, satisfied customers for the past several years, as well as international expertise.
Edelweiss Life Insurance Company was launched in India operations in July 2011 and since then has assisted financial help to thousands of its customers throughout the country while also providing the benefits that would help them live their desired lifestyle and fulfil their financial aspirations.
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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