All you need to know about Edelweiss Tokio Life – MyLife+ online term Plan

Edelweiss Tokio Life Insurance

We need to secure the future of our loved ones from the uncertainties of life.  Life Insurance is the best way through which you can provide that financial security to your family.   It is, therefore, necessary to buy a good life insurance plan from a reputed life insurance company.

Edelweiss tokio Life Insurance offers a number of life insurance solutions. Among them, the term insurance plans offered by Edelweiss tokio Life Insurance are most popular.

Edelweiss tokio life Insurance introduces MyLife+, an online term plan that offers comprehensive life cover at low premium rates.  It is a non-linked non-participating term plan. Following are the policy details of this Edelweiss tokio life insurance plan.

Eligibility criteria of MyLife+ online term plan

  • Minimum entry age : 18 years
  • Maximum entry age : 60 years
  • Maximum maturity age: 80 years
  • Minimum sum assured : 25,00,000/-
  • Premium paying term: Regular pay
  • Premium paying frequency: annual
  • Minimum premium amount: Rs. 2,500/-
  • Policy term : 10, 15, 20, 25, 30, 35, 80 minus your age at entry

Key features of MyLife+ online term plan

  • The plan offers discounted premium rates on higher sum assured.
  • You get discounted premium rates if you are a female customer.
  • You can buy this product online.
  • The plan provides life coverage till the age of 80 years.
  • You can choose the payout option.
  • The plan allows you to enjoy tax benefits under section 80C and 10(10D) of the Income Tax Act.
  • 30 days free look period is available.
  • Rider options are available to strengthen your protection.
  • You can appoint both nominee as well as appointee.

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Riders available under MyLife+ online term plan

You can add the following riders to your basic plan for an enhanced protection:

  • Edelweiss tokio life- Accidental Total and Permanent Disability Rider

If you buy this rider, you will receive a certain amount of money from the insurer in case you become permanently disabled due to some unfortunate accident. You will receive the sum assured in periodic installments.

  • Edelweiss tokio life- Accidental Death Benefit Rider:

You can buy this rider additionally buy paying extra money with basic premium.  In case your unfortunate death is caused by an accident, this rider guarantees to pay your family an additional sum along with the death benefit.

  • Edelweiss tokio life- Waiver of Premium Rider:

This rider will exempt all your future premiums if you are unable to earn due to some unfortunate reasons like disability or job loss. This plan will keep your policy active until you are able to pay your premiums again.

Benefits offered by MyLife+ online term plan

In case of your unfortunate death during the term of your life insurance policy, your nominee will receive the sum assured as the death benefit. In case your nominee is a minor at the time of your death, your appointee will receive the sum assured on the condition that he or she will hand over the sum assured to the nominee as soon as he or she is 18 years old.

The sum assured is higher than 10 times of your annualized premiums or 105% of your annualized premiums paid until your death (whichever is higher).

The plan provides you with the flexibility to choose the payout option depending on the financial requirement of your family. Following are the three payout options to choose from:

  1. Lump sum benefit option: On your death the sum assured will be paid to your family in lump sum and the policy will terminate.
  2. Income benefit option: Under this option, 1% of the sum assured will be paid out to your family every month.
  3. Combined benefit: You can opt for a combined benefit of both payout options stated above. Under this option, a lump sum amount will be paid out immediately on your death. The rest of the sum assured will be paid out in yearly or monthly installments.

As seen above, there are a number of advantages of buying this online term plan from Edelweiss tokio Life Insurance Company.  The homepage of Edelweiss tokio life insurance provides more information about this online term plan. If you want to compare this plan with other online term plans available in the market.

 

About Archana 27 Articles
Archana is an independent finance and investment advisor since 4 years and recently added with Investment Pedia. User are welcome to put questions on her contributions.

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