Benefits of COVID Shield+
This plan will be with you from the beginning of your COVID-19 journey. Whether it’s your diagnosis of COVID-19 or admission in ICU / HDU due to COVID-19 or even death, Edelweiss Tokio Life COVID Shield+ has your back.
Diagnosis ke saath bhi, diagnosis ke baad bhi! This benefit gets activated from the moment you get diagnosed with COVID-19. In case of death during the policy term, your nominee will receive 100% of the enhanced sum assured along with the base sum assured as a lump sum payout.
No matter the situation, we’ll be there for you. There are some circumstances that one can’t foresee. In case of an unfortunate death during the policy term, we’ll make sure to stand by your family and provide your nominee with the base sum assured amount.
We’ve geared up to deal with any situation! These are uncertain times, and when diagnosed with COVID-19, the situation can sometimes escalate rapidly. In case you need to be admitted in the ICU or HDU for COVID-19 treatment, the plan gives you a lump sum amount equal to 40% of your enhanced sum assured to deal with any and all expenses during this time and help you bounce back. (Example - Get Rs.10 lacs on Enhanced Sum Assured of Rs.25 lacs)
This plan is created to look after your current requirements, keeping in mind the situation at hand. This is why it lasts for one year.
Tax Benefit³
Stay relaxed! Premiums paid under this policy are eligible for deductions under Section 80(c). The benefit amount from this policy is exempted from tax deductions under Section 10(10D).
Only when the Life Insured is admitted to ICU or HDU for at least 24 hours post diagnosis of COVID-19 for management of severe Covid-19 disease.
Yes, ICU/HDU facility should be from Designated Hospital which is designated by Ministry of Health and Family Welfare and is designated as a COVID-19 treatment hospital certified by the relevant authority.
It means when the result of the RT-PCR test, conducted through ICMR authorized laboratory as prescribed by ICMR, is positive.
No. Critical Illness Benefit will be paid only for management of severe Covid-19 disease.
This doesn’t meet the definition of ICU/HDU as mentioned in T&C and hence, Critical Illness Benefit shouldn’t be paid.
No. Once Life Insured is diagnosed with COVID-19, an Enhanced Sum Assured will be triggered. This Enhanced Sum Assured along with the Base Sum Assured will be paid on death due to any reason, other than a suicide.
Yes, there is a waiting period of 30 calendar days from the date of inception of the policy.
Life Insured will be applicable only base sum assured in such scenario and no other benefit will be paid.
Yes, benefits will be paid in this scenario, provided Life Insured submits the proof of full recovery from the registered Medical Practitioners.
Benefit under section 80C shall be the applicable tax benefit¹ as this is a term product. However, in case sum assured for Pre-COVID death is considered applicable, then 80C benefit shall be restricted to 10% of sum assured or actual premium, whichever is less. Policy holders should be advised to consult his/her tax consultant to evaluate the deductibility of premium paid.
We should be intimated regarding ICU/HDU of Life Insured within 90 days from the date of such admission. We shall be provided with the following documents:
For queries, write to onlinesales@edelweisstokio.in
Contact us on 022 6611 6080
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3- As per provisions of Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
4- Discount for large Sum Assured is available depending on the Sum Assured, policy term and premium paying term.
8- https://indianexpress.com/article/explained/delhi-covid-19-test-price-6466528/
Edelweiss Tokio Life – COVID Shield+ is only the name of a Non-Linked, Non Participating Individual, Pure Risk Premium, Life Insurance Product and does not in any way indicate the quality of the plan, its future prospects or returns. Please know the associated risks and the applicable charges from your Personal Financial Advisor or the Intermediary. Tax benefits are subject to changes in the tax laws. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
IRDAI Reg. No.: 147. CIN: U66010MH2009PLC197336. UIN: 147N067V01.
ARN: WP/1419/Feb/2021