Get lump sum benefit of 40% of Enhanced Sum Assured for admission into the ICU/HDU, post diagnosis of COVID-19.
Get Enhanced Sum Assured + Base Sum Assured, in case of death due to any reason, post diagnosis of COVID-19.
No need to step out of your house for any medical tests. Quick decisioning on policy.
A COVID-19 insurance policy is a policy that provides an individual and his/her family financial protection in case of COVID-19. Such plans can cover the medical expenses incurred during the treatment of Corona virus and cover death caused due to the disease.
A Corona virus Life Insurance Plan is the need of the hour for every individual given the rapid increase of this disease. Corona virus can cause serious health complications and even be fatal in certain cases. It is important to protect yourself and your family from the expenses that can arise after diagnosis of COVID-19.
Edelweiss Tokio Life – COVID Shield+ is a life insurance plan designed to provide financial protection to you and to your family. It not only provides a death benefit but also provides a financial protection against corona virus by paying a lumpsum amount. This will ensure that you and your family get the required support to manage their day-to-day expenses as well as your treatment expenses.
No, you do not need to undergo any medicals to buy this plan.
The minimum entry age is 18 years and the maximum entry age is 65 years.
The minimum maturity age is 19 years and the maximum maturity age is 66 years.
Individuals up to the age of 65 years can buy this COVID Insurance Plan.
There is only one policy term – one year.
The life cover will last for one year from the date of policy issuance.
The premium paying term is Single Pay.
The COVID insurance premium can be paid only once while buying the policy.
Base Sum Assured is 1.25 times the Single Premium amount.
If you are diagnosed with corona virus, additional life cover with Enhanced Sum Assured will commence for the remaining policy term. Under this benefit, in case of your death during the policy term due to any reason after the Term Trigger Benefit has commenced on diagnosis of COVID-19, 100% of ‘Enhanced Sum Assured’ plus ‘Base Sum Assured’ would be payable to the nominee and the policy will terminate. Life cover under Term Trigger Benefit will commence only if diagnosis of COVID-19 is after the applicable waiting period.
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.
If you are admitted to ICU (intensive care unit) or HDU (High Dependency Unit) post diagnosis of COVID-19 for management of severe Covid-19 disease during the policy term, 40% of the Enhanced Sum Assured will be payable in lumpsum. Critical Illness Benefit will be payable only if diagnosis of COVID-19 is after the applicable waiting period. The hospitalization should be at one of the designated hospitals only. This benefit will be paid only once during the policy term.
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 will not be paid.
Enhanced Sum Assured must be chosen at the start of the policy term. It is the additional pay out that the nominee will receive if the policyholder passes away due to COVID-19. Minimum Enhanced Sum Assured is ₹25,00,000 and Maximum Enhanced Sum Assured is ₹50,00,000.
Waiting period means the period of 30 calendar days from the policy commencement date during which if admission to ICU/HDU occurs or death occurs, due to COVID 19, Critical Illness Benefit and Term Trigger Benefit will not be paid.
Life Insured will be applicable only base sum assured in such scenario and no other benefit will be paid.
Under the Critical Illness Benefit, lump sum pay-out is applicable only when the policyholder is admitted to ICU (intensive care unit) or HDU (High Dependency Unit), post COVID-19 diagnosis for management of severe COVID-19 disease during the policy term.
Yes, benefits will be paid in this scenario, provided Life Insured submits the proof of full recovery from the registered Medical Practitioners.
If you are admitted to ICU (intensive care unit) or HDU (High Dependency Unit) post diagnosis of COVID-19 for management of severe Covid-19 disease during the policy term, 40% of the Enhanced Sum Assured will be payable in lumpsum. This lump sum will be payable only if diagnosis of corona virus is after the applicable waiting period. The hospitalization should be at one of the designated hospitals only. This benefit will be paid only once during the policy term.
If Life Insured is admitted to ICU or HDU following diagnosis of corona virus and subsequently the Life Insured dies during the policy term, both Critical Illness Benefit and Term Trigger Benefit (i.e. 140% of the Enhanced Sum Assured plus ‘Base Sum Assured’) will be payable.
You may return this Policy to us within 15 days of receipt of the policy and period of 30 days in case of electronic Policies and Policies obtained through distance mode if you disagree with any of the terms and conditions by giving us written reasons for your objection. We will refund the premium received after deducting stamp duty charges, proportionate risk premium for the period of cover and medical expenses (if any).
Yes, the single premium is eligible for tax benefits u/s 80 (c). Benefit under section 80C shall be the applicable tax benefit 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.
1- As per provisions of Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
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.
Flower & Edelweiss are trademarks of Edelweiss Financial Services Limited; Tokio is Trademark of Tokio Marine Holdings Inc. and used by Edelweiss Tokio Life Insurance Co. Ltd. under license.
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