Let's start with the basic details to help us calculate premium

premium break-up
Premium Amount
GST
Total Premium
PAY PREMIUM Inc. of GST

Benefits of COVID Shield+

Critical Illness Benefit
If you are admitted to ICU or HDU post diagnosis of COVID-19 40% of the Enhanced Sum Assured will be payable in lumpsum. This benefit will be paid only once during the policy term.
Term Trigger Benefit
If you are diagnosed with COVID-19, additional life cover with Enhanced Sum Assured will commence for the remaining policy term. 100% of Enhanced Sum Assured plus Base Sum Assured would be payable to the nominee on death of the policyholder after diagnosis of CPOVID-19.
Death Benefit
On your death during the policy term, Base Sum Assured is payable and the policy will terminate.
Tax Benefits ¹
Tax benefit on premium under section 80C and on maturity/death benefit under section 10(10D).

How it Works

1

Varun is diagnosed with Coronavirus, 6 months after buying COVID Shield+. He is admitted into the ICU due to complications. He recovers after spending 2 weeks in the ICU.

  • Varun only had to pay the single premium of ₹ 5,329 at the start of the policy.
  • He receives a lumpsum amount of ₹10 lakh (40% of his Enhanced Sum Assured) on his ICU admission.
  • His policy continues as before.
2

Varun is admitted into the ICU due to COVID-19, 6 months after buying COVID Shield+. Unfortunately, he is unable to recover from the disease and passes away at end of the 11th policy month.

  • Varun only had to pay the single premium of ₹5329 at the start of the policy
  • He receives a lumpsum amount of ₹10 lakh (40% of his Enhanced Sum Assured) on his ICU admission.
  • On his death, his family receives the Enhanced Sum Assured + 1.25 times of Premium paid = Rs. 25,06,661
3

Varun dies at the end of the 6th policy month due to an accident.

  • Varun only had to pay the single premium of ₹5329 at the start of the policy
  • On his death, his family receives premium X 1.25 = ₹6,661

FAQs

Like teachers say, there are no silly questions

What is a COVID-19 Insurance Plan?

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.

Was this helpful?

Why do I need a COVID-19 Insurance Policy?

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.

Was this helpful?

Why Edelweiss Tokio Life – COVID Shield+?

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.

Was this helpful?

Is there a need to undergo medicals for this plan?

No, you do not need to undergo any medicals to buy this plan.

Was this helpful?

What is the minimum and maximum entry age? / Who is eligible to buy this plan?

The minimum entry age is 18 years and the maximum entry age is 65 years.

Was this helpful?

What is the minimum and maximum maturity age?

The minimum maturity age is 19 years and the maximum maturity age is 66 years.

Was this helpful?

Is this a COVID Insurance Plan for senior citizens?

Individuals up to the age of 65 years can buy this COVID Insurance Plan.

Was this helpful?

What is the minimum and maximum policy term?

There is only one policy term – one year.

Was this helpful?

How long will I get the cover for?

The life cover will last for one year from the date of policy issuance.

Was this helpful?

What are the premium paying terms?

The premium paying term is Single Pay.

Was this helpful?

How often can I pay my premium(s)?

The COVID insurance premium can be paid only once while buying the policy.

Was this helpful?

What is the Base Sum Assured?

Base Sum Assured is 1.25 times the Single Premium amount.

Was this helpful?

What is Term Trigger Benefit?

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.

Was this helpful?

Will Term-Trigger benefit be paid only on death due to COVID-19?

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.

Was this helpful?

What is Critical Illness Benefit?

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.

Was this helpful?

When will Critical Illness Benefit be paid?

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.

Was this helpful?

What is the Critical Illness Claim Procedure?

  • 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:
  • Our claim form which must be duly completed
  • Copy of RT-PCR test conducted through ICMR authorized Laboratory confirming the occurrence of COVID 19
  • Chest X-RAY/ CT Scan Chest
  • Copy of medical records pertaining to ICU/HDU admission for management of severe Covid-19 disease and all past medical records (such as discharge summary, daily records and investigation test reports, surgical notes), if applicable
  • KYC documents of the claimant along with personalized cancelled cheque or copy of bank passbook of Nominee.
  • Treating doctor certificate filled by the doctor treating the Life Insured for the diagnosed ailment.
  • Hospital certificate duly filled in by the hospital where the Life Insured was admitted.
  • Any other information or documentation that We request.
Was this helpful?

Should ICU/HDU facility be from Designated Hospital only?

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.

Was this helpful?

What does Diagnosis of COVID-19 disease mean?

It means when the result of the RT-PCR test, conducted through ICMR authorized laboratory as prescribed by ICMR, is positive.

Was this helpful?

If Life Insured is diagnosed with COVID+, but ICU happens due to heart related issue, will we provide Critical Illness Benefit?

No. Critical Illness Benefit will be paid only for management of severe Covid-19 disease.

Was this helpful?

If post diagnosis of COVID+, ICU is established at home, will we provide Critical Illness Benefit?

This doesn’t meet the definition of ICU/HDU as mentioned in T&C and hence, Critical Illness Benefit will not be paid.

Was this helpful?

What is the Enhanced Sum Assured?

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.

Was this helpful?

Is there a Waiting Period?

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.

Was this helpful?

What kind of benefit will be paid if Life Insured is diagnosed with COVID-19 during waiting period?

Life Insured will be applicable only base sum assured in such scenario and no other benefit will be paid.

Was this helpful?

Will I receive I lump sum on any kind of hospitalization cover post COVID-19 diagnosis?

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.

Was this helpful?

If during the waiting period or before the Policy Commencement Date, Life Insured had recovered fully from COVID-19 and then after the waiting period Life Insured again contracts COVID-19, will the benefits be paid?

Yes, benefits will be paid in this scenario, provided Life Insured submits the proof of full recovery from the registered Medical Practitioners.

Was this helpful?

What is the lump sum pay out?

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.

Was this helpful?

What will happen if Life Insured is admitted in ICU and dies due to COVID-19?

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.

Was this helpful?

Is there a free-look period available?

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).

Was this helpful?

Are premiums eligible of tax benefits?

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.

Was this helpful?

We are always there for you!

*Disclaimer

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.

 

IRDAI Reg. No.: 147. CIN: U66010MH2009PLC197336. UIN: 147N067V01

 

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/ FRAUDULENT OFFERS

 

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.