Plan & Benefits FAQs - Edelweiss Tokio

frequently asked questions

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  1. What is the minimum Lock in period in a ULIP Plan?

    Minimum Lock in period in a ULIP plan is 5 years from the date of policy issuance.

  2. is the revised death benefit applicable for our existing edelweiss tokio life – wealth builder customers?

    Yes, death benefit will be calculated as per the revised Wealth Builder for all existing Wealth Builder customers. 

  3. is there any change in the maturity benefit amount in the revised Wealth Builder plan?

    No, there is no change in the Maturity Benefit Amount

  4. how can I secure my family in case I am diagnosed with a critical illness in the future ?

    We offer Impaired-Health plans which go beyond just providing support for all the medical expenses required for the treatment of the disease that you may be diagnosed with wnytime in the unforeseeable future.

  5. are there any good insurance plans for my children?

    We advise you to buy Edelweiss Tokio Life - Edusave. This plan helps you to save enough money to enable you to make special plans for your children's higher education in the future.

  6. I want to buy a plan which will provide money to my family in case anything happens to me. Is there any such plan?

    Our Income Replacement Plans can be of great help to your family in the unfortunate event that something untoward happens to you. Income Replacement Plans include Life Protection, Income Replacement and Raksha Kavach Plans.

  7. I want to save money for my future. Can you recommend some wealth enhancing policies to me?

    We understand your needs and provide you with many options to save money for your future. We have several plans under wealth accumulation. You can choose the plan that suits your needs at http://www.in/solutions.aspx?product=wealth_accumulation#

  8. what are the best retirement plans available?

    Edelweiss Tokio Life has three retirement plans: Immediate Annuity Plan, Cash Income Plan, Easy Pension and Pension Plan. For more details, have a look at the below link:  http://www.in/solutions.aspx?product=retirement_funding

  9. can I avail loan on life insurance policy?

    Yes, loan can be availed against the specified policy once it acquires a surrender value. You will be charged interest on the loan amount. The rate of interest will be declared by the Company from time to time, based on then prevailing market conditions.

  10. what is the difference between traditional plans and ULIP plans?

    There are two types of Life Insurance plans:

    Traditional plans: These plans do not offer any option to choose between various asset classes and the investments are made solely at the discretion of the insurance company. Traditional plans provide returns in the form of sum insured plus bonus (if and when declared). The amount of bonus depends upon profits made by the insurance company and the declaration of the bonus is at the sole discretion of the life insurance company. Since traditional plans offer assured returns, a major portion of the premium is required to be invested in risk-free securities, as per Insurance Regulatory and Development Authority of India(IRDAI) mandate.

    ULIP plans: Part of the premium goes into buying life insurance cover while the remaining part of the premium is invested in an asset class (Equity/Debt), based on one’s choice. Asset class investment is made after deduction of known charges.

  11. can I switch my funds in ULIP plans? If yes,how?

    Yes, switching is allowed in the ULIP plans as per the product specifications. You can fill up Fund Switch form and submit it to your agent or to your nearest branch. Alternately, you may also do it online by logging in to your account through the website.

  12. what is the difference between Term Plan and Endowment Plan?

    Term Plan is a pure insurance plan which has high insurance cover and comparatively low premiums. They provide protection for a fixed term and on the death of the Life Insured in the policy term, Sum Assured is payable to the nominee. However, no benefit is given if Life Insured survives the Policy Term. These type of plans cover the risk of early demise of breadwinner of the family.

    Endowment plans are those plans which cover 2 types of risk – Risk of an early demise and Risk of a long life. It gives Death benefit or Maturity Benefit, whichever is earlier.

  13. what are the changes made in the revised version of Edelweiss Tokio Life - Wealth Builder?

    Below changes are made in the revised version:

    Change in the definition of Sum Assured on Death (SAD)

    Changes in the number of Riders Offered

    Changes in Free Look Period Provision  

  14. which new rider is offered in the revised Wealth Builder plan?

    Income Benefit is the new rider offered with the new version.

  15. how does the change in Sum Assured on Death(SAD) impact the death benefit amount in the revised Wealth Builder plan?

    For Annual Payment Mode – No change in the death benefit amount.

    For Half-Yearly & Monthly Payment Mode – Death benefit amount is comparatively higher than the death benefit amount of the old version.

  16. what is the change in the free look period provision in the revised Wealth Builder?

    There is a change in the Refund of Premium Amount on cancellation.

    Old Version : On cancellation:  Refund of Premium = Premium paid – (Proportionate Risk Cover Premium +Stamp Duty + Cost incurred for medicals, if any)

    New Version: On cancellation:  Refund of Premium = Premium paid – (Stamp Duty + Cost incurred for medicals, ifany) 

  17. what is the change in the definition of sum assured on death in the revised Wealth Builder plan?

    In the earlier version, Sum Assured = X times the annualized premium, where annualized premium is the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums and loadings for modal premiums, if any.

    'Annualized premium has been replaced by 'Annual premium', where annual premium is the premium payable in a year, including loadings for modal premium but excluding the underwriting extra premiums, if any. 

  18. is there any change in the surrender value in the revised Wealth Builder plan?

    No, there is no change in the Surrender Value.

  19. what is the meaning of Riders?

    Riders are extra benefits offered with the base plan, at an extra cost. Riders cannot be bought alone. The Policy term and Premium Payment Term would be the same as the base plan and the Sum Assured of Rider cannot be more than the Base Plan Sum Assured.

  20. when can I add or delete riders in the policy?

    You can add or delete riders on policy anniversary. However, which Riders can be added depends on product and Rider specifications and underwriting guidelines.

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