Policy - Frequently Asked Questions

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  1. if I don't get my policy document after issuance, then what should I do?

    You can provide a written declaration to the branch or to your agent stating that the policy document has not been received at your end. We will take immediate action on the same.

  2. Who can alter the Policy Terms and Conditions?

    Either party to the contract can change terms and conditions to the Policy, provided it is agreed by both the parties in accordance to the Contract Act, 1872.

  3. How and from where can I get fund statement for my ULIP policy?

    Your ULIP policy fund statement is sent twice in a year - on 30th September and 31st March. You can also logon to our website and check your fund statment anytime during the policy term. 

  4. what is the process of revival for my policy, if it has lapsed?

    If the policy has lapsed within 6 months of due date, then you need to pay unpaid premiums and revival charges. If the policy has lapsed for more than 6 months, then you need to pay unpaid premiums, revival charges and submit a “Certificate of Insurability”. The form will go to our risk assessment team for further scrutiny.

  5. what are the renewal premium payment options?

    We have different Renewal Premium payment options to facilitate our customers, namely:
    2.Cheque/DD (In favour of – Edelweiss Tokio Life Insurance Company Limited)
    3.OTC (Yes Bank)
    5.Credit Card Standing Instructions
    9.Direct Debit

  6. what will happen to my policy if I don't revive it within the revival period?

    Revival period for all the policies is 2 years. If the policy is not revived during the revival period then policy stands foreclosed and cannot be revived.

  7. what is Freelook period?

    Freelook period is the period of 15 days (30 days in case of online purchase) given to the policyholder, from the day of receipt of Policy Document. During this period, the customer has the option to go through the Policy Document and come back to the company if he is not happy with the terms and conditions of the policy.

  8. where can I give my Freelook request?

    You can provide the written declaration along with Policy Document to your nearest branch or to your agent for exercising your freelook request. A policy payout form is also available to facilitate the same.

  9. what is the amount that I will get on cancellation of my policy in Freelook period?

    You will receive a refund of the balance premium after deducting the stamp duty, cost of conducting medical tests and proportionate risk charges. The amount will be directly credited to your account.

  10. when does a policy lapse?

    A policy lapses when the policyholder fails to pay the premium even within the grace period. A policy once lapsed loses all its benefits. However, the policyholder has an option to revive the policy, within the stipulated time, to be eligible once again for all the lost benefits.

  11. How can I buy an insurance policy?

    You can buy a policy though any of our sales personnel or directly on our website. You will need to make an application for insurance to us along with requisite documents and premium. Post submission of duly filled application form along with all the required documents, we will evaluate and issue the policy if found eligible. Policy document/ COI along with other documents will be sent you within IRDAI pre-defined timelines, after issuance of the policy

  12. what is the change made with regards to number of riders offered in the revised Wealth Builder plan?

    in the new version, 1 additional Rider is offered making it a total of 7 Riders. 

  13. what are the benefits of buying the policy online?

    The online buying process is designed to help you save time and avoid unnecessary paper work. This will also help to process the application faster and chances of occurences of mistakes are negligible.

  14. what is the procedure if I wish to withdraw my application process pre-issuance?

    To withdraw the application process in between, you need to give a request in writing stating the proper reasons behind it. You can send the scanned copy of such declaration on our customer care ID care@edelweisstokio.in.

  15. Can a policy be surrendered if it is lapsed?

    The policy cannot be surrendered while the policy is in the lapsed stage. The policy needs to be revived before it is surrendered.

  16. will I get entire refund if I cancel the policy before issuance?

    The premium that you have paid will be refunded to you after deducting the payment gateway transaction charges and the charges for the medical test (if you have undergone one).

  17. if I wish to withdraw my policy post-issuance, what is the procedure?

    To withdraw your policy post-issuance, you need to give a request in writing, stating the reasons behind it. The policy can only be cancelled within 15 days (30 days in case of online purchase) of receiving the policy document which is also known as Freelook period. You also need to submit the policy document that you have received, along with the request letter.

  18. what is the expected time for my policy to be issued?

    The time expected for the policy issuance is 15 working days. However, it can take a little longer depending on the fulfilment of the medical and non medical requirement.

  19. how do I make a request, post issuance of policy?

    We have a Policy Servicing Request form available, where you can make any of the following requests, post issuance of policy:
    1.Change in Name
    2.Change in Correspondence Address
    3.Change in Contact Details/Email id
    4.Change in Premium Payment method/Billing Frequency
    5.Addition of Rider
    6.Top up (for ULIP Plans)

  20. why is there a premium differential for smokers and non-smokers?

    According to current rules and regulations, it is customary to charge more premium from smokers as there is more risk involved in insuring them. A non-smoker has lesser risk involved, as compared to smokers who are supposed to be more vulnerable to diseases and illness; thereby increasing the risk of the insurer.

  21. what are standard rate and substandard rate and how are they different?

    Insurance underwriters use a variety of risk classifications when determining your eligibility and the premium you pay for insurance. Policyholders are typically quoted at a standard rate. These rate changes depend on the additional information obtained during the risk assessment. A substandard rate contains the provision for higher premiums due to the greater risk carried by the insured on medical or non-medical grounds.

  22. what is assignment and when can it be done?

    Assignment is transfer of ownership of the policy with the Life Assured remaining the same. It can be done anytime during the Policy Term. Nomination dissolves after assignment.