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Reasons Why This Plan Takes Care Of Your Assets

  • One Plan Covers All Loans

    This plan offers you the benefit of covering all types of loans, so you can help others without worries.

  • Cover during Moratorium Period

    In-built contingnecy plan! In case of any unfortunate circumstances, this plan will cover you during a moratorium period of 1 - 2 years.

  • Benefits Unlocked through Single Payment

    This plan and all its benefits get activated through a Single Premium Payment.

  • Surrender Benefit*⁴ Available

    This plan offers a surrender benefit from the first policy year itself.

How It Works!

1

Start Planning

  • Conduct need analysis
  • Choose your premium amount
2

Make Your Selections

  • Select your group size
  • Choose the sum assured per member
3

Seal the Deal

  • Choose your policy term
  • Make your premium payment
4

Sit Back and Relax

  • Submit the requested documents
  • Let us verify your details so you can activate your plan!

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Fire Away Queries

Like teachers say, there are no silly questions

Why do I need a group life credit insurance plan?

 

As a financial institution, the loans that you lend help people fulfil their dreams. However, if something would happen to them, their loan repayment may get stuck and you would be left with liabilities. So, a group credit insurance plan is ideal to protect the lender’s interests. Though you take necessary measures for recovery, you also need to insure your lent assets against non-payment by the borrower, on his/her death.

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Why should I opt for Edelweiss Tokio Life Group Credit Protection?

Edelweiss Tokio Life – Group Credit Protection covers all types of loans that you may lend. It is a Single pay term and offers cover even during moratorium period.

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Does this plan cover COVID-19 claims?

Yes, this plan covers death due to COVID-19.

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What is the minimum group size required to take this plan?

You can avail this plan with a minimum group size of 50 people.

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What is the moratorium period available?

A minimum of 1 year and a maximum of 2 years’ moratorium period would be available.

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Is cover available during the moratorium period?

Yes, this plan offers cover equivalent to principle, during the moratorium period.

 

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What is the minimum and maximum entry age?

 The minimum and maximum entry ages are 18 years and 65 years respectively.

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What is the maximum maturity age?

The maximum maturity age is 70 years.

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What is the minimum and maximum coverage term?

The minimum and maximum coverage terms are 2 and 30 years respectively.

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How long do I need to pay my premiums and at what frequency?

As it is a Single pay term, you only need to pay your premium once.

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What is the minimum and maximum sum assured?

The minimum sum assured is Rs. 10,000 per member. The maximum sum assured is subject to Board approved underwriting policy.

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Does this plan have a Maturity Benefit?

It is a term plan, so no maturity amount is payable on maturity or survival. In the event of death, the reduced sum assured as per schedule as on death will be paid.

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Does this plan have a Free Look Period?

 This product offers a free look period of 15 days and that of 30 days in case of electronic policies and policies obtained through distance mode.

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Does this plan have a Surrender benefit*⁴?

Yes, this plan has a surrender benefit, which will be available from the first year.

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Are there any Exclusions to this plan?

 In case of death due to suicide within 12 months from the date of risk commencement for the individual member or from the date of revival, the nominee or beneficiary of the individual member shall be entitled to at least 80% of the total premiums, provided the coverage is in force.

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Does this plan have a Grace Period?

As it is a single pay term, grace period is not applicable.

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Additional Resources

0- Provided the premium paying term is more than or equal to 10 years.

1-  This is applicable only if all due premiums are paid and the policy is inforce.

*4- Subject to terms & conditions. Refer product brochure for more details

 

Edelweiss Tokio Life – Group Credit Protection is only the name of a Group, Non-Linked, Non-Par, Pure Risk Premium, Life, Credit 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 and terms and conditions, please read sales brochure carefully before concluding a sale.

IRDAI Reg. No.: 147. CIN: U66010MH2009PLC197336. UIN: 147N002V03

ARN No : WP/1418/Feb/2021

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