Reasons Why You’re Bound To Love Us Back

Do you want to save money to fulfil your future ambitions while also having life coverage? Then this plan may be ideal for you. You will know the exact amount of money you will be getting back at the end of your policy, allowing you to plan of time for any major financial decisions. What's more, with Family Benefit Option, the plan also secures your family's financial future by ensuring the benefits are paid on maturity, even if you are no longer around to care for them or on diagnosis of any of the covered Critical illnesses. 

Guaranteed Growth Plan is suitable for someone– who is risk averse, who wants a combination of life insurance and savings, who wants to balance their financial portfolio with guaranteed returns, who wants to save for various financial needs like child future planning, retirement planning, or any other financial goal.

The lumpsum you get at the end of your policy can help you prepare for your retirement, your child’s education, or any other financial goal that requires capital. 

You can either choose to pay a lumpsum premium amount at the start of your policy or pay premiums monthly. 

The minimum premium for monthly payments is ₹ 4,000. For single pay premium, the minimum amount is ₹ 50,000. The is no maximum limit for premium amount.

Besides life coverage and lumpsum on maturity, this plan also offers tax benefits, optional family benefit, and option to take a loan on the policy. Family benefit can only be selected if you have opted for monthly premium payment. 

If you want additional protection for your family, then opt in for Edelweiss Tokio Life – Guaranteed Growth Plan’s family benefit. With family benefit, you loved ones get the sum assured upon your passing, but your policy will still be active. All further premium payments will be cancelled, so your family can enjoy the full maturity benefits without having to take on any financial burden. You can also get family benefit with critical illness cover to safeguard your loved ones in case you get diagnosed with any of the illnesses listed in the policy brochure. 

If family benefit option is not selected, then there is no minimum age limit for this plan. For any policy that includes family benefit option, the minimum age limit is 18. On the other hand, the maximum age limit for a plan with family benefit is 55, while a plan without family benefit has a maximum age limit of 60.   

At the start of your policy, you can opt in for family benefit with critical illness coverage. This option will ensure that your family is financially secure if you get diagnosed with any of the covered critical illnesses. Upon diagnosis of a critical illness covered by the policy, you will no longer have to pay the monthly premium amount and the policy will continue as usual. At the end of your policy term, you and your family will get the full lumpsum amount.

If you select the family benefit with critical illness cover option, then the following illnesses/disabilities will be covered by your policy: 

• Cancer (of specific severity) 
• Chest Coronary Artery Bypass Graft (CABG)
• Blindness 
• Stroke that causes permanent damage
• First heart attack (of specific severity)
• Heart replacement/valve repair surgery
• Kidney failure requiring regular dialysis
• Third degree burns
• Major organ/bone marrow transplant
• Permanent limb paralysis
• Major surgery of Aorta 
• Coma (of specific severity) 

The minimum sum assured for single pay premium is ₹ 62,500, while the minimum sum assured for monthly premium is ₹ 4,80,000. There is no maximum sum assured, as the value of your sum assured depends on the value of your annualised premium (or single pay premium amount). 

If you have selected the single pay option, then you just need to make one lumpsum payment at the start of your policy. For monthly payment policies, the premium paying term options available are 5, 7, and 10 years.

The minimum policy term for Edelweiss Tokio Life – Guaranteed Growth Plan is 10 years, but you can also opt for a longer policy term of 15 or 20 years. If you have selected a premium paying term of 10 years, then you also have the option of a 30-year policy term. The longer your policy term the more returns you will get at maturity.  

This plan does not offer any additional riders. All benefits are included at the inception of the policy.  

Edelweiss Tokio Life – Guaranteed Growth Plan has a free look period of 15 days from the date of receipt of the policy document. Free look period in case of electronic policies/distance mode policies is 30 days. You can return the policy during this period to get a refund on premiums paid (subject to certain deductions).

Yes, this plan allows you to avail of a loan once the policy acquires surrender value. Loan value for policy without family benefit is 60% of surrender value, while loan value for policy with family benefit is 50% of surrender value. 

In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of policy, the nominees receive at least 80% of the total premiums paid till the date of death or surrender value available at date of death, whichever is higher.

Moreover, if you have opted for family benefit with critical illness cover, you will not receive any benefits if you fall critically ill (as covered by policy) within 90 days (waiting period) of commencement of risk or the date of revival of the policy.

Edelweiss Tokio Life – Guaranteed Growth Plan has a grace period of 15 days. During this period, your policy will remain active even if you fail to pay your premium. However, if you fail to pay the premium even after 15 days, then the policy shall lapse or become reduced to paid-up value. Keep in mind that the grace period is not available for single pay plans.