Life Insurance Plans - Best Life Insurance Policy in India 2023 - Edelweiss Tokio Life
IN UNIT LINKED POLICIES, INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
Why is Buying a Life Insurance Policy Essential?
Life is beautiful, but also uncertain. We can never predict what could happen the very next moment. In such cases, the financial security of the family becomes most important. One such security medium is life insurance.
“Life Insurance” is defined as a financial product that pays you or your dependents a sum of money either after a set period or upon your death. In other words, life insurance is an insurance tool or a provision that helps you secure your family’s financial future by getting adequate risk cover for your life. In return, you pay a particular premium amount to the insurance provider and can be rest assured that your family will be financially secured even in your absence.
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6 Riders available to enhance your plan⁹
Various Types of Life Insurance
There are numerous variants of life insurance policies available in the country that will suit the different requirements of the customers. Before buying a life insurance plan, you must learn about its features in-depth.
How Much Life Insurance Cover Do I Need?
To estimate life insurance cover amount you need, you must:
1. Factor in the monthly expenses and lifestyle costs of the individuals dependent on you.Plan a retirement net for your spouse. It will help your spouse spend their golden years without worrying about money.
2. Calculate the number of liabilities you hold – outstanding debt obligations, loans, etc.
3. Evaluate different life goals and events of the individuals dependent on you. You must factor in events like your children’s educational future, higher education, marriage, etc.
4. Plan a retirement net for your spouse. It will help your spouse spend their golden years without worrying about money.
5. Calculate your existing wealth that exists in savings and investments. You can deduct this amount from your cover.
What is Life Insurance Premium?
The premium in a life insurance policy is the amount that a policyholder pays to the insurance company periodically. These payments are made to ensure that their insurance policy stays in effect. The premium amount is calculated by the insurance company and will depend on different factors like:
- Type of plan
- Age of the Policyholder
- Gender of the Policyholder
- Medical History of the Policyholder
- Lifestyle Habits of the Policyholder (Smoking, Alcohol, etc.)
- Occupation of the Policyholder
- Riders opted for
If the policyholder skips out on making the premium payment on time, their policy may lapse and the insurance coverage stops. Insurance companies have made provisions to allow policyholders to make the premium payments as per their suitability. Policyholders have the flexibility of choosing the premium payment mode (Single Pay, Limited Pay or Regular Pay) and premium payment frequency (monthly, quarterly, half-yearly, or annually).
Life Insurance Riders and Their Importance
A life insurance rider is additional insurance coverage that you can include in your insurance policy. When you include a life insurance rider in your plan, you will be covered for specific situations. With a rider's help, you can enhance the coverage you get through the plan. Including a rider will mean a hike in your premium amount, based on the rider you choose. Therefore, you must choose your riders carefully.
Some of the riders Edelweiss Tokio Life provides are:
Life Insurance Riders and Their Importance
Accidental Total and Permanent Disability Rider
The rider will offer the financial assistance and support to deal with any immediate expenses or loss of income arising from permanent disability to the life assured.
Hospital Cash Benefit Rider
If the life assured is hospitalized for the treatment of an injury or illness, the rider will offer a daily allowance, along with coverage of the actual medical expenses.
Critical Illness Rider
With this rider, the life assured will be liable to get a lump sum payout if they get diagnosed with any of the 12 listed critical illnesses.
Accidental Death Benefit Rider
This rider will offer additional sum assured to the nominee if the life assured loses their life in an accident.
Income Benefit Rider
Assured regular income to the family after the policyholder’s demise to secure their financial future.
Waiver of Premium Benefit
All future premium payments are waived off and benefits are continued to be paid in case of listed critical illness diagnosis or accidental total disability or death.
Payor Waiver Benefit Rider
Available for policies where the policyholder and insured are separate individuals, this optional rider waives off all premium payments in case of the policyholder’s death.
Reasons Why Buying Life Insurance Online is a Good Idea
The Internet has changed the world drastically and, due to the widespread connectivity, the number of people who buy insurance online is increasing. One of the primary reasons for purchasing insurance online is that communication between the Customer and Company is directly leading to transparency and clarity. The process of buying life insurance online is hassle-free, paperless, and usually cheaper.
Moreover, with the ongoing threat and spread of the COVID-19 pandemic, buying life insurance online is a great way to avoid unnecessary contact and avail of a life insurance cover from the safety of your home.
Steps to Buy Life Insurance Plans Online
Documents Required for Buying Life Insurance Policy?
If you wish to buy your life insurance plan smoothly, you must ensure that you provide all the relevant documents needed for the purchase. The documents required for buying the life insurance policy are:
1. Income certificate: It is required to estimate the sum assured or the cover which would be offered to the insured. You can provide your ITR documents, salary slips, etc.
2. Address proof: You can provide any legal documents that withhold information about your residential address.
3. Identity and age proof: You can provide documents like your PAN card, Aadhaar card, Voter ID card, etc.
4. Medical certificates: Test reports of the medical checkup mandated by the insurance company or the set of existing medical reports for any pre-existing medical condition or ongoing treatment.
5. Other relevant documents: These may differ for different life insurance plans and providers.
How to File Life Insurance Claim?
The steps you must follow while filing a claim with Edelweiss Tokio Life Insurance are:
- Contact Edelweiss Tokio Life Insurance through our authorized support channels.
- Or you can visit our Claim Intimation page.
- Provide all the relevant details regarding the claimant, the policy and the life assured.
- Fill out the claim settlement form (offline or online).
- Provide all documents required.
- Relax while we check the claim documents and process your request.
Documents required for claim settlement:
- Original Policy Documents
- Copy of the Original Death Certificate
- Cause of Death Certificate
- Certificate from the hospital and the treating doctor (if the life assured was hospitalised)
- Medical Records of treatment and hospitalisation
- FIR / Panchnama / Police Report / Inquest Report (if it’s an ongoing police investigation)
- Post-Mortem Report (if conducted)
- Copy of life assured’s Driving License (if death occurred due to a vehicular accident)
- Copy of Claimant’s/Beneficiaries’ documents (Identity and Address Proofs)
- Any other documents as required by the insurance company
For more details regarding the documents required for claim filing and other details, visit our Claim Intimation page.
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Life Insurance Calculators to Plan for Your Financial Goals
Edelweiss Tokio Life provides a host of insurance calculators on their website to assist insurance buyers with their purchases.
For instance: Term Insurance Calculator
To use the calculator, you must:
1. Go to the product page of the plan you wish to purchase.
2. Click ‘Get Quote’.
3. On the calculator, you must enter details like gender, name, birth date, income, etc.
4. After you’ve provided these details, the calculator will provide you with the premium amount.
5. If you’re satisfied with the amount, you can go ahead and purchase the plan.
6. You can also modify the details you enter which will help you understand how different factors affect the premium amount.
He was very much clear about the issue and the importance of it.. Thanks rohit
Your customer support is doing excellent job.keep up the good work.
It was very good experience. they understand my problem and solved it and given time to me, thank you.
Kumar Devam(pvt teacher)
Thanks, all queries resolved in one call to satisfaction. I am rating the services as 10.
Kanika Chaudhary(DESIGN ARCHITECT)
** - Claim statistics are for Financial Year 2022-23 and is computed basis individual claims settled over total individual claims for the financial year. For details, refer to Public Disclosures in our Website.
^³ - Excellence in CX-2022 has been received at the 3rd Edition of The Economic Times CX Summit. This award has been given to those organisations who have demonstrated excellence in Customer Experience in FY22.
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.
2- Policy loan are subject to terms & conditions of the product. Refer product brochure for more details.
3 - As per provisions of Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
4- Discount for large Sum Assured is available depending on the Sum Assured, policy term and premium paying term.
5- Premium calculated is for a 25 year old, male with DOB 01/01/1996, single, non-smoker, for a policy term of 20 years with 1CR life cover, whose premium is Rs. 5853/year that comes up to Rs.16/day, exclusive of taxes. The distribution channel is Online Sales, UW status is Medical, option chosen is ‘Lumpsum’.
9- Riders are Optional and available at extra cost.
The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.
Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. Please know the associated risks and the applicable charges from your Personal Financial Advisor or the Intermediary or policy document of the Insurer. The premium paid in unit linked life insurance policies are subject to investment risk associated with capital markets and the unit price of the units may go up or down based on the performance of investment fund and factors influencing the capital market and the policyholder is responsible for his/her decisions. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
Edelweiss Tokio Life - Zindagi Protect is An Individual, Non-Linked, Non-Participating, Pure Risk Premium/Savings, Life Insurance Plan. 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. The tax benefits under this Policy may be available as per the prevailing Income Tax laws in India. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN: 147N078V02
Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider is only an Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance rider. UIN 147B001V04
Edelweiss Tokio Life - Hospital Cash Benefit Rider is only the name of an Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance Rider. UIN 147B006V03
Edelweiss Tokio Life - Critical Illness Rider is only the name of the Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance rider. UIN 147B005V04
Edelweiss Tokio Life - Accidental Death Benefit Rider is only the name of an Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance Rider. UIN 147B002V04
Edelweiss Tokio Life - Waiver of Premium Rider is only the name of the Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance rider. UIN 147B003V05
Edelweiss Tokio Life – Income Benefit Rider is only the name of an Individual, Non-Linked, Non-Participating, Pure Risk Premium, Life Insurance Rider. UIN 147B015V02
Edelweiss Tokio Life – Payor Waiver Benefit Rider is only the name of the Individual, Non-Linked, Non-Participating, Pure Risk Premium, Life Insurance Rider. UIN 147B014V05
ARN No: CP/3491/Oct/2023