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    Press Release

    Edelweiss Tokio Life Insurance launches Edelweiss Tokio Life – CritiCare+

    30 May 2015

    Cover up to 1 Crore, covers 17 critical illnesses, multiclaim up to 3 times

    • Covers 17 critical illnesses
    • Higher coverage amount of up to 1 Crore
    • Multi claim of up to 3 times
    • Waiver of future premiums on occurance of first claim in Multiclaim option

    Edelweiss Tokio Life, the life insurance arm of Edelweiss Financial Services Ltd today launched Edelweiss Tokio Life - CritiCare+, a critical illness cover, with a higher coverage amount of upto 1 crore and a multi claim of upto 3 times for different illnesses.

    Edelweiss Tokio Life – CritiCare+ is an individual, non linked, non participating Critical Illness (CI) standalone plan with two options namely Single Claim option where on the onset of a critical illness the sum is paid and the policy terminates. The second option is a Multiclaim Option which allows cover to continue for unrelated conditions even after a claim has been paid under the policy. Life assured can claim up to 3 times, subject to  a one-year waiting period between each claim, after which the policy terminates.  The premium amount is guaranteed for the first five policy years and may be reviewable afterwards.

    Edelweiss Tokio Life – CritiCare+is introduced with the objective to create a new category in the market. Currently most of the health plans available are related to reimbursement of hospitalization expenses, but Edelweiss Tokio Life – CritiCare+ provides bigger amounts for treatment as well as loss of income over multiple claims. Life assured can claim up to 3 times for critical illnesses from different groups after which the policy terminates, subject to a 365 days waiting period between each claim. A critical illness rider is attached to the base product and hence is dependent on your continuation of the base product. This plan allows you to independently cover yourself for critical illness and that too at a higher sum assured, it covers more critical illnesses and also allows for multi-claim options which a rider does not.

    The claim for critical illness will only be accepted if the illness has occurred after 90 days from the date of issue/date of revival of the policy. The life insured should survive for 28 more days following the date of confirmed diagnosis. The diagnosis is confirmed once it is established through medical tests or is certified by a medical practitioner. A 365 days waiting period shall apply between successive claims. This means that after the first and second critical illness claim, the life assured would need to wait 365 days before benefits for the remaining critical illness groups are reinstated.

    The product also offers tax benefits. The premium is deductible from taxable income under section 80D, over and above the INR 1.5 Lakhs under Section 80C. The claim amount is also non taxable.

    Commenting on the launch of the product, Mr. Deepak Mittal, MD & CEO, Edelweiss Tokio Life said, “The incidences of Critical Illnesses have considerably gone up over the years and the advancements in science and medical facilities have provided an opportunity to continue living a normal life even after recovery. At Edelweiss Tokio Life what we understood is that the burden on such an individual is not limited to only hospitalization expenses, but the loss of income and the imperative need to pay off debts, other treatment costs and such exigencies. Criticare+ provides a lump sum benefit up to INR 1 crore to ensure that all financial needs are taken care of when a critical illness is diagnosed. This is in keeping with our core philosophy to design solutions based on a true understanding of customer needs. The personal thought with developing such a product is that Investing in a critical illness plan in addition to your basic health insurance can be as important as having any other kind of savings plan. It buys you peace of mind, and gives you the luxury of investing your savings in other avenues of wealth accumulation.”

    Cancer, kidney failure, heart attack, coma, organ transplant, paralysis, major burns, open-heart surgery, multiple sclerosis, motor neurone disease, etc. are some of the illnesses and treatments covered under the plan. Treatments like dialysis or chemotherapy are prolonged and expensive (at least Rs. 20,000 per month for dialysis, for instance) and it is at times like these that a critical illness plan can provide the buffer that can make these expenses manageable.

    About Edelweiss Tokio Life Insurance:

    Edelweiss Tokio Life, a life insurance company, is a joint venture between Edelweiss Financial Services, one of India’s leading diversified Financial Services companies and Tokio Marine Holdings Inc. a global leader with over 135 years of experience in the insurance business. This lineage brings together Edelweiss Group’s  deep understanding of the Indian customers and Tokio Life’s international  benchmarks .The company’s approach is to help its customers meet their life-stage financial goals by providing them innovative insurance products that have been designed with the needs of the Indian customers in mind.

    Edelweiss Tokio Life Insurance is expanding its presence in a phased manner. The company is now present in Maharashtra, Gujarat, Delhi, NCR, Chandigarh, Punjab, Haryana, Goa, Karnataka, Andhra Pradesh, Jharkhand, West Bengal, Orissa, Bihar, Himachal Pradesh, Madhya Pradesh; Uttar Pradesh and Rajasthan with 59 branches pan India. 

    Edelweiss Tokio Life Insurance has engaged a team of professional Personal Finance Advisors (PFAs) who are trained to adopt the customer centric selling model and recommend products only after understanding and analyzing customer needs.

    To learn more about Edelweiss Tokio Life Insurance, please visit www.edelweisstokio.in

    To learn more about the Edelweiss Group, please visit www.edelweissfin.com

    To learn more about the Tokio Marine Holdings Inc, please visit www.tokiomarinehd.com/en

     

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      Edelweiss Tokio Life Insurance Company Limited. All Rights Reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. IRDAI Regn. No.: 147. CIN: U66010MH2009PLC197336. Tax benefits are as per the Income Tax Act, 1961, and are subject to amendments made thereto from time to time. For more details on risk factors and terms and conditions, please read sales brochure carefully before concluding a sale. Flower & Edelweiss (as displayed above) are trademarks of Edelweiss Financial Services Limited; "Tokio" is Trademark of Tokio Marine Holdings Inc. and used by Edelweiss Tokio Life Insurance Co. Ltd. under license. Edelweiss Tokio Life Insurance Company Limited. Registered & Corporate Office: 6th Floor, Tower 3, Wing ‘B’, Kohinoor City, Kirol Road, Kurla (W), Mumbai – 400070.  Toll Free No.: 1800 212 1212 | Fax No.: +91 22 6117 7833 | www.edelweisstokio.in This is a Private website owned by the Company. Unauthorized scanning of vulnerabilities and exploitation of the same is strictly prohibited. If you have been found to do so, Company may bring Civil and/or Criminal action and/or legal proceedings against you which shall be entirely at your costs and consequences.

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