Buy Best Term Insurance Plan & Policy Online in 2024 | Edelweiss Tokio Life
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Term Insurance plan
Protection Karo Poora, toh Zindagi Hogi Unlimited!
Get total protection with our term insurance plan
and secure your family's financial future.
Take a step ahead to secure your life
How Does A Term Plan Work?
In a term plan, the policyholder has to pay a specific premium amount for getting insurance coverage for a pre-defined tenure. If the policyholder passes away during this term, their beneficiaries will get the sum assured. If they survive, no maturity/survival benefit is paid out to the policyholder. Here's how a term insurance plan typically works:
- The policyholder selects the term of the policy, which can range from a few years up to 99 years of age.
- The policyholder also selects the amount of coverage they want, which is known as the death benefit.
- If the policyholder dies during the term of the policy, the death benefit is paid out to the designated nominee.
- If the policyholder outlives the term of the policy, the coverage ends, and no benefit is paid out.
Benefits of Term Life Insurance Plan
High Life Cover At Affordable Cost
Term insurance policies offer the highest life cover for the affordable premium; the sooner you buy a term plan the lesser will be your premium cost
Long Term Protection
Term insurance plans provide longer protection for you and your family at all stages of your life you can opt for whole life cover up to 99 years age
Financial Stabillity
A term insurance plan secures your family's future by providing financial stability even in your absence
Tax Benefits^³
You can avail tax benefits under Section 80(C) on your insurance premium. Additionally, the life cover payout also has tax benefits under section 10(10D).
Add On Benefits
Many term insurance plans offer a host of add on benefits and riders such as accidental cover, critical illness cover, etc. which you can add to the base plan as needed, at an additional cost.
Peace Of Mind
A term plan gives financial protection to your family which helps you live peacefully without worrying about the future.
Protection for the Family
With the Better Half Benefit, our term insurance plan, Edelweiss Tokio Life Zindagi Protect, offers your spouse a life cover in the same plan at a minimal extra cost, triggered on the death of the Life Insured. Another option is the Child’s Future Protect Benefit, providing an additional payout to your child in case you are no longer around.
Covid-19 Coverage
Edelweiss Tokio Life term insurance plans cover death caused by the Coronavirus or Covid-19. This ensures complete financial protection to the family throughout.
Benefits of Term Life Insurance Plan
High Life Cover At Affordable Cost
Term insurance policies offer the highest life cover for the affordable premium; the sooner you buy a term plan the lesser will be your premium cost
Long Term Protection
Term insurance plans provide longer protection for you and your family at all stages of your life you can opt for whole life cover up to 99 years age
Financial Stabillity
A term insurance plan secures your family's future by providing financial stability even in your absence
Tax Benefits^³
You can avail tax benefits under Section 80(C) on your insurance premium. Additionally, the life cover payout also has tax benefits under section 10(10D).
Add On Benefits
Many term insurance plans offer a host of add on benefits and riders such as accidental cover, critical illness cover, etc. which you can add to the base plan as needed, at an additional cost.
Peace Of Mind
A term plan gives financial protection to your family which helps you live peacefully without worrying about the future.
Protection for the Family
With the Better Half Benefit, our term insurance plan, Edelweiss Tokio Life Zindagi Protect, offers your spouse a life cover in the same plan at a minimal extra cost, triggered on the death of the Life Insured. Another option is the Child’s Future Protect Benefit, providing an additional payout to your child in case you are no longer around.
Covid-19 Coverage
Edelweiss Tokio Life term insurance plans cover death caused by the Coronavirus or Covid-19. This ensures complete financial protection to the family throughout.
More Products You'd Love to Explore
The Simple Way Of Protecting You And Your Family
Get the simple, straightforward plan that looks out for your family in case of any unexpected events.
Life Cover for your family’s security
Flexibility in choosing premium payment options
Limited pay option for a liability-free retirement
Tax Benefits³ u/s 80c on premiums paid
Protect Your Family's Financial Future for Life and Beyond!
Get comprehensive financial protection for your family with total coverage under one plan.
Option to choose between Life Cover up to age 100 OR Return of Premium, limited pay OR regular pay premium payment options, for all round protection
Avail Better Half Benefit, Child Future Protect Benefit and Premium Break Benefit option*³ in same plan
Enjoy special Exit Benefit to receive all the premiums paid back^, available under life cover option with limited pay
6% Discount on first-year premium, by completing your medical examination within 7 days of purchase (login)
Common Terminology Related to Term Insurance You Should Know
- Policyholder: The policyholder is the person who owns the policy and is responsible for paying the premiums to the insurance company. The policyholder is typically the person whose life is insured under the policy.
- Nominee: A nominee in a life insurance policy is the person who is designated by the policyholder to receive the death benefit in the event of the policyholder's death during the term of the policy. The nominee is also sometimes referred to as the beneficiary.
The policyholder can choose anyone as their nominee, such as a family member, or spouse. The nominee can be changed by the policyholder at any time during the term of the policy, and multiple nominees can be designated. - Policy Term: Policy term in insurance refers to the length of time during which an insurance policy is in force and coverage is provided by the insurance company. It is the duration of time for which the policyholder has paid the premium and during which the insurance company is obligated to provide coverage.
- Life Assured: In life insurance, the life assured is the person whose life is covered by the insurance policy. This is the person whose death will trigger the payment of the death benefit to the designated nominee.
- Sum Assured: In life insurance, the sum assured refers to the amount of money that is guaranteed to be paid out to the designated nominee in the event of the life assured's death during the term of the policy. It is also sometimes referred to as the death benefit. When a life insurance policy is purchased, the policyholder selects the sum assured, which can vary depending on their financial needs and circumstances. The sum assured can be a fixed amount, or it can be a multiple of the policyholder's annual income.
- Riders: Riders in life insurance refer to additional benefits or options that can be added to a basic life insurance policy to enhance the coverage or customize it to meet specific needs. Riders can be added to a policy at the time of purchase or during the policy term.
- Claims: A claim in life insurance refers to a request made by the nominee of a life insurance policy to receive the death benefit after the death of the life assured. The claim is initiated by the nominee, who must provide proof of the life assured's death, such as a death certificate, to the insurance company. Once the claim is submitted and all required documentation is provided, the insurance company will review the claim and determine whether the death is covered under the terms of the policy. If the claim is approved, the insurance company will pay out the death benefit to the designated nominee.
- Free-look Period: A free look period in life insurance refers to a specified period of time after the purchase of a life insurance policy during which the policyholder can review the policy terms and conditions and cancel the policy if they are not satisfied without incurring any penalty or fees. The length of the free look period can vary depending on IRDAI and the specific policy but is typically between 15 to 30 days. During this period, the policyholder can carefully review the policy document, consider the terms and conditions, and decide whether the policy meets their needs and expectations.
It Provides Financial Security
Every person who has financial responsibilities towards their family should consider the fact that they may not always be around. From household expenses to children’s education, everything can take a hit if the earning member passes away and one must take precautions to avoid a financial crisis in such a situation.
Provides Tax Benefit³
The Premium amount paid for term insurance is covered under tax benefits³ (under Section 80C), which helps you in saving money.
Flexibility
You can select how the policy proceeds can be disbursed in case of your death. Some term plans offer monthly payouts where the sum assured amount can be given as a family income benefit to provide the regular cash flow to your dependents.
Riders and Benefits
Even though choosing the best term insurance policy suitable for your needs is a simple process and most term plans provide basic life cover, some also come with the option of getting add-ons. For example, you can opt to add critical illness cover, accidental death benefit, accidental total and permanent disability cover, etc. to a basic term policy to make the plan even more robust and risk-free. Insurance plans like Edelweiss Tokio Life Zindagi Protect provide the Better Half Benefit option that ensures enhanced financial security even in the absence of the main breadwinner. Under this benefit, after the death of the policyholder, a life cover will start in his/her spouse’s name. This optional benefit offers your spouse a life cover in the same plan, at a minimal extra cost and gets triggered on the death of the Life Insured.
Savings with Return on Premiums
A term plan with return of premiums ensures that you can have a savings fund at the end of your term insurance policy. If you outlive the policy term, you are entitled to a total of all the premiums of the term plan on maturity. With this benefit, you can save on the premiums of your term plan and plan your financial goals.
Protect yourself, your spouse and child
With options like the Better Half Benefit or the Child’s Future Protect Benefit of Edelweiss Tokio Life Zindagi Protect, you can ensure additional life insurance coverage for your spouse or your child. Under the former plan option, your life partner receives the additional benefit of 50% of your life cover along with a waiver of premium till the end of the policy while the Child’s Future Protect Benefit plan option provides an additional sum assured to help your child fulfil their future financial goals in your absence.
Who Should Buy a Term Insurance Policy?
A term plan is one of the most effective ways of guaranteeing your loved one’s financial stability when you’re not around anymore. A term plan is a must-buy for individual who has individuals dependent on them.
- Parents: Parents are usually the sole source of financial support for their kids. The financial requirements to ensure a safe upbringing of your children will include school fees, university fees, living expenses, etc. However, if you pass away unexpectedly, it can jeopardize their future and hamper their academic and career growth. Therefore, parents must ensure that their children will be taken care of even in their absence. A term insurance plan is optimal as it will payout a lump sum amount to help the children with their future financial requirements.
- Newly married couple: Among the many gifts you receive from your wedding, the most optimal gift you should give each other is a term insurance plan. Therefore, Edelweiss Tokio Life – Zindagi Protect will ensure your spouse will stay secured even if you’re not around anymore. With the Better Half Benefit, you can cover your spouse under the same term insurance plan for the same amount of life insurance cover as yours. In your absence, your spouse not only gets the sum assured from the term plan but also the continued life cover protection until the end of the for an amount that is half of your life cover, that too, without paying any premiums.
- Women in the workforce: Women have entered the workforce en masse and are equally contributing to the finances required for running a family. With the growth in the number of women entering the workforce, the number of individuals dependent on them has also increased. Therefore, it is essential that they get a term insurance plan for to secure their families in their absence. Some term plans also come with critical illness covers that provide a payout if you’re diagnosed with a critical illness like cervical or breast cancer. Additionally, insurance companies also offer a term insurance plan for housewives.
- Young professionals: Young individuals who have just started their careers must opt for a term insurance plan as soon as possible. Most of them are not married or don’t have any individuals dependent on them. But, it will change as they go through the different life stages ahead. Hence, they’ll be at peace knowing their loved ones will be secure. Since they are young, it is optimal to purchase the plan young as their premium amount will stay the same throughout their lives.
- Taxpaying citizens: The premiums paid towards term plans are tax-deductible, i.e., they reduce the taxable income, as per Section 80(C) of the Indian Income Tax Act. Along with this, the life cover payouts from the term plan are also covered under tax benefits u/s 10(10D).
- Retirees: Retired individuals must get term insurance if they have individuals dependent on them. Getting a term plan will also help them leave an inheritance for their family. Term insurance is paid out to the beneficiaries when the insured individual passes away.
- SIP investors: Individuals who have invested in mutual fund SIPs allocate a fixed amount towards these funds. The wealth creation in a SIP is driven by a stream of regular instalments that will compound over time. However, if the investor passes away, their investment would stop as well. Term insurance plans will protect the SIP by offering beneficiaries the funds to uphold the regular payment.
When Is the Right Time to Buy Term Insurance?
The correct time to purchase the term insurance plan is NOW, if you haven’t already . When you purchase a term insurance plan early in life, the premium amount will be low compared to what you will have to pay 10-15 years later.
However, your age must not hold you back from purchasing the term insurance plan. If you have not purchased a term plan while young and have individuals dependent on you, then you must purchase them to ensure your loved ones are safe in your absence. With a term plan in place, your loved ones will get the financial support they need.
How Can You Save Tax With a Term Life Insurance Plan³?
Term life insurance plans in India not only provide financial protection to the family of the policyholder but also offer tax benefits. Here are some ways in which you can
save tax with a term life insurance plan in India:
- Tax Benefits³ on premium payments: Premium payments made towards a term life insurance plan are eligible for tax deductions3 under Section 80C of the Income Tax Act, 1961. The maximum deduction allowed under this section is Rs. 1.5 lakh per financial year.
- Tax Benefits³ on Maturity Amount: The death benefit paid out to the nominee of a term life insurance plan is tax-exempted3 under Section 10(10D) of the Income Tax Act. This means that the entire amount received by the beneficiary/nominee is exempt from income tax.
- Tax Benefits³ for joint life policies: If the term life insurance plan is a joint policy taken out by the policyholder and their spouse, the premium payments made towards the policy are eligible for tax deductions under Section 80C for both individuals.
It's important to note that the tax benefits available for a term life insurance plan may vary depending on the specific policy and the current tax laws in India. It's advisable to consult a tax professional or financial advisor for guidance on how to optimize the tax benefits of a term life insurance plan.
How To Choose The Right Term Plan?
Buying a term insurance plan can be quite tricky, as you will have to deal with many factors. If you want to purchase a suitable plan, you can consider the parameters listed below:
1. Solvency ratio: The solvency ratio will tell you if the insurance company you have chosen is capable of settling your claim when the need arises. As per the IRDAI, every insurance company must maintain a solvency ratio of at least 1.5.
2. Claim settlement ratio: The claim settlement ratio of the company will help you understand the probability of your claim being settled. A higher claim settlement ratio means a higher chance of claim settlement.
3. Analyze Riders and Additional Benefits: Check for additional riders (e.g., critical illness, accidental death) that can enhance the coverage of your term plan. Assess the suitability of these riders based on your specific needs and health conditions.
4. Read and Understand Policy Terms: It is always recommended to thoroughly review the policy documents of shortlisted plans. You must understand the inclusions, exclusions, and conditions of the term insurance plan.
5. Make an Informed Decision: Based on your research and analysis, select the term insurance plan that best fits your requirements and budget.
If you’re planning to purchase a term insurance plan from Edelweiss Tokio Life Insurance:
- You can visit the website. From the all products dropdown, select from Edelweiss Tokio Life Zindagi Protect.
- Determine the life cover you will need. You must calculate your life cover carefully, taking into account the current financial status, income, assets, liabilities and number of dependents.
- Once you have planned your insurance coverage, you should calculate your premium. You can use the insurance calculator provided on the website to get an estimate on the premium amount you will need.
- After you’ve gotten the premium amount, fill out the proposal forms and provide all the required documents.
- Make the payment online.
- After successful verification of all the submitted information and documents, we will provide you with your Edelweiss Tokio Life term plan policy.
How Much Term Insurance Cover Do You Need?
if you have decided to purchase a terminsurance plan, you must understand how much insurance coverage you will need. To calculate your insurance coverage requirements, you can follow the step listed below
Calculate the monthly expenses of your household:
You must calculate the amount that is required for running your household smoothly. It will include factoring in different monthly bills, groceries, children’s education etc. After you get a clear understanding of the amount, you must account for it in the insurance coverage. Your family should be able to take care of their day-to-day needs comfortably, even in your absence.
Estimated outstanding financial liabilities
Outstanding financial liabilities will include any of your loans, debts or financial liabilities that are yet to be paid. It is essential to include them in your insurance coverage, to ensure that the burden of loan repayment doesn’t befall your family.
Assess important life goals and events
Children’s higher education, their marriage, buying a house, loan repayment, etc. are major goals in an individual’s life. Determine the money that will be required to fulfil these goals and ensure that you account for it in your term plan cover.
Plan a retirement corpus for your spouse
Learn about the funds your spouse will require when they retire. This will allow them to lead an independent and financially secured post-retirement life, even in your absence.
Factor in your existing wealth
Calculate your funds in investment instruments, especially liquid investments. The total amount of these liquid financial assets can be deducted from the calculation as your family can access them anytime.
How Long Should Be the Term Insurance Policy?
The duration of the term insurance plan is one of the most critical factors you should assess before purchasing the plan. Some of the factors that will help you determine the tenure for your plan are:
- Liabilities: If you have any outstanding debt obligations, your term insurance cover must include the amount, and the plan tenure must be equal to or more than the balance EMI tenure. It would help your family to repay the balance loan in the event of your untimely death.
- Age: Your age will play a crucial role in deciding your plan tenure. If you’re young, you’ll be covered for a longer duration.
- Financial goals: You must keep in mind the different financial achievements that you wish to meet. You can coincide the duration of the plan with your life goals. It will help your family handle the financial responsibilities with the sum assured in your absence.
What Are The Factors That Affect Term Insurance Premium?
When you purchase a term plan, you will have to pay a specific premium amount towards the plan to earn the benefits from them. The premium amount of the plan is
based on several factors. The different factors that affect a term insurance plan are:
1. Age:
It is a popular belief that when an individual is young, they are less prone to any life-threatening diseases. Therefore, when an individual has a lower probability of getting life threatening diseases, they won’t be filing a claim anytime soon and their premium amount will be low. However, when an individual is a bit old, their premium amount will be high..
2. Profession:
If the policyholder is working in an environment with a high-risk of accidents like transport, mining oil, shipping and much more, the term insurance premium will be high compared to the jobs that have a safe environment. This is because, these individuals are putting their lives in danger, increasing their risk-factor.
3. Policyholder’s medical history and pre-existing health conditions:
If the policyholder has a pre-existing disease or illness like diabetes, obesity, then the insurance company will consider them as high risk. For example, if the policyholder is obese, they have high blood pressure and may face heart-related illnesses which could lead to a stroke. Therefore, if the policyholder is living with any conditions like these, the premium amount they will have to pay will be higher compared to an individual who is physically fit.
4. Medical history of family:
If the policyholder has a history of any medical illness in their family, then their term insurance premium will be affected. For example, if the policyholder’s family has a history of heart-related, cancer, etc. diseases, there is a high probability that the policyholder may get the disease as well. This means their chances of getting ill may also increase. Therefore, the premium amount will be high.
5. Lifestyle:
One of the crucial factors that decide the premium amount is the policyholder’s lifestyle. If the individual consumes alcohol or smokes regularly, then it might affect their premium amount. This is because, they pose a threat to their health and increase their chances of getting ill.
Term Plan Calculator
A term plan calculator is a tool that insurance providers offer to help potential customers calculate the premium amount they have to pay for the term plan. To use the calculator, you will have to input the necessary information and the calculator will churn out the term plan premium payable for the coverage of your choice.
Reasons Why You Should Buy A Term Insurance Online
- Affordable Cost: The primary aspect of online buying life insurance is the amount of savings in terms of time, money, and effort. By buying life insurance online you can do the purchase process without the unnecessary effort of going places. And not only time and effort, but online also offers a discount. Online policies are affordable as these don’t have expenses, which are typically incurred by an offline channel.
- Empowering the customer : Searching for information and finding the relevant sections is much easier online. It also provides the option for self-paced learning, undisturbed by external factors. Thus, searching for the right life insurance plans is not difficult online. In fact, before you can search for the plans best suited for your needs, you need to look for what these plans should look like. The digital world is full of information and you can read through the clause and select a plan that suits you the best. Online is the best mode for step-by-step approach of qualified purchase decisions.
- Lesser Paperwork: The tedious process of the long list of forms and documents that need to be curated and signed becomes virtually stress-free when we turn to the online insurances. With easy upload options for documents and digital verification, buying insurance becomes comparatively hassle-free and quicker, when done online.
How will a Term Insurance Plan Secure Your Family’s Financial Future?
Term insurance plan from Edelweiss Tokio Life Insurance offer a range of features to secure the financial future of your family:
1. The term insurance payout helps them lead an independent and dignified life.
2. The Better Half Benefit option from Edelweiss Tokio Life Zindagi Protect extends your life cover to your spouse after your demise. The total coverage offered is 50% of your base sum assured.
3. The Child’s Future Protect Benefit Option under the same plan, ensures that your child’s growing years are protected with the same term plan, and you can receive additional coverage to secure them.
4. With a return of premium term plan like Edelweiss Tokio Life Zindagi Protect, you can opt to get 100% of Total Premiums Paid^ when your policy matures. This helps you prepare for the next chapter in your life with extra padding in your wallet.
More Products You'd Love to Explore
The Simple Way Of Protecting You And Your Family
Get the simple, straightforward plan that looks out for your family in case of any unexpected events.
Life Cover for your family’s security
Flexibility in choosing premium payment options
Limited pay option for a liability-free retirement
Tax Benefits³ u/s 80c on premiums paid
Protect Your Family's Financial Future for Life and Beyond!
Get comprehensive financial protection for your family with total coverage under one plan.
Option to choose between Life Cover up to age 100 OR Return of Premium, limited pay OR regular pay premium payment options, for all round protection
Avail Better Half Benefit, Child Future Protect Benefit and Premium Break Benefit option*³ in same plan
Enjoy special Exit Benefit to receive all the premiums paid back^, available under life cover option with limited pay
6% Discount on first-year premium, by completing your medical examination within 7 days of purchase (login)
We are always there for you!
For queries, write to onlinesales@edelweisstokio.in
^ - The Special Exit Benefit shall be applicable on the premiums paid towards Life Cover and Premium Break Benefit, if any, and is not applicable on any additional premiums paid towards other Additional Benefit/s opted by the policyholder namely Child’s Future Protect Benefit or Better Half Benefit. This benefit is applicable provided all terms and conditions mentioned in the sales brochure are met. Please refer sales brochure for more details.
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 - Partial withdrawals will be calculated subject to terms & conditions. 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.
9- Riders are Optional and available at extra cost.
^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.
** - 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.
Edelweiss Tokio Life – Zindagi Plus (UIN: 147N056V04) is only the name of a Non-Linked, Non-Participating Individual, Pure Risk Premium, Life 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. 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 product brochure carefully before concluding a sale.
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 - 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 - 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 - 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 - Zindagi Protect (UIN: 147N078V02) is an Individual, Non-Linked, Non-Participating, Pure Risk Premium/Savings, Life Insurance Plan.
Edelweiss Tokio Life - Saral Jeevan Bima (UIN: 147N069V02) is only the name of a non-linked, non- participating, individual pure risk premium, life insurance plan
Please know the associated risks and the applicable charges from your Personal Financial Advisor or the Intermediary. 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 product brochure carefully before concluding a sale.
ARN: CP/3492/Oct/2023