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Edelweiss Tokio Life –Education life insurance policy

Discussion in 'Life insurance' started by real_buzz, Jan 14, 2013.

  1. real_buzz Moderator

    Edelweiss Tokio Life –Education life insurance policy

    Guaranteed payout on maturity as per the child’s need, with flexibility to avail a higher payout in the year when you may have extra requirements.
    Various payout plans on maturity to allow you to plan the policy as per your child’s education requirements. Flexibility is provided to change the plan in case the requirements undergo a change in
    Future.
    Comprehensive protection of your dream against unforeseen events. Lump sum amount on premature death provides a readjustment cushion to the family. In addition the in-built regular monthly income and premium waiver features makes our policy benefits unique.
    Income replacement benefit ensures your family has continuity of regular income even in your absence.
    Premium waiver benefit on death ensures the company waives off all the remaining premiums and still protects all the maturity benefits for your child’s future as envisioned by you.
    Limited premium term option gives you the flexibility to plan your policy based on the stability of your current income stream.
    Loan facility to meet any urgent / unforeseen liquidity requirements.

    This is a non-linked non-participating life insurance plan
    a) Entry Age of Life Assured (last birthday) 21 to 65 years of age
    b) Entry Age of Child 00 to 17 years of age
    c) Maximum Maturity Age of Life Assured (last birthday) 75 years of age
    d) Maximum Maturity Age of Child 30 years of age
    e) Policy Term 10 to 25 years
    f) Premium Paying Term 5, 7, 10, 15 and Regular Pay*
    #
    g) Premium Payment Frequency Annual, Semi-annual, Quarterly and Monthly
    h) Minimum Basic Sum Assured Rs. 2,50, 000/- (multiples of 10,000)
    I) Maximum Basic Sum Assured No Limit, subject to underwriting
    Discount available for Higher Sum Assured
    (applicable on the relevant premium table)
    • Suicide Claim provisions:
    • Grace period for non-forfeiture provisions:
    • Nomination requirements and Assignment
    • Reinstatement:
    If the life assured, whether sane or insane, commits suicide, within one year from the date of
    issuance or date of reinstatement, then the policy shall be void and 60% of the premiums received (excluding service tax) will be paid.


    For Annual, Semi-annual, Quarterly Premium Mode- 30 days
    For Monthly premium mode- 15 days
    The policy will remain in force during the grace period. If any premium remains unpaid at the end of the grace period,
    the policy shall lapse. The policy benefit thereafter would have no further value except as provided under the
    non- forfeiture provisions.
    Nomination: Nomination is compulsory. The nominee/s shall be a person/s nominated by the member in accordance with
    the provisions of section (39) of the Insurance Act 1938 to receive the benefits under the scheme in the event of his/her
    death. The Nominee at the inception of the policy must be a named Child whose interest the Life Assured wants to
    protect. Till the time nominee is a minor the appointee would be the beneficiary. On the death of the nominee the life
    assured has to change the nomination. If the life assured is not alive at the time of death of the nominee then the legal heir
    of the nominee would be the beneficiary.
    Assignment: Assignment will be allowed under the plan as per Sec 38 of Insurance Act, 1938. The benefits of the policy can
    be protected from creditors by writing a policy under the Married Women's Property Act (MWP Act), 1874.
    If premiums are not paid within the grace period the policy lapses. The reinstatement will be considered
    on receipt of written application from the policyholder along with the proof of continued insurability of life assured and on
    payment of all overdue premiums with simple interest of 1% per month. The reinstatement will be effected on Edelweiss
    Tokio Life Insurance's discretion and subject to such conditions as the Edelweiss Tokio Life Insurance in its discretion may
    decide. The policy may be reinstated with the full benefits only within two years from the date of the first unpaid
    premium.
    • Prohibition of Rebate:
    • Non Disclosure Clause:
    (SECTION 41 OF INSURANCE ACT 1938) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except one such rebate as may be allowed in accordance with the published prospectus or tables of the Insurer. Any person making default in complying with the provisions of this section shall be punishable with a fine which may extend to five hundred rupees.
    (SECTION 45 OF INSURANCE ACT 1938) No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose. Provided that nothing in this Section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the Life insured was incorrectly stated in the proposal.

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