Edelweiss Tokio Life – TotalSecure+ Life Cover Plan

This plan offers 3 different plan variants:

Benefit Option 1: Life Cover

Benefit Option 2: Life Cover with ‘Basic Health Cover’ (covers 7 critical illnesses)

Benefit Option 3: Life Cover with ‘Comprehensive Health Cover’ (covers 35 critical illnesses)

Death Benefit

This plan pays Base Sum Assured to the nominee, in the event of death of the life insured. The customer can choose out of the 3 death benefit payment options under all the 3 benefit options (Benefit Option 1: Life Cover, Benefit Option 2: Life Cover with ‘Basic Health Cover’ and Benefit Option 3: Life Cover with ‘Comprehensive Health Cover)

Death Benefit Option 1: Lump sum Option: The death benefit is payable as Lump sum which is equal to the sum assured.

Death Benefit Option 2: Regular Income Option: A fixed percentage of the death benefit is payable every month for a fixed number of months beginning from the next month policy anniversary from the date of death. There is an option to choose 36/60/120/180 months for which, the death benefit is payable. You also have the option to choose the monthly payouts as equal monthly/increasing monthly sums. When opted for increasing income, the monthly income benefit will increase annually at 5% p.a (compounding).

Death Benefit Option 3: Lump sum plus Regular Income: A proportion of death benefit is payable as a lump sum on death & the remaining amount as a regular income. The policyholder has the option to choose the proportion of death benefit as a lump sum, subject to a minimum of 1% and maximum of 99%.

Minimum Death Benefit:

The minimum death benefit at any point of time (including any Critical Illness benefit already paid) under the product will be as given below:

For Single Pay, it is higher of Guaranteed Sum Assured on Maturity, Absolute amount assured to be paid on death or 125% of single premiums.

For policies other than single premium payment term, it is higher of 105% of all the premiums paid, Guaranteed Sum Assured on Maturity, 10 times of Annualized Premium or Absolute amount assured to be paid on death.

Critical Illness Cover

Critical Illness cover is available with the following benefit options under this plan.

Benefit Option 1: Life Cover

This benefit option does not offer critical illness cover under the plan.

Benefit Option 2: Life Cover with ‘Basic Health Cover’

Life Cover with ‘Basic Health Cover’ option  provides cover for the first diagnosis of any one of the covered 7 critical illnesses under the plan during the policy term. The critical illness sum assured opted cannot exceed the base sum assured opted under the policy.

Benefit Option 3: Life Cover with ‘Comprehensive Health Cover’

Life Cover with ‘Comprehensive Health Cover’ option  provides cover for the first diagnosis of any one of the covered 35 critical illnesses under the plan during the policy term. The critical illness sum assured opted cannot exceed the base sum assured opted under the policy.

(Note: In the event of death of the Life Insured while the policy is in force, during the policy term, subsequent to the Critical Illness claim, the Reduced Base Sum Assured (i.e. Base Sum Assured less Critical Illness Sum Assured) is payable and the policy gets terminated)

Surrender Value

For Single Pay

The policy acquires the surrender value after payment of the single premium. Surrender value= Single Premium (including extra premium for substandard lives (if any)) x 70% x {Number of remaining complete months of cover / Total Policy Term in months}

For Limited Pay

For 5 Years Limited Pay: Surrender value is acquired after payment of all premiums for at least 2 policy years.

For 10/15/20/25 Years Limited Pay: Surrender value is acquired after payment of all premiums for at least 3 policy years.

Surrender Value = 70% x [Total Premium paid including extra premium for substandard lives, if any (exclusive of service tax) less {Total Premium payable including extra premium for substandard lives, if any (exclusive of service tax) x (Number of completed months of policy + 1) / Total Policy Term in months}]

For Regular Pay

No surrender value is payable.