Edelweiss Tokio Life – Raksha Kavach is a non-participating, non-linked micro term assurance plan. This plan helps you to get life cover and comes with a lower ticket size with single and regular pay option.
Free look period: In case the policyholder is not satisfied with the policy terms and conditions, he/she may choose to cancel the plan within 15 days from the policy issue date. The free-look period is extended to 30 days in case the policy is purchased through a distance marketing channel. Upon such cancellation, the life insured will be paid back the premium. However, the stamp duty, medical costs and other expenses will be deducted from the premium amount.
Distance marketing means the sale of insurance products through any means of communication other than in person which includes:
Voice mode, telephone calls, SMS, Email, internet, direct postal mail, newspaper, magazine etc.
Grace period: The policy provides a grace period of 30 days. The policy will remain in force during the grace period.
Policy lapse: If the policyholder fails to pay the premium within 30 days from the due date, the policy will lapse, and no benefits will be applicable.
Policy revival: If premiums are not paid within the grace period, the policy will lapse. The policyholder can revive the plan within two years from the date of first unpaid premium. Policy revival can be considered based on the underwriting policy and payment of all due premiums with simple interest of 1% per annum.
Nomination: Nomination is permitted under Section 39 of the Insurance Act, 1938. The company will record the nomination at the time of policy inception, and change in nomination is allowed upon request.
Assignment: Assignment is allowed under a specific request made by the policyholder. The assignee shall be a person to whom the policy is assigned by the policyholder in accordance with Section 38 of the Insurance Act, 1938.
Death benefit: In case of death of the life insured, the sum assured will be paid to the nominee.
Maturity benefit: No maturity benefit is payable under this plan.
Paid-up benefit: No paid-up benefit is available under this plan.
Surrender benefit: No surrender value is payable on regular pay option.
For single pay, the following values are payable if the policyholder surrenders the plan:
| Policy year | Surrender value (% of single premium) |
|---|---|
| Year 1 | 60% |
| Year 2 | 40% |
| Year 3 | 30% |
| Year 4 | 15% |
| Year 5 | 0% |
The customers need to meet the following criteria in order to purchase the Edelweiss Tokio Life Raksha Kavach plan.
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry age of life insured | 18 years | 50 years |
| Maturity age | 23 years | 55 years |
| Policy term | 5 years | 5 years |
| Premium paying term (PPT) | Single pay, Regular pay | Single pay, Regular pay |
| Premium payment frequency | Single pay, annual pay | Single pay, annual pay |
| Basic sum assured | Rs. 5000 | Rs. 50,000 |
Edelweiss Tokio Life Raksha Kavach plan at a glance.
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry age of life insured | 18 years | 50 years |
| Maturity age | 23 years | 55 years |
| Policy term | 5 years | 5 years |
| Premium paying term (PPT) | Single pay, Regular pay | Single pay, Regular pay |
| Premium payment frequency | Single pay, annual pay | Single pay, annual pay |
| Basic sum assured | Rs. 5000 | Rs. 50,000 |
| Riders | - | - |
| Yearly premium | Depends on the sum assured, age and policy term | Depends on the sum assured, age and policy term |
The premium for a sum assured of Rs. 10,000.
| Age at entry | Regular pay | Single pay |
|---|---|---|
| 30 years | Rs. 57 | Rs. 223 |
| 35 years | Rs. 64 | Rs. 249 |
| 40 years | Rs. 80 | Rs. 311 |
| 45 years | Rs. 107 | Rs. 401 |
| 45 years | Rs. 156 | Rs. 605 |
The following documents are required to process Edelweiss Tokio Life Raksha Kavach plan.
Age proof: The age proof can be any of these – Driving license, School/college certificate, Passport, PAN card, Birth Certificate.
Identity proof: Voter ID, driving license, PAN card or Aadhaar card can be used as an identity proof.
Address proof: Electricity bill or Bank account statement can be presented as the proof of address.
Income proof: Income tax return or employer certificate can be presented as an income proof at the time of purchasing the policy.
Apart from the list mentioned above, the policyholder has to fill up an application or proposal form and provide self-attested copies of KYC documents.
Below are the circumstances that Edelweiss Tokio Life Raksha Kavach plan doesn’t cover.
Suicide: If the life insured, whether sane or insane, commits suicide within 12 months from the date of policy issuance, then the policy shall be void, and 80% of the first-year premium will be paid to the nominee, provided the policy is in force.
If the life insured, whether sane or insane, commits suicide within 12 months from the date of policy revival, then the policy shall be void, and 80% of the premiums paid till the date of death or render value as on death, whichever is higher will be payable to the nominee.
Loan option: There is no provision to obtain a loan against the Edelweiss Tokio Life Raksha Kavach plan.
As a part of the company's corporate philosophy, it has developed plans based on the understanding of Indian customer's diversified financial needs to help them through all their life stages.
Edelweiss Tokio Life Raksha Kavach is a non-linked, non-participating pure term life insurance plan. With this micro assurance plan, one can get maximum protection for a small premium. The plan comes with a policy term of five years with regular and single pay option. Premiums can be paid one-time in a lump sum or on an annual basis. You can make instant payment online through NEFT, bank transfer, debit card, credit card, UPI or e-wallet.
In the unfortunate event of the death of the policyholder, the sum assured will be paid to the beneficiary. There is no surrender value payable in case of regular pay option. For single pay, the surrender value is calculated as the percentage of single premium. The plan doesn’t cover death by suicide of the life insured. In case the policyholder commits suicide within one year from the date of policy issue, 80% of the premiums paid is payable to the nominee.
The company offers a free-look period up to 30 days to review the terms and conditions of the policy. Under Edelweiss Tokio life – Raksha Kavach plan, the premiums paid and the death proceeds are eligible to receive tax benefits under Section 80C and 10(10D) of The Income Tax Act, 1961.
Who can buy the Edelweiss Tokio Life Raksha Kavach plan?
Any Indian national between 18 years and 50 years of age can buy this plan.
Why should I buy the Edelweiss Tokio Life Raksha Kavach plan?
Edelweiss Tokio Life Raksha Kavach plan is a pure term life insurance plan that comes with a single and regular premium payment option. The plan caters to every income group of rural people and the sum assured ranges from a minimum of Rs. 5000 to a maximum of Rs. 50,000.
What maturity benefits are available under Edelweiss Tokio Life Raksha Kavach plan?
Edelweiss Tokio Life Raksha Kavach is a pure term plan where no maturity benefits are provided.
What riders are available under Edelweiss Tokio Life Raksha Kavach plan?
No riders are available under this plan.
Is it possible to revive my Edelweiss Tokio Life Raksha Kavach? If yes, How?
A lapsed policy can be restored within two years from the date of first unpaid premium. The policyholder needs to make the payment of all outstanding payments to reinstate the plan.
What is the company’s process to settle a claim?
Edelweiss Tokio Life insurance has a seamless process to file and settle the claim. In order to settle the claim, you need to submit the original policy along with the necessary documents and the claim form at any branch office in your city. Once the company verifies the records, it takes about 30 days to settle the claim. The funds will be transferred to your bank account through NEFT mode.
What is the policy cancellation process?
In case you are not happy with the policy terms, and you want to cancel the policy, the company provides you a free-look period of 15 days for the plans purchased through direct marketing, and 30 days in case of distance marketing and telemarketing channel. The company does not charge any cancellation fees. However, stamp duty, medical costs and other expenses will be deducted from the premium that you have paid.
How to pay the premium? What payment modes are available?
There are two premium payment modes are available for Edelweiss Tokio Life.
Online mode:
You can also pay the premium in cash by visiting the nearest branch in your area.
What is the policy renewal process?
You can renew the policy by using the auto direct debit option, and it can be done online using your login id and password. In case of offline mode, you can approach any branch office to pay the due premiums and in case you require any help, you can speak with the customer care team at 1800 2121 212 (between 8 am to 8 pm) regarding policy renewal.
