All you need to know about Edelweiss Tokio Life Insurance Company

Edelweiss Tokio Life Insurance Company Limited was established in the year 2011. It was formed as a joint venture between two leading financial services companies – Edelweiss Financial Services Limited and Tokio Marine Holdings Limited. While Edelweiss Financial Services Limited is a leading financial service company in India, Tokio Marine Holdings Limited is the largest insurance company in Japan which has a rich history of 138 years. Edelweiss Tokio Life is, therefore, backed by leading names in the industry and enjoys a good reputation in the life insurance market. It offers a range of life insurance policies which you can opt according to your insurance needs.

Why choose Edelweiss Tokio Life Insurance?

Here are some reasons why Edelweiss Tokio Life Insurance Company is a good choice for your insurance needs –

1. In the year 2018, the company’s Wealth Plus Plan, which is a unit-linked plan, won three different awards
2. Over the years Edelweiss Tokio Life has won many awards for its service and products thereby earning it goodwill in the life insurance segment
3. The claim settlement ratio of the company for the financial year 2018-19 stood at 95.82% showing that the company settled the maximum number of claims in that year
4. The company has more than 120 branches making it easy for you to reach it whenever you need
5. The company has a wide network of more than 40,000 agents who sell its plans in India

Benefits of Edelweiss Tokio life insurance plans

If you buy Edelweiss Tokio Life’s insurance policies, you can get the following benefits – 

• A comprehensive scope of coverage to take care of your financial responsibilities towards your family
• Ease of claim settlement given the high claim settlement record of the company
• Quality products as the company believe in offering the best plans to its customers
• Affordable premium rates which are light on your pockets without compromising on the coverage benefits

Types of plans offered by Edelweiss Tokio Life Insurance Company 

Edelweiss Tokio Life offers a range of life insurance products so that every insurance need can be fulfilled. Given below are, therefore, the different types of life insurance products which the company offers and the range of plans in each category –

• Term Insurance Plans

  Term insurance plans are the simplest form of life insurance plans. These plans cover the risk of premature death and compensate your family in case of death during the policy tenure. Term plans have low premiums allowing you to opt for high sum assured levels for comprehensive financial protection. The salient features of term insurance plans are as follows –

  • Term plans come with a long term period so that you can be covered for longer
  • Usually, only death is covered under the plan. In case of maturity, no benefit is paid. However, there are the return of premium plans which refund the premium on maturity
  • Riders are available under term plans. These riders are available as optional benefits which you can choose by paying an additional premium. Some plans also have inbuilt riders for a wider coverage
  • Term plans do not earn a bonus as they don’t have a saving element

  List of Edelweiss Tokio Term Plans

  Edelweiss Tokio Life offers the following types of term insurance plans –

  Name of the plan	Brief description
  Edelweiss Tokio Life Zindagi Plus	The plan has a unique Better Half benefit wherein coverage is provided to your spouse in case of your premature demise. You can also increase your sum assured gradually or at important stages of your life. There are three pay-out options and premium waiver rider providing comprehensive coverage
  Edelweiss Tokio Life Simply Protect	There are four coverage variants of the plan and you can opt for coverage up to 80 years. The death benefit can be received in a lump sum or in instalments and you get premium discounts when you choose a high sum assured level
  Edelweiss Tokio Life My Term +	This is a limited premium term plan which also offers the Better Half benefit to cover your spouse. In case of any critical illness covered under the policy, the premiums are waived off. There are three death benefit pay-out options to choose as per your requirements
  Edelweiss Tokio Life Protection	This is a simple term insurance plan which covers the risk of premature death during the term of the policy

• Traditional Saving Plans

  Traditional saving plans are investment-oriented plans which help in creating a secured corpus during the policy tenure along with providing life insurance coverage. These plans provide guaranteed benefits on death or maturity thereby providing risk-free returns. The salient features of traditional saving plans –

  • Saving plans can come as endowment plans or money back plans
  • Under endowment plans, you get a lump sum benefit on maturity or death
  • Under money back plans the sum assured is paid in instalments during the policy tenure. This gives you liquidity to meet your financial needs
  • Bonus is usually declared under endowment and money-back plans. This helps in increasing the corpus of the policy
  • Many plans also earn guaranteed additions and loyalty additions to further enhance the corpus
  • Many plans are nowadays paying the benefits in monthly instalments and are called monthly income plans

  List of Edelweiss Tokio Life Traditional Saving Plans

  Here are the traditional plans offered by Edelweiss Tokio Life –

  Name of the plan	Brief description
  Edelweiss Tokio Life Active Income Plan	The policy is a money-back policy which pays incomes right from the second policy year or after the premium payment term and till 99 years of age. The plan has an inbuilt critical illness benefit wherein the premiums are waived off but the plan continues. Cash bonus is also paid and you can choose to receive uniform income or increasing income
  Edelweiss Tokio Life GCAP	Returns are guaranteed under the policy which depends on your age, term and premium paying term. Guaranteed additions are added from the 9th policy year. Critical illness rider is inbuilt under the policy which covers 12 illnesses and the premium is waived off if you are diagnosed with any covered illness
  Edelweiss Tokio Life Income Builder	This is an endowment plan which gives you regular incomes after maturity. You can choose to receive only incomes or incomes and a lump sum benefit after maturity. You can receive the income in any frequency that you like and you can also prepone the income receiving date by a month
  Edelweiss Tokio Life Dhan Labh	This is a simple endowment policy which earns accrued additions during the policy tenure. In case of death or maturity, the accrued additions are added to the sum assured for a higher corpus
  Edelweiss Tokio Life Smart Lifestyle	This is a participating endowment policy which increases the sum assured after every five years. Thus, future bonuses and guaranteed additions are calculated as per the increased sum assured. In addition to bonus declarations, the plan also earns guaranteed additions which create a good corpus over a long term period
  Edelweiss Tokio Life POS Saral Nivesh	This is a non-participating endowment policy which is available for the rural population of India. The plan pays a guaranteed death or maturity benefit and is available at affordable premium rates
  Edelweiss Tokio Life Single Pay Endowment Assurance Plan	As the name suggests, this is a single premium endowment policy wherein only one premium is payable and you can enjoy coverage throughout the policy tenure. On death, ten times the single premium is paid and on maturity, a guaranteed maturity benefit is paid which depends on your age, premium, term and the death benefit option chosen
  Edelweiss Tokio Life Cashflow Protection Plus	This is a traditional money back plan which earns bonuses during the policy tenure. 5.5% of the sum assured on maturity is paid as money back benefits one year after the completion of the premium paying term. On maturity, the sum assured on maturity is paid once again thereby giving you double benefits

• Unit Linked Insurance Plans

  Unit Linked Insurance Plans are quite popular among investors looking for insurance and investment. Unit linked plans provide the dual benefit of insurance and investment. Under unit-linked plans, the premium that you pay is invested in a fund that you choose. Thereafter, as the fund grows, the investments also grow. You also get life insurance coverage throughout the policy term in case of any unforeseen contingency. The features of ULIPs are as follows –

  • ULIPs allow flexible benefits like partial withdrawals, switching, premium redirection, top-ups, etc. You can use these flexible benefits to manage your investments however you want
  • There are different types of investment funds offered by ULIPs. These funds have different risk profiles so that you can choose them based on your risk appetite
  • Many ULIPs also have readymade investment strategies for investors who want good returns without having to manage their investments themselves
  • Returns offered by ULIPs depend on the market and are not guaranteed

  List of Edelweiss Tokio Life Unit Linked Plans

  Edelweiss Tokio Life Insurance Company offers the following types of unit-linked plans – 

  Name of the plan	Brief description
  Edelweiss Tokio Life Wealth Secure +	This plan can be taken on your own life only, on a joint life basis or for your child’s benefit. You can choose a systematic withdrawal plan wherein your benefit can be paid as incomes in a systematic manner. Loyalty additions, maturity additions and booster are also added to enhance the fund value
  Edelweiss Tokio Life Wealth Gain	This is a cost-effective unit-linked policy where no allocation charge and administration charges are deducted from the premium. Moreover, if the plan matures, the mortality charges are also refunded back. Booster additions and loyalty additions help in enhancing the fund value and there are two investment strategies to choose from
  Edelweiss Tokio Life Wealth Plus	Under this ULIP, 1% to 7% of your annual premium is added as guaranteed additions to the fund value during the premium payment term. You can choose the Rising Star Benefit to convert the plan into a child plan which creates a corpus for your child. You can invest as per your preference or choose a readymade strategy of investment for best returns
  Edelweiss Tokio Life Wealth Ultima	This is a plan wherein premiums are payable monthly so that you can create an investment affordably. The plan also offers a systematic withdrawal and transfer plan to protect your accumulated returns from market volatility and to create a source of income. Guaranteed additions, loyalty additions and booster additions further enhance the fund value and you can use the plan for your child’s future through the Little Champ benefit

• Retirement plans

  Life insurance pension plans are retirement oriented plans which help fund your retirement and give financial independence. You can choose these plans to either build up a retirement corpus or to secure regular incomes post-retirement. Here are some of the salient features of life insurance pension plans –

  • Pension plans are of two kinds – deferred annuity plans and immediate annuity plans
  • Deferred annuity plans are the ones which help you build up a retirement corpus over time. The policy has a long term tenure allowing you to contribute towards building up a retirement corpus over your active working life
  • Immediate annuity plans create a lifelong source of income. In these plans you pay a lump sum amount to buy the policy and from that amount, you are promised guaranteed annuities throughout your life
  • Deferred annuity plans can be offered as traditional saving plans or as ULIPs
  • Premiums paid towards an annuity plan is eligible for deduction under Section 80CCC
  • Under deferred annuity plans, when the plan matures, you are allowed to withdraw 1/3rd of the accumulated corpus in cash. This withdrawal is called commutation of pension and it is tax-free in nature
  • Annuity received from pension plans are taxable at your income tax slab rates

  List of Edelweiss Tokio Life Retirement Plans

  The range of retirement plans offered by Edelweiss Tokio Life include the following –

  Name of the plan	Brief description
  Edelweiss Tokio Life Immediate Annuity Plan	This is an immediate annuity policy which pays you annuities in seven different forms. You can choose an annuity mode as per your requirement and receive annuities monthly quarterly, half-yearly or annually
  Edelweiss Tokio Life Easy Pension	This is a deferred pension plan which is unit-linked in nature. Though the fund value is not guaranteed, the policy promises an assured benefit both in case of death or maturity.

• Health Insurance Plans

  Health insurance plans are those which help you financially in case of medical contingencies. These plans provide a lump sum benefit in case of health-related contingencies thereby helping you financially. Here are some of the salient features of health insurance plans –

  • Health plans offered by life insurance companies come with a long term period thereby ensuring you longer coverage 
  • A lump sum benefit is paid in case of claims
  • Health plans usually cover specific health conditions
  • The premium paid for the policy is allowed as a deduction under Section 80D

  List of Edelweiss Tokio Life Health Insurance Plans

  Edelweiss Tokio Life offers one health insurance policy called Criticare+. This is a critical illness plan which covers 17 critical illnesses. The policy pays claims three times during the policy tenure for three different illnesses. Thus, the plan is a comprehensive plan which provides financial assistance in case of critical illnesses.

Review of Edelweiss Tokio Life insurance plans

Edelweiss Tokio Life offers a wide range of life insurance plans which suit the requirement of every individual. The plans have well-defined coverage benefits which offer both inbuilt coverage and optional riders for enhanced protection. The premiums are affordable and the plans can be bought easily through multiple channels. Thus, if you are looking for suitable life insurance plans, Edelweiss Tokio Life can be a good choice.

How to buy Edelweiss Tokio Life insurance plans?

Edelweiss Tokio Life insurance plans are available online. You can, therefore, buy the required policies online. Turtlemint is an online platform which is tied up with Edelweiss Tokio Life and sells its policies on its online platform. To buy the desired plan through Turtlemint you simply have to visit https://www.turtlemint.com/life-insurance/ and choose your insurance needs. Then you need to enter in your details based on which the suitable sum assured would be recommended. The premiums would also be calculated based on the details that you enter. Turtlemint is tied up with other leading insurance companies as well and so you would be able to see the premium quotes of different insurance companies including Edelweiss Tokio Life. Compare the quotes and the plan benefits and then choose a suitable policy. Once you select the suitable plan, you can buy it online, through Turtlemint by paying the premium online. 

Claim process of Edelweiss Tokio Life insurance plans

There can be a maturity claim or a death claim under Edelweiss Tokio Life insurance plans. The claim process for both these claims is as follows –

1. Maturity claims

   In case your policy is approaching the maturity date, the insurance company would send a discharge voucher to you. Fill up the discharge voucher and submit it to the insurance company along with your identity proof and policy document. Thereafter, the company would pay the maturity proceeds and credit them to your bank account. In case of money back plans, the survival benefit is also payable in this manner.

2. Death claims

   In case of death of the insured, the nominee should fill up a death claim form and submit the same with Edelweiss Tokio Life Insurance Company. The death certificate should also be attached which acts as a proof of death. Once the claim form is submitted, the insurance company would verify the details and pay the death claim to the nominee. The nominee’s identity proof, policy bond and bank account details would also be required for the settlement of the claim.

For your life insurance claims, you can also seek the help of Turtlemint. Turtlemint has a dedicated claim settlement team which coordinates your claim with the insurance company on your behalf and helps in getting a quick settlement. You just simply have to contact Turtlemint and inform it of your claim. To contact, you can either call on the number 1800 266 0101 or you can send an email to support@turtlemint.com. Once informed, the Turtlemint team would take up the claim process and get it settled easily.

Address and contact details of Edelweiss Tokio Life 

In case of any query, feedback or complaint, you can get in touch with Edelweiss Tokio Life. The company allows you to contact it through different means which are as follows –

1. Visiting the branch

   You can locate the branch of the company using the link https://www.edelweisstokio.in/contact-us. Then you can visit the branch and get your query resolved.

2. Through phone

   You can call 1800 212 1212 between 9 am and 9 pm any day for any service that you need. For enquiring about a new product, you can give a missed call to 022 6611 6040 and the company would call you back.

3. Online

   You can submit your complaint or query online by filling up the form available at https://www.edelweisstokio.in/contact-us. Once you provide your contact details, the company would contact you itself.

4. Through mail

   Emails could be sent at care@edelweisstokio.in and the company would respond for any questions or complaints that you have.