Edelweiss Tokio Income Replacement

Name: Edelweiss Tokio Income Replacement

Type of policy: Term Policy

For buying policy: Yes

If holding policy: Yes

Term insurance is a fantastic product that every single family needs to have, for its earning member(s). It is a pure life insurance policy that gives your family a cover in case of an eventuality to the bread winner. A single term policy of adequate cover will suffice for entire insurance needs.

We typically recommend an insurance cover of 4-8 times your annual income and for as long a term as is available for your age. Find out the ideal cover for you using this calculator.

Edelweiss Tokio Life Income Replacement is a Monthly Income Plan. In this plan, the nominee would get the chosen Monthly Income Benefit every month till the end of the term or 5 years, whichever is later. The Monthly Benefit would keep increasing every year by 5% so as to combat inflation. There are no riders available with this policy. But we recommend a standalone critical illness cover as that gives wider range of cover in terms of number of illnesses, renewability and comes at lower premium. Personal accident cover is really an additional expense to be avoided as it covers your life which is already covered by the term policy.

Product features:

Parameter

Value

Minimum age at entry

18 years

Maximum age at entry

60 years

Minimum Term

5 years

Maximum policy term

30 years or 70 years of age whichever is earlier

Minimum Monthly Benefit

Rs 15000

Maximum  Monthly Benefit

No Limit

 

Returns: If the insured survives term, no benefits are paid. Insurance should be viewed as an expense rather than investment.  Both function best when handled separately.

Better Alternative:

Online Pure Term Policies.

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Table of Contents

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