Find your suitable insurance plan
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10 min read
Updated on Feb 02, 2023
Edelweiss Tokio Life Insurance Company Limited was established in the year 2011 as a joint venture between Tokio Marine Holdings Incorporation, Japan’s oldest and largest insurance company, and Edelweiss Financial Services Limited. Edelweiss Tokio Life Insurance Company secured the position of Life InsuranceCompany of the year 2021.
The company offers a host of insurance solutions for its retail and corporate customers. It customizes its insurance plans to meet the specific requirements of its customers. As a brand, the company endeavours to make Zindagi Unlimited for its partners, employees, and customers by proactively seeking inside the aspirations and dreams of its customers. It offers comprehensive coverage at competitive prices, excellent customer service, innovative products, and comprehensive coverage with customization benefits.
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Edelweiss is a leading name in the insurance sector in India. Let’s have a look at some of the key highlights of Edelweiss Tokio Life Insurance Company:
| Number of branches | 116 branches as on 1st November, 2020 |
| Number of Agents | 58,145 agents |
| Distribution network | 4,000 points of contract |
Edelweiss has achieved various awards and accolades in its journey to becoming one of the best insurance providers in India. Let’s have a look at some of the awards that the company has won –
Edelweiss Tokio is a very famous name and celebrated insurance company in India. Here are a few reasons why you should Edelweiss Tokio Life Insurance if you are looking for a reliable life insurance provider:
Edelweiss Tokio Life Insurance offers a variety of life insurance policies. Here’s a look at them:
1. Term Insurance Plans:
Term insurance is the most basic form of life insurance that provides coverage to the insured for a certain period or specified years. Term insurance plans help you secure your family’s financial future through optimal life cover at an affordable premium cost. Moreover, the term plan can also be customized as per your requirement with optional riders to let you avail of all-round protection.
Edelweiss Tokio’s term plan available at PayBima is as follows:
A. Zindagi Plus
Zindagi Plus is a term insurance policy designed to protect the future financial requirements of your family with the benefit of customizable life insurance cover which provides coverage against death for any pandemic including Covid 19. Some salient features of the plan are as follows:
Eligibility Criteria
| Entry Age | 18 years to 65 years |
| Maturity Age | 28 years to 80 years |
| Sum Assured | Minimum: 25 lakhs
Maximum: No limit |
| Policy Tenure | 10 years to 62 years |
| Premium Payment Term | Same as policy term for regular pay and (60 years- age at entry+1 year) for Pay till 60 policy term. |
| Premium Payment Mode | Annually, semi-annually, quarterly or monthly. |
2. Endowment plans:
Endowment plans are life insurance plans which provide an added benefit of savings. Endowment plans come with a long-term tenure wherein you can create a secured corpus for your financial goals. Moreover, bonuses or guaranteed additions help in boosting the corpus further. The insurance coverage allows protection during the policy tenure ensuring that your financial plans are not disturbed due to premature death.
3. Money back plans:
If you want liquidity during the policy tenure, you can opt for money-back insurance plans. These plans are traditional insurance plans that pay a part of the sum assured in installments over the policy tenure. The remaining sum assured is paid on maturity. The death benefit, however, remains undisturbed even after the money-back benefits that you receive ensuring complete coverage with savings and incomes.
4. Unit-linked plans:
Unit-linked plans are for those policyholders who want market-linked returns on their investments. Under these plans, the premium is invested in different funds that you choose. Each of these funds, in turn, invests the pooled corpus in market-linked securities. Returns are non-guaranteed and subject to market risks. You also get the benefit of switching, partial withdrawals, inflation-adjusted returns, etc.
5. Child insurance plans:
These plans are specifically designed to cater to your child’s financial needs whether you are around or not. With child plans, you can create a corpus for your child’s future. These plans come with the premium waiver benefit which waives the premiums if the parent dies. Though the premium is waived, the plan is undisturbed and continues till maturity. On maturity, the promised benefit is paid which provides the child with the financial means to fulfill its dreams.
6. Retirement plans:
Retirement plans are designed for retirement planning. They are offered in two variants. The deferred annuity variant helps you create a corpus for your retirement through savings. On the other hand, the immediate annuity variant helps you receive guaranteed pensions lifelong after you retire. Pension plans, thus, give you financial protection in your golden years.
7. Health insurance plans:
Health insurance plans are meant to cover the financial loss associated with medical emergencies. These plans cover specific medical conditions. If the insured suffers from the covered conditions, a fixed benefit is paid under the policy. This benefit provides the policyholder with the much-needed financial assistance to face the medical complication suffered.
If you want to buy an Edelweiss Tokio Life Insurance plan, you can buy it online. You can also buy an Edelweiss Tokio Life insurance policy by visiting the nearest branch office of the insurance company. PayBima provides a simple and quick platform wherein you can compare the policies and select the one that you want to buy. Steps to buying a life insurance policy offered by Edelweiss Tokio Life through PayBima are as follows:
First and foremost, visit the official website of PayBima or just click on https://www.paybima.com/term-life-insurance-plans-onlineand fill in the application form online. The application form contains certain personal and medical details such as your name, your gender, the premium that you can afford, the type of plan you want to buy, etc. Then, submit the application form to check the available plans with their quotes.
After you submit the application form, PayBima will find the best plans which are available in the market as per your insurance requirements and show you various options along with their quotes. You can easily compare the available life insurance plans on the PayBima website with their coverage benefits and premium cost and select a policy that fulfills your insurance requirements at competitive prices.
Once you have selected your policy, the next thing you have to do is make an application to the insurance company in a proposal form to offer you the coverage. Fill in the proposal form with relevant details correctly and honestly as the proposal form is the basis of the contract of policy. If you provide incorrect information in the proposal form then you might face rejection at the time of making a claim. After filling in the details submit the proposal form online. The insurance company will underwrite your policy and issue the plan.
Edelweiss Tokio Life Insurance asks its customers to submit some important documents to verify personal details. These documents are to be submitted along with the proposal form. The following list of the documents would be required to buy Edelweiss Tokio Life Insurance policy:
Depending on the sum assured in the plan, your age, current health, and medical history, you may have to undergo the pre-issue medical check-up. A pre-issue medical check-up is undertaken by the insurance company to check the risks involved and then issue the insurance policy.
Once your insurance policy is finalized and the insurance company is ready to issue the plan, the next thing you need to do is to pay the premium. You can pay the premium online through different digital modes offered by PayBima. PayBima offers a range of secured and convenient digital payment channels to make payment easy and reliable.
If you opt for a regular premium or limited premium payment mode then there is a due date within which you will have to pay your premium. In case you fail or forget to pay the premium within the due date the insurance company will provide you with a grace period.
If you pay the outstanding premium within the grace period, then your policy will continue uninterrupted. However, if you fail to pay the premium even during the grace period the coverage would lapse. If your policy has lapsed, you will not be able to get complete benefits and coverage of your plan.
However, you have the option to revive your lapsed policy and restore the coverage benefits. Edelweiss Tokio Life Insurance offers 5 years for reviving the policy. Pay the outstanding premiums along with the interest accrued to revive. You will also have to submit a declaration of good health. All the benefits under the plan would be restored and you can enjoy the coverage for the remaining tenure of the policy after its revival.
PayBima provides assistance for reviving a lapsed policy. You can contact us at 800267 67 67 or drop a mail at paybima@mahindra.com and get the desired help for revival.
A claim occurs either on the death of the insured or on the maturity of the plan. Edelweiss Tokio Life Insurance offers a convenient claim settlement process that is as easy as buying a policy. The steps to make a claim for the Edelweiss Tokio Life Insurance plan are as follows:
You will have to intimate the insurance company regarding the death claim. In case of a maturity claim, the insurance company takes the necessary action itself. The nominee can contact the insurance company and inform them about the death of the insured so that the company can register the claim and begin the claim settlement process. You can contact Edelweiss Tokio Life Insurance by calling at 8879 688 110 or emailing at claims@edelweisstokio.in
Fill the claim form with the correct details of your policy. Also mention the claim type and cause of death of the insured. Sign the form and submit it with relevant documents as required by the insurance company.
List of documents required to be submitted along with claim form are stated as follows:
Submit these documents to get the claim processed.
Edelweiss Tokio Life is growing rapidly in the Indian Insurance Industry and is counted amongst the best insurance providers. It has evolved to become the best service provider in the insurance sector. Here are some points to be noted about the company:
Also Read: 18 Life insurance terminologies a policyholder should know | Steps Involved in Making a Death Claim On a Life Insurance Policy | Why Is It Important For Women To Buy Life Insurance?
Under the Better Half benefit, you can insure your spouse under the same policy for 50% of your sum assured. This is an optional benefit that can be added for availing of joint life coverage.
Riders are additional coverage clauses that are optional in nature. You can choose riders with your base policy to enhance its coverage. Each rider, however, requires an additional premium which is quite low and affordable.
Yes, Edelweiss Tokio offers a range of optional riders for you to choose from. For instance, under its Zindagi Plus policy, you can choose from four optional riders which include the Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider, Critical Illness Rider, and Hospital Cash Benefit Rider.
No, no maturity benefit is paid under the Zindagi Plus policy since it is a pure protection term insurance plan which provides comprehensive protection against death.
Yes, you can buy a life insurance policy for your children. However, when insuring children, the minimum entry age of the policy should be checked. If your child fulfills the minimum age criterion of the policy, he/she can be insured. Moreover, if a minor child is insured, you would be the policyholder who would be paying the premium on behalf of the child.
No, the death benefit received from any type of life insurance policy is not taxable. It is completely tax-free.
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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