Edelweiss Tokio Life Insurance Company Limited

1029

11 min read

Updated on Sep 02, 2022

About Edelweiss Tokio Life Insurance Company

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. 

Key Highlights of Edelweiss Tokio Life Insurance Company

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

PayBima's Khushi Ka Tohfa

Awards and Achievements of Edelweiss Life Insurance Company

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 Life ranked “Number 1 ULIP in 2020 by CRISIL for its Edelweiss Tokio Life Wealth Secure Plus plan.
  • Edelweiss Tokio Life won “Best Innovation in the Customer Service ” at 25th BFSI Tech Innovation Forum which was organized by Alden Global & NASSCOM- COE. 
  • Edelweiss Tokio Life received “Asia’s Best Insurance Company Award” for its digital service channel and CSR activity at Insurance Alert Awards, 2020.
  • The company received “The Best Product Innovation Award” in 2017 at the Insurance Awards. 
  • The company was honoured with “Best Customer Experience & Contact CentreManagement- Life Insurance 2021. 
  • Winner of Insurance- National Brands Category’ for Zindagi Plus in 2019 at International Advertising Association Regional Awards. 

Why choose Edelweiss Tokio Life Insurance?

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: 

  • The company considers quality and customer satisfaction above anything else. It put efforts to provide cost-conscious and customer-centric service to bring effective insurance solutions for its customers. 
  • The company endeavours to create innovative and comprehensive life insurance products to meet the changing requirements of its customers. It introduced “The Revolutionary Better Half Benefit in the year 2018 in its “Zindagi Plus” plan enabling customers to get life cover for their spouse for enhanced protection. 
  • Edelweiss Tokio Life offers online assistance and support for all your grievances and queries. 
  • The company is present pan India making it very easy and convenient for you to buy a suitable life insurance policy and make a claim under it. 

Different types of insurance policies offered by Edelweiss Tokio Life Insurance

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: 

  • The highlight of this plan was the introduction of Better Half Benefit which was the first revolutionary feature in the industry. With better half benefit, you can get a cover for your spouse for enhanced protection. 
  • The plan offers non-medical underwriting options upto the maximum sum assured of INR 99,99,000.
  • It offers discounts on premiums if you opt for a higher sum assured. 
  • It provides an optional waiver of premium benefit rider in which the premium will be waived off upon diagnosis of 35 covered critical illnesses. 
  • It offers a range of four riders to help you customize your plan. 

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. 

The process to buy Edelweiss Tokio Life Insurance policy

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: 

  • Fill the application form

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. 

  • Compare the plans

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. 

  • Fill up the proposal form

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. 

  • Furnish relevant documents

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: 

  • A valid identity proves PAN Card, Aadhar Card, passport, voter ID, etc
  • A standard age proof
  • A valid address proof like rent agreement, property deed, Aadhar Card, utility bills, passport, voter ID card, etc. 
  • A valid proof of income like an audited financial statement, salary slip, form 16, bank statement, etc
  • Passport size latest photograph of the insured and the policyholder
  • PAN card
  • Take pre-issue health check-ups if required

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.

  • Pay the premium

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. 

Lapse of Edelweiss Tokio Life insurance and the process of revival

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. 

How to make a claim for the Edelweiss Tokio Life Insurance policy? 

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: 

  • Inform the company about the claim

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 claim form

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.  

  • Submit documents

List of documents required to be submitted along with claim form are stated as follows: 

  • Address proof and identity proof of the claimant
  • Original policy document
  • A certificate copy of death certificate of the insured issued by local municipality
  • Claimant statement death
  • Bank details such as passbook copy of claimant to credit the number of proceeds
  • Additional documents such as police FIR, panchnama, medical bills, and reports, etc in case of unnatural death of insured. 

Submit these documents to get the claim processed. 

Company Review of Edelweiss Tokio Life

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: 

  • Edelweiss Tokio launched the newest “Edelweiss Tokio Life Wealth Secure Plus” to match its customer’s needs which later was ranked No.1 ULIP plan by CRISIL. 
  • The money market and bond fund of the company holds a 5-star rating on morningstar.com.
  • Edelweiss Tokio Life Insurance launched a campaign for the purpose of educating its customers about the significance of organ donation which led the company to create a Geniuses World record for securing maximum organ donation pledges in a period of 24 hours. 
  • The company recorded a Claim Settlement Ratio of 97.01% as of 30th June 2021

Frequently Asked Questions

Q: What is the Better Half benefit under the Zindagi Plus Plan?

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.

 

Q: What are riders? Does Edelweiss Tokio offer riders?

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.

Q: Do I get any benefit on maturity if I buy the Zindagi Plus policy?

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.

Q: Can I buy coverage for my children?

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.

Q: Are the death benefits taxable?

No, the death benefit received from any type of life insurance policy is not taxable. It is completely tax-free.

Jan 19, 2022
SHARE THIS ON
Author Bio
Author Image

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.

Related Blogs

Would love to hear from you

Share your candid feedback. Your email address won’t be published, we promise!

All fields are required

Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.

Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).

Insurance is the subject matter of solicitation.

For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.

Copyright © 2022 Mahindra Insurance Brokers. All Right Reserved.

Get A Call Back
Get A Call Back