Edelweiss Tokio Life Insurance has launched an innovative life insurance plan called Zindagi Protect, which aims to provide comprehensive protection for individuals and their families.
With a range of benefits and optional features, this plan caters to the changing responsibilities and financial needs of policyholders.
This plan is designed to look into the evolving needs and increasing costs of living while ensuring that the family remains well-protected even in the absence of the main bread earner.
Let's delve deeper into the key aspects of the Zindagi Protect plan and explore why it is a compelling choice for life insurance.
What are the benefits of choosing this plan?
Enhanced financial security: By opting for the Better Half Benefit, you can ensure that your spouse is financially protected even if something were to happen to you. This feature provides a life cover for your spouse without any future premium requirements, offering enhanced financial security for your family.
Protection for your child's future: The Child's Future Protect Benefit allows you to increase your life cover until your child turns 25 years old. This is particularly beneficial during the period when you may have higher responsibilities related to your child's education and upbringing.
Flexibility and convenience: The plan offers flexibility in choosing between limited pay or regular pay premium payment options, allowing you to align your premium payments with your financial capabilities.
Additionally, the Premium Break Benefit provides the convenience of skipping up to 8 premiums, depending on the premium payment term, while still enjoying the benefits of the plan.
Potential return of premium: If you opt for the Return of Premium option, you have the opportunity to receive all your premiums paid back at a specific point during the term of the policy. This feature provides a unique advantage where you can secure your family's financial future and potentially receive a return on your investment.
Discounts and benefits: Edelweiss Tokio Life Insurance offers a discount of 6% on the first-year premium if the medical examination is completed within 7 days from the date of login. This incentivises prompt completion of the required medical examination.
What are the types of plans available?
The Zindagi Protect plan offers two main options: the life cover option and the return of premium option.
Life cover option
If the life insured passes away while the policy is active during the policy term, the death benefit will be paid out, and the policy will end. Alternatively, if the life insured survives until the conclusion of the policy term, the policy will terminate without any additional benefits.
Return of premium option
In this plan option, if the life insured passes away while the policy is active during the policy term, the death benefit will be paid out, and the policy will come to an end.
On the other hand, if the life insured survives until the conclusion of the policy term, the policyholder will receive the Sum assured on maturity, and the policy will terminate without any additional benefits.
What happens if you plan to discontinue?
In certain situations, you may consider surrendering your policy or availing a policy loan. For the life cover option, surrender value is not applicable. However, for the return of premium option, the surrender value payable is determined by the higher value between the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV).
If all the premiums have not been paid in full for at least the first two policy years, the coverage will lapse, and no Surrender Value or Paid-up value will be payable. However, if all the premiums have been paid in full for at least the first two policy years, the policy will acquire Unexpired Risk Premium Value and Paid-up value.
Before making a surrender request, you have the option to inquire about the Special Surrender Value specific to your policy. It is important to note that surrendering the policy will also result in surrendering any additional benefits opted for along with the base policy.
Is there an option to revive a lapsed policy?
If premiums are not paid within the grace period, the policy will lapse. However, there is a revival period of five consecutive years from the date of the first unpaid premium, during which the policyholder can revive the policy.
To do so, the policyholder must submit a written application and provide proof of continued insurability for the life insured. all overdue premiums must also be paid. The company may charge interest on the unpaid premium for each completed month from the date of the first unpaid premium.
Reviving the policy reinstates all the benefits, and the policyholder needs to pay the unpaid premium for the base plan option, along with the applicable interest, if the coverage term for any additional benefit(s) ends before revival.
If the life insured has availed of the premium break benefit, the revival period of five years starts from the date of the first unpaid premium after the premium break.
By being aware of all crucial factors and consulting with a financial advisor, you can make informed decisions that align with your financial goals and provide comprehensive protection for yourself and your loved ones.
