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Edelweiss Tokio Insurance Plans

Milestones Investment Insurance

Milestones Plan is an Endowment Plan which provides cash back at regular intervals, a lumpsum amount along with accrued bonus and protection. This is therefore the perfect plan for wealth accumulation and set aside accumulation for specific life goals/milestones along the way, especially that involve financial investments, be it a marriage, higher studies, new home etc. With the insured’s money growing consistently over the years, this is the ideal plan to cross one personal milestone after another.
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Edelweiss Tokio Life insurance review

Edelweiss Tokio Insurance Plans
Distribution - Number of branches pan India (March 2019)
123
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
25 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/62
Solvency Ratio (FY 2018-19) *
2.29
Number of Policies Sold (Ind+Group) *
79,913
Number of Lives Covered (Ind+Group) **
266,160
Claims Settlement Ratio (Ind+Group) ***
98.41%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Milestones Investment Insurance Overview

  • Key Features
  • Eligibility
  • Benefit Description

Key Features of Milestones Investment Insurance

Some of the important benefits of this plan include:
  • Simplified product structure for ease of understanding
  • Regular cash back at pre-determined policy years to take care of and individual’s short term needs
  • Additional benefit in the form of reversionary bonus declared every year
  • Get death benefit equal to sum assured plus accrued bonus
  • Choice of various policy terms and thus cash back intervals are made available to suit the insured's need
  • Discounts on premiums for higher Sum Assured
  • On survival at various policy years, cash back will be payable as a percentage of sum assured
  • Tax Benefits : Under Section 80C and Section 10 (10D) of Income Tax Act, 1961

Eligibility Criteria of Milestones Investment Insurance

Policy Term (Years) 16 20 25 30
Minimum Entry Age of Life Insured (last birthday) 14 Years 14 Years 13 Years 12 Years
Maximum Entry Age of Life Insured (last birthday) 44 Years 40 Years 35 Years 30 Years
Maximum Maturity Age (last birthday) 60 years 60 Years 60 Years 60 Years 60 Years
Premium Paying Term (Years) 12 16 20 24
Minimum Sum Assured Minimum Sum Assured Rs. 2,50,000 (multiple of 1,000)
Maximum Sum Assured No Limit, subject to underwriting
Premium Payment Frequency Annual, Semi-annual, Quarterly and Monthly*
* - (Modal Premiums: Monthly – 8.8% of annual premium; Quarterly – 26.0% of annual premium ; Semi-Annually – 51.2% of annual premium ; Annually – 100.0% of annual premium )
Large Sum Insured Discounts Discount of Rs 120 in premium is given per Rs. 50,000 sum assured exceeding Rs. 2,50,000.

Benefit Descriptions of Milestones Investment Insurance

Death Benefit On death of the life assured, 100% of sum assured along with accrued bonuses till the date of death will be payable irrespective of total survival benefit paid till date of death.
Survival Benefit On survival, Cash Back (as a %age of sum assured) will be payable at the end of various policy years as given in table below.
Policy Term Cash back payable end of policy year
16 4 8 12
Cash Back 20% 20% 20%
20 4 8 12 16
Cash Back 15% 15% 15% 15%
25 5 10 15 20
Cash Back 15% 15% 15% 15%
30 6 12 18 24
Cash Back 15% 15% 15% 15%
Maturity Benefit On survival till maturity, 40% of Sum Assured plus the accrued bonuses declared till maturity is payable as lump sum at the end of policy term.
Paid Up Value If premium is not paid even after the grace period after first three policy years’ full premium payment then the policy may continue as a ‘Paid-up’ policy for a reduced Paid-up Sum Assured.

Where, Paid-up Sum Assured = (Number of premiums paid/ Number of premiums payable *Sum Assured)

Following benefits are payable on policy achieving paid-up status:
  • Death Benefit - 100% of Paid-up Sum Assured plus accrued bonuses till paid - up
  • Maturity Benefit - 100% of Paid-up Sum Assured plus accrued bonuses till paid-up less total survival benefits paid till paid - up
Premium Discontinuance On premium discontinuance before three years’ full premium payment, the policy will be lapsed and no surrender value or paid-up value will be payable.

On premium discontinuance after first three policy years’ full premium payment, the policy will continue as a paid-up policy for a reduced paid-up sum assured.
Surrender Benefit The Policy acquires surrender value provided that premium for at least three policy years has been received in full by the Company. On Surrender, the surrender value, if any, will be immediately paid and policy will be terminated. Surrender value payable would be higher of guaranteed surrender value and special surrender value.
Policy Loan Policy loan will not be available under the plan.
Enhanced Protection through Riders A rider is an add-on provision to the base plan. Riders can help in making the plan more comprehensive by paying an additional premium. Riders can be added at the inception of the policy or at policy anniversary during the Policy Term subject to underwriting and terms and conditions of the riders and the product.

Following riders are available with this plan:
  • Payor Waiver Benefit Rider : This rider waives future premiums in case of death, Critical Illness or total and permanent disability due to accident of the proposer (payor) so that the Life Insured continues to get the benefits.
  • Accidental Death Benefit Rider : This rider provides for additional financial security in case any death occurs due to accident. Also, the benefit is payable in lumpsum.
  • Accidental Total and Permanent Disability Rider : This rider provides the insured with a lump sum to cater to any immediate expenses in case the insured’s income earning capacity is hindered due to an accidental disability (total & permanent).
  • Term Rider : This rider provides the insured with a lumpsum amount in addition to the base plan cover to provide increased security to the dependent family.
  • Waiver of Premium Rider : This rider waives of future premiums in case the insured suffers from Critical Illness or total and permanent disability due to accident.
  • Critical Illness Rider : This rider provides the insured with a lumpsum to cater to any immediate expenses in case the insured’s income earning capacity is hindered in the event of critical illness.
Free Look / Grace Period 15 / 30 days

Brochure

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Policy wordings

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