Edelweiss Tokio Life Insurance Plan: Single Pay Endowment Assurance

Play an AI-generated podcast conversation about this lesson

What is the primary benefit of the Edelweiss Tokio Life Single Pay Endowment Assurance Plan?

It allows riders to be bought without any additional premium

It provides a guaranteed amount on Maturity (correct)

It offers a loan facility to meet unforeseen needs

It provides a comprehensive life insurance cover only

What is the range of life insurance cover provided by the Edelweiss Tokio Life Single Pay Endowment Assurance Plan?

Between 5 times to 20 times of single premium

Between 2 times to 15 times of single premium

Between 1.25 times to 10 times of single premium (correct)

Between 1 time to 5 times of single premium

What is the purpose of the Personal Financial Advisor in the Edelweiss Tokio Life Single Pay Endowment Assurance Plan?

To determine the Maturity Benefit

To provide loan facility to meet unforeseen needs

To decide on the life insurance need and choose an appropriate premium amount (correct)

To offer riders to make the cover more comprehensive

What is the Maturity Benefit in the Edelweiss Tokio Life Single Pay Endowment Assurance Plan?

It is a guaranteed amount throughout the term Signup and view all the answers

What are riders in the context of the Edelweiss Tokio Life Single Pay Endowment Assurance Plan?

Additional benefits that can be bought along with the policy Signup and view all the answers

How many reasons are mentioned in the text to opt for the Edelweiss Tokio Life Single Pay Endowment Assurance Plan?

4 Signup and view all the answers

What is the minimum premium required to purchase this insurance policy?

Rs. 40,000 Signup and view all the answers

What is the maximum sum assured on death?

No Limit, subject to board approved underwriting policy Signup and view all the answers

What is the Special Surrender Value (SSV) of a policy calculated as?

Sum Assured on Maturity times the applicable SSV factor Signup and view all the answers

What is the minimum entry age of the life insured for a 10-year policy term?

8 Years Signup and view all the answers

What is the maximum loan amount available under the policy?

90% of the surrender value acquired under the Policy Signup and view all the answers

How is the interest rate on the policy loan determined?

Based on the prevailing market conditions and SBI's Base Rate Signup and view all the answers

What is the maximum maturity age for a 15-year policy term?

80 Years Signup and view all the answers

What is the basis of the sum assured on death?

Higher of 125% of the Single Premium, Guaranteed Sum Assured on Maturity, or Rs. 4,00,000 Signup and view all the answers

What happens when the outstanding loan balance is 98% of the surrender value?

The company notifies the policyholder and they can repay all or part of the loan balance Signup and view all the answers

When is the death benefit payable?

On death of the life insured Signup and view all the answers

What is the current interest rate on the policy loan?

11.05% per annum Signup and view all the answers

Who approves the interest rate methodology on the policy loan?

The IRDAI Signup and view all the answers

What is the time period within which you can return the policy if the terms and conditions are not as per your expectations?

15 days Signup and view all the answers

What is the purpose of the free look period?

To allow the policyholder to review the policy and return it if needed Signup and view all the answers

What is deducted from the premium paid when returning a policy during the free look period?

Stamp duty and cost of medical expenses Signup and view all the answers

Which section of the Insurance Laws (Amendment) Act, 2015 allows nomination?

Section 39 Signup and view all the answers

What is prohibited by Section 41 of the Insurance Laws (Amendment) Act, 2015?

Offering rebates on premiums Signup and view all the answers

Which section of the Insurance Laws (Amendment) Act, 2015 allows assignment?

Section 38 Signup and view all the answers

What is the CIN of Edelweiss Tokio Life Insurance Company Limited?

U66010MH2009PLC197336 Signup and view all the answers

What is the Fax No. of Edelweiss Tokio Life Insurance Company Limited?

+91 22 6117 7833 Signup and view all the answers

What is the UIN of Edelweiss Tokio Life – Single Pay Endowment Assurance Plan?

147N018V03 Signup and view all the answers