My review of the Edelweiss Tokio Life – Criticare+ policy

My review of the Edelweiss Tokio Life – Criticare+ policy
Hey
there! Do I really need
Insurance?
 
We
are living in an amazingly fast faced world today. It’s a world where rapid
advances in technology have ensured that we get better medical treatments which
may result in increasing our life spans. However, one important aspect which
this rapid pace and blinding speed in advancement of technology has failed to
address is the amount of stress that it brings along with it.
Increased
stress is synonymous with falling ill. And more the stress more will be the
criticality of the illness. A critical illness like a heart attack may just
abruptly cut short our ability to work and earn apart from the added pressure
of the mounting medical expenses to take care of the same.
It
is absolutely necessary that we plan well in advance for any such eventualities
and ensure that we and our family does not suffer when we are faced with any
such serious illness. This is where an impaired health solution in the form of
a critical illness plan comes handy which ensures that the financial liability
is well taken care of as we work towards our recovery.
Which
Company should I be thinking of?
 
When
it comes to Life
Insurance
, which other Company can we think of other than the world’s
leading two financial services and insurance brands joining hands to provide us
the best solutions suited to our needs. Yeah! I am talking about Edelweiss
Tokio Life Insurance, which is a joint venture between Edelweiss Financial
Services, Mumbai, one of India’s leading financial services group and Tokio
Marine, one of the largest insurance companies in Japan.
Can
anyone tell me what the Plan all about is?
 
Edelweiss
Tokio Life Insurance
has come up with this amazing plan to take care of the
financial vagaries of all our critical illness. This is called the Edelweiss
Tokio Life Criticare+ Policy
. To summarize, this is a non-participating, no
linked critical
illness
plan that covers a wide range of about 17 illnesses. Not only does
it help to take care of the medical illness expenses and day to day expenses,
it also ensures that all future premiums are waived off after the first claim
so that we continue to be protected without paying anything.
Just
summarise the Plan for me buddy!
 
The
entry level for this Plan is immediately upon attaining majority, i.e. at 18
years and you can enter till the ripe old age of 60 years, with the maximum
maturity age being 70 years. The plan also provided both short term and long
term schemes with minimum and maximum policy terms of 5 years to 30 years. The
premium payable is annual with a minimum premium of just Rs.2,000/- so that the
entry is kept open to even the lowest financial class. The minimum premium
provides a sum assured of Rs.5 lakhs whereas it would go up to even Rs.1 crore.
I
forgot to mention one wonderful thing that Edelweiss Tokio assures us in this
premium payment. The premium rates are guaranteed for the first five years and
even thereafter it is reviewable only with the prior approval of IRDA.
What
more can you ask for with a minimum initial waiting period of just 90 days, a
survival period of just 28 days and a waiting period between multiple claims of
just a year.
Could
the benefits be summarized for me as well?
 
The
benefits are galore to be summarized, honestly. In a nutshell, this plan offers
two options of single claim
and multi-claim. Under the single claim option, a lump sum equal to the sum
assured will be payable and under the multi-claim option, the benefit can be
availed for a maximum of 3 claims, subject to only once from each group.
The
17 critical
illnesses
covered are categorized into 4 groups, as follows:
Group-I:
Open Chest CABG, First Heart Attack of specified severity, open heart
replacement or repairs of heart valves, kidney failure requiring regular
dialysis, transpolant of major organs like heart and kidney, stroke resulting
in permanent symptoms, and aorta surgery are covered.
Group
II: Aplastic Anaemia, Cancer of specified severity, Benign Brain tumour and
major organ transplants like bone marrow, liver, lungs and pancreas are
covered.
Group
III: Permanent paralysis of limbs, coma of specified severity, major burns and
total blindness are covered under this group.
Group
IV: Motor neurone disease with permanent symptoms and multiple sclerosis with
persisting symptoms are covered here.
Being
the businessman in me, I would look for tax benefits as well!
Of
course, we should. Maturity and Death benefits are tax free under section
10 (10) (D) of the Income Tax Act, 1961
. Premium payments are allowed as a
deduction from the taxable income under section 80D of
the Income Tax Act, 1961
.
Hey!
I am going for it; just have a recap of the benefits umbrella!
 
Seven
reasons I would go for this plan:
1.
I stay protected against 17 critical illnesses.
2.
I get lump sum benefit on the diagnosis of the
critical illness under the single claim option.
3.
I can claim upto three times during the policy
term under the multi-claim option.
4.
I get waiver from payment of future premiums
after the first claim in multi-claim option and I stay protected for free for
the remaining term of the policy.
5.
I increase my sum assured and I get higher
discounts on the premium amount.
6.
The product is designed so simple that I
understand it so well.
7.
I get tax benefits for the premium paid and for
the claim amount.
So
there, let’s go for this amazing product from Edelweiss Tokio Life Insurance,
which is called Edelweiss Tokio Life – Criticare+ and forget about living with
impaired health. For more details of this product, please do visit them at www.edelweisstokio.in or email them at care@edelweisstokio.in

 

Edelweiss
Tokio understands that “Insurance
Se Badkar Hai Aapki Zaroorat

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