Edelweiss Tokio Life Zindagi+ is a term insurance plan offered by Edelweiss Tokio Life.
If you are looking to buy a cheap and affordable term insurance plan which fits your family’s financial needs, Edelweiss Tokio Life Zindagi+ is a good term plan for you to consider. This is one of the cheapest term insurance plans available in today’s market that allows you to customize how your family receives the claim money.
Speaking of negatives, however, this plan skips some important customizations such as increasing covers. Also, you should note that the insurer, Edelweiss Tokio Life, holds a poor track-record with respect to policy purchase and claims experience.
Let us look into some of the benefits provided by Edelweiss Tokio Life Zindagi+.
What benefits does Edelweiss Tokio Life Zindagi+ offer?
- Life cover Benefit: This term insurance plan pays your family an assured sum of money if your death happens during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy. You can claim tax benefits under Sec. 80C of the Income Tax Act with this term insurance policy.
- Cover Duration: Edelweiss Tokio Life Zindagi+ offers you a term cover, up to the age of 80 years. This means you can enjoy the plan benefits even after your retirement age.
- Limited Pay Options: The Edelweiss Tokio Life Zindagi+ plan offers to help you get the burden of paying your premiums off your shoulder quickly. It allows you to pay off your premiums until 60 years.
- Claim Payout Options: Edelweiss Tokio Life Zindagi+ offers you multiple claim payout options out of which you can select the option that suits your family the best. Some of the options include -
- One-time lump sum; In this option, the entire claim amount will be credited to the nominee’s bank account at once. So if you have major loans and liabilities to be settled, you can choose lump sum.
- Monthly income model: If you choose this option, the claim amount will be paid to your family in monthly installments for a certain period of time. If you don’t have any loans or liabilities - but want to provide for your family’s regular expenses this option could be beneficial.
- Lump-Sum with monthly income: This is a combination of both the options. If you want a part of your claim to go towards paying off loans, and the rest be given as a monthly income for your family’s daily expenses for a fixed amount of time, you can choose this option.
What are the riders available with Edelweiss Tokio Life Zindagi+?
Like most term insurance plans, the Edelweiss Tokio Life Zindagi+ includes certain additional benefits known as riders. The riders available with this plan are--
- Critical Illness Rider: This add-on pays an additional amount as a lump sum, in case you get a serious disease from a list of illnesses provided in the policy document. This money can be used to replace the loss of income and to pay for any additional health-related expenses your family might incur that won’t be covered by your health insurance plan.
- Accidental Death Benefit Rider: This rider will provide your family with an additional amount of money in case your death happens as a result of an accident. You can also use this rider to improve your overall cover in case your eligible cover amount is lower than the cover amount required for your family.
- Waiver of Premium Rider: These are great riders that everyone must choose. With this add-on, you will not have to pay any further premiums if you get a serious disease or a disability. However, you can retain your cover until the end of the term.
Why should you buy from Edelweiss Tokio Life?
- Speed of Claims: Despite holding a poor track record in terms of its purchase and claim settlement experience, Edelweiss Tokio Life has settled 93.72% of its claims in less than 30 days. This indicates that your family will not have to wait for a long period to receive the claim payout.
- Claims Complaints: According to the research conducted by our in-house research team, Edelweiss Tokio Life has a lower number of complaints in comparison to other insurers. This indicates a smooth claim settlement process and that your family is likely to have a seamless experience.
- Length of Claim Form: Edelweiss Tokio Life has a relatively short claim form, indicating that your family will have an easy and seamless claims process.
- Online Tracking of Claims: The insurer provides your family or nominee with the option to track the claim settlement process online as well. It also provides dedicated toll-free services.
- Claim Settlement Ratio: The claim settlement ratio of Edelweiss Tokio Life is 83.44% and their claim amount settlement ratio is 66.34%.
What are the Limitations of buying this policy from Edelweiss Tokio Life?
- Increasing Cover: While this term insurance plan might fit your family or nominee’s financial needs, it comes with a drawback. Edelweiss Tokio Life Zindagi+ does not provide you the benefit of an increasing cover, which means you cannot automatically grow your existing cover with time. Instead, you will have to purchase a new term insurance plan every time you need to upgrade your cover.
- Personal Relationship Manager: A lot of insurers have started providing the service of a Personal Relationship Manager to the nominees to offer assistance to them throughout the claim settlement process.Edelweiss Tokio Life, however, does not provide the services of a personal relationship manager.
- Home pick-up for claims: Edelweiss Tokio Life does not provide the option to pick up the documents from home. Your family/ nominee will have to visit the branch to submit the documents personally.
How is the Customer Service provided by Edelweiss Tokio Life?
As per the research carried out by our in-house research team, we gathered that Edelweiss Tokio Life’s customer service is poor compared to other insurance companies. Despite carrying out toll-free services and connecting over social media platforms like Twitter, the response over both the services is slow.
About the Insurer- Edelweiss Tokio Life
Edelweiss Tokio Life is a Life Insurance & Health Insurance company in India. It offers Term Life Insurance, Traditional Savings, and Unit Linked Insurance Plans. Founded in 2011, it is a joint venture between Edelweiss Financial Services Limited and Tokio Marine Holdings Inc. The company is headquartered in Mumbai and has121 branches across India.The MD and CEO of Edelweiss Tokio Life is Mr. Sumit Rai.
Final Verdict on Edelweiss Tokio Life Zindagi+ Plan
On the basis of the 100+ parameters analyzed by our in-house research team and considering all the product benefits, customer service, and claims experience, theEdelweiss Tokio Life Zindagi+ Plan gets a Beshak⭐Rating of 3/5.