Life Insurance
Edelweiss Life
Edelweiss Life Insurance received its life insurance license on May 10, 2011, and began operations on July 1, 2011. It was set up as a joint venture between Edelweiss and Tokio Marine. In 2024, the company rebranded from Edelweiss Tokio Life Insurance to Edelweiss Life Insurance. Today, it operates through 103 offices across India.
| Annual Business | ₹565 cr |
| Claims Settled | 99.24% (avg. of last 3 years) |
| Claims settled within 30 days | NA |
Term Insurance offered by Edelweiss Life
Zindagi Protect Plus
Zindagi Protect Plus is the flagship plan from Edelweiss Life Insurance. It offers a minimum sum assured of ₹50 lakh with no upper limit, subject to underwriting. The plan is an individual, non-linked, non-participating life insurance plan focused on pure risk cover with an option for return of premiums.
Benefits Available Under the Policy
- Coverage Options::
The plan allows you to choose between a pure life cover or a return of premium option based on your needs.
- Long-term Protection::
You can stay protected for the long term, up to age 100.
- Return of Premium Benefit::
Get back 100% of premiums paid at maturity, excluding taxes and extra charges, if you choose the return of premium option.
- Flexible Payout Options::
Your family can receive the claim as a lump sum, a monthly income, or a mix of both.
- Special Exit Benefit::
The Special Exit Benefit allows exit with a refund of base premiums under Life Cover. It applies only for terms of 40 years or more, in specific policy years. The policy must be active. It excludes regular pay and return of premium options.
- Better Half Benefit::
Add life cover for your spouse by paying an extra premium. This ensures continued financial support for your family if the primary earner is not around.
- Child’s Future Protect Benefit::
Increase your life cover until your child turns 25. This helps secure key milestones like education and early career support.
- Premium Break Benefit::
Get the flexibility to skip up to 8 premiums, based on your premium payment term. Your policy benefits continue during this period.
Riders Available Under the Policy:
- Accidental Death Benefit Rider::
Provides an additional payout if death occurs due to an accident within 90 days of the event. The benefit is paid as a lump sum to support the family immediately.
- Accidental Total and Permanent Disability Rider::
Offers a lump sum payout if an accident leads to total and permanent disability. This helps manage expenses when income stops.
- Critical Illness Rider::
Pays a lump sum on diagnosis of 12 listed critical illnesses. This amount can support treatment costs and recovery needs. The rider includes a 90-day waiting period and a 30-day survival period. The rider term matches the base plan, subject to a maximum maturity age of 70 years.
- Waiver of Premium Rider::
Waives all future premiums if you are diagnosed with a critical illness or face total and permanent disability due to an accident.
Edelweiss Life Term Insurance plan details
| Plan Name | Entry Age | Sum Assured | Policy payment options |
|---|---|---|---|
Zindagi Protect Plus | 18 years to 65 years | ₹50 lakh - No Limit (Subject to underwriting) | Monthly, quarterly, half-yearly, and yearly |
ULIP Plans
A Unit Linked Insurance Plan (ULIP) is a life insurance product that combines protection and investment. When you pay a premium, the insurer splits it into two parts. One part provides life cover, while the other is invested in market-linked funds such as equity, debt, or a mix, based on your choice. Since the investment is market-linked, returns are not fixed.
Additionally, ULIPs come with a 5-year lock-in period, so you cannot access your money during this time. Even after 5 years, only partial withdrawals are allowed, not the full fund value. On top of this, multiple charges such as premium allocation, policy administration, and fund management are deducted each year. As a result, your entire premium is never fully invested, which impacts overall returns.
ULIP Plans offered by Edelweiss Life
| Plan Name | Entry Age | No. of Funds |
|---|---|---|
| Wealth Ultima | Entry from birth and max up to 75 years. | 8 funds |
| Wealth Premier | Entry 8 years (single) or 18 years (joint) up to 65 years. | 9 funds |
| Wealth Plus | Entry age starts from 1 year and goes up to 55 years. | 8 funds |
| Wealth Rise Plus | Entry from birth. | 7 funds |