How is TotalSecure+ different from a term plan?
Total Secure+ provides cover that goes beyond term insurance. It has an inbuilt accelerated critical illness benefit options (health cover). Thus it offers buyers the flexibility to choose cover based on their needs.
The plan offers the following options for the policyholders.
- 1. Life Cover
- 2. Life Cover with ‘Basic Health Cover’ ()
- 3. Life Cover with ‘Comprehensive Health Cover’ ()
Critical Illness Cover:
The critical illness cover is paid as a lump-sum upon diagnosis of the critical illness. Critical illness cover is an accelerated benefit and not an additional benefit which means, the policy will continue with the death benefit cover reduced to the extent of the critical sum assured paid. The policy will not terminate after the payment of the critical illness cover unless the critical illness cover is equal to the life cover i.e. death benefit. Thus, the future premiums payable for the life cover will also get reduced proportionally based on the reduced amount.
However, if the critical illness sum assured is equal to the base sum assured, then the policy is terminated once the critical illness cover is paid out.
Please refer the brochure for complete details.
Should I buy riders with TotalSecure+?
The riders provide additional benefits in addition to the cover chosen by the policyholder. It not only complements the base plan but also provides additional cover for accidents that may affect the financial planning of the policyholder.
The following Riders are available with TotalSecure+.
- Accidental Death Benefit Rider (UIN: 147B002V02): Accidents are sudden. It leaves the family unprepared and awestruck. This rider ensures that the policyholder’s family is not in financial trouble in case of an accidental death of the policyholder. The rider cover will be paid to the Nominee along with the life cover of the base plan in case of an accidental death.
- Accidental Total and Permanent Disability Rider (UIN: 147B001V02): Accidents may not kill always, but it may leave the policyholder permanently disabled. In case the policyholder is the sole bread winner of his/her family; disability will put his/her family under huge financial distress. This rider's cover is paid to the policyholder in case of accidental total and permanent disability of the policyholder.
- Waiver of Premium Rider (UIN: 147B003V03): In case one chooses, the life cover only(without any critical illness cover) as the base plan;one remains vulnerable in case one is diagnosed with the critical illness. Critical illness might have impact on one's earning ability. Thus this rider ensures that the policyholder's family remains secured by waiving future premiums if the policyholder is diagnosed with an insured critical illness.
- Hospital Cash Benefit Rider (UIN: 147B006V02): Hospital expenses are often the most expensive ones that put a lot of strain on the financial planning of the policyholder. Thus, this rider makes sure that the policyholder can manage the situation better. This rider provides daily allowances as well as post hospitalization benefits, in case of the hospitalization of the policyholder.
Note:
For more details about the aforementioned riders,please refer to the respective rider brochures.
How does the pay-out work for TotalSecure+? Will my policy stop if the critical care cover is paid?
At Edelweiss Tokio Life Insurance, we understand that priorities of people are different. Thus the pay-out options are designed in such a way that it caters to the financial needs of the family.
Lump-sum: the entire life cover is given to the Nominee at one go after the death. It is usually chosen in case there is an urgent requirement of money in the family (like pending payments, debt payments).
Regular income: As the name suggests, the pay-out will be given as monthly income (as a percentage of the life cover) to ensure that the regular expenses do not get compromised in case of the death of the policyholder.
Regular income comes with the following options
- Level: as the name suggests that monthly pay-out will remain same throughout the tenure of the payment
- Increasing: the monthly pay-out will increase every year annually @5% p.a.(compounding)
The tenure of payment can be chosen as 36 months, 60 months, 120 months and 180 months. The pay-out percentage will vary on the same.
| |
No of months for which Benefit is payable |
| % of Death Benefit payable monthly |
36 |
60 |
120 |
180 |
| Level |
3.020 |
1.917 |
1.085 |
0.806 |
| Increasing |
2.880 |
1.734 |
0.872 |
0.568 |
The income benefit will only be payable in electronic mode.
Combination: One can choose a percentage of the life cover for lump-sum pay-out and the remaining as regular income. It takes care of both short-term and long term cash needs of the family of the policyholder.
Critical Illness Cover :The critical illness cover is paid as a lump-sum upon diagnosis of the critical illness.
Critical illness cover is an accelerated benefit and not an additional benefit which means, the policy will
continue with the death benefit cover reduced to the extent of the critical sum assured paid.
The policy will not terminate after the payment of the critical illness cover unless the critical illness cover is equal
to the life cover i.e. death benefit. Thus, the future premiums payable for the life cover will also get reduced
proportionally based on the reduced amount.
However, if the critical illness sum assured is equal to the base sum assured, then the policy is terminated once the critical illness cover is paid out.
Do I need to get hospitalized to get the critical care cover?
No, the entire critical illness cover is paid on diagnosis.
The full pay-out is made irrespective of undergoing hospitalization or medical costs due to the illness.
This amount can be utilised to meet the costs of medical care, manage regular expenses, repay any loans that you may have or for any other expense.
Is there any minimum life cover that needs to be taken or premium to be paid?
The minimum life cover one has to take is 25 lacs INR. The minimum critical care cover cannot be less than 5 lacs INR.
The minimum annual premium a policyholder needs to pay is 3000 INR p.a.
What are the payment modes that are available with TotalSecure+?
The premium payment modes are designed in such a way that you can pay according to your convenience. The following options are available with Total Secure+.
Single Pay: As the name suggests, the policyholder can pay a one-time premium for the entire policy term. This option is only available with Life cover option (i.e. without critical illness cover).
Limited Pay: Here the policyholder can choose premium payment term that is less than the overall policy term. Thus as a policyholder, you can choose a term that fits your financial planning. You can choose 5-pay, 10-pay, 15—pay, 20-pay, 25-pay as the premium paying term.
Regular: As the name suggests, the policyholders will have to pay regularly till the end of the policy terms.
