All About Edelweiss Tokio Covid Shield Term Plan
Updated On May 24, 2021
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Edelweiss Tokio Life COVID Shield+ is a life insurance plan specifically designed to provide financial protection to you and to your family from COVID-19. It provides a death benefit along with provides financial protection against COVID-19 via paying a lump sum amount of 40% of Enhanced Sum Assured.
The benefits available under this plan ensure that you and your loved ones get the required assistance to manage their regular expenses along with treatment expenses in case of admission into ICU/HDU post-diagnosis of COVID-19. This plan can be bought online or offline depending upon the convenience of the individual. The features and benefits of the plan are mentioned below:
Features of Edelweiss Tokio Life Covid Shield+
The key features of Edelweiss Tokio Life Covid Shield+ are as follows:
1. Enhanced Sum Assured
Get lump sum benefit of 40% of Enhanced Sum Assured for admission into the ICU/HDU, post-diagnosis of COVID-19. The minimum and maximum base sum assured are INR 25 Lakh and INR 50 Lakh respectively.
2. Single Premium
The policy accepts only a single premium, making this plan an affordable choice with a premium as low as INR 5,329. The maximum premium allowed is INR 48,235.
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3. Benefits with Expenses
The plan provides 3 key benefits namely death benefit, term trigger benefit and critical illness benefit to protect the life assured from COVID-19, benefits are paid irrespective of actual expenses incurred for diagnosis or procedure or COVID-19.
4. Tax Benefits
As per section 80D of the Income Tax Act, 1961, the premiums paid under Edelweiss Tokio Life Covid Shield+ are subject to tax exemption. You are advised to consult your tax advisors for the same.
Benefits of Edelweiss Tokio Life Covid Shield+
Edelweiss Tokio Life Covid Shield+ provides the following benefits to its policyholders:
1. Death Benefit
In case of death of the life assured during the policy term, the base sum assured is payable and the policy gets terminated after such payments.
2. Term Trigger Benefit
If life assured is diagnosed with COVID-19, additional life cover with Enhanced Sum Assured will commence for the remaining policy term. Under this benefit, in case of your death during the policy term due to any reason after the Term Trigger Benefit has commenced on diagnosis of COVID-19, 100% of ‘Enhanced Sum Assured’ plus ‘Base Sum Assured’ payable under Death Benefit would be payable to the nominee and the policy will terminate.
3. Critical Illness Benefit
If the life assured is admitted to ICU (intensive care unit) or HDU (High Dependency Unit) for at least 24 hours post-diagnosis of COVID-19 for management of severe Covid-19 disease during the policy term, 40% of the Enhanced Sum Assured will be payable in a lump sum. The hospitalization should be at one of the designated hospitals only. This benefit will be paid only once during the policy term.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
