Edelweiss Life - Guaranteed Flexi STAR

Edelweiss Life – Guaranteed Flexi STAR is a life insurance plan designed to provide a protection to your family from any financial loss in case of an untimely death and offers a guaranteed regular income and / or guaranteed lumpsum on maturity to you and your family, provided all due premiums are paid.

A guaranteed income plan can be a useful tool to help you achieve a variety of financial goals. Some potential goals that you may be able to achieve with a guaranteed income plan include: 

• Meeting basic living expenses: A guaranteed income plan can provide a reliable source of income to cover your day-to-day expenses, such as rent or mortgage payments, groceries, utilities, and other bills. 

• Saving for retirement: By receiving a steady income from a guaranteed income plan, you may be able to save for your retirement and create a more secure financial future. 

• Funding education: A guaranteed income plan can be a useful way to save for education expenses, such as tuition, fees, and other costs associated with higher education. 

• Planning for a major purchase: With a guaranteed income plan, you may be able to save and plan for a major purchase, such as a home or a car, by setting aside a portion of your income each month. 

Overall, a guaranteed income plan can be a useful tool to help you achieve a variety of financial goals, depending on your individual needs and circumstances.

Guaranteed Flexi STAR is suitable for anyone:   

1.  who wants a combination of life insurance and savings  

2.  who are risk averse or have a low-risk appetite  

3.  who wants to balance their investment portfolio with guaranteed savings plan  

4.  who wants to save for various financial needs like child future planning, retirement planning, wants to leave a legacy or any other financial goal.   

You can start your savings at just ₹2,112 per month with this plan.

The minimum entry age for the policy holder is 0 years for this plan. The maximum entry age is 70 Years.

Minimum sum assured for those aged 0 to 49 is ₹1,68,000, while minimum sum assured for those 50 and above is ₹1,20,000. There is no limit on maximum sum assured (subject to Board Approved Underwriting Policy).

Yes, Life Cover is available throughout the policy term. There are three life cover multiples that you can choose from, 5x, 7x, or 10x the annualized premium. The life cover multiple for your plan will depend on your selected premium paying term as well as your age of entry. Please refer to the policy brochure for more details.

This product offers Premium Paying Term (PPT) options of 5, 6, 7, 8, 9, 10, 11, and 12 years. 

The Policy Term (PT) options available will depend on the PPT option as well as the plan option chosen by the policyholder.  

For Lumpsum Option: 

• For Premium Paying Term (PPT) of 5 to 8 years, Policy Term will 10 to 40 years all inclusive. 

• For Premium Paying Term (PPT) of 9 to 12 years, Policy Term will be 15 to 40 years all inclusive. 

For Lumpsum with Income Option: 

• For Premium Paying Term (PPT) 5, Policy Term will be 21, 26, 31, 36, & 41 years 

• For Premium Paying Term (PPT) 6, Policy Term will be 22, 27, 32, 37 & 42 years 

• For Premium Paying Term (PPT) 7, Policy Term will be 23, 28, 33, 38 & 43 years 

• For Premium Paying Term (PPT) 8, Policy Term will be 19, 24, 29, 34 & 39 years 

• For Premium Paying Term (PPT) 9, Policy Term will be 20, 25, 30, 35 & 40 years 

• For Premium Paying Term (PPT) 10, Policy Term will be 21, 26, 31, 36 & 41 years 

• For Premium Paying Term (PPT) 11, Policy Term will be 22, 27, 32, 37 & 42 years 

• For Premium Paying Term (PPT) 12, Policy Term will be 23, 28, 33, 38 & 43 years 

Mode of premium payment available with this plan are - Annual, Half Yearly, Quarterly & Monthly.

Income payout will be paid out annually upon choosing Lumpsum with Income plan option.

If ‘Lumpsum Plan Option’ is chosen: The Maturity Benefit will be Sum Assured on Maturity plus the Accrued Guaranteed Additions payable as a lumpsum on the maturity of the policy if the Life Assured survives till the end of the Policy Term, provided the policy is in-force.   

 

If ‘Lumpsum with Income Plan Option’ is chosen: In addition to the last Income Benefit Pay-out instalment, Maturity Benefit which is equal to Sum Assured on Maturity will be payable as a lumpsum on the maturity of the policy if the Life Assured survives till the end of the Policy Term, provided the policy is in-force.  The Sum Assured on Maturity is maximum of (10, PPT) times the Annualized Premium. 

A rider is an additional benefit that you can opt for, to enhance your plan. These are available at a nominal extra cost.

Following are the riders available with this plan: 

• Edelweiss Life - Accidental Death Benefit Rider 

• Edelweiss Life - Accidental Total and Permanent Disability Rider 

• Edelweiss Life - Waiver of Premium Rider 

• Edelweiss Life - Payor Waiver Benefit Rider 

• Edelweiss Life – Critical Illness Rider

Yes, you can get a policy loan once policy acquires surrender value.

You have a freelook period of 30 days from the date of the receipt of the policy document for the policy issued after 1st April 2024 and processing TAT for same is 7 days. 

In case of death of the Life Assured due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the Total Premiums Paid till the date of death or Surrender Value available as on the date of death whichever is higher, provided the policy is in force. The policy will terminate on making such a payment, and no further benefits are payable.

You have a Grace Period of 15 days if you pay the premium monthly, and 30 days in all other cases during which you must pay the premium due in full. The policy will be in-force during the Grace Period.