Product Review : Edelweiss Tokio Life-MyLife+


One Saturday I was returning home after a religious function.In Mid-way, I saw a young guy in 30’s met with an accident, writhing in pain, lying down motionless. Had he got treatment during golden hour, he would have been alive. My mind could not stop thinking about the incident. It was rolling over my eyes.What’s the value of Life after all we work and earn so much  and eventually die. Who’s going take care of my family, children’s?  I spoke to my father about it. He told me Death is certain, one day everyone has to die so why not mitigate the risk and cover your life with an Insurance that supports your family.

I came across Edelweiss Life-MyLife+ Is an online term plan that covers one’s life and provides security to the family. It is being offered exclusively online and hence one can choose to protect the family from the comfort of one’s home.

Important features of Edelweiss

  1. Choose life cover up to the age of 80 years so that your family has protection over a longer period.
  2. Multiple payout option: Lump sum or monthly or combination of both, it becomes easier for your family to manage the benefited amount.
  3. It gives you  enhanced protection through an  addition of Accidental Total and Permanent Disability Rider and Accidental Death Benefit Rider.
  4. Minimum assured sum INR 25,00,000 and maximum sum assured have no limits subjected to underwriting.
  5. You can avail tax assistance under Section 80C and Section 10 (10D) of Income Tax Act, 1961. Tax assistance is subject to change in the tax laws. It is a tax-free investment.

This policy offers discounts for women, as well as on choosing a high sum assured. For women up to 21 years of age, the premium rate will be that of an 18-year-old male. A lower premium rate for female lives.The policy is available only from 18 years of age. Subsequently, the premium rate for women will be that of a male three years younger. Premium discounts are available if you choose a sum assured above Rs.25 lakhs

My take: – MyLife+ is one of the cost-effective plans available in the market and in fact it allows you customization is a plus point. Option for periodic income is recommended considering the beneficiary may not be able to put the lump sum payment to good use immediately. Also, it allows the policyholder to break up the sum assured into lump sum payments and monthly payments in any way desired.