Edelweiss Life Insurance T&Cs

Edelweiss Life Insurance has simplified terms and conditions that policyholders should make a note of when purchasing life insurance and other insurance plans. Following are the terms and conditions of Edelweiss Life Insurance Plans

1. Renewal: The continuance of the term insurance policy in Edelweiss Life Insurance is subject to regular renewal on or before the due date. The policyholder gets a grace time to renew the policy. In the absence of renewal, the policy stands to lapse.

2. Free Look Period: Edelweiss Life Insurance policies come with a free look period of 15 days (30 days for online policies) within which the customer can return the policy and claim a refund. The company deducts administrative charges and refunds the amount accordingly.

3. Grace Period: Edelweiss Life Insurance offers a grace period of 30 days from the date of unpaid premiums. If the policyholder fails to pay the unpaid premium at the end of the grace period, the policy will lapse.

4. Nomination: Nomination is allowed under the term insurance plan as per section 39 of the Insurance Act, 2015, as amended from time to time.

5. Assignment: Assignment is allowed under the term insurance plan as per section 38 of the Insurance Act, 2015, as amended from time to time.

6. Suicide Exclusion: In case of life assured’s death due to suicide within 12 months from the date of commencement of the policy as applicable, the nominee or beneficiary will receive at least 80% of the total premiums paid till the date of death or the provided the policy is in force.

7. Taxation Laws Compliance: Income Tax Laws in India regulate all Edelweiss Life Insurance policy payments. The policyholders get income tax benefits on the payment of insurance premium under different sections of the Income Tax Act. However, the bonus or the benefits receivable on the maturity or the death benefit are free of tax.

8. Termination of the Policy: The policy will terminate at the earliest of:

• The date of processing the Free Look cancellation request
• The date on which lump-sum death benefit / final installment of death benefit is paid
• On the expiry of the policy’s revival period
• On the date of policy maturity.
• On the date of payment of surrender benefit
• In the event of forfeiture.

9. Proper Disclosure of Facts: The policyholder is responsible for disclosing accurate information regarding age and other medical issues. If it is found out that there was a suppression of critical information at the claim settlement stage, Edelweiss Life Insurance can decline the claim.

10. Inform Any Change: The policyholder is duty-bound to inform Edelweiss Life Insurance of any change in the address, occupation, phone number, and other material aspects.

11. Duplicate Policy Document: If the policyholder misplaces the document, he/she can apply to Edelweiss Life Insurance for the issuance of a duplicate policy. The company issues the duplicate after completing the necessary formalities.

12. Grievances: The policyholder has the right to approach the grievance cell if not satisfied with the services offered by Edelweiss Life Insurance. Under such circumstances, one should follow the laid down procedure.

13. Jurisdiction and Exclusive Rights: Edelweiss Life Insurance has the absolute and exclusive rights to alter, review, delete, or revise any of the terms and conditions listed above. All disputes and terms and conditions are subject to and governed by Indian laws. They are subject to change if the Indian laws deem so.