Edelweiss Tokio Life Wealth Accumulation (Privilege) Plan

Edelweiss Tokio Life Wealth Accumulation (Privilege) Plan is a simple Unit Linked Insurance Plan. Thus, it is a Non-Traditional Insurance Plan without Bonus facility.

How it works – In this plan, premium can be paid for the Entire Period under Regular Pay Option and for 5, 7 or 10 years under Limited Pay Option. The policyholder can opt for any of the 5 Investment Funds according to his risk profile.

This policy offers Guaranteed Additions of 0.25% of average of last day of the preceding 12 policy months’ Fund Value which is payable at the end of every policy year from 8th policy year end onwards.

In this plan, the Fund Value is paid at the end of the Policy Tenure as Maturity Benefit. However, if the Life Insured dies anytime during the Policy Tenure, the nominee would receive the higher of Sum Assured or Fund Value as Death Benefit and the policy terminates.

This plan has 4 additional Riders available with this plan.

Bonus facility

Maturity Benefit

Death Benefit

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Key Features

It is a Unit Linked Insurance Plan without Bonus facility

This Plan has Regular and Limited Payment Option

There is no Policy Administration Charge in this plan

The Maturity Benefit would be the Fund Value

The Death Benefit in this plan is Higher of Sum Assured or Fund Value

This policy offers Guaranteed

This policy offers Guaranteed Additions of 0.25% of average of last day of the preceding 12 policy months’ Fund Value

Guaranteed Additions are payable at the end of every policy year from 8th policy year end onwards

There are 5 Fund Options for Investment Purpose

There are 4 Additional Riders available in this plan

Settlement Option

This Plan has Settlement Option where the Policyholder gets a choice of remaining invested for a period of 5 years beyond the Policy Tenure

changing Premium Paying Term and Sum

In this plan, there is an option of changing Premium Paying Term and Sum Assured according to the requirement

Benefits

Death Benefit

In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of the Sum Assured or Fund Value, subject to minimum of 105% of total basic premiums paid (including top-up), as Death Benefit and the policy terminates.

Maturity Benefit

When the policy matures, the Fund Value is paid as Maturity Benefit to the Policyholder.

Fund Value= Number of Units X applicable Net Asset Value (NAV)

Income Tax Benefit

Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions

Riders – There are 4 Additional Riders in this plan

Accidental Total and Permanent Disability Rider
Accidental Death Benefit Rider
Term Rider
Critical Illness Rider

Investment Fund Options

In this plan, there are 5 Funds for Investment purpose

Equity Large Cap Fund
Equity Top 250 Fund
Bond Fund
Money Market Fund
Managed Fund

Top-up

Top Up Premium is allowed for age at entry less than 45 years. The Minimum Top Up Premium Amount is Rs 5000 and maximum is subject to underwriting.

Sum Assured increases according to Top Up Premium Amount.

Type	For Age<45 years	For Age>=45 years
Minimum Sum Assured	Top Up Premium X 1.25	Top Up Premium X 1.10
Maximum Sum Assured	Top Up Premium X 10

Switching

There is No Charge for switching from one fund to another. The minimum amount for Switching is Rs 50,000.

Partial Withdrawal

In this policy, Partial Withdrawal is allowed at any time after 5 Policy Years. There is a lock-in period of five years for each Top-up premium. Minimum Partial Withdrawal is Rs 5000 and maximum upto the extent if the Fund value in excess of 105% of total premiums paid (including Top-up premium) till the time of partial withdrawal.

Variants

Premium Allocation Charge – This charge is deducted from the Premium Paid by you

Policy Year	Premium Allocation Charge
1^st to 7^th	2% for Annual Premium < Rs 10 Lakhs 1% for Annual Premium >= Rs 10 Lakhs
8^th onwards	NIL

Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis. However, in this plan, there is ZERO Policy Administration charge.

Fund Management Charge and Guarantee Management Charge – This charge is deducted by adjusting the NAV of the units on a daily basis.

Type	Charge
Equity Large Cap Fund	1.35% of Fund Value
Equity Top 250 Fund	1.35% of Fund Value
Bond Fund	1.25% of Fund Value
Money Market Fund	0.75% of Fund Value
Managed Fund	1.35% of Fund Value

Surrender Charge— This charge is for discontinuing the plan before the end of the Policy Tenure. There is no Discontinuation Charge in this plan

Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.

Service Tax would be applicable on the charges depending on the applicable rates.

Eligibility

	Minimum	Maximum
Sum Assured (in Rs.) for Regular Premium	For Age< 45 years, Higher of SA=AP X 10 or SA=AP X 0.5 X PT For Age>=45 years, SA=Higher of AP X 7 or Higher of 0.25 X PT	For Age< 45 years, SA=AP × 25 For Age>= 45 years, SA=AP × 20
Policy Term (in years)	10	30
Premium Payment Term (yrs)	5	Equal to PT
Entry Age of Life Insured (yrs)	5	65
Age at Maturity (in yrs)	18	75
Annual Premium (in Rs.)	Rs. 250,000 Annually Rs.125,000 Semi-Annually Rs.75,000 Quarterly Rs.25,000 Monthly	No Limit
Payment modes	Yearly, Half-Yearly, Quarterly and Monthly

PT – Premium Term; SA – Sum Assured; AP – Annualised Premium

FAQs

What happen if you stop paying the premium ?

If the policy holder stops paying the premium, then all benefits of the policy will cease after the policy lapses. It can be re-instated by paying up all due premiums with interest within 2 years from the date of first unpaid premium.

What happen if you want to surrender the policy ?

Surrender Benefit is paid after completion of 5 Policy Years. The Surrender Benefit= Fund Value without any charges.

What happen if you want a loan against your policy ?

Loan facility is not provided under this policy.