Edelweiss Tokio Wealth Accumulation Accelerated Cover
Edelweiss Tokio Life Wealth Accumulation (Accelerated Cover) Plan
Wealth Accumulation (Accelerated Cover) Plan is a Unit-linked insurance plan (ULIP) from Edelweiss Tokio Life Insurance Company where the Fund Value is payable on maturity to the policyholder. However, if the Life Insured dies within the policy tenure, the nominee would get the higher of Fund Value or Sum Assured.
Key Features
- If the Life Insured dies within the policy tenure, then higher of Fund Value or Sum Assured is provided as Death Benefit
Benefits
In case of death of the Life Insured, the nominee would receive the higher of Fund Value or Sum Assured subject to minimum of 105% of total basic premiums paid less partial withdrawals.
Fund Value is payable on maturity
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
§ Waiver of Premium Rider
§ Accidental Death Benefit Rider
§ Accidental Death Benefit & Accidental Total and Permanent Disability Rider
§ Term Rider
§ Critical Illness
§ Hospital Cash Benefit
There are 6 Investment Funds available
§ Equity Large Cap Fund
§ Equity Top 250 Fund
§ Bond Fund
§ Money Market Fund
§ Manager Fund #
§ Price Earning (P/E) based Fund
For age < 45 years, the Minimum Basic Sum Assured for Top Up = Top Up Premium X 1.25
For age >= 45 years, the Minimum Basic Sum Assured for Top Up = Top Up Premium X 1.10
The Maximum Basic Sum Assured for Top Up for all ages= Top Up Premium X 5
The minimum amount that you can switch is Rs 5,000. First 4 switches are free in a year.
Partial withdrawals are allowed only after completion of 5 policy years. One Partial Withdrawal is allowed in each policy year upto a maximum of 25% of the existing Fund Value. The minimum partial withdrawal is Rs 5,000 and 2 partial withdrawals are free per year.
Eligibility
|
Minimum |
Maximum |
|
|
Sum Assured (in Rs.) |
For age < 45 years, AP x (Higher of 10 or 0.5 x PT) |
For age < 45 years, AP x 25 |
|
For age >=45 years, AP x (Higher of 7 or 0.25 x PT) |
For age >=45 years, AP x 20 |
|
|
Policy Term (in years) |
10 |
30 |
|
Premium Payment Term (in years) |
5, 7, 10 |
Equal to policy term |
|
Entry Age of Policyholder (in years) |
5 |
65 |
|
Age at Maturity (in years) |
18 |
75 |
|
Premium (in Rs.) |
25000 |
No Limit |
|
Payment modes |
Annual, Semi-Annual, Quarterly and Monthly |
|
FAQs
What happen if you stop paying the premium before 5 years ?If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
What happen if you stop paying the premium after 5 years ?If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
What happen if you want to surrender the policy ?The Fund Value is provided as Surrender Benefit after 5 years. Surrender is not allowed in the first 5 years of the policy.
What happen if youwant a loan against your policy ?There is loan available under this plan upto a maximum of 40% of the Fund Value.
Compare life insurance plans from different insurance companies to arrive at the most suitable plan for yourself and your family.
