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Edelweiss Tokio Wealth Accumulation (Comprehensive Cover)

Edelweiss Tokio Life Wealth Accumulation (Comprehensive Cover) Plan

Wealth Accumulation (Comprehensive 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 Fund Value + Sum Assured + Income protection Benefit.

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Maturity Benefit
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Guaranteed Additions
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Income Protection Benefit
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Key Features

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It is a simple unit linked plan with unique benefits
If the Life Insured survives then he would receive the Fund Value as Maturity Benefit
If the Life Insured dies within the policy tenure, then Fund Value + Sum Assured + Income protection Benefit is provided as Death Benefit
There is an Income Protection Benefit where 10% of the Annualized Premium is payable every month for 120 months from the death of the Life insured
Guaranteed Additions are provided from 8th year end onwards
There are 6 funds available for investment and 6 additional riders are also available
Increase and decrease of Sum Assured is allowed under this plan.

Benefits

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Death Benefit

In case of death of the Life Insured, the nominee would receive

§  Fund Value + Sum Assured + Income Protection (a benefit where 10% of the Annualized Premium is payable every month for 120 months from the death of the Life insured)

 

Maturity Benefit

Fund Value is payable on maturity

Income Tax Benefit

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

Riders

There are 6 riders available in this policy:

  • Waiver of Premium Rider
  • Accidental Death Benefit Rider
  • Accidental Death Benefit & Accidental Total and Permanent Disability Rider
  • Term Rider
  • Critical Illness
  • Hospital Cash Benefit

 

Investment Fund Options

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
Top-up

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

Switching

The minimum amount that you can switch is Rs 5,000. First 4 switches are free in a year.

Partial Withdrawal

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 amount is Rs 5,000 and 2 partial withdrawals are free per year.

 

Eligibility

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  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 20
For age >=45 years, AP x 10
For age >=45 years, AP x (Higher of 7 or 0.25 x PT)
Policy Term (in years) 10 30
Premium Payment Term (in years) 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

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angle down iconWhat 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.

angle down iconWhat 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.

angle down iconWhat 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.

 

angle down iconWhat happen if you want a loan against your policy ?

There is loan available under this plan upto a maximum of 40% of the Fund Value.