Edelweiss Tokio Wealth Accumulation (Comprehensive Cover)

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.

• 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 8^th 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.

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.

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.

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.

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.

You want a loan against your policy - There is loan available under this plan upto a maximum of 40% of the Fund Value.