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Edelweiss Tokio Wealth Accumulation (Comprehensive Cover)

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

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.

 

 

Key Features of Edelweiss Tokio Life Wealth Accumulation (Comprehensive Cover) Plan

 

  • 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.

 

COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from Edelweiss Tokio Life Wealth Accumulation (Comprehensive Cover) 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

 

 

Eligibility conditions and other restrictions in Edelweiss Tokio Life Wealth Accumulation (Comprehensive Cover) Plan

 

 

 

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

 

 

Additional Features and Benefits of Edelweiss Tokio Life Wealth Accumulation (Comprehensive Cover) Plan

 

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.

 

 

What happens 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.

 

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.




 

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