Edelweiss Tokio Life Wealth Accumulation (Privilege) Plan
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.
Key Features
- This policy offers Guaranteed Additions of 0.25% of average of last day of the preceding 12 policy months’ Fund Value
- This Plan has Settlement Option where the Policyholder gets a choice of remaining invested for a period of 5 years beyond the Policy Tenure
- In this plan, there is an option of changing Premium Paying Term and Sum Assured according to the requirement
Benefits
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.
- Accidental Total and Permanent Disability Rider
- Accidental Death Benefit Rider
- Term Rider
- Critical Illness Rider
- Equity Large Cap Fund
- Equity Top 250 Fund
- Bond Fund
- Money Market Fund
- Managed Fund
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
|
There is No Charge for switching from one fund to another. The minimum amount for Switching is Rs 50,000.
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
Policy Year
|
Premium Allocation Charge
|
1st to 7th
|
2% for Annual Premium < Rs 10 Lakhs
1% for Annual Premium >= Rs 10 Lakhs
|
8th onwards
|
NIL
|
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
|
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
|
FAQs
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.
Surrender Benefit is paid after completion of 5 Policy Years. The Surrender Benefit= Fund Value without any charges.
Loan facility is not provided under this policy.