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Edelweiss Tokio Life Wealth Accumulation (Privilege) Plan

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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 of Edelweiss Tokio Life Wealth Accumulation (Privilege) Insurance Plan

  • It is a Unit Linked Insurance Plan without Bonus facility
  • This Plan has Regular and Limited Payment Option
  • There is no Policy Administration Charge in this plan
  • The Maturity Benefit would be the Fund Value
  • The Death Benefit in this plan is Higher of Sum Assured or Fund Value
  • This policy offers Guaranteed Additions of 0.25% of average of last day of the preceding 12 policy months’ Fund Value
  • Guaranteed Additions are payable at the end of every policy year from 8th policy year end onwards
  • There are 5 Fund Options for Investment Purpose
  • There are 4 Additional Riders available in this plan
  • 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

COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from Edelweiss Tokio Life Wealth Accumulation (Privilege) Insurance Policy

Death Benefit – 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.
 
Maturity Benefit – When the policy matures, the Fund Value is paid as Maturity Benefit to the Policyholder.
Fund Value= Number of Units X applicable Net Asset Value (NAV)
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
 
 

Eligibility conditions & other restrictions in Edelweiss Tokio Life Wealth Accumulation (Privilege) Policy

 
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
 
PT – Premium Term; SA – Sum Assured; AP – Annualised Premium
 
 

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

Riders – There are 4 Additional Riders in this plan
  1. Accidental Total and Permanent Disability Rider
  2. Accidental Death Benefit Rider
  3. Term Rider
  4. Critical Illness Rider
 
Investment Fund Options - In this plan, there are 5 Funds for Investment purpose
  1. Equity Large Cap Fund
  2. Equity Top 250 Fund
  3. Bond Fund
  4. Money Market Fund
  5. Managed Fund
 
Top-up - Top Up Premium is allowed for age at entry less than 45 years. The Minimum Top Up Premium Amount is Rs 5000 and maximum is subject to underwriting.
Sum Assured increases according to Top Up Premium Amount.

 

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
 
Switching - There is No Charge for switching from one fund to another. The minimum amount for Switching is Rs 50,000.
 
Partial Withdrawal - 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.
 
 

Charges in Edelweiss Tokio Life Wealth Accumulation (Privilege) Plan

Premium Allocation Charge – This charge is deducted from the Premium Paid by you

 

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
 
 
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis. However, in this plan, there is ZERO Policy Administration charge.
 
Fund Management Charge and Guarantee Management Charge – This charge is deducted by adjusting the NAV of the units on a daily basis.

 

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
 
 
Surrender Charge— This charge is for discontinuing the plan before the end of the Policy Tenure. There is no Discontinuation Charge in this plan
 
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
 
Service Tax would be applicable on the charges depending on the applicable rates.
 
 

What happens if?

You stop paying the premium - 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.
 
You want to surrender the policy – Surrender Benefit is paid after completion of 5 Policy Years. The Surrender Benefit= Fund Value without any charges.
 
You want a loan against your policy – Loan facility is not provided under this policy.




 
NAV of all funds in Edelweiss Tokio Life Wealth Accumulation (Privilege) Plan
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