People these days are not only concerned about the money they earn. They are concerned just as much about how much they save. Besides the savings, they also look to own an insurance plan to keep their family’s financial situation safer in case they meet an untimely death. Keeping such people in mind, Edelweiss Tokio Life has come up with the Wealth Accumulation Accelerated Cover (WAAC) Plan, which offers both savings and coverage at the same time.
This policy is a unit-linked plan which offers returns based on the policyholder’s needs and risk appetite. Policyholders can avail a number of benefits and can also invest in over six different fund options to maximise their wealth.
The WAAC plan is ideal for people who don’t want to put themselves through the tedium of investing in a mutual fund and an insurance plan separately. This plan offers dual benefits of savings and investment and is made available only a select demographic. Here’s details on those who are eligible to buy this plan:
|Minimum Age at Entry||5 years|
|Maximum Age at Entry||65 years|
|Minimum Maturity Age||18 years|
|Maximum Maturity Age||75 years|
Sum Assured: This is the amount guaranteed in case the policy reaches its maturity age or if the person insured meets an untimely incident. Following is the representation of what the Sum Assured under the policy is like:
|Minimum Basic Sum Assured||Entry Age of 45 years or below: Annualised Premium x Higher of (10, 0.5x Premium Term) Entry Age of 45 years and above: Annualised Premium x Higher of (7, 0.25x Premium Term) For Top-up Premiums: Entry Age of 45 years or below: Top-up premium x 1.25 Entry Age of 45 years and above: Top-up premium x 1.10|
|Maximum Basic Sum Assured||Entry Age of 45 years or below: Annualised Premium x 25 Entry Age of 45 and above: Annualised Premium x 20 For Top-up Premiums: Top-up Premium x 5|
The WAAC Plan has different premiums depending on the mode chosen. Find all the details in the tabular column below:
|Policy Term||10, 15, 20, 25, 30 years|
|Premium Payment Frequency||Monthly, Quarterly, Half-yearly, and Yearly|
|Premium Payment Term||Regular Premium: Same as policy term Limited Premium: 5/7/10 years|
|Premiums||Yearly: Rs.25,000 Half-yearly: Rs.18,000 Quarterly: Rs.9,000 Monthly: Rs.3,500 Top-ups: Rs.5,000 Note: All the amount mentioned here are the minimum under this policy. There is no limit on the maximum premiums one can pay. It primarily depends on the Sum Assured opted by the policyholder.|
The Edelweiss Tokio Life - WAAC Plan comes with a range of coverage features, which makes a policyholder’s investment in this policy worthwhile. Here’s all the benefits mentioned below:
|Death Benefit||If the person insured dies due to an unfortunate incident, the higher of the following will be paid:
|Maturity Benefit||If the policy reached maturity, the fund value at maturity date will be paid.|
|Surrender Benefit||If the policy reached surrender, the fund value at the time of surrender will be paid.|
The Edelweiss Tokio Life WAAC Plan offers a few key features for the policyholder. These are:
|Free Look Period||A policyholder has the opportunity to return the policy if they aren’t satisfied with the terms and conditions they’re offered. To do this, the individual needs to submit a reason for cancellation within a period of 15 days. Once the company receives the request, it will deduct the appropriate risk premium, stamp duty, and medical expense charges before returning the premium amount. Note: A free look period of 30 days is offered if they policy is sold through distance marketing channels.|
|Grace Period||If a policyholder fails to pay the premiums within the due date, they will be offered a grace period of 30 days. In case, they fail to make the payment within this period, the policy will lapse. These 30 days are for quarterly, half-yearly and yearly premium payment modes. For monthly modes, the grace period available is 15 days.|
|Nomination||Nomination is available based on Section 39 of the Insurance Act.|
|Assignment||Assignment is available based on Section 38 of the Insurance Act.|
|Revival||If the policyholder wants to revive the policy after it has lapsed, they need to provide a written application along with further proofs of insurability for their request to be considered. Also, the policyholder needs to pay a 1% per month interest for all the elapsed months.|
The Edelweiss Tokio Life - WAAC Plan comes with the following tax benefits:
Edelweiss Tokio is a joint venture between Edelweiss Group, an Indian financial giant , and Tokio Marine, one of Japan’s oldest insurance companies. Having been operational since 2011, the company has steadily grown to grab hold of a sizeable share in the Indian insurance sphere. Here are a few reasons why you should buy the policy from them:
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