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"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Edelweiss Tokio Life Wealth Accumulation (Cover Plus) Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Wealth creation becomes an integral part of a working citizen’s life as this accumulated wealth plays a vital part in an individual’s finances. The Wealth Accumulation (Cover Plus) Plan offered by Edelweiss Tokio Life is a non-participating unit-linked insurance plan (ULIP) offered by the insurance company where the life insured is eligible to avail the Fund Value that is payable at the time of maturity. The nominee or beneficiary of the policy will be eligible to a large payout in case the policyholder meets with an untimely death.

    Eligibility – Who is the Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) Plan for?

    Insurance providers usually set the eligibility criteria which need to be met in order to avail the protection accorded by the plan:

    Parameters* Details
    Minimum Age of Entry 5 years
    Maximum Age of Entry 65 years
    Minimum Maturity Age 18 years
    Maximum Maturity Age 75 years

    *As on last birthday

    Sum Assured and Premium Range – What you get and what is costs

    Sum Assured

    The sum which is assured with a Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) Plan is based completely on the premiums that you pay to avail the benefits of the policy.

    Parameters Details
    Minimum Basic Sum Assured
    • Entry age below 45 years: AP* x Higher value of (10 or 0.5 x PT)
    • Entry Age above 45 years: AP x Higher value of (7 or 0.25 x PT)
    Top Up:
    • Entry Age below 45 years: AP x 25
    • Entry Age of 45 years and above: Top-up premium x 1.10
    Maximum Basic Sum Assured For both Regular and Limited Pay:
    • For Entry Age below 45 years: AP x 25
    • For Entry Age 45 years and above: AP x 20
    Top-Up:
    • Top-Up premium x 5

    *AP stands for Annualized Premium

    Premiums*

    Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the umbrella of benefits and coverage that this plan has to offer.

    Parameters Details
    Policy Term 10, 15, 20, 25, and 30 years
    Premium Paying Term Regular Premium: Same period as a the policy term Limited Premium: 5/7/10 years
    Premium Payment Frequency
    • Monthly
    • Quarterly
    • Half-Yearly
    • Yearly

    *Premiums paid vary based on age, location, plan term and other factors

    Premiums for a Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) Plan can be made using any of the following ways:

    • Payment in cash at the insurer’s branch office
    • Through the use of debit or credit cards
    • With a cheque or demand draft
    • ECS/Direct Debit/Salary Deduction Scheme
    • Using payment gateways or internet banking

    Plan coverage – What the Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) Plan covers

    The Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) Plan offers a number of different benefits and these are listed in the table below:

    Parameters Details
    Tax Benefit As per prevailing tax laws of the Income Tax Department.
    Death Benefit At the time of death of the policyholder, the Fund Value along with the Sum Assured shall be payable to the nominee or beneficiary of the plan.
    Maturity Benefit The Fund Value will be payable at the time of maturity of the policy.
    Surrender The Fund Value will be payable at the time of surrender of the policy.

    Riders/Add-Ons

    There are no additional riders that are available for purchase along with the Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) Plan.

    Exclusions – What the Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) Plan doesn’t cover

    If the policyholder commits suicide within a year from the date of commencement of the policy or from the date of revival, the policy will become void and the amount payable will be equal to the Fund Value as on the date of death of the policyholder. If the policyholder commits suicide with a year from the date of increase in the Sum Assured, then this increase will not be considered when paying the benefits to the nominee or beneficiary.

    Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

    These are the other key features of this plan:

    Grace period You will get a grace period of 30 days during which you can pay your premiums if you have missed paying your premiums on time.
    Policy loan You can apply for a policy loan when your policy obtains the surrender value. The highest loan amount will be 90% of the surrender value provided by the company.
    Revival You can revive your expired policy in 2 years since when you have stopped paying your premiums.
    Nomination You can nominate another person to collect your benefits according to the Insurance Laws (Amendment) Act, 2015 under Section 39.
    Assignment You can assign another person according to the Insurance Laws (Amendment) Act, 2015 under Section 38.

    Tax Benefits – How you can save with the Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) Plan

    When you take this plan, you will get tax benefits according to the Income Tax Act, 1961 under Section 80C and Section 10 (10D). If you take the critical illness rider, you will receive tax benefits according to the Income Tax Act, 1961 Section 80D.

    Other benefits – How you can save with the Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) Plan

    These are the other benefits:

    • You can report a claim online.
    • You can buy this plan online.
    • You can request to meet an insurance expert by clicking online.
    • You can enjoy 24/7 customer service by dialling 1800 212 1212.
    • The organization allows you to get a free quote online.

    Why should you buy the Wealth Accumulation (Cover Plus) Plan from Edelweiss Tokio Life Insurance?

    Edelweiss Tokio Life Insurance is a growing and enthusiastic life insurance provider that works towards offering simple and straightforward life insurance solutions. The company has exclusive insurance plans for different needs and preferences of each individual. You can rely on the organization to give you outstanding claims settlement solutions. You can take care of all the insurance processes such as claims settlement, premium renewal, policy application, etc. online. With the Wealth Builder Plan from Edelweiss Tokio Life Insurance, you will receive comprehensive protection for your life and also shape your fund portfolio in a proficient manner.