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.
Insurance providers usually set the eligibility criteria which need to be met in order to avail the protection accorded by the plan:
|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
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.
|Minimum Basic Sum Assured||
|Maximum Basic Sum Assured||For both Regular and Limited Pay:
*AP stands for Annualized Premium
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.
|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||
*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:
The Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) Plan offers a number of different benefits and these are listed in the table below:
|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.|
There are no additional riders that are available for purchase along with the Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) Plan.
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.
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.|
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.
These are the other benefits:
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.