The Wealth Accumulation Privilege Plan from Edelweiss Tokio is a unit-linked insurance plan that has multiple benefits to offer. Based on your wealth accumulation need, you can choose your policy term, premium payment term, payment frequencies and the sum assured. You then have a choice of various funds to invest in so that you can grow your investment.
For any life insurance plan, the insurance provider sets certain eligibility requirements that the customer must fulfill in order to be able to avail the plan. In order to avail this plan, customers must meet certain criteria set out by Edelweiss Tokio.
|Minimum entry age||5 years|
|Maximum entry age||65 years|
|Minimum age at maturity||18 years|
|Maximum age at maturity||75 years|
*Ages mentioned refer to age last birthday
Given below are the details of the sum assured, premiums and policy terms available with the Edelweiss Tokio Life Wealth Accumulation (Privilege) Plan.
|Minimum sum assured||Entry age below age 45 years - AP x higher of (10 or 0.5 x PT) Entry age of 45 years and above - AP x higher of (7 or 0.25 x PT)|
|Basic Top-up sum assured||Entry age below age 45 years at the time of top-up - Top-up premium x 1.25 Entry age of 45 years and above - Top-up premium x 1.10|
|Maximum sum assured||Regular Pay Entry age below age 45 years - AP x 25 Entry age of 45 years and above - AP x 20|
|Maximum Top-up sum assured||Top-up premium x 10|
|Policy term||10 years 15 years 20 years 25 years 30 years|
|Premium payment terms||Regular premium - Same as policy term Limited premium - 5 years, 7 years or 10 years|
|Premium payment frequency||Monthly, Quarterly, Semi-annually, or Annually|
|Minimum Premiums||Monthly mode - Rs.25,000 Quarterly mode - Rs.75,000 Half-yearly mode - Rs.1.25 lakhs Yearly mode - Rs.2.5 lakhs Top-ups - Rs.5,000|
*Premiums vary based on age, location, plan term and other factors
The Edelweiss Tokio Life Wealth Accumulation (Privilege) Plan has a number of benefits for the life insured and their family. Given below are some of the important benefits associated with this plan.
|Death benefit||Upon the death of the life insured, the nominee will be entitled to claim the following (whichever is higher):
|Maturity benefit||If the life insured survives till the end of the policy term, the fund value will be paid as the maturity benefit.|
|Surrender benefit||You can surrender the policy and the fund value will be paid as the maturity benefit.|
|Guaranteed additions||0.25% of the average of fund value on the last day of the preceding 12 policy months will be payable. The additions are added to the policy from the 8th policy year end onwards and will be payable at the end of every policy year thereafter.|
|Tax benefits||Available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.|
Depending on your appetite for risk, you can choose to invest in any of the five funds mentioned below:
|Funds||Debt and Money Market||Equity||Risk|
|Equity Large Cap Fund||0% to 40%||60% to 100%||High|
|Equity Top 250 Fund||0% to 40%||60% to 100%||High|
|Bond Fund||100%||0%||Low to Medium|
|Money Market Fund||100%||0%||Low|
|Managed Fund||60% to 100%||0% to 40%||Medium|
In case of discontinuance, the fund will be transferred to a segregated fund of the company. There will be no choice given to the policyholder.
|Money Market Instruments||0%||40%||Low|
Riders enhance the protection level offered with the base plan. You can opt for a rider by paying an additional premium. The rider will payout different benefits upon the occurrence of the event it covers. Riders may be available with this policy. Please check with Edelweiss Tokio Life for detailed information.
If the life insured commits suicide within 1 year from the commencement of the policy, whether medically sane or insane, the policy benefits are not payable. Edelweiss Tokio will pay the fund value as on the date of death to the nominee.
If the life insured commits suicide within 1 year from the date of increase in sum assured, whether medically sane or insane, this amount will not be considered in evaluating the death benefit.
If there were any deductions made after the date of death, it will be refunded to the nominee.
Knowing the details mentioned in your life insurance policy document is very important. These details are mentioned in the policy document and you are advised to read it before purchasing it. Given below are some of the important features of the Edelweiss Tokio Life Wealth Accumulation (Privilege) Plan.
|Grace Period||30 days is granted for quarterly, half-yearly and yearly mode. 15 days for monthly mode.|
|Policy Loan||Loans are not available under this plan.|
|Free-look Period||The policyholder has 15 days to review the policy. If they not satisfied with the terms of the policy, they can return the original policy bond and submit a letter with the reasons for objection. The policy will be cancelled and the company will refund the following: Fund value as on the cancellation date + non-allocated premium + charges levied by cancellation of units - (stamp duty + proportionate risk cover + medical expenses).|
|Switching Funds||You can move a part or total of the accumulated wealth between funds free of charge at any point of time. The minimum amount required to make a switch is Rs.5,000.|
|Premium Redirection||Incoming premium will be allocated to different funds in proportion to the existing allocation selected by you at that time. You can use the Premium Redirection facility to change the allocation percentages. This will not affect existing units already allocated. This facility is free of charge but requires written notice to the company 2 weeks before the receipt of premium.|
|Partial Withdrawal||You can make withdrawals of a minimum of Rs.5,000 per withdrawal (and in multiples of Rs.1,000 thereof). This facility is available after 5 policy years. The maximum withdrawal cannot exceed 105% of the total premiums paid. This facility is free of charge.|
|Settlement Option||You can choose to take your maturity proceeds in instalments by giving 2 months prior intimation to the company. You can choose between 2, 3, 4 and 5 years and will be payable in monthly, quarterly, and half-yearly frequencies through ECS only. At this time, switches and withdrawals are not allowed.|
|Policy Lapse||If premiums are discontinued within 5 years, the policy will lapse. You have the option to revive it within 2 years or completely withdraw from the policy. If you withdraw, the fund value will be transferred to a discontinued fund for the lock-in period and continue to earn returns, but the life cover will cease. If premiums are discontinued after 5 years, the policy will lapse. You have the option to revive it within 2 years or completely withdraw from the policy. If you withdraw, the fund value will be transferred to a discontinued fund for the lock-in period and continue to earn returns, but the life cover will cease. You can also convert the policy into a Reduced Paid-Up policy.|
|Reduced Paid-Up Policy||The sum assured under this policy is (sum assured x total number of premiums paid / original premiums payable).|
|Surrender Value||If you surrender the policy, you will receive the fund value as on that date.|
|Reinstatement||From the due date of the first unpaid premium, you can reinstate your policy within 2 years. You need to submit the following:
|Assignment||Assignment is allowed as per the provision of Section 38 of the Insurance Act, 1938.|
|Nomination||Nomination is allowed as per the provision of Section 39 of the Insurance Act, 1938.|
Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits. As per the prevailing tax laws in India, you can claim for tax benefits under Section 80C and Section 10(10 D) of the Income Tax Act, 1961.
When you choose Edelweiss Tokio as your insurance provider, you can stand to benefit from the following:
Edelweiss Tokio Life Insurance has a customer-centric approach and develops its products based on its understanding of the diverse financial needs of Indian customers. The company was set up with a commitment to build a long-term sustainable business.
This policy is designed to give you flexible investment options. Grow your money and enjoy the benefit of life cover at the same time. A choice of funds gives you the opportunity to invest as per your risk appetite. The plan is ideal for those who wish to accumulate wealth and at the same time ensure that their families are protected in case of their unfortunate demise.
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