Edelweiss Tokio Life Wealth Builder Plan
- 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
The Edelweiss Tokio Life – Wealth Builder Plan is a plan that enriches your wealth extensively. When the policy matures, you will receive guaranteed maturity benefits. You can invest your hard-earned money in this plan to obtain excellent returns. You can pay your premiums by choosing any of the various options as per your preferences. You can also select your policy period depending on your convenience.
Eligibility – Who is the Edelweiss Tokio Life – Wealth Builder Plan for?
The Edelweiss Tokio Life – Wealth Builder Plan is designed for anybody who wants to build his or her funds properly. It is a non-participating plan that is also non-linked in nature. Let us take a look at the eligibility criteria that need to be met while applying for this plan:
| Minimum entry age | 91 days as on your last birthday |
| Maximum entry age | 55 years as on your last birthday |
| Minimum maturity age | 18 years as on your last birthday |
| Maximum maturity age | 70 years as on your last birthday |
Sum Assured and Premium Range – What you get and what it costs
The Edelweiss Tokio Life – Wealth Builder Plan enables you to achieve your big dreams by helping you accumulate your wealth over a couple of years. The plan offers a great sum assured which will help you and your family to lead a stable and a safe lifestyle. The premiums for this plan are fixed after proper research. Let us take a look at the sum assured and premium range details for this plan:
| Sum assured on death | When the policyholder dies, the nominee will receive the sum assured on maturity OR 10 times the annualised premium OR the absolute amount that is supposed to paid when the policyholder dies OR 105% of all the premiums that have been paid till the policyholder dies, whichever is higher. The absolute amount assured that is payable on death is as follows: 13 times of annual premium for 12 Pay 11 times of annual premium for 10 Pay 10 times of annual premium for 5 Pay and 7 Pay |
| Sum assured when policy matures | Cumulative annualized premium (i.e. Annualised Premium X PPT ) |
| Minimum premium | Annual: Rs.15,000 Semi-annual: Rs.8,000 Monthly: Rs.1,500 |
| Policy Paying Term (PPT) | 5, 7, 10, and 12 years |
| Policy period | 10, 15, 20, 25, and 30 years |
| Premium payment frequency | Annual, semi-annual, and monthly |
Premiums vary based on age, location, plan term and other factors.
Premium loading factors for the Edelweiss Tokio Life – Wealth Builder Plan
| Modal loading | Modal premium as a certain % of annualised premium | |
| Monthly | 5.6% | 8.8% |
| Semi-annual | 2.4% | 51.2% |
| Annual | 0.0% | 100% |
Plan coverage – What the Edelweiss Tokio Life – Wealth Builder Plan covers
The Edelweiss Tokio Life – Wealth Builder Plan provides several benefits to both the policyholder as well as the dependents of the policyholder. The plan offers a unique benefit known as the large premium benefit apart from the normal benefits. Let us take a look at what the plan covers:
| Type of benefit | Features of the benefit |
| Death benefit when the life assured dies | When the policyholder whose entry age is above 5 years dies, the following benefits will be paid: 10 times of annualised premium OR 105% of total premiums paid until the policyholder dies OR sum assured on maturity OR the absolute amount that has to be paid when the policyholder dies; whichever is higher. The death benefit should be at least 115% of annualised premiums that have been paid until the policyholder dies. When the policyholder whose entry age is below 5 years dies, the following benefits will be paid: The risk cover will begin for a minor life one month before the 2nd policy anniversary. If the policyholder dies within the period of 1 year and 11 months from when the policy begins, then the nominee will get 105% of the full premiums that have been paid till the insured dies. |
| Maturity benefit | When the policy matures, a sum assured on maturity will be provided along with the accumulated guaranteed loyalty additions and a large premium benefit. The sum assured on maturity will be the cumulative annualised premium. |
| Premium discontinuance | For 5-pay, 7-pay, 10-pay, and 12-pay, if you stop paying your premiums on time, your policy will get expired and you will not receive any surrender value. If you pay the first policy’s complete premium, the policy will accumulate a paid-up value and you will receive it. |
Riders/Add-On Plans – Additional coverage under the Edelweiss Tokio Life – Wealth Builder Plan
With the Edelweiss Tokio Life – Wealth Builder Plan, you will get excellent riders which will provide you with additional benefits. Let us take a look at the riders offered with this plan:
- Edelweiss Tokio Life - Term Rider
- Edelweiss Tokio Life - Accidental Death Benefit Rider
- Edelweiss Tokio Life - Critical Illness Rider
- Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider
- Edelweiss Tokio Life – Income Benefit Rider
- Edelweiss Tokio Life - Payor Waiver Benefit Rider
- Edelweiss Tokio Life - Waiver of Premium Rider
The sum assured of the rider cannot be higher than the sum assured of the death benefit.
Exclusions – What the Edelweiss Tokio Life – Wealth Builder Plan doesn’t cover
Under the Edelweiss Tokio Life – Wealth Builder Plan, there is a suicide claim. If the policyholder commits suicide in 1 year since when the policy commences, then the policy will be invalid. Only 80% of the premiums that have been paid till the date of suicide will be paid to the nominee. If the policyholder dies in 1 year after the policy is revived, then the policy will be considered null. As the death benefit, the surrender value as on the date of the death or 80% of the premiums that have been until the date of the death, whichever is higher, will be paid to the nominee.
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 Builder 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 Builder 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 organisation allows you to get a free quote online.
Why should you buy the Wealth Builder 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 organisation 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.
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