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Edelweiss Tokio Life – Wealth Builder Plan

What is the Plan all About?

Edelweiss Tokio Life – Wealth Builder is a Non-Linked & Non Participating Life Insurance Plan that helps enhance your wealth. This plan provides guaranteed upfront benefits along with maturity benefit and death benefit.

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What are the Key Features?

  • Guaranteed upfront benefits
  • Enjoy Guaranteed Loyalty Additions
  • Simplified product structure
  • Extra benefit for paying higher premium
  • Loan facility
  • Multiple policy term & premium paying term options
  • Choose riders to enhance benefits

What are the Plan Benefits?

Death Benefit

    For entry age above 5 years:

    Sum Assured on Death plus Accrued Guaranteed Loyalty Additions is payable to the Nominee/Legal heir.
     

    Sum Assured on Death is higher of 105% of total premiums paid (as on date of death), 10 times of Annualized premium, Sum Assured on Maturity, or any absolute amount assured to be paid on death. Any absolute amount assured to be paid on death = 10/11/13 times of Annual Premium for 5 & 7 Pay/10 Pay/12 Pay.
     

    The Death Benefit at any point in time is at least 115% of Annualized Premiums paid till date of death.
     

    For entry age below 5 years:

    The risk cover will start one month before second policy anniversary. In case of demise during 1 year and 11 months following the date of commencement of the policy, 105% of total premiums paid (till the date of death) is then payable.
     

    After commencement of the risk cover, the death benefit would be the same as for Entry Age above 5 years.

Maturity Benefit

    Sum Assured on Maturity plus Accrued Guaranteed Loyalty Additions plus Large Premium Benefit is payable on maturity of the policy. Here, Sum Assured on Maturity = cumulative Annualized Premium (or, Annualized Premium * PPT).
     

    Large Premium Benefit

    Rs 5000/Rs 10000/Rs 20,000/Rs 20,000/Rs 20,000 is payable as an additional benefit on maturity per Rs 20,000 premium in excess of Rs 40,000 annual premium.

Guaranteed Loyalty Additions

    Guaranteed Loyalty Additions is a percentage of Accrued Annualized Premiums and it is paid up to previous policy year. The accrued Guaranteed Loyalty Additions is payable on death or maturity. The amount of Guaranteed Loyalty Additions depends on Policy Term, Premium Paying Term, Annualized Premium, Entry Age and Gender of the Life Insured.

Loan Benefit

    The maximum loan amount that can be availed under this policy is 90% of Surrender Value.

Surrender Value

    Surrender Value is higher of Guaranteed Surrender Value and Special Surrender Value. For 5/7 Pay, Surrender Value is acquired on payment of first full policy years’ premium and for 10/12 pay, Surrender Value is acquired on payment of at least first 2 policy years’ premium.

Tax Benefit

    This policy provides tax benefits for premium paid and the policy proceeds under section 80C & 10 (10D) of the Income Tax Act, respectively. Premiums paid for Critical Illness Rider is also eligible for tax deduction under section 80D of the Income Tax Act.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 91 Days 55 Years
Age at Maturity 18 Years 70 Years
Policy Tenure 10/15/20/25 Years 30 Years
Premium Paying Term 5/7/10/12 Years -
Premium Paying Mode Annually, Semi Annually & Monthly -
Premium Amount Rs 15,00 (annually), Rs 8,000 (semi Annually), Rs 1,500 (monthly) -
Sum Assured Higher Of 10 Times Of Annualized Premium, Sum Assured On Maturity, 105% Of Total Premiums Paid Till Date Of Death, Or Any Absolute Amount Assured To Be Paid On Death -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Online -

Is any Rider Available with this Plan?

Following riders can be opted under this plan, on payment of additional rider premium.

  • Edelweiss Tokio Life - Accidental Death Benefit Rider
  • Edelweiss Tokio Life - Accidental Total & Permanent Disability Rider
  • Edelweiss Tokio Life - Income Benefit Rider
  • Edelweiss Tokio Life - Payor Waiver Benefit Rider
  • Edelweiss Tokio Life - Term Rider
  • Edelweiss Tokio Life - Waiver of Premium Rider
  • Edelweiss Tokio Life - Critical Illness Rider

How the Plan Works?

Let us understand the plan with the help of an illustration.
 

Mr. Raman at 30 years of age, wants to build wealth along, so you can fulfill your family’s dreams such as international education course for your child, enjoying post-retirement life. He also wants to ensure the family’s protection, in case of a mishap. He thus chooses to buy Edelweiss Tokio Life – Wealth Builder with policy term of 10 years, Rs 5 Lacs sum assured, and pays Rs 30,000 premium annually for 5 years.
 

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the end of the policy term, Sum Assured on Maturity plus Accrued Guaranteed Loyalty Additions plus Large Premium Benefit is payable at the maturity of the policy.
 

Edelweiss Tokio Life – Wealth Builder


Scenario B: Raman dies during the Policy Term

In the event of demise of Mr. Raman during the 8th policy year, a lump sum amount of Rs 5 Lacs plus Accrued Guaranteed Loyalty Additions is payable as the death benefit to the nominee.
 

Edelweiss Tokio Life – Wealth Builder Plan