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Edelweiss Tokio Life – Wealth Accumulation (Privilege) is a non-participating unit linked life insurance plan that provides flexibility to invest your money with multiple fund options. This plan helps you to fulfill your goals such as owning a house, children’s education/marriage, etc.BUY NOW
This policy offers following 5 investment funds and you have the option to invest in any one or combination of fund options.
In the event of death of the life assured during the policy term, the Death Benefit payable is higher of Sum Assured including top-up sum assured (less partial withdrawals#), Fund Value including top-up fund value, Or 105% of total premiums paid including top-up premiums paid as on the date of death.
#Before age 60 years of the life assured, Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. Upon or after attaining 60 years of age, Sum Assured is reduced to the extent of all Partial Withdrawals made after attaining 58 years.
On survival of the life assured till the end of the policy term, the Fund Value (including top-up fund value) is payable at maturity. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’.
On maturity, you can opt to receive your money in annually, semi annually, quarterly or monthly installments over a period of 2/3/4/5 years, post the date of maturity. You can exercise this option by intimating to the company 2 months before the date of maturity. You also have the option to completely withdraw the fund value at any time during the settlement period. No life cover is applicable during this settlement period. Only fund management charge is levied during the settlement period. No partial withdrawals and switches are allowed during this period.
Guaranteed Addition as 0.25% of average of last day of the preceding 12 policy months fund value is payable. The additions are payable at the end of every policy year, starting from end of the 8th policy year onwards. It is added for in-force policies and once added, these are payable under all circumstances.
Change in Sum Assured is available at each policy anniversary, starting from the 6th policy year, on giving 2 months prior notice to the company. This option can be exercised up to a maximum of 3 times through during the entire policy term. Increase in sum assured is not allowed for age at 50 years & above. Decrease in sum assured does not have any age restriction. Increase/Decrease in sum assured does not result to change in basic regular premium. After decreasing the sum assured, you cannot opt to increase.
You also have the option to alter your premium paying term at any time as per terms allowed under the policy.
Top-up premium facility is available under this policy.
You can switch among 6 available fund options to suit your changing investment needs and this option is available any time during the policy term. The minimum switch amount allowed is Rs 5,000.
Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums. You need to give a notice in writing to the Company two weeks before exercising this option.
Partial Withdrawal is allowed after completion of five policy years (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount is Rs 5,000. The minimum fund value required after each withdrawal should not be less than 105% of total premiums (including top-up premium) paid till the date of partial withdrawal.
The plan is not eligible for the bonuses, as it is a non-participating insurance plan.
No loan benefit can be availed under this plan.
Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value (including top-up fund value) is credited to the ‘Discontinued Fund’ and it is refunded upon completion of the lock-in period. The proceeds after addition of interest subject to a minimum guaranteed interest rate as stipulated by IRDAI is payable after the end of the lock-in period.
Upon surrendering the policy after the lock-in period of 5 years, the Fund Value (including top-up fund value) as on the date of surrender is payable immediately.
|Age (as on last birthday)||5 Years||65 Years|
|Age at Maturity||18 Years||75 Years|
|Policy Tenure||10/15/20/25 Years||30 Years|
|Premium Paying Term (PPT)||Regular/Limited (5/7/10 Years)||-|
|Premium Paying Mode||Annually, Semi Annually, Quarterly & Monthly||-|
|Basic Premium Amount||Rs 2,50,000 (annually), Rs 1,25,000 (semi Annually), Rs 75,000 (quarterly), Rs 25,000 (monthly)||-|
|Top-up Premium||Rs 5,000||-|
|Sum Assured||<45 Years- Higher Of 10 Times The Annualized Premium Or 0.5 * Policy Term * Annualized Premium >= 45 Years- Higher Of 7 Times The Annualized Premium Or 0.25 * Policy Term * Annualized Premium||<45 Years- - 25 Times The Annualized Premium >= 45 Years - 20 Times The Annualized Premium|
|Freelook Period||15 Days From The Receipt Of The Policy||-|
|Grace Period||30 Days (15 Days For Monthly Mode)||-|
No riders can be opted under this plan.
Premium Allocation Charges: This charge is deducted from the premium paid. The Premium Allocation Charge is 2%/1% for 1st to 7th policy year under annualized premium below Rs 10 Lacs/Rs 10 Lacs & above, respectively. For Top ups, it is 1% of the top-up amount.
Policy Administration Charge: No Policy administration charge is levied.
Mortality Charges: Mortality charge is based on the age of the life insured and Sum at Risk (SAR) at the time of deduction of charge. This charge is deducted by cancelling the appropriate number of units.
Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Equity Large Cap Fund, Equity Top 250 Fund & Managed Fund, 1.25% p.a for Bond Fund, 0.75% pa. for Money Market Fund, 0.50% p.a for Discontinued Fund.
Discontinuance Charge: No discontinuance charge is levied.
Switching Charge: Unlimited switches are available during any policy year or throughout the policy term.
Premium Re-direction: No charge is levied for availing premium redirection.
Partial Withdrawal: No charge is levied for partial withdrawal.
Miscellaneous Charges: Request for additional/duplicate copy of the yearly fund statement attracts a charge of Rs 100 per statement and this charge is deducted by way of cancellation of units.
Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.
Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.
Mr. Mukesh aged 30 years takes a smart financial decision to buy ‘Edelweiss Tokio Life – Wealth Accumulation (Privilege)’ with the Policy Term of 20 years, premium payment term of 10 years, annual premium of Rs 2,50,000 with sum assured of Rs 37,50,000. The fund value (assumed) is Rs 17,50,000.
Scenario A- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of Sum Assured including top-up sum assured (less partial withdrawals if any), Fund Value including top-up fund value, Or 105% of total premiums paid including top-up premiums paid as on the date of death. So, the nominee will receive Rs 37,50,000.
Scenario B- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value (including top-up fund value) is payable at maturity. Guaranteed Additions also boost the fund value payable at the maturity of the policy. So, you will receive Rs 17,50,000 (Fund Value).