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Edelweiss Tokio Life – Wealth Accumulation Cover Plus Plan

What is the Plan all About?

Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) is a non-participating unit linked life insurance plan that meets your wealth accumulation needs for key milestones of life. This ULIP plan also provides a life cover that ensures financial cushion for your loved ones, in the event of your unfortunate death.

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What are the Key Features?

  • Enjoy wealth accumulation with life coverage
  • 6 investment fund options to choose from
  • Asset Allocation and Stock Selection support
  • Avail Guaranteed Additions
  • Receive Maturity benefit as lump sum or installments
  • Limited/Regular premium payment option
  • Option to pay premiums over and base premium via Top ups
  • Access wealth through partial withdrawals
  • Avail switching/premium redirection
  • Low charge structure
  • Tax benefits under section 80 C

What are the Fund Investment Options?

This policy offers following 6 investment funds and you have the option to invest in any one or combination of fund options.

  • Equity Large Cap Fund
  • Equity Top 250 Fund
  • Bond Fund
  • Money Market Fund
  • Managed Fund
  • Price Earning (P/E) based Fund

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured during the policy term, the Death Benefit payable is higher of Fund Value (including top-up fund value) Plus Sum Assured (including top-up sum assured) Or 105% of total premiums paid (including top-up premiums paid) as on the date of death.

Maturity Benefit

    On survival of the life insured 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’.

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 Additions

    Guaranteed Addition varies from 2% to 6%, depending on the annualized premium, policy year & premium payment term chosen. It is added for in-force policies. The Guaranteed Addition is reduced to the extent of the Partial Withdrawals made till the date of the Guaranteed Addition.

Alterations Allowed

    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 for increase.

Top-Up Premium

    Top-ups can be done under this policy.

Switching

    You can switch among 6 available fund options to suit your changing investment needs. The minimum switch amount allowed is Rs 5,000.

Premium Re-direction

    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

    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 maximum amount allowed per partial withdrawal is 25% of the fund value. The minimum fund value required after each withdrawal should not fall below 105% of total premiums (including top-up premium) paid till the time of partial withdrawal less sum assured.

Bonus

    The plan is not eligible for the bonuses, as it is a non-participating insurance plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value (including top-up fund value) less applicable discontinuance charges 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.

Who can Buy the Plan?

Factor Minimum Maximum
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 25,000 (annually), Rs 18,000 (semi Annually), Rs 9,000 (quarterly), Rs 3,500 (monthly) No Limit
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) -
Plan Type Offline -

Is any Rider Available with this Plan?

No riders can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charges: This charge is deducted from the premium paid. The Premium Allocation Charge varies, from 2% to 6%, depending on the annualized premium and the policy year. For Top ups, it is 1% of the top-up amount.

Policy Administration Charge: Policy administration charge is 50 per month, increasing @5% per annum on each policy anniversary. This charge is deducted by cancelling appropriate units at the prevailing unit price.

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.

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, 1.30% pa. for Price Earning (P/E) based Fund, 0.50% p.a for Discontinued Fund.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Switching Charge: First 4 switches are free of charge during a policy year. The subsequent switches attract a charge of Rs 100 per switch. Unused switches cannot be carried forward to the next policy year.

Premium Re-direction: 2 free premium redirections are available during a policy year. The subsequent premium redirection attracts a charge of Rs 100 per redirection request.

Partial Withdrawal: 2 free partial withdrawals are allowed during a policy year. The subsequent partial withdrawal attracts a charge of Rs 200 per withdrawal request. Unused partial withdrawals cannot be carried forward to the next policy year.

Miscellaneous Charges: Any request for additional/duplicate copy of the yearly fund statement is levied with a charge of Rs 100 per statement.

Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Life Assured- Mr. Raj aged 35 years

Plan Purchased- Edelweiss Tokio Life – Wealth Accumulation (Cover Plus)

Policy Term- 20 years
Premium Payment Term- 10 years
Annual Premium- Rs 50,000
Sum Assured- Rs 7,50,000
Fund Value- Rs 5,00,000 (assumed)

Scenario A- 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 add to the fund value. So, you will receive Rs 5,00,000 plus Guaranteed Additions (as applicable).

Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of Fund Value (including top-up fund value) Plus Sum Assured (including top-up sum assured) Or 105% of total premiums paid (including top-up premiums paid) as on the date of death. So, the nominee will receive Rs 12,50,000.

Benefit Illustration:

Edelweiss Tokio Life – Wealth Accumulation (Cover Plus) Benefit Illustration