Edelweiss Tokio Life - Wealth Accumulation (Previlege)
Product Info
UIN
147L011V02
Status
Active
Launch Date
13/09/2013
Withdrawn Date
Product Overview
EdelweissTokio Wealth Accumulation- Privilege is a Unit Linked Insurance Plan. In this policy, investment risk in investment portfolio is borne by the policyholder.
Product Description
- Option to pay premiums for limited period yet enjoys the wealth accumulation and insurance protection over a longer policy term.
- Both Asset Allocation and Stock Selection support provided through new-age Managed Fund.
- Facility to make partial withdrawal, without any charge.
- No Policy Administration charges.
- Low allocation charges.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Minimum premium allowed in the plan is 2, 50,000.
- This policy offers Guaranteed Additions of 0.25% of average of last day of the preceding 12 policy months’ Fund Value which is payable at the end of every policy year from 8th policy year end onwards.
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Minimum | Maximum | |||||
| Entry Age | 5 Year | 65 Years | ||||
| Age at Maturity | 18 Year | 75 Years | ||||
| Policy Term | 10, 15, 20, 25 and 30 Years | |||||
| Premium Paying Term | Regular Premium: Same as Policy Term | |||||
| Limited Premium: 5/ 7/ 10 years | ||||||
| Premium Payment Frequency | Monthly, Quarterly, Semi-Annually or Annually | |||||
| Basic Premium ( Minimum ) | Annually | Rs. 250,000 | ||||
| Semi-Annually | Rs.125,000 | |||||
| Quarterly | Rs.75,000 | |||||
| monthly | Rs.25,000 | |||||
| Top-Ups Premium ( Minimum ) | Rs. 5000 | |||||
| Minimum Basic Sum Assured* | For entry age below 45 year | AP × Higher of (10, 0.5 × PT | ||||
| For entry age of 45 years and above | AP × Higher of (7, 0.25 × PT) | |||||
| Top Ups Sum Assured (Min) | For age of entry below 45 years | Top-up premium × 1.25 | ||||
| For age of entry 45 years and above | Top-up premium × 1.10 | |||||
| Maximum Basic Sum Assured* | Regular and Limited Pay: | |||||
| For entry age below 45 years | AP × 25 | |||||
| For entry age 45 years and above | AP × 20 | |||||
| Top-up Sum Assured ( Max ) | Top-up premium × 10 | |||||
| Notes : - AP = Annualized Premium | ||||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
Upon Maturity you will receive Higher of Fund Value or Sum Assured, subject to minimum of 105% of total basic premiums paid less all partial withdrawals Fund value
- Death benefit: In the unfortunate event of death of the life insured the nominee will be paid Higher of:
- Fund Value as on the date of intimation of the claim to the company OR
- Sum Assured less partial withdrawals OR
- 105% of total basic premiums paid till the time of death less all partial withdrawals
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Additions | Guaranteed additions of 0.25% of average of last day of the preceding 12 policy months fund value is payable. The additions will be payable at the end of every policy year from 8th policy year end onwards | |||||
| Fund Available | Funds | Equity and Equity related instruments |
Debt and Money Market Instruments |
Risk Profile |
||
| Equity Large Cap Fund | 60% - 100% | 0% - 40% | High | |||
| Equity Top 250 Fund | 60% - 100% | 0% - 40% | High | |||
| Bond Fund | 0% | 100% | Low to Medium | |||
| Money Market Fund | 0% | 100% | Low | |||
| Managed Fund # | 0% - 40% | 60% - 100% | Medium | |||
| Notes :- # Both asset allocation and stock selection will be made by the company on continuous basis | ||||||
| Discontinuance | Discontinuance of Premiums (during the first 5 policy years): | |||||
| You should pay the contractual premium within the grace period. If You fail to do so then the Company will send a notice to You within a period of 15 days from the date of expiry of the grace period. | ||||||
| Revive the policy within a period of two years; OR | ||||||
| Complete withdrawal from the policy without any risk cover. | ||||||
| Discontinuance of Premiums after completion of 5th policy year: | ||||||
| You should pay the contractual premium within the grace period. If You fail to do so then the Company will send a notice to You within a period of 15 days from the date of expiry of the grace period. | ||||||
| Revive the policy within a period of two years; OR | ||||||
| Complete withdrawal from the policy without any risk cover OR | ||||||
| Convert the policy into paid-up policy | ||||||
| Notes :- Where Paid-up Sum Assured is: Sum Assured * Total number of premiums paid / Original number of premiums payable. |
||||||
| Switching | If you want to move a part or full of your accumulated wealth from one fund to another then you can use the switching facility. | |||||
| This facility will be available free of charge at any point of time for all policies. | ||||||
| Minimum switch amount is Rs 5,000/- | ||||||
| Premium Redirection | The redirection will not affect the existing units which are already allocated to different funds. | |||||
| By default, new allocation percentage will be applicable to all future premiums and Top Ups. | ||||||
| Partial Withdrawal | You may withdraw a part of your fund value as per your liquidity requirements at any time after completion of five policy years | |||||
| Minimum Partial withdrawal: Rs. 5,000 per withdrawal (in multiple of Rs. 1,000) | ||||||
| Maximum Partial withdrawal: Fund value in excess of 105% of total premiums (including top –up premium) paid till date of partial withdrawal. | ||||||
| Settlement | On intimation to the company 2 months prior to the maturity date, you may opt to collect your maturity proceeds in instalments. The term of the Settlement Option could be 2/3/4/5 years as may be your preference. | |||||
| Term of Settlement Option | Year 1 | Year 2 | Year 3 | Year 4 | year 5 | |
| 2 Year | 1/2 | 1 | ||||
| 3 Year | 1/3 | 1/2 | 1 | |||
| 4 Year | 1/4 | 1/3 | 1/2 | 1 | ||
| 5 Year | 1/5 | 1/4 | 1/3 | 1/2 | 1 | |
| No charges except FMC will be deducted | Switches are not allowed. | |||||
| Partial withdrawals are not allowed during this time. | ||||||
| Change in Premium Paying Term | You can change your premium paying term at any time subject to the premium paying terms allowed under the product, provided all due regular premium till the date of such request are paid | |||||
| Such option can be exercised while the policy is in-force and before the expiry of the existing premium paying term | ||||||
| Change in Sum Assured (SA) | This option may be exercised maximum 3 times during the policy life. | |||||
| This option is available at each policy anniversary date starting from the 6th policy year, subject to 2 months prior notice, provided the policy is in-force | ||||||
| Revival | The policy may be revived within two years from the date of discontinuance | |||||
| The proof of continued insurability and medical examination if required | ||||||
| Collect all due and unpaid premiums without charging any interest or fee. | ||||||
| Levy policy administration charge and premium allocation charge as applicable during the discontinuance period. No other charges shall be levied. | ||||||
| The Discontinuance Fund as on date of revival | ||||||
| Will add back the discontinuance charges deducted at the time of discontinuance of the policy | ||||||
Add-ons
Not Available
Charges
| Charges | ||||||
|---|---|---|---|---|---|---|
| Discontinuance Charges | None | |||||
| Discontinuance Fund | Assets | Minimum | Maximum | Risk Profile | ||
| Money Market Instruments | 0% | 40% | Low | |||
| Government Securities | 60% | 100% | ||||
| Policy Administration | None | |||||
| Fund Management Charges |
Funds | Charge as % of asset value | ||||
| Equity Large Cap Fund | 1.35% | |||||
| Equity Top 250 Fund | 1.35% | |||||
| Bond Fund | 1.25% | |||||
| Money Market Fund | 0.75% | |||||
| P/E based Fund | 1.30% | |||||
| Managed Fund | 1.35% | |||||
| Discontinuance Fund | 0.50% | |||||
| Premium Allocation Charges |
For Annualised Premium | |||||
| Year | Below 10L | Rs. 10L and above | ||||
| 1 - 7 | 2% | 1% | ||||
| 8+ | Nil | Nil | ||||
| Notes :- Top ups : 1% of the top-up amount | ||||||
| Mortality Charges | Monthly Mortality Charges = Sum at Risk* (Annual Mortality rate / 12) | |||||
| Notes :- * Sum at risk = applicable death benefits - fund value. | ||||||
| Switching | This facility will be available free of charge at any point of time for all policies | |||||
| There are no restrictions on the number of switches during a particular policy year or during the entire policy term. | ||||||
| Premium Redirection | This facility will be available free of charge at any point of time for all policies | |||||
| You need to give a notice in writing to the Company two weeks prior to the receipt of the relevant premium | ||||||
| Partial Withdrawal | This facility will be available free of charge at any point of time for all policies. | |||||
| There is a lock-in period of five years for each Top-up premium from the date of payment of that Top-up premium for the purpose of partial withdrawals | ||||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Avail tax benefits under Section 80C and Section 10 (10D) of Income Tax Act, 1961
Claim Process
Know Claim Process Of Edelweiss Tokio Life - Wealth Accumulation (Previlege)
Company Overview
Edelweiss Tokio is a new age life insurance player in India, Established in 2011.Edelweiss Tokio Life is a Joint Venture between one of India’s growing and largest non banking financial entity, Edelweiss Financial Services Limited and one of the oldest insurer of Japan, Tokio Marine and Nichido Fire Insurance Co. Ltd.
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