Edelweiss Tokio Life - Wealth Builder
Product Info
UIN
147N026V01
Status
Active
Launch Date
14/03/2014
Withdrawn Date
Product Overview
Edelweiss Tokio Life – Wealth Builder is a non-linked, non-participating life insurance plan. This plan helps to accumulate wealth for meeting those grand plans to celebrate your achievements. What makes our offering special is that, we understand you need money to maximize your wealth and enjoy at the best possible time. This plan offers a fully guaranteed maturity benefit and death benefit. What’s more! You also get a guaranteed loyalty addition.
Product Description
- All the benefits are guaranteed upfront.
- Simplified product structure for easy understanding
- Get additional benefits through Guaranteed Loyalty Additions
- Multiple options of policy term and premium paying term to suit your requirements
COMPARE & BUY SIMILAR PLANS
Unique Features
- Edelweiss Tokio Life - Wealth Builder is a traditional plan in which all the benefits are guaranteed and provides the highest returns in the guaranteed product category.
- The product offers a ’Guaranteed Loyalty Additions (GLA)’. The amount of GLA depends on annualized premium, policy term, premium paying term, entry age and the gender of the life assured.
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Minimum | Maximum | |||||
| Entry Age | 91 Days | 55 Years | ||||
| Age at Maturity | 18 Year | 70 Years | ||||
| Policy Term | 10, 15, 20, 25 and 30 Years | |||||
| Premium Paying Term | 5, 7, 10 and 12 years | |||||
| Premium Payment Frequency | Annual, Semi-annual, Monthly | |||||
| Minimum Premium | Annual | Rs 15,000 | ||||
| Semi-Annual | Rs 8,000 | |||||
| Monthly | Rs 1,500 | |||||
| Sum Assured on Death (SA) | Premium Paying Term | Sum Assured on Death | ||||
| 5 Pay | 10 times of Annualized Premium | |||||
| 7 Pay | 10 times of Annualized Premium | |||||
| 10 Pay | 11 times of Annualized Premium | |||||
| 12 Pay | 13 times of Annualized Premium | |||||
| Sum Assured on Maturity | Cumulative Annualized Premium | |||||
| Note: For policy term 10 years, only 5 pay and 7 pay (PPT) are allowed | ||||||
| Premium loading factor | The premium loading factors for various modes are given below: | |||||
| Modal Loading | Modal premium as a % of annualized premium | Sample Premium (Annualized Premium = 100,000) | ||||
| Monthly | 5.60% | 8.80% | 8,800 monthly | |||
| Semi-annual | 2.40% | 51.20% | 51,200 semi-annually | |||
| Annual | 0.00% | 100% | 100,000 annually | |||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
| Benefit | Description | |||||
| Maturity Benefit | Upon Maturity you will be paid the Sum Assured on Maturity plus Accrued Guaranteed Loyalty Additions Where Sum assured on Maturity is equal to cumulative Annualized premium =PPT*Annualized Premium | |||||
| Death benefit | For policyholder with entry age above 5 years: | |||||
| Sum Assured on Death Plus Accrued Guaranteed Loyalty Additions will be payable to Nominee/Legal heir | ||||||
| Where, Sum Assured on Death is as below :- | ||||||
| PPT | Sum Assured on Death | |||||
| 5 Pay | 10 times of Annualized Premium | |||||
| 7 Pay | 10 times of Annualized Premium | |||||
| 10 Pay | 11 times of Annualized Premium | |||||
| 12 Pay | 13 times of Annualized Premium | |||||
| For policyholder with entry age below 5 years | ||||||
| For minor lives, where the entry age is below 5 years, the risk cover will start one month prior to the second policy anniversary. | ||||||
| In case of death during the 1 year and 11 months from the date of commencement of the policy where entry age was below 5 years, the company will pay 105% of total premiums paid till date of death. | ||||||
| Once the risk cover starts the death benefit would be as per the benefit offered for Entry Age above 5 years | ||||||
| Tax Benefit | Avail tax benefits under Section 80C and Section 10 (10D) of Income Tax Act, 1961 | |||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Extra benefit available | Higher benefit is made available for higher Annualized Premium as per the table given below: | |||||
| Policy Term | Additional Benefit on Maturity (per 20,000 premium exceeding Annualized premium of Rs 40,000) | |||||
| 10 | 5,000 | |||||
| 15 | 10,000 | |||||
| 20 | 20,000 | |||||
| 25 | 20,000 | |||||
| 30 | 20,000 | |||||
| Guaranteed Loyalty Addition rate for female lives | Up to Age 3 | Same as Male Rate of age 0 | ||||
| Age 4 & above | Same rate as 3 year younger Male | |||||
| Premium Discontinuance | 5 Pay and 7 Pay | |||||
| On premium discontinuance before one year’s full premium is received, the policy will lapse and no surrender value or paid-up value will be payable. | ||||||
| On premium discontinuance after first policy year’s full premium is received, the policy will acquire paid-up value. | ||||||
| 10 Pay and 12 Pay | ||||||
| On premium discontinuance before two years’ full premiums are received, the policy will be lapsed and no surrender value or paid-up value will be payable. | ||||||
| On premium discontinuance after first two policy years’ full premiums are received, the policy will acquire paid-up value. | ||||||
| Paid-up Benefits | 5 Pay and 7 Pay | |||||
| If all premiums for at least one policy year have not been paid in full, then paid-up value is nil. If all the premiums have been paid for at least one policy year then the policy will continue as a ‘Reduced Paid-up’ policy and all the benefits shall be reduced proportionately | ||||||
| 10 Pay and 12 Pay | ||||||
| If all premiums for at least two consecutive years have not been paid in full, then paid-up value is nil. If all the premiums have been paid for at least two consecutive years then the policy will continue as a ‘Reduced Paid-up’ policy and all the benefits shall be reduced proportionately. | ||||||
| All the benefits will be multiplied by a paid-up factor | ||||||
| where Paid-up Factor = (Number of premiums paid/ Number of premiums payable) | ||||||
| Under reduced paid-up Sum Assured on Death, Sum Assured on Maturity and Guaranteed Loyalty Additions will be reduced by the Paid-Up Factor. Thus | ||||||
| Paid –up Sum assured on death = Sum Assured on death * Paid-up factor | ||||||
| Paid –up Sum assured on maturity = Sum Assured on maturity * Paid-up factor | ||||||
| Paid –up Guaranteed Loyalty Additions = Accrued Guaranteed Loyalty Additions * Paid-up factor | ||||||
| Surrender Benefit | 5 Pay and 7 Pay | |||||
| The Policy acquires surrender value from second policy year provided all the premiums have been paid in full for at least first policy year | ||||||
| 10 Pay and 12 Pay | ||||||
| The Policy acquires surrender value if all the premiums have been paid in full for at least first two policy years. | ||||||
| On surrender the surrender value, if any, will be immediately paid and policy will be terminated | ||||||
| The surrender value payable is higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV) | ||||||
| Guaranteed Surrender Value | The Guaranteed Surrender Value is sum of | |||||
| Surrender value of premiums AND | ||||||
| Surrender value of Accrued Guaranteed Loyalty Additions | ||||||
| Surrender value of premiums | During first policy Year = Nil | |||||
| During second policy Year is: | ||||||
| Surrender value during 2nd policy Year | 5 Pay and 7 pay | 10 Pay and 12 pay | ||||
| If one full year’s premium has been paid | 20% | Nil | ||||
| If two full year’s premiums have been paid | 30% | 30% | ||||
| Notes :- For Surrender value of premium 3rd Policy Year Ref PDF | ||||||
| Surrender value | Surrender value of Accrued Guaranteed Loyalty Additions = Accrued Guaranteed Loyalty Additions * Surrender Value Multiple | |||||
| Notes :- For The Surrender Value (SV) Multiple , Ref PDF | ||||||
| Special Surrender Value | Special Surrender Value = Paid–up factor * (Sum Assured on Maturity + Guaranteed Loyalty Additions) *SSV Factor | |||||
| where Paid-up Factor = (Number of premiums paid/ Number of premiums payable) | ||||||
| Notes :- For SSV Factor , Ref PDF | ||||||
| Revival | If premiums are not paid within the period of grace the policy lapses | |||||
| The policy may be revived within two years from the date of the first unpaid premium | ||||||
| The revival will be considered on receipt of written application from the policyholder along with the proof of continued insurability of Life Assured and on payment of all overdue premiums with simple interest of 1% per completed number of months | ||||||
Add-ons
- Accidental Total and Permanent Disability Rider:
Accidental Total and Permanent Disability Rider provides you with a lump sum benefit to cater your immediate expenses in case your income earning capacity is hindered due to an accidental disability.
- Accidental Death Benefit Rider:
Edelweiss Tokio Life - Accidental Death Benefit Rider provides for additional financial security in case any accident occurs. Also, the benefit is payable in lumpsum.
- Waiver of Premium Rider:
Edelweiss Tokio Life - Waiver of Premium Rider provides you protection in case of critical illness or accidental total and permanent disability.
- Life - Term Rider:
Edelweiss Tokio Life - Term Rider provides you with a lumpsum amount in addition to the base plan cover to provide increased security to your family
- Critical Illness Rider:
Edelweiss Tokio Life - Critical Illness Rider Provides you with a lumpsum to cater to your immediate expenses in case your income earning capacity is hindered in the event of critical illness.
- Payor Waiver Benefit Rider:
Payor Waiver Benefit Rider waives off all future premiums in case of death, critical illness or total & permanent disability due to accident, so that the life assured continues to get the benefits.
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Claim Process
Know Claim Process Of Edelweiss Tokio Life - Wealth Builder
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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