Edelweiss Tokio Life – Wealth Builder is a non linked non participating life insurance policy that helps you accumulate wealth so that you can meet various future needs such as retirement income or child’s higher education. Edelweiss Tokio Life – Wealth Builder policy offers guaranteed death and maturity benefits apart from a rewarding Guaranteed Loyalty Addition (GLA) scheme wherein you get loyalty additions as per policy wordings.
Edelweiss Tokio Life – Wealth Builder Plan Eligibility Conditions
Minimum – 91 days
Maximum – 55 years
Minimum – 18 years
Maximum – 70 years
Annual premium payment – Rs.15,000
Semi annual premium payment – Rs.8,000
Monthly premium payment – Rs.1,500
Sum Assured on Death
10 times yearly premium
Maturity sum assured
105% of total premiums paid till death
Absolute assured amounts payable on death
Absolute assured amounts is defined as:
10 times yearly premium for 5 and 7 years premium payment terms
11 times yearly premium for 10 years premium payment term
13 times yearly premium for 12 years premium payment term
The death benefit at any point of time will be equal to at least 115% of all yearly premiums paid till death.
Edelweiss Tokio Life – Wealth Builder Plan Key Features
Non Linked Non Participating Endowment Assurance Plan
Guaranteed Loyalty Addition – This is accrued during the start of policy year and is given as a percentage of accrued annualized premiums paid up till the previous policy year. GLA will be paid out on death or maturity and the period of accrual is as follows:
GLA Accrual Period
From policy year
To policy year
GLA varies as per gender also:
Females up to age 3 – same rate as males
Females aged 4 and above – same rate as 3 years younger male
Death Benefit – In the unfortunate event of death during the policy term, the beneficiary will receive Sum Assured on Death plus GLA, if any, as per the table above.
Maturity Benefit – Sum Assured on Maturity plus any accrued GLA plus large premium benefit. Sum Assured on Maturity is calculated as cumulative yearly premiums, i.e., yearly premium * PPT)
Reduced Paid-Up Benefits – Edelweiss Tokio Life – Wealth Builder Plan continues on a Reduced Paid-Up basis if premiums have been paid for at least 1 full year (5 and 7 years PPT) and 2 years (10 and 12 PPT).
10, 15, 20, 25 and 30 years
Premium paying term
5, 7, 10 and 12 years
Premium payment frequency
Annual – for all ages
Yearly, half yearly and monthly
Relapsed policies may be reinstated to full coverage within 2 years from due date of first unpaid premium by paying all outstanding premiums with simple interest of 1% per month from date of first unpaid premium. Proof of continued insurability and medical examination may be required.
Available after policy acquires Surrender Value. Maximum loan amount is 90% of policy surrender value. Interest will be charged at SBI Base Rate plus 1.75% p.a.
Grace period of 30 days on all premium payment modes.
Free Look Period
15 days free look period is offered wherein a policyholder may return the policy if he/she is not agreeable to terms and conditions of the plan. 30 days free look period is policy is purchased through distance marketing channels. Refund of premium will be processed after adjustments for stamp duty, medical examination and proportionate risk premium for period covered.
Edelweiss Tokio Life – Wealth Builder Plan Advantages
Tax benefits are available under Section 80C, Section 80D and Section 10 (10D) of the Income Tax Act, 1961. Section 80D may also be invoked if you have purchased Critical Illness Rider. You should consult your tax advisor for more details.
Benefits are guaranteed upfront so as to remove any confusion or variations.
Additional benefits through GLA
Additional benefits are available on maturity for every Rs.20,000 paid as premium, above Rs.40,000.
I have taken my life insurance from the Edelwiss tokio life insurance. I have taken a wealth builder plan from them. It covers accidental and hospital coverage. I only have to pay rupees 70 per month for this policy. I chose this policy only after looking into the coverage.
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PANJABRAO NAMDEO KHARAT
, aurangabad Reviewed on May 26, 2016