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  • Edelweiss Tokio Life Wealth Builder Plan

    Edelweiss Tokio Life Insurance

    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

    Entry Age
    • Minimum – 91 days
    • Maximum – 55 years
    Maturity Age
    • Minimum – 18 years
    • Maximum – 70 years
    Minimum Premium
    • Annual premium payment – Rs.15,000
    • Semi annual premium payment – Rs.8,000
    • Monthly premium payment – Rs.1,500
    Sum Assured on Death Higher of:
    • 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

    Type Non Linked Non Participating Endowment Assurance Plan
    Coverage 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:
    Policy term GLA Accrual Period
    From policy year To policy year
    10 years 9 10
    15 years 11 15
    20 years 16 20
    25 years 16 25
    30 years 16 30
    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).
    Basis Individual
    Policy term 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
    Renewability 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.
    Loans 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 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 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 Guarantee Benefits are guaranteed upfront so as to remove any confusion or variations. Additional benefits through GLA
    Premium rebate Additional benefits are available on maturity for every Rs.20,000 paid as premium, above Rs.40,000.
    Policy term (years) Additional Maturity Benefit (Rs.) (per Rs.20,000 in excess premium above Rs.40,000)
    10 5,000
    15 10,000
    20 20,000
    25 20,000
    30 20,000
    Riders Ability to add riders as per individual preferences

    Edelweiss Tokio Life – Wealth Builder Plan Riders

    The following riders can be purchased with the policy:

    • Accidental Total and Permanent Disability Rider
    • Accidental Death Benefit Rider
    • Waiver of Premium Rider
    • Term Rider
    • Critical Illness Rider
    • Payor Waiver Benefit Rider
    • Income Benefit Rider
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