The Edelweiss Tokio Wealth Accumulation (Cover Plus) is a non-participating unit linked insurance plan which offers a balance between investment and risk cover. This plan is tailor made to meet individual needs and requirements and offers unique solutions to manage wealth. It is designed to cater to all the wealth accumulation needs one might have.
Features of Edelweiss Tokio Wealth Accumulation
- Customised – The plan offers customised solutions to suit the wealth accumulation needs of policyholders.
- Simple Charge Structure – The Plan comes with a simple charge structure which ensures that the policyholders get better accumulated benefits and competitive reductions in yield.
- Flexible Payment Options – Policyholders can choose to pay premiums for limited periods and still enjoy the benefits of wealth accumulation and insurance protection over longer policy terms.
- Multiple Fund Options – Policyholders have the option to choose from multiple funds like Bond Fund, Managed Fund, Money Market Fund, Price Earning Based Fund, Equity Large Cap Fund or Equity Top 250 Fund when they make investments.
- Access to Funds – Policyholders can access their wealth anytime they need through facilities like loans and partial withdrawals.
Benefits of Edelweiss Tokio Wealth Accumulation
- Free Look Period – Policyholders get a 15 day free look period from the date of receipt of policy to review it and decide whether they want to return the policy or keep it.
- Customised Solutions – The Plan ensures that policyholders get customised solutions to match their individual needs and requirements.
- Guaranteed Additions – Policyholders get guaranteed additions for in-force policies on completion of certain set durations. A guaranteed addition as a percentage of the annualized premium is provided to them.
- Switching Facility – Policyholders can choose to switch their accumulated wealth from one fund to the other based on their immediate needs.
- Premium Redirection Facility – Policyholders can choose how they want their incoming premium to be divided. They could opt for it to be divided proportionally according to their existing allocation or they could change the allocation pattern to suit their requirements.
- Partial Withdrawal Facility – Policyholders can choose to withdraw a part of their fund to meet emergency scenarios.
- Settlement Facility – Policyholders can choose to collect their maturity proceeds in instalments or let the fund value remain invested in existing funds.
- Premium Paying Term – Policyholders can choose to change their premium paying term at any time when the policy is in-force.
- Sum Assured – Policyholders can increase or decrease the Sum Assured according to their requirements.
- Death Benefit – In the event of the death of the policyholder his/her nominee gets the fund value plus the sum assured.
- Maturity Benefit – The policyholder gets the fund value on maturity which is payable at the end of the policy term.
- Surrender Benefit – If the policyholder decides to surrender the plan they are entitled to receive the fund value.
- The Minimum age to take the policy is 5 years and the maximum age to apply is 65 years.
- The minimum maturity age is 18 years and the maximum maturity age is 75 years.
The Edelweiss Tokio Wealth Accumulation Plan is perfect for those who like to be in control of their finances. It provides flexibility and features which ensure that the policyholder can alter the plan to suit individual needs. Superior death benefits make it a safe option for dependants. It allows investments to grow and mature with time, making it a practical option.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017