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Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance is a joint venture between Edelweiss financial Services, Mumbai and Tokio Marine Holdings Inc, Japan. It was established in 2011. It is one of the leading financial service providers which caters to the various needs of its customers and offers a host of products designed specifically to meet the needs of its customers.
Edelweiss Tokio Life ULIP Plans
Edelweiss Tokio Life Insurance Company offers ULIP plans to meet the requirements of all individuals. Let us take a look at the various types of unit linked plans offered by the company and the features and benefits of each plan in details. Edelweiss Tokio Life Wealth Enhancement Ace – A unit linked insurance plan which has the following features and benefits: Premium under the plan is paid once in lump sum at the commencement of the plan under the Single Pay option of premium payment The premium net of applicable charges is invested in the fund decided by the policyholder. There are 5 funds available for investment which are Equity Large Cap Fund, Equity Top 250 Fund, Bond Fund, Money Market Fund and Managed Fund On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured including top-up Sum Assured net of partial withdrawals or the Fund Value subject to a minimum of 105% of all premiums paid till the date of death Guaranteed Additions are added to the fund value @0.25% of the average fund value over the preceding 12 months from the 8th policy year and every year thereafter. Unlimited free switches are available to switch between funds with a minimum value of Rs.5000 Two free partial withdrawals are allowed annually with a minimum of Rs.5000 The Sum Assured can be increased or decreased subject to certain terms and conditions Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Edelweiss Tokio Wealth Accumulation (Accelerated Cover) – A unit linked insurance plan providing attractive returns and life insurance coverage. The features and benefits of the plan are as follows: Premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure. The premiums paid net of applicable charges are invested in the fund decided by the policyholder. There are 6 funds available for investment which are Equity Large Cap Fund, Equity Top 250 Fund, Bond Fund, Money Market Fund, Managed Fund and Price Earning (P/E) based Fund On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured including top-up Sum Assured net of partial withdrawals or the Fund Value subject to a minimum of 105% of all premiums paid till the date of death Guaranteed Additions are added @2% – 6% of the annual premium. The rate of additions and the tenure of additions depend on the premium amount and the premium paying tenure Unlimited free switches are available to switch between funds with a minimum value of Rs.5000 Two free partial withdrawals are allowed annually with a minimum of Rs.5000 Two free premium redirections are also allowed to redirect future premiums into another fund The Sum Assured can be increased or decreased subject to certain terms and conditions Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Edelweiss Tokio Wealth Accumulation (Privilege) – A unit linked plan with low allocation charges. The features and benefits of the plan are as follows: Premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure. The premiums paid net of applicable charges are invested in the fund decided by the policyholder. There are 5 funds available for investment which are Equity Large Cap Fund, Equity Top 250 Fund, Bond Fund, Money Market Fund and Managed Fund On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured including top-up Sum Assured net of partial withdrawals or the Fund Value subject to a minimum of 105% of all premiums paid till the date of death Guaranteed Additions are added to the fund value @0.25% of the average fund value over the preceding 12 months from the 8th policy year and every year thereafter. Unlimited free switches are available to switch between funds with a minimum value of Rs.5000 Two free premium redirections are also allowed to redirect future premiums into another fund The Sum Assured can be increased or decreased subject to certain terms and conditions and the premium paying term can also be altered Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Edelweiss Tokio Life Wealth Accumulation (Cover Plus) – A unit linked insurance plan with enhanced death benefit payout. The features and benefits of the plan are as follows: Premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure. The premiums paid net of applicable charges are invested in the fund decided by the policyholder. There are 6 funds available for investment which are Equity Large Cap Fund, Equity Top 250 Fund, Bond Fund, Money Market Fund, Managed Fund and Price Earning (P/E) based Fund On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured including top-up Sum Assured plus the Fund Value including any top-up fund value or 105% of all premiums paid till the date of death Guaranteed Additions are added @2% – 6% of the annual premium. The rate of additions and the tenure of additions depend on the premium amount and the premium paying tenure Unlimited free switches are available to switch between funds with a minimum value of Rs.5000 Two free partial withdrawals are allowed annually with a minimum of Rs.5000 Two free premium redirections are also allowed to redirect future premiums into another fund The Sum Assured can be increased or decreased subject to certain terms and conditions and the premium paying term can also be altered Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Applying for a Unit Linked Plan from the company: Online The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process. Applying For ULIPs through PolicyBazaar On the PolicyBazaar homepage, click on ULIPs under the Personal tab. Click New Quotes to compare and choose from top insurance providers. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue. Fill in your name, email address, city, country code, and mobile number. Click Continue. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed. This will take you to the insurers website. You will have to fill in the necessary details to buy the plan. To know about Pension Plans check at Edelweiss Tokio Pension Plans
What are ULIPs?
Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIPs are as follows: The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund. Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc. Insurance coverage depends on the amount of premium paid The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value Switching option is available which enables the policyholder to switch his investment between funds.
Edelweiss Tokio ULIP Plans- FAQs
1. How to pay premium? What are the modes of payment available? There are two basic modes for payment of premium for Edelweiss Tokio Life, which have further many options: Online Mode Debit Card payment Payment through standing instructions or credit card Net Banking Offline Mode Through ECS facility IVRS Money Order Cash/Cheque/DD You can pay offline by visiting the nearest branch in your city. 2. How can I check policy status for Edelweiss Tokio ULIP plans? You can check policy status online by visiting the e-portal, and punching in the policy number and date of birth. 3. What is the policy renewal process for Edelweiss Tokio ULIP plans? The policy renewal process requires either using auto direct debit options which can be availed online by feeding your login ID and password into the e-portal For offline mode, you can approach any of the branch offices regarding the renewal process. 4. What is the companys process to settle claim for Edelweiss Tokio ULIP plans? In order to settle the claim, you must submit the policy documents and claims form at any of the branch offices in your city. Upon receiving and verification of the documents, it takes about 30 days time to settle the claims. The claims are settled via NEFT mode. 5. What is the policy cancellation process for Edelweiss Tokio ULIP plans? In case if you are dissatisfied with the policy, a surrender form can be filled and submitted in any of the branch office along with the cancellation charges. Within a time frame of 10 days the policy will stand cancelled on record. The refund will be calculated based on NAV of the current market price.