Edelweiss Tokio Life Wealth
Edelweiss Tokio Life Wealth Accumulation (Accelerated Cover) is a Unit Linked Insurance Plan which provides growth potential through participation in capital markets and also life insurance cover.
It is a unit linked plan with Limited and Regular Pay option of premium payment
Guaranteed Additions are added from the 8th policy year if PPT is greater than 5 years or from the 10th policy year for PPT lower than 5 years, where PPT is Premium Paying Tenure
The following 6 funds are available for investment
Equity Large Cap Fund
Equity Top 250 Fund
Money Market Fund
Price Earning based Fund
Grace Period: 15 days grace period is allowed for monthly mode and 30 days for other modes of premium payment after which policy lapses
Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
2 free Partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5,000
4 free Switches are allowed every year for switching between funds
2 free Premium Redirection is allowed to redirect future premiums
Additional Features or Riders
Top-ups increase the Sum Assured where the Top-up SA is 1.25*top-up premium for ages <45 yrs. and 1.10*top-up premium for ages>=45 years
The PPT can be changed subject to certain terms and conditions
Sum Assured levels can also be increased or decreased as per applicable conditions
The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.