Edelweiss Tokio Insurance Plans

Wealth Builder Investment Insurance

A wealth enhancement plan that offers an individual guaranteed maturity and death benefit. A Non-Linked Non Participating Life Insurance Plan, it promises upfront benefits with multiple options of policy paying term and policy term to suit the needs of the insured with an investment process that will make the insured’s money work harder for them.
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Edelweiss Tokio Life insurance review

Edelweiss Tokio Insurance Plans
Distribution - Number of branches pan India (March 2019)
123
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
25 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/62
Solvency Ratio (FY 2018-19) *
2.29
Number of Policies Sold (Ind+Group) *
79,913
Number of Lives Covered (Ind+Group) **
266,160
Claims Settlement Ratio (Ind+Group) ***
98.41%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Wealth Builder Investment Insurance Overview

  • Key Features
  • Eligibility
  • Benefit Description

Features of Wealth Builder Investment Insurance

Some of the key features under this plan include:
  • Secure one's family's financial future through comprehensive life insurance cover
  • All the benefits are guaranteed upfront
  • Simplified product structure for easy understanding
  • Additional benefits through Guaranteed Loyalty Additions
  • Extra benefit for higher premium
  • Loan facility to meet any urgent / unforeseen liquidity requirements
  • Option to make your insurance cover more comprehensive through riders
  • Tax Benefits : Under Section 80C and Section 10 (10D) of Income Tax Act, 1961

Eligibility Criteria of Wealth Builder Investment Insurance

Minimum Entry Age (Last Birthday) 3 Years
Maximum Entry Age (Last birthday) 55 Years
Minimum Maturity Age (Last birthday) 18 years
Maximum Maturity Age (Last birthday) 70 Years
Policy Term (PT) 10 and 15 Years
Premium Paying Term (PPT) 5, 7 and 10 Years
Premium Payment Frequency Annual, Semi-annual, Quarterly, Monthly
Minimum Premium* Annual: Rs 48,000
Semi-Annual: Rs 24,576
Quarterly: Rs 12,480
Monthly: Rs 4,224
Large Premium Benefit An additional benefit is available on Maturity if Annualised Premium is Rs. 96,000 or more. For every Rs. 24,000 in excess of Annualised Premium of Rs. 72,000, an additional benefit as summarized in the table given below is payable.
Policy Term Additional Benefit on Maturity (in Rs.) (per Rs.24,000 Annualised Premium exceeding Annualised Premium of Rs.72,000)
10 2,500
15 5,000

Note:
  • For Policy Term 10 years, only 5 pay and 7 pay PPT are allowed.
  • * - Annualised Premium is the premium payable in a year, excluding the loadings for modal premiums and underwriting extra premiums, if any.

Benefit Descriptions of Wealth Builder Investment Insurance

Guaranteed Loyal Additions The product offers Guaranteed Loyalty Additions (‘GLA’). The amount of GLA depends on Annualised Premium, Policy Term, Premium Paying Term, Entry Age and the Gender of the Life Insured. The GLA is accrued at the beginning of the policy year during the accrual period and is expressed as a percentage of cumulative ‘Annualised Premiums’ paid up to previous policy year. The accrual period for various policy terms is as per the table given below. The accrued GLA is payable on death or maturity
Policy Term GLA Accrual Period
From Year To Year
10 9 10
15 11 15
Guaranteed Loyalty Addition rate for female lives:
  • Up to Age 10 : Same rate as Male of same age
  • Age 11 & above : Same rate as 3 year younger Male
Death Benefit Sum Assured on Death plus Accrued Guaranteed Loyalty Additions, if any, accrued till the date of death will be payable to Nominee. Sum Assured on Death is higher of:
  • 10 times of Annualised Premium or
  • Sum Assured on Maturity plus Large Premium Benefit, if applicable or
  • 105% of total premiums paid till date of death or
  • Any absolute amount assured to be paid on death

Any absolute amount assured to be paid on death will be equal to 10 times of Annual Premium. Maturity Benefit Sum Assured on Maturity plus Guaranteed Loyalty Additions on Maturity plus Large Premium Benefit, if applicable
Where Sum Assured on Maturity is equal to cumulative Annualised Premium = PPT x Annualised Premium
Non Forfeiture Benefits
Premium Discontinuance For Premium Paying Term of 5 and 7 years
If the Premiums for at least first two policy years have not been paid in full within the Grace Period, the policy shall immediately and automatically lapse and no surrender value or reduced paid-up benefits shall be payable by the insurance company under the policy.

If the premiums for at least first two policy years have been paid in full, and if the insurance company does not receive your subsequent premiums within the Grace Period, the policy will acquire reduced paid-up status and benefits will continue as per the reduced paid-up provision. The will be given two years from the due date of the first unpaid premium to revive your Policy.

For Premium Paying Term of 10 years
If the premiums for at least first three policy years have not been paid in full within the Grace Period, the policy shall immediately and automatically lapse and no surrender value or reduced paid-up benefits shall be payable under the policy.

If all the premiums for at least first three policy years have been paid in full, and if the insurer does not receive your subsequent premiums within the Grace Period, the policy will acquire reduced paid-up status and benefits will continue as per the reduced paid-up provision. The insured will be given two years from the due date of the first unpaid premium to revive your Policy.
Paid Up Benefits For Premium Paying Term of 5 and 7 years
  • If all premiums for first two policy years have not been paid in full, then paid-up value is nil.
  • If all the premiums have been paid for at least first two policy years then the policy will continue as a reduced paid-up policy and all the benefits shall be reduced proportionately.
For Premium Paying Term of 10 years
  • If all premiums for at least first three policy years have not been paid in full, then paid-up value is nil.
  • If all the premiums have been paid for at least first three policy years then the policy will continue as a reduced paid-up policy and all the benefits shall be reduced proportionately.
All the benefits will be multiplied by a Paid-up Factor where Paid-up Factor = (Number of premiums paid/ Number of premiums payable)
Death Benefit On death, the paid-up benefits will be equal to Paid-up Sum Assured on Death plus Paid-up Guaranteed Loyalty Additions on Death, if any, Where,
  • Paid-up Sum Assured on Death = Sum Assured on Death x Paid-up Factor.
  • Paid-up Guaranteed Loyalty Additions on Death = Guaranteed Loyalty Additions accrued till the date of death * Paid-up Factor.
Maturity Benefit
On Maturity Date, the paid-up benefits will be equal to Paid-up Sum Assured on Maturity plus Paid-up Guaranteed Loyalty Additions on Maturity plus Paid-up Large Premium Benefit, if any. Where,
  • Paid-up Sum Assured on Maturity = Sum Assured on Maturity x Paid-up Factor
  • Paid-up Guaranteed Loyalty Additions on Maturity = Guaranteed Loyalty Additions on Maturity x Paid-up Factor Paid-up Large Premium Benefit = Large Premium Benefit x Paid-up Factor
Premium Discontinuance before acquiring Reduced Paid-Up status For Premium Paying Term of 5 and 7 years:
If the Premium has been paid in full for at least one policy year but not for two policy years, then on Premium Discontinuance, the premium paid excluding underwriting extras and rider premium, if any, will be refunded, either at the time of intimation of death of the life insured or on maturity of the policy, whichever is earlier. In case of such Premium Discontinuance, the policyholder has the option to terminate the policy prior to maturity and the Early Termination Benefit will become payable.

For Premium Paying Term of 10 years:
If the premium has been paid in full for at least one policy year but not for three policy years, then on Premium Discontinuance, the premium paid, excluding underwriting extras and rider premium, if any, will be refunded, either at the time of intimation of death of the life insured or on maturity of the policy, whichever is earlier. In case of such Premium Discontinuance, the policyholder has the option to terminate the policy prior to maturity and the Early Termination Benefit will become payable as mentioned below.

Early Termination Benefit:
Early Termination Benefit is payable on termination of the policy and is calculated as a specific percentage of total premiums paid excluding underwriting extras and rider premium.
Surrender Benefit For Premium Paying Term of 5 and 7 years:
The policy will acquire Surrender Value only from 2nd Policy Year provided we have received full premiums for the first two Policy Years.

For Premium Paying Term of 10 years:
The Policy will acquire Surrender Value only from 3rd Policy Year provided we have received full Premiums for the first three Policy Years.

On receipt of a written request for Surrender from the insured, the insurance company will pay the higher of Guaranteed Surrender Value or Special Surrender Value.
Policy Loan Benefit The insured may take a loan under the policy by giving us a written request; provided that the policy has acquired the Surrender Value. The maximum loan amount you may avail will vary for different Premium Paying Terms. It would be a percentage of Surrender Value (as given in the below Table) applicable under the Policy when a request for a loan is received less any outstanding Policy Loan plus accumulated/accrued interest, if any, on that date.
Premium Paying Term (Years) % of Surrender Value
5 70%
7 75%
10 80%
Enhanced Protection through Riders A rider is an add-on provision to the base plan. Riders can help in making the plan more comprehensive by paying an additional premium. Riders can be added at the inception of the policy or at policy anniversary during the Policy Term subject to underwriting and terms and conditions of the riders and the product.

Following riders are available with this plan:
  • Income Benefit Rider : This rider will make sure that the insured’s family has a backup source of monthly income even in the insured’s absence.
  • Payor Waiver Benefit Rider : This rider waives future premiums in case of death, Critical Illness or total and permanent disability due to accident of the proposer (payor) so that the Life Insured continues to get the benefits.
  • Accidental Death Benefit Rider : This rider provides for additional financial security in case any death occurs due to accident. Also, the benefit is payable in lumpsum.
  • Accidental Total and Permanent Disability Rider : This rider provides the insured with a lump sum to cater to any immediate expenses in case the insured’s income earning capacity is hindered due to an accidental disability (total & permanent).
  • Term Rider : This rider provides the insured with a lumpsum amount in addition to the base plan cover to provide increased security to the dependent family.
  • Waiver of Premium Rider : This rider waives of future premiums in case the insured suffers from Critical Illness or total and permanent disability due to accident.
  • Critical Illness Rider : This rider provides the insured with a lumpsum to cater to any immediate expenses in case the insured’s income earning capacity is hindered in the event of critical illness.
Free Look / Grace Period 15 / 30 days

Investment Funds for Self Managed Investments

Equity Large Cap Fund To provide high equity exposure targeting higher returns in the long term.
Equity Top 250 Fund To provide equity exposure targeting higher returns (through long term capital gains)
Equity Mid-Cap Fund To provide equity exposure targeting higher returns in the long term, by largely investing in Midcap Companies
Managed Fund This fund uses the expertise of the Company's fund manager to decide on the asset allocation between Equity and Debt / Money market instruments along with stock selection.
Bond Fund To provide relatively safe and less volatile investment option mainly through debt instruments and accumulation of income through investment in fixed income securities.
Equity Blue Chip Fund The objective of the fund is to provide long-term capital appreciation by predominantly investing in an equity portfolio of large cap stocks.
Gilt Fund This fund will aim to provide accumulation of Income and capital appreciation through investments predominantly in Government Securities

Brochure

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Policy wordings

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2022