Edelweiss Tokio Insurance Plans

Edelweiss Tokio Wealth Accumulation (Cover Plus) Insurance

Wealth Accumulation (Cover Plus) is a popular ULIP Plan from Edelweiss Tokio Life which helps the insured to accumulate money for important events of life along with a risk cover attached to it. In addition to wealth accumulation, the additional risk cover ensures security for dear ones in the unfortunate event of premature death of the life assured.
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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 Accumulation (Cover Plus) Insurance overview

  • Key Features
  • Eligibility
  • Benefit Summary

Features of Wealth Accumulation (Cover Plus) Insurance

The following are some of the features of this plan:
  • Tailor made solution to match the insured’s wealth accumulation needs depending also on their risk appetite.
  • Both Asset Allocation and Stock Selection support provided through new-age P/E based fund and Managed Fund.
  • Facility to switch your accumulated investment from one fund to another at the opportune time. The insured can also choose to redirect your future premiums in funds of your choice.
  • In addition to wealth accumulation, the additional risk cover ensures readjustment cushion for the near and dear ones in the rare event of premature death of the Life Assured.
  • Access to your wealth any time you require, through facilities like loans and partial withdrawals.
  • Choose to pay premiums for limited period yet enjoy wealth accumulation and insurance protection over a longer policy term.
  • Benign charge structure ensures better accumulated benefits and competitive reduction in yield.
  • Tax Benefits : You can avail tax benefits under Section 80C and Section 10 (10D) of Income Tax Act, 1961.

Eligibility criteria of Wealth Accumulation (Cover Plus) Insurance

Entry Age of Life Insured (last birthday) 5 to 65 years of age
Maturity Age (last birthday) 18 to 75 years of age
Basic Premium
  • Minimum Rs. 25,000, if paid annually
  • Minimum Rs.18,000, if paid semi-annually
  • Minimum Rs.9,000, if paid quarterly
  • Minimum Rs.3500, if paid monthly
  • Minimum Rs. 5000, for Top-ups
  • Maximum: No limit
Policy Term (PT) 10, 15, 20, 25 and 30 years
Premium Paying Term (PPT)
  • Regular Premium: Same as Policy Term
  • Limited Premium: 5/ 7/ 10 years
Premium Payment Frequency Monthly, Quarterly, Semi-Annually or Annually
Minimum Basic Sum Assured
  • For entry age below 45 years - AP × Higher of (10, 0.5 × PT)
  • For entry age of 45 years and above - AP × Higher of (7, 0.25 × PT)
Top-up:
  • For age of entry below 45 years: Top-up premium × 1.25
  • For age of entry 45 years and above: Top-up premium × 1.10
Maximum Basic Sum Assured Regular and Limited Pay:
  • For entry age below 45 years - AP × 25
  • For entry age 45 years and above - AP × 20
  • Top-up: Top-up premium × 5

Benefit summary of Wealth Accumulation (Cover Plus) Insurance

When are benefits payable? What are the benefits?
On Death of Life Assured# Fund Value (including top-up fund value) + Sum Assured (including top-up sum assured), subject to minimum of 105% of total premiums paid including top-ups paid till the date of death.

Benefit payable is Higher of:
  • Fund Value (including top-up fund value) as on the date of intimation of the claim to the company plus
  • Sum Assured including top-up sum assured or
  • 105% of total premiums paid including top-ups paid till the time of death

(# If the Life Assured and the proposer are not same, then on the death of the proposer no benefits are payable and the policy will continue)
On Maturity Fund value
On Surrender Fund value
Guaranteed Additions Guaranteed addition is given for in-force policies on completion of specific durations. For the policies in-force, the guaranteed addition as a percentage of annualized premium has been given below:
% of Annualised Premium
Below Rs. 1.5L 1.5L – 9.99L > 10 L
Policy Year End PPT =5 PPT > 5 PPT =5 PPT > 5 PPT =5 PPT > 5
8 – 9 - 2% - 2% - 2%
10 – 13 4% 4% 4% 4% 3% 3%
14 6% 6% 4% 4% 3% 3%
15 + 2% 2% 2% 2% 2% 2%
Funds Available
  • 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).
  • Money Market Fund : To provide an option to deploy the funds in liquid and safe instruments so as to avoid market risk on a temporary basis.
  • 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.
  • Price Earning (P/E) Based Fund : To provide a platform to make asset allocation between Equity and Debt /Money market instruments depending on the Nifty index P/E ratio.
Premium Discontinuance
  • Discontinuance of Premiums (during the first 5 policy years):
The insured should pay the contractual premium within the grace period. If they fail to do so then the Company will send a notice to You within a period of 15 days from the date of expiry of the grace period. The insured is entitled to exercise one of the following options upon the discontinuation of the policy:
  • Revive the policy within a period of two years; OR
  • Complete withdrawal from the policy without any risk cover.


  • Discontinuance of Premiums after completion of 5th policy year:
The insured should pay the contractual premium within the grace period. If they fail to do so then the Company will send a notice to them within a period of 15 days from the date of expiry of the grace period. He/she is entitled to exercise one of the following options upon the discontinuation of the policy:
  • Revive the policy within a period of two years; OR
  • Complete withdrawal from the policy without any risk cover OR
  • Convert the policy into paid-up policy
Additional Services
  • Unlimited free switches between funds: If the insured has chosen Self-Managed Strategy, he/she can move money between the funds depending on your financial priorities and investment outlook. This facility is called switching and is available free of cost. Minimum amount per switch is Rs. 5,000. In case your current Investment Option is any of the STPs, switching facility is not available.
  • Premium Redirection: If the insured has chosen Self-Managed Strategy, one can choose to allocate future premiums including Top-up Premiums in fund(s) different from that/those selected at policy inception or previous premium redirection request. This facility is called premium redirection and is available free of cost. The premium redirection notice should be given to the Company in writing at least two weeks’ prior to the receipt of relevant premium.
  • Partial Withdrawals: One may withdraw a part of their fund value as per your liquidity requirements at any time after the completion of the fifth Policy Anniversary Year, subject to policy conditions.
  • The insured can change (increase or decrease) the PPT subject to:
    • The PPTs allowed under the plan;
    • All other conditions in the plan being met;
    • Provided all the due premiums till the date of such request have been paid.
  • Change in Sum Assured (SA) : This option is available at each policy anniversary date starting from the 6th policy year, subject to 2 months prior notice, provided the policy is in-force. This option is subject to underwriting approval and issuance of written communication.
    • This option may be exercised maximum 3 times during the policy life.
    • Any change in sum assured is allowed within the product limits mentioned above.
    • The mortality charges will be recovered prospectively as per new sum at risk.

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