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Edelweiss Tokio Wealth Gain Plus

Edelweiss Tokio Wealth Gain plus is a unit linked non-participating life insurance plan. It offers life insurance cover to the policyholder, whereby his or her family members are financially protected in case of the individual’s demise. The Wealth Gain+ plan also provides loyalty additions and booster additions, which helps the individual maximize his or her savings.

About Edelweiss Tokio Life Insurance - Founded in 2011, Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Financial Services Limited and Tokio Marine Holdings Inc. Edelweiss Group is among the top financial services organizations in India, while Tokio Marine Holding is one of the biggest insurance companies in Japan. The life insurance provider has 121 branches across 91 cities in India. For the year 2017-2018, the company's claim settlement ratio stood at 95.24%.

(Note - All the information contained in this page has been sourced from the official website of Edelweiss Tokio Life Insurance.)

Features of Edelweiss Tokio Wealth Gain Plus

The features of Edelweiss Tokio Life - Wealth Gain+ are as under:

  • Life insurance cover - This ensures that the life assured’s family is financially protected in the event of the individual’s death during the policy term.
  • Loyalty additions and booster additions - A percentage of the fund value shall be added back to the fund to maximize the policyholder’s savings.
  • Return of mortality charge - If the life assured survives the policy term, then the total mortality charges (with the exclusion of extra mortality charges due to substandard life and taxes as applicable) deducted during the policy period will get added to the fund value at the maturity date.
  • Investment strategies - There are two strategies to cater to the life assured’s different investment needs.
  • Liquidity – There is an option to partially withdraw money after completion of five policy years, in case of emergencies.

Benefits of Edelweiss Tokio Wealth Gain Plus

Death Benefit - If the life assured passes away during the policy period, the death benefit payable to nominee shall be –

For Reduced Paid-up Policy: In the event of the death of the life assured when the policy is reduced paid-up, the below death benefit will be paid:

Maturity Benefit - If the life assured survives the policy term, he or she will receive the fund value as maturity benefit. The individual will have an option to collect this benefit in lump sum or in instalments by opting for the settlement option.

Loyalty Additions - These are applicable for when premium paying term is more than or equal to 10 years. Beginning from the end of 10th policy year and applicable every year till the end of the premium paying term, loyalty additions @ 0.11% of last 12 month's average of daily fund value (including Top-up Fund Value) shall be added to the fund value. Booster Additions - These are added at the end of 15th policy year and 20th policy year

Source: Source: Edelweiss Tokio Life Insurance website

Eligibility Criteria

Eligibility Conditions

Minimum

Maximum

Entry Age (last birthday)

0 years

45 years (for Premium paying term less than 10 years)

50 years (for Premium paying term greater than equal to 10 years)

Maturity Age (last birthday)

18 years

70 years

Policy Term

10 years

20 years

Sum Assured

Higher of (10, Policy Term/2) x Annualised Premium

Higher of (10, Policy Term/2) x Annualised Premium

Top-up Sum Assured

(based on attained age)

1.25 x Top-up Premium

1.25 x Top-up Premium

Premium Details

Eligibility Conditions

Minimum

Maximum

Premium Paying Term

Limited

5 years

Policy Term minus 1

Regular

Equal to policy term

Equal to policy term

Annualised Premium

PT

PPT

No limit

5 – 9 years

>= 10 years

10-14 years

48,000

36,000

15-19 years

36,000

30,000

20 year

24,000

18,000

Top up Premium

Rs. 5,000

At any point of time the total top-up premiums paid shall not exceed the total of the base premiums paid at that point of time.

Policy Details

Return of Mortality Charge - If the life assured survives till maturity date, the total mortality charges (with the exclusion of extra mortality charges due to substandard life and taxes as applicable) deducted during the policy period shall be added to the fund value at the maturity date.

Investment Option - The policyholder has an option to pay premium following any one of the two investment strategies – Life Stage & Duration Based Strategy and Self-Managed Strategy. Under the Life Stage & Duration Based Strategy, a proportion of the Fund Value will get allotted in Equity Large Cap Fund basis the below formula:

           (100-Attained Age) * Remaining Policy Term

Min (85,—————————————————————)% 10 In case of the Self-Managed Strategy, the individual can decide to put money in his or her choice of fund(s) in any proportion. The life assured can switch monies among the following funds using the switch option:

  • Equity Large Cap Fund (SFIN: ULIF00118/08/11EQLARGECAP147)
  • Equity Top 250 Fund (SFIN: ULIF0027/07/1 1EQTOP250147)
  • Equity Mid-Cap Fund (SFIN: ULIF01107/10/ 16ETLIMIDCAP147)
  • Managed Fund (SFIN: ULIF00618/08/ 11MANAGED147)
  • Bond Fund (SFIN: ULIF00317/08/ 11BONDFUND147)
  • Equity Blue Chip Fund (SFIN: ULIF01226/11/18ETL BLUCHIP147)
  • Gilt Fund (SFIN: ULIF01326/11/18ETL GILTFND147)

Partial Withdrawals - An individual is permitted to withdraw a part of fund value as per the individual’s liquidity requirements at any time after the completion of the fifth policy anniversary. This, however, is subject to a certain set of conditions.

Documents Required

An individual will have to submit certain documents to avail Edelweiss Tokio Life - Wealth Gain+ plan. The documents include:

  • Identity Proof - PAN card, Aadhaar card, Passport, etc.
  • Address Proof - Aadhaar card, Passport, Driving license, etc.

Exclusion Edelweiss tokio wealth gain plus

Suicide claim provisions:

In the event of death due to suicide within 12 months from the date of the policy’s inception or revival (of the policy), whichever is later, the nominee or beneficiary of the life assured will be entitled to fund value, as available on the date of demise. Any charges recovered subsequent to the date of death of the policyholder shall be paid to the nominee or beneficiary along with the death benefit.

Review edelweiss tokio wealth gain plus

Wealth Gain+ is an insurance cum investment plan by Edelweiss Tokio Life Insurance. The policy offers - nil policy administration charge, nil premium allocation charge and 100% refund of mortality charge. Additionally, users have a choice of two investment strategies to cater to their different financial needs.