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Edelweiss Tokio Life ULIP Plans

A joint venture between Edelweiss Financial services of Mumbai and Tokio Marine Holdings Inc. of Japan formed Edelweiss Tokio Life Insurance. It was established in 2011 and is one of the leading financial service providers in India. This is a company which provides a wide range of products to fulfil the financial requirement of its customers.

Edelweiss Tokio Life Insurance Company’s Unit Linked Insurance Plans (ULIP) are insurance plans that are perfectly combined with the features of insurance and investment. It is designed to meet all the expectation and requirement of its investor. There are various types of Edelweiss Tokio Life ULIP Plans introduced by the company to choose as per the requirement of its customers.

Types of Edelweiss Tokio Life ULIP Plans

Edelweiss Tokio Life - Wealth Accumulation (Accelerated Cover)

A non-linked life insurance plan offers both investment and risk protection. This plan gives you an option to switch between various funds and opt for managed fund option to get benefit from the expertise of the investments team of Edelweiss Tokio Life.

Features:

  • Provides tailor made solutions to match wealth accumulation needs.
  • Both Asset Allocation and Stock Selection support is provided through new-age P/E based fund and Managed Fund.
  • Top-Up facility to enhance your investments resulting in higher accumulated fund value.
  • Provides access to your wealth any time you require, through facilities like loans and partial withdrawals.
  • Benign charge structure ensures better accumulated benefits and competitive reduction in yield.
  • Facility to switch your accumulated investment from one fund to another at an opportune time. You can also choose to redirect your future premiums in funds of your choice.

Eligibility:

  • Minimum entry age is 5 years whereas the maximum age is 65 years
  • Maturity Age of the plan is 18 to 75 years.
  • Policy Tenure range from 10, 15, 20, 25 and 30 years and premium payment frequency is monthly, quarterly, annually or semi-annually
  • Minimum premium limit is Rs.25,000 (annual), Rs.18,000 (semi-annually), Rs.9000 (quarterly), Rs.3500 (monthly), Rs.5000 (top-ups) and there is no maximum limit.
  • Premium Paying Term for regular Premium is the same as policy term while for limited premium, it is set to 5, 7, 10 years.
  • Minimum Basic Sum Assured for those who are below 45 years is annualized premium × higher of (10, 0.5 × policy term), but for those who are 45 years and above is annualized premium × higher of (7, 0.25 × policy term).

Edelweiss Tokio Life Wealth Accumulation (Cover Plus)

The Edelweiss Tokio Wealth Accumulation (Cover Plus) is a non-participating unit linked insurance plan that provides both- risk protection and investment. With this plan, you can also avail various benefits to manage your wealth accumulation requirements.

Features:

  • Minimum entry age is 5 years whereas the maximum age is 65 years
  • Maturity Age of this plan range from 18-75 years.
  • Policy Tenure ranges from 10, 15, 20, 25 and 30 years and premium payment frequency is monthly, quarterly, annually or semi-annually.
  • Minimum premium limit is Rs. 25,000 (annual), Rs. 18,000 (semi-annually), Rs. 9000 (quarterly), Rs. 3500 (monthly), Rs. 5000 (top-ups) and there is no maximum limit.
  • Premium Paying Term for regular Premium is the same as policy term while for limited premium, it is set to 5, 7, 10 years.
  • Minimum Basic Sum Assured for those who are below 45 years is annualized premium × higher of (10, 0.5 × policy term), but for those who are 45 years and above is annualized premium × higher of (7, 0.25 × policy term).
  • Maximum Basic Sum Assured for both regular pay and limited pay is
  • Below 45 years is annualized premium × 25
  • 45 years and above is annualized premium × 20.
  • Top Ups for below 45 years of age is top-up premium × 1.25, and for 45 years and above top-up premium × 1.10

Edelweiss Tokio Life - Wealth Enhancement Ace

The Edelweiss Tokio Life - Wealth Enhancement Ace offers numerous benefits that aim to maximize our returns. You can opt for various flexible funds in addition to loyalty additions which will help you grow good returns.

Features:

  • Minimum entry age is 5 years whereas the maximum age is 65 years.
  • Maturity Age of this plan ranges from 18-75 years.
  • Policy Tenure range from 10, 15, 20 years for those who are below 45 years while for investors above 45 years policy tenure is 10 years.
  • Single premium plan.
  • Minimum Basic Sum Assured for those who are below 45 years is SP × 1.25, but for those who are 45 years and above, it is SP x 1.10 while Maximum Basic Sum Assured is SP × 10
  • Top Ups for below 45 years is top-up premium × 1.25, and for 45 years and above top-up premium × 1.10
  • Maximum Basic Sum Assured is Single pay × 10

Edelweiss Tokio Life - Wealth Accumulation (Privilege)

A large premium amount is invested under Edelweiss Tokio Life - Wealth Accumulation (Privilege). There are low premium allocation charges and no charges for policy administration, switching, partial withdrawals and premium redirection in this plan. Along with this, the death benefit paid is higher of Sum Assured or 105% of premium paid.

Features:

  • Minimum entry age is 5 years whereas the maximum age is 65 years
  • Maturity Age of this plan range from 18-75 years.
  • Policy Tenure ranges from 10, 15, 20, 25 and 30 years.
  • Premium Paying Term for regular Premium is equal to policy term while for limited Premium it is set to 5, 7, 10 years.
  • Minimum Basic Sum Assured for those who are below 45 years is annualized premium × higher of (10, 0.5 × policy term), but for those who are 45 years and above is annualized premium × higher of (7, 0.25 × policy term).
  • Maximum Basic Sum Assured is
  • Below 45 years is annualized premium × 25
  • 45 years and above is annualized premium × 20.
  • Top Ups on this plan below 45 years of age is top-up premium × 1.25, and for 45 years and above top-up premium × 1.10

Why Choose Edelweiss Tokio Life ULIP Plans?

Edelweiss Tokio Life ULIP Plans come with various benefits and features that make it a must-have option as your investment instrument. This plan fulfils all your financial needs and gives the protection of insurance coverage. Following features make Edelweiss Tokio Life ULIP Plans one of the most trusted investment options:

  1. The plans act as both an insurance cover and investments in capital markets. A part of the premium is invested while the other part of the premium is used as an insurance coverage.

  2. With Edelweiss Tokio Life ULIP Plans, you have the option to choose investment strategies according to your risk appetite.

  3. Investment in Edelweiss ULIP plans provides tax benefits as per the Section 80C and 10(10D) under the Income Tax Act, 1961.

  4. The sum assured will be paid to the nominee in case of any uncertain event such as the death of the insurer.

  5. You can also surrender or partially withdraw from your ULIP.

Documents Required

Edelweiss Life Insurance Company asks for minimum documentation and keeps the process of applying and withdrawal simple. For first time investors, it is so convenient and easy to understand the whole process to avail the plan. To apply for the Edelweiss Tokio Life ULIP Plans, the policyholder has to fill up the application form available at the nearest branch of Edelweiss Tokio Life Insurance Company and submit it with identity proof, bank account proof, address proof and a recent photograph.

  • Identity proof: Identity proof consists of your passport, Voter Id, Driving License or Aadhaar card.
  • Bank Account proof: Your passbook or cancelled Cheque may be used as a bank account proof.
  • Proof of residence: This proof may consist of the following documents-

  • Any utility bill not older than two months of any service provider.

  • Bank account or Post office saving account statement.
  • Letter of allotment or accommodation from the employer.
  • A letter issued by foreign embassy or Mission in India. While visiting the branch for applying, always carry the original and authentic set of documents to avoid any delay in the verification process. Once your documents and your identity gets verified, you can apply for any plan of your choice.

FAQ’s on Edelweiss Tokio Life ULIP Plans

What should I do if I want to change my premium paying?

Consult with the customer service team of Edelweiss Tokio Life Insurance. As per the response provided, fill in the applicable forms. If the plan provides an option for changing the premiums, the customer service team will act on your request.

Why you should opt for Edelweiss Tokio Life Wealth Accumulation (Cover Plus)?

Edelweiss Tokio Life - Wealth Accumulation (Cover Plus) gives you various benefits such as you can pay premiums for a limited period and can switch investment between funds. You can also access your wealth through various facilities such as partial withdrawals and loans.

How to pay a premium? What are the modes of payment available?

Edelweiss Tokio Life Insurance offers the following modes of payment:

  1. Online mode by Debit card, credit card or net banking.
  2. Offline mode by-
  3. Electronic Clearance System
  4. IVRS
  5. Money Order
  6. Cash/Cheque/DD

How can I check policy status for Edelweiss Tokio Life ULIP Plans?

Register yourself on the e-portal and provide the details such as Policy number and date of birth and get all the details at your fingertips.

What is the policy renewal process for Edelweiss Tokio Life ULIP Plans?

Renewal of your policy can be done by paying the renewal premium through the following modes:

  1. Online mode: Login to your account using Login ID and Password and avail for the auto direct debit option.
  2. Offline mode: Visit the nearest branch and apply for the renewal process.

What is the company’s process to settle a claim for Edelweiss Tokio Life ULIP Plans?

The company’s process to settle a claim for Edelweiss Tokio Life ULIP Plans is as follows- Submit all the documents related to policy in your nearest branch along with claim form in your city and after verification, you will receive your money through NEFT. It takes 30 days to settle the claims .

What is the policy cancellation process for Edelweiss Tokio Life ULIP Plans?

The policy cancellation is as follows- Submit a duly filed surrender form along with relevant documents at any branch and after verification, the policy will be deemed to be cancelled within 10 days as per bank accounts record.

How does Edelweiss Tokio Life ULIP Plans work?

The premiums paid under an Edelweiss ULIP plan after deduction of applicable charges are invested in the chosen fund. On maturity, the policyholder receives the total fund value and in case of death of the policyholder during the policy term, the value is paid. The death benefit is higher of sum assured or fund value as on the date of intimation of death.

What is Edelweiss Tokio Life ULIP Plans in India?

The ULIP Plans provided by the joint venture of Edelweiss Tokio Life are the perfect combination of investment and insurance. The plans offer different options for investing your money and get better returns, and also gives you an option to choose investment strategies according to your risk appetite.

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