Edelweiss Life Insurance Group Wealth Accumulation Plan

Eligibility Criteria for the Edelweiss Life Group Wealth Accumulation Plan

Features of the Edelweiss Life Group Wealth Accumulation Plan

Some of the key features of the Edelweiss Life Insurance Group Wealth Accumulation Plan:

• Wealth Accumulation For Employee Benefits: The plan assists employers in building funds to fulfill the long-term employee benefit commitments, like gratuity or leave encashment plans.
• Unit-Linked Investment Structure: The plan is designed based on the unit-linked insurance policy, in which the investment of the contribution is made in the selected funds, and the fund value corresponding to the market performance is determined.
• Basic Life Insurance Cover: Each member under the scheme receives a small life insurance cover during the policy period.
• Guaranteed Loyalty Additions: The plan provides loyalty additions in the form of additional units based on the average fund value at each policy anniversary.
• Multiple Investment Fund Options: Policyholders will have a choice of the various investment funds based on their investment goals and risk profiles.
• Fund Switching Facility: The plan gives an opportunity to switch among available funds so that investors can easily plan their investments.
• Flexible Premium Payments: Premiums can be paid regularly or intermittently based on the scheme valuation and the employer’s requirements.

You can explore different options offered by Edelweiss by visiting the Edelweiss Life investment plans to compare available plans and their benefits.

Benefits of the Edelweiss Life Group Wealth Accumulation Plan

The plan provides a combination of savings and protection benefits for members under the group scheme.

• Death Benefit: In case the member dies during the active period of the policy, the nominee will get the death benefit based on the scheme rules, as well as life cover on the policy.
• Retirement Benefit: On retiring from the member out of service, the benefits accrued in the scheme can be paid as per the employer's regulations.
• Resignation Benefit: In case a member retires earlier than boards of employment, the benefits that will be paid will depend on the scheme rules that have been established by the employer.
• Loyalty Additions: The policy may provide loyalty additions that are credited in the form of additional units, which help increase the overall fund value over time.
• Fund Value Benefit: The value of the policy is determined by the number of units allocated in the chosen funds and the applicable net asset value (NAV).

If you want to understand how these policies help grow money for long-term financial goals, you can also read about various investment plans and how they work.

Policy Details of the Edelweiss Life Group Wealth Accumulation Plan

1. Grace Period

   Payments of premiums can be made in accordance with the scheme requirements, and the policy remains open provided the fund value and contributions are maintained.

2. Revival

   If the policy becomes inactive due to non-payment of premiums or other reasons, it can be revived in accordance with the insurer's guidelines and conditions.

3. Free Look Period

   The plan includes a 15-day free look period from the date the policy document is received. At this time, the policyholder can review the policy terms and return it if not satisfied.

4. Surrender

   The policyholder is the master who gives up the policy by providing a written request. When the available fund value is surrendered, it will be paid out in accordance with the policy terms.

5. Fund Switching

   The policy permits switching investment funds available during the policy term. There might be a minimum required to switch between funds.

Exclusions Under the Edelweiss Life Group Wealth Accumulation Plan

Suicidal Clause

If the insured member dies due to suicide within a specified period from policy commencement, the benefits will be payable according to policy conditions.