Edelweiss Tokio Life Wealth Enhancement Ace Plan
Edelweiss Tokio Life Wealth Enhancement Ace Plan
Edelweiss Tokio Life Wealth Enhancement Ace Plan is a Single Premium Unit Linked Insurance Plan (ULIP). Thus, it is a Non-Traditional Insurance Plan without Bonus facility.
How it works – In this plan, premium needs to be paid in a lump sum as this is a Single Payment Plan. The policyholder can opt for any of the 5 Investment Funds according to his risk profile. This policy offers Guaranteed Additions of 0.25% of average of last day of the preceding 12 policy months’ Fund Value which is payable at the end of every policy year from 8th policy year end onwards.
In this plan, the Fund Value is paid at the end of the Policy Tenure as Maturity Benefit. However, if the Life Insured dies anytime during the Policy Tenure, the nominee would receive the higher of Sum Assured or Fund Value as Death Benefit and the policy terminates.
This plan has 4 additional Riders available with this plan.
Key Features
- This policy offers Guaranteed Additions of 0.25% of average of last day of the preceding 12 policy months’ Fund Value
- Guaranteed Additions are payable at the end of every policy year from 8th policy year end onwards
- This Plan has Settlement Option where the Policyholder gets a choice of remaining invested for a period of 5 years beyond the Policy Tenure
Benefits
When the policy matures, the Fund Value is paid as Maturity Benefit to the Policyholder.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
- Accidental Total and Permanent Disability Rider
- Accidental Death Benefit Rider
- Term Rider
- Critical Illness Rider
- Equity Large Cap Fund
- Equity Top 250 Fund
- Bond Fund
- Money Market Fund
- Managed Fund
The minimum amount for Switching is Rs 5,000. The first 4 switches per year are free beyond which there is a charge of Rs 100 per switch.
In this policy, Partial Withdrawal is allowed at any time after 5 Policy Years. There is a lock-in period of five years for each Top-up premium. The Minimum amount for Partial Withdrawal is Rs 5000 subject to at least 105% of total premiums paid remains in the Fund Value after withdrawal.
Variants
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Premium Range
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Premium Allocation Charge (as a % of Single Premium paid)
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Below Rs 5 lakhs
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3%
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Rs 5 lakhs and < Rs 10 lakhs
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2%
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Rs 10 lakhs and more
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1%
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Policy Administration Charge
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Premium Allocation Charge
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Policy Administration Charge
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Rs 40 p.m.
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Increases by
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5% on every policy anniversary
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Type
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Charge
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Equity Large Cap Fund
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1.35% of Equity Large Cap Fund Value
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Equity Top 250 Fund
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1.35% of Equity Top 250 Fund Value
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Bond Fund
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1.25% of Bond Fund Value
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Money Market Fund
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0.75% of Money Market Fund Value
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Managed Fund
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1.35% of Managed Fund Value
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Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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For Age< 45 years, SA=SP X 1.25
For Age>=45 years, SA=SP X 1.10 |
SP X 10
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Policy Term (in years)
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For age of entry below 45 years: 10/15/20 years
For age of entry 45 years and above: 10 years
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|
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Premium Payment Term (in years)
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Single
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|
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Entry Age of Life Insured (in years)
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5
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65
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Age at Maturity (in years)
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18
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75
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Single Premium (in Rs.)
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75,000
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No Limit
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Payment modes
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Only Single
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FAQs
What happen if you stop paying the premium ?Being a Single Premium Plan, there is no requirement of further payment of premium.
What happen if you want to surrender the policy ?Surrender Benefit is paid after completion of 5 Policy Years. The Surrender Benefit= Fund Value without any charges
What happen if you want a loan against your policy ?Loan facility is not provided under this policy.
