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Edelweiss Tokio Life Wealth Enhancement Ace Plan
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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 of Edelweiss Tokio Life Wealth Enhancement Ace Insurance Plan
It is a Single Premium Unit Linked Insurance Plan without Bonus facility
There is low Policy Administration Charge in this plan
The Maturity Benefit would be the Fund Value
The Death Benefit in this plan is Higher of Sum Assured or Fund Value
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
There are 5 Fund Options for Investment Purpose
There are 4 Additional Riders available in this plan
This Plan has Settlement Option where the Policyholder gets a choice of remaining invested for a period of 5 years beyond the Policy Tenure
In this plan, there is an option of changing Sum Assured according to the requirement
COMPARE THIS PLAN WITH OTHER ULIP PLANS
Benefits you get from Edelweiss Tokio Life Wealth Enhancement Ace Insurance Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of the Sum Assured or Fund Value, subject to minimum of 105% of total basic premiums paid (including top-up), as Death Benefit and the policy terminates.
Maturity Benefit – When the policy matures, the Fund Value is paid as Maturity Benefit to the Policyholder.
Income Tax Benefit - 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
Eligibility conditions & other restrictions in Edelweiss Tokio Life Wealth Enhancement Ace Policy
Minimum
Maximum
Sum Assured (in Rs.)
For Age< 45 years, SA=SP X 1.25
For Age>=45 years, SA=SP X 1.10
SP X 10
Policy Term (in years)
For age of entry below 45 years: 10/15/20 years
For age of entry 45 years and above: 10 years
Premium Payment Term (in years)
Single
Entry Age of Life Insured (in years)
5
65
Age at Maturity (in years)
18
75
Single Premium (in Rs.)
75,000
No Limit
Payment modes
Only Single
Additional Features & Benefits of Edelweiss Tokio Life Wealth Enhancement Ace Plan
Riders – There are 4 Additional Riders in this plan
Accidental Total and Permanent Disability Rider
Accidental Death Benefit Rider
Term Rider
Critical Illness Rider
Investment Fund Options
In this plan, there are 5 Funds for Investment purpose
Equity Large Cap Fund
Equity Top 250 Fund
Bond Fund
Money Market Fund
Managed Fund
Top-up Premium- Top Up is allowed in this plan but for a minimum of Rs 5,000. The Minimum Sum Assured for the Top-up Premium Payment for entry age less than 45 years is 1.25 times the Top Up Premium and for entry age more than or equal to 45 years 1.1 times the Top Up Premium.
The maximum Sum Assured for the Top-up Premium Payment is 10 times the Top Up Premium
Switching - 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.
Partial Withdrawal - 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.
Policy Charges of Edelweiss Tokio Life Wealth Enhancement Ace Plan
Premium Allocation Charge – This charge is paid from the Premium Amount Payment every time premium is paid.
Premium Range
Premium Allocation Charge (as a % of Single Premium paid)
Below Rs 5 lakhs
3%
Rs 5 lakhs and < Rs 10 lakhs
2%
Rs 10 lakhs and more
1%
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
Policy Administration Charge
Premium Allocation Charge
Policy Administration Charge
Rs 40 p.m.
Increases by
5% on every policy anniversary
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
Type
Charge
Equity Large Cap Fund
1.35% of Equity Large Cap Fund Value
Equity Top 250 Fund
1.35% of Equity Top 250 Fund Value
Bond Fund
1.25% of Bond Fund Value
Money Market Fund
0.75% of Money Market Fund Value
Managed Fund
1.35% of Managed Fund Value
Discontinuance Charge— This charge is for discontinuing the plan before the end of the Policy Tenure. There is no Discontinuation Charge in this plan
Mortality Charge— This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
Service Tax would be applicable on the charges depending on the applicable rates.
What happens if?
You stop paying the premium – Being a Single Premium Plan, there is no requirement of further payment of premium.
You want to surrender the policy – Surrender Benefit is paid after completion of 5 Policy Years. The Surrender Benefit= Fund Value without any charges.
You want a loan against your policy – Loan facility is not provided under this policy.
