• Edelweiss Tokio Life Wealth Enhancement (Ace) Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Wealth Enhancement Ace Plan from Edelweiss Tokio Life is a non-participating, unit-linked, life insurance policy, which is ideal for individuals looking to create long-term wealth. This policy provides guaranteed loyalty additions, thus helping the policyholder’s funds grow. In addition to the life cover, this policy also provides a guaranteed maturity benefit, at the completion of the policy tenure. The minimum payable premium for this policy is Rs.75,000. Tax benefits can also be claimed under Section 80C and Section 10(10D) of the Income Tax Act, upon purchasing this policy.

    Eligibility - Who is the Wealth Enhancement Ace Plan for?

    Insurance providers often set eligibility criteria that customers need to meet to purchase a life insurance cover.

    Parameters Criteria for eligibility
    Minimum age at entry 5 years
    Maximum age at entry 65 years
    Minimum age at maturity 18 years
    Maximum age at maturity 75 years

    Sum Assured and Premium Range - What you get and what it costs ?

    Sum Assured

    The sum assured is the minimum amount of money that your nominee will receive in case of an unfortunate eventuality. Thus, it is important that you carefully assess your needs and financial goals before opting for a suitable sum assured.

    Minimum Sum Assured
    • Base Policy:
    • Individuals under the age of 45 years: Single Premium x 1.25
    • Individuals who are 45 years and over: Single Premium x 1.10
    • Top-Ups:
    • Individuals under the age of 45 years at the time of making the top-up payment: Top-up premium amount x 1.25
    • Individuals who are 45 years and over at the time of making the top-up payment: Top-up premium x 1.10
    Maximum Sum Assured
    • Base Policy: Single premium x 10
    • Top-Ups: Top-up premium x 10

    Premiums*

    The premium is what the policy buyer will have to pay to the insurer in order to enjoy the policy’s coverage.

    Policy Tenure
    • For individuals under 45 years of age: 10 years, 15 years, or 20 years
    • For individuals who are 45 years and over: 10 years
    Premium Payment Mode Single premium
    Premium Payment Term Single PAY
    Minimum Single Premium Amount
    • Base policy: Rs.75,000
    • Top-ups: Rs.5,000
    Maximum Single Premium Amount No limit

    *Premiums vary based on age, location, plan term, GST, and other factors.

    Plan Coverage - What the Wealth Enhancement Ace Plan covers ?

    Death Benefit If the policyholder passes away during the policy tenure, the nominee will be paid the highest of the following:
    • Fund value
    • Sum assured (including the top-up sum assured amount)
    • 105% of the overall premiums paid during the policy tenure, including top-up premiums
    Maturity Benefit At the completion of the policy tenure, the policyholder will be paid the fund value.

    Exclusions - What the Wealth Enhancement Ace Plan doesn’t cover?

    This policy comes with a suicide clause. If the policyholder, in a sane or instate state of mind, happens to commit suicide within 12 months of purchasing this policy, no death benefit will be paid to the nominee. However, the fund value available, as on the policyholder’s date of death, will be paid to the nominee.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    Surrender Benefit Policyholders can surrender their policies after 5 policy years. The insurer will pay the fund value of the policy as the surrender benefit.
    Guaranteed Additions Guaranteed additions will be paid starting from the end of the 8th year.
    Switching Facility Policyholders can switch their wealth from one fund to another, at any time.
    Partial Withdrawal After the completion of 5 policy years, a part of the fund value can be withdrawn to meet emergency needs.
    Loan Policyholders cannot avail a loan against this policy.
    Settlement Option Policyholders can opt to receive the maturity benefits in instalments, over a period of years (2, 3, 4, or 5 years).
    Enhancement of Sum Assured Policyholders are given the option of making changes to their sum assured on every policy year anniversary, starting from the 6th year onwards.
    Free-Look Period Policy buyers are given a free-look period of 15 days to review their policy.

    Tax Benefits – How you can save with the Wealth Enhancement Ace Plan?

    As a policyholder, you can claim tax benefits for premiums paid under Section 80C of the Income Tax Act. Further, tax benefits can also be claimed under Section 10(10D) of the Income Tax Act for payouts received.

    Other Features of Edelweiss Tokio Life

    • Customer Service: Prospective customers can contact the insurer through a range of customer care channels, including their official contact number, online chat feature, by requesting for a call-back on the website, etc.
    • Premium Calculator: If you are interested in purchasing a particular plan, you can calculate the premium payable through the insurer’s official website by keying-in a few details about yourself.
    • Application Tracker: Customers can track the status of their policy through the insurer’s official website by keying-in their policy number and date of birth.

    Why should you buy the Wealth Enhancement Ace Plan from Edelweiss Tokio Life?

    The Wealth Enhancement Ace Plan provides customers both protection and investment features through one insurance plan. The insurer, Edelweiss Tokio Life, is one of the leading life insurance providers in the country with a claim settlement ratio of 93.29% for FY16-17. The insurer also has a pan-India presence with around 91 branches located across the country and 21,449 agents. The insurer has a varied product portfolio, to cater to the needs of their customers. They have also won several awards in recognition of their services and product innovation.

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