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.
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|
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||
|Maximum Sum Assured||
The premium is what the policy buyer will have to pay to the insurer in order to enjoy the policy’s coverage.
|Premium Payment Mode||Single premium|
|Premium Payment Term||Single PAY|
|Minimum Single Premium Amount||
|Maximum Single Premium Amount||No limit|
*Premiums vary based on age, location, plan term, GST, and other factors.
|Death Benefit||If the policyholder passes away during the policy tenure, the nominee will be paid the highest of the following:
|Maturity Benefit||At the completion of the policy tenure, the policyholder will be paid the fund value.|
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.
|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.|
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.
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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