The Wealth Enhancement (Ace) ULIP Plan offered by Edelweiss Tokio Life is a unit linked life insurance policy that facilitates steady and flexible wealth enhancement for the policyholder. The plan has 5 different fund options , with additional features like guaranteed loyalty additions that enhance the fund.
Eligibility - Who is the Edelweiss Tokio Life Wealth Enhancement (Ace) ULIP Plan for
Policyholders must meet the following criteria in order to buy an Edelweiss Tokio Life Wealth Enhancement (Ace) ULIP Plan:
|Minimum entry age
|Maximum entry age
|Minimum maturity age
|Maximum maturity age
Sum Assured and Premium Range - What you get and what it costs?
|Minimum Sum Assured
- For entry age below 45 years: Single Premium x 1.25
- For entry age 45 years & above: Single Premium x 1.10
|Maximum Sum Assured
||Single Premium x 10
|Minimum Sum Assured Top-Up
- For entry age below 45 years: Top-Up Premium x 1.25
- For entry age 45 years & above: Top-Up Premium x 1.10
|Maximum Sum Assured Top-Up
||Top-Up Premium x 10
- For entry age below 45 years: 10 years/15 years/20 years
- For entry age 45 years & above: 10 years
|Premium Payment Terms
|Basic Premium Amounts
- Minimum: Rs.75,000
- Maximum: No limit
|Basic Premium for Top-Ups
|Premium Payment Frequency
Plan Coverage - What does the Edelweiss Tokio Life Wealth Enhancement (Ace) ULIP Plan covers?
- Death Benefit: The benefit amount is the higher of the three:
- Total Fund Value (Basic plus Top-up) as on the day of claim intimation made to the company.
- Total Sum Assured (including Top-up) minus any partial withdrawals made by the policyholder.
- 105% of paid-up premiums (including any Top-up premium paid) till the date of demise of the policyholder.
- Guaranteed Additions: This policy provides 0.25% guaranteed additions of the average fund value on the last day of the last 12 policy months. These additions are payable from eighth year end onwards at the end of each policy year for policies still in force. The GA amount is added to the existing fund as fund units based on their NAV on the day the additions are due.
- Maturity Benefit: A maturity benefit is payable the end of term of the policy, amounting to the Fund value on the day of maturity. The Fund options provided with this policy are:
||Debt and Money Market Instruments
|Equity Large Cap Fund
||60% - 100%
||0% - 40%
|Equity Top 250 Fund
||60% - 100%
||0% - 40%
||Low to Medium
|Money Market Fund
||0% - 40%
||60% - 100%
Exclusions - What the Edelweiss Tokio Life Wealth Enhancement (Ace) ULIP Plan doesn’t cover?
- In case of the policyholder dies as a direct result of a suicide attempt within a year of the policy commencement date, whether in a sane or an insane state of mind at the time, the nominee under the said policy will get a sum equal to fund value on the date of death of the policyholder. The policy itself is voided and all other policy benefits cease to exist.
- In case of the policyholder dies due to a suicide attempt within a year of the effective date of increase in Sum Assured (including increase due to premium top-ups), then the increased amount will not be considered in the death benefit calculation. Any charges deducted following the date of demise of the policyholder will get paid-back along with death benefits to the policy nominee.
Other Key Features - Freelook Period, Surrender Values, Grace Period etc.
- Switching Between Funds: If the policyholder wants to move a partial or full amount of their accumulated fund value from a different fund, they can do so using the switching facility. The minimum amount one can switch is Rs.5,000. A policyholder can make any number of switches in a given policy year or within the entire policy duration. However, only first four switches are free within a year. There is a fee of Rs.100 per switch from the fifth switch onward.
- Partial Withdrawal: Policyholders can withdraw part of their accumulated fund value if they are in need of emergency liquidity any time after five years of the policy are complete. Minimum amount that can be withdrawn each time is Rs.5,000. The maximum amount that can be withdrawn is equal to the fund value in excess of 105% of total paid-up premium till the time of partial withdrawal. A maximum of 2 partial withdrawals are allowed for free within a policy year, after which a charge of Rs.200 per withdrawal is charged.
- Settlement Facility: On intimation to the company 2 months prior to the maturity date, the policyholder can opt to collect their maturity proceeds in installments. The term of the Settlement Option could be 2 years, 3 years, 4 years and 5 years as preferred by the policyholder. The fund value will remain invested in the existing funds. In case of death during settlement period, Balance Fund Value is payable to the nominee/ legal heir. Payments will be made in the form of yearly, half-yearly, quarterly or monthly instalments, as chosen by the policyholder.
- Change in Sum Assured: This option made available at each policy anniversary starting from the sixth policy year onward. Sum Assured can be increased or decreased provided the policyholder gives a prior notice of 2 months, and the policy is still in force. The change can be effected a maximum of 3 times during the term of the policy. The option is subject to written communication issuance and underwriting approval.
- Policy Discontinuance: The policyholder can choose to completely withdraw from the policy, forfeiting risk cover, any time within first 5 policy years. If they exercise this option, the policy shall be considered as withdrawn. The insurance cover will cease and the fund value as on the date of discontinuance of policy will get transferred to the Discontinuance Fund. The policy proceeds along with the returns generated on those proceeds will be payable to the policyholder once the lock in period is complete. The minimum interest rate guaranteed on the discontinued fund changes from time to time. The present minimum guaranteed interest rate applicable is 4% p.a.
Tax Benefits - How you can save with the Edelweiss Tokio Life Wealth Enhancement (Ace) ULIP Plan?
You can get tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961 on premiums paid and maturity proceeds, respectively.
Other Benefits - How you can save more with the Edelweiss Tokio Life Wealth Enhancement (Ace) ULIP Plan?
There are several other benefits that the policyholder receives for purchasing insurance plans from Edelweiss Tokio Life Insurance Company Limited such as:
- Online Policy Renewal: Insurance policies can be renewed online through the company website.
- Online Premium Payment: You can make instant premium payments online through the company website using netbanking, credit card, debit card, UPI or e-wallet. Paytm, cash, cheque, NEFT, and auto-debit arrangements are other methods of paying your insurance premium.
- Application Status: You can track the status of your application by entering your application number on the company website. You can live chat with insurance agents on the company website for assistance with any insurance related queries.
- Premium Calculator: The online premium calculator provided on the company website can be used to accurately calculate how much premium you need to pay for your chosen policy. You can also get a free quote for your chosen insurance plan.
- Easy Claims Settlement: Claim registration can be initiated online through the company website. Genuine claims with necessary documents will be settled within 24 hours. For policies with sum assured of up to Rs.5 crore, any delay in claim settlement will be compensated at 10% interest p.a.
Why you should buy the Wealth Enhancement (Ace) ULIP Plan from Edelweiss Tokio Life Insurance?
Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Financial Services, one of India's leading financial service company and Tokio Marine Holdings Inc., a 130 year old insurance company in Japan, their largest insurance provider.
- The Claims Settlement Ratio of Edelweiss Tokio Life Insurance in the financial year 2016-17 is at 93.29%. The company promises to settle every genuine claim within 24 hours.
- For any delay in claim settlement, the company pays an interest of 10% p.a. on the settlement sum.
- The company is expanding fast with a 70+ strong branch network across 50+ cities across the country.
- They also won 2013 “The Rising Star Insurer” Award, recognized for their business strategy, financial strength, agency network, broad based products and innovative technology.
- Edelweiss Tokio Life also took the 2016 Outlook Money Award for Best Life Insurer.
- The company recruits only qualified insurance advisors in its team, who then undergo extensive on a NEED identification based approach to sharpen their skills.
- Edelweiss Tokio Life offer a range of high valued funds to suit every customer’s requirement. As on 31 August, 2015, the company’s individual ULIP funds had top rating by Morningstar in their respective categories.