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  • Edelweiss Tokio Life Wealth Ultima 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 Ultima Plan from Edelweiss Tokio Life is a unit-linked life insurance policy, which helps policyholders accumulate wealth over the course of the policy tenure. The key benefit of this policy is that it comes with an optional ‘Little Champ Benefit’. Thus, in case the policyholder passes away during the policy tenure, the policy will continue as per schedule, and the child will be eligible to receive the due policy benefits.

    Further, this policy also pays guaranteed additions, booster additions, and loyalty additions, thus increasing the payout offered by the plan. Policyholders can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.

    Eligibility - Who is the Wealth Ultima Plan for?

    In order to purchase this policy, you will first have to ensure that you meet the eligibility criteria set by the insurer.

    Parameters Criteria for eligibility
    Minimum age at entry
    • With Little Champ Benefit:
    • Life Assured: 0 years
    • Policyholder: 18 years
    • Without Little Champ Benefit:
    • Life Assured: 0 years
    Maximum age at entry
    • With Little Champ Benefit:
    Premium Payment Term (PPT) Life Assured Policyholder
    5 Pay 17 years 70 years
    6 Pay and 7 Pay 17 years 70 years
    8 Pay 17 years 70 years
    9 – 13 Pay 17 years 65 years
    14 – 27 Pay 17 years 60 years
    28 – 30 Pay 17 years 55 years
    31 & Above Pay 17 years NA
    • Without Little Champ Benefit:
    Premium Payment Term (PPT) Life Assured
    5 Pay 50 years
    6 Pay and 7 Pay 55 years
    8 Pay 60 years
    9 – 13 Pay 60 years
    14 – 27 Pay 60 years
    28 – 30 Pay 60 years
    31 & Above Pay 60 years
    Minimum age at maturity
    • Option 1:
    • 5 – 6 Pay: 18 years
    • 7 Pay and above: 18 years
    • Option 2:
    • 5 – 6 Pay: NA
    • 7 Pay and above: 100 years
    Maximum age at maturity
    • Option 1:
    • 5 – 6 Pay: 70 years
    • 7 Pay and above: 70 years
    • Option 2:
    • 5 – 6 Pay: NA
    • 7 Pay and above: 100 years
    Plan options to choose from
    • Option 1: Policies where the age of the life assured at maturity of the policy is 70 years or lesser
    • Option 2: Policies where the age of the life assured at the completion of the policy tenure is 100 years.

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

    The sum assured is a guaranteed amount of money that you will receive from the insurer as the death or maturity benefit.

    Minimum Sum Assured
    • Base Policy:
    • 0 – 44 years: Higher of (10, Policy Term/2) X Annualised Premium
    • 45 years and over: Higher of (7, Policy Term/4) X Annualised Premium
    • Top-Ups:
    • 0 – 44 years: 1.25 x Top-up premium
    • 45 years and over: 1.1 x Top-up premium
    Maximum Sum Assured
    • Base Policy:
    • 0 – 44 years: Higher of (10, Policy Term/2) X Annualised Premium
    • 45 years and over: 10 x Annualised Premium
    • Top-Ups:
    • 0 – 44 years: 10 x Top-up premium
    • 45 years and over: 5 x Top-up premium

    Premiums*

    The premium is a sum of money that the policyholder pays to the insurer, post purchasing an insurance plan.

    Minimum term of the policy 10 years
    Maximum term of the policy
    • 5 – 6 PPT: 70 years – policyholder’s age at entry (for option 1)
    • 7 PPT and above: 100 years – policyholder’s age at entry (available for both plan option 1 and option 2)
    Premium Payment Mode
    • Yearly
    • Half-Yearly
    • Quarterly
    • Monthly
    Minimum Single Premium Amount
    • Modal Premium
    • Yearly: Rs.48,000
    • Half-Yearly: Rs.36,000
    • Quarterly: Rs.18,000
    • Monthly: Rs.6,000
    • Top-up Premium: 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 Ultima Plan covers?

    Death Benefit The death benefit will be paid as given below:
    • For policies where the entry age of the life assured under 1 year:
    • If the life assured passes away within 12 months of the date of inception of the policy, the death benefit will be the sum of the following:
    • Higher of the fund value or 105% of the overall premiums paid, and
    • Higher of the top-up fund value or 105% of the overall top-up premiums paid
    • If the life assured passes away after 1 year of the policy tenure, the death benefit payable will be the same as that of policies where the age of entry of the life assured is 1 year and above.
    • For policies where the age at entry of the life assured was 1 year or above, death benefit payable will be the sum of the following
    • Highest of the sum assured excluding partial withdrawals, fund value, or 10% of the overall premiums, and
    • Highest of the top-up sum assured, top-up fund value, or 105% of the overall top-up premiums paid.
    *Note: In case the Little Champ Benefit is chosen, an additional death benefit will be paid.
    Maturity Benefit
    • If the policyholder survives till completion of the policy tenure, the fund value will be paid as the maturity benefit. The maturity benefit will be paid in instalments to the policyholder.

    Exclusions - What the Wealth Ultima Plan doesn’t cover?

    This policy comes with a suicide exclusion. If the policyholder commits suicide within a year of purchasing or reviving this policy, the insurer will pay the nominee the fund value of the policy. No other benefits will be paid to the nominee, in this case.

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

    Investment Options Policyholders can choose to either opt for the Self-Managed Strategy or the Systematic Transfer Plan (STP).
    Systematic Withdrawal Plan (SWP) The Systematic Withdrawal Plan allows policyholders to make partial withdrawals from the fund value. This option has to be opted for by the policy buyer.
    Change in PPT Policyholders are also given the option to make changes to the premium payment term (PPT).
    Bonuses and Additions In addition to the regular policy benefits, policyholders are also entitled to receive loyalty additions, guaranteed additions, and booster additions, which will further enhance the fund value of the policy.
    Switching between funds Policy buyers who have opted for the Self-Managed Strategy can switch their money between various funds.
    Premium Redirection Policy buyers who have opted for the Self-Managed Strategy can redirect premiums or top-up premiums into different funds.
    Partial Withdrawals After 5 policy years, policyholders can make partial withdrawals from the fund value.
    Top-Up Premiums Policyholders are given the added option of investing any surplus money that they might have into the policy as top-up premiums.
    Surrender Benefit Policyholders can choose to surrender their policy at any time during the policy tenure.
    • If the policy is surrendered within the first 5 years, the fund value of the policy net of the discontinuance charge will be credited to the insurer’s discontinued policy fund.
    • If the policy is surrendered after 5 years, the policyholder will receive the fund value.
    Policy Revival Lapsed policies can be revived within 2 policy years.
    Free-Look Period Policy buyers are offered a 15-day free-look period to review the policy.
    Grace Period
    • Yearly, half-yearly, quarterly modes: 30 days
    • Monthly mode: 15 days
    Policy Loan Policyholders cannot avail a loan against this policy.

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

    Policyholders can avail tax benefits under Section 80C of Income Tax Act for premiums paid and under Section 10(10D) of the same act for benefits received.

    Other Benefits – How you can save with the Wealth Ultima Plan?

    • Online Policy Renewal: Policies can be renewed online by simply keying-in your policy number and date of birth. Post this, you can pay your renewal premium and renew your policy.
    • Customer Service Channels: Customers can contact the insurer by way of the live chat feature on the insurer’s website, requesting for a call-back, calling the insurer’s dedicated toll-free number, etc.
    • Range of Plans: The insurer offers a range of life and health insurance plans. Life insurance plans offered by Edelweiss Tokio Life include micro insurance plans, term insurance plans, child plans, investment plans, retirement plans, etc.

    Why should you buy the Wealth Ultima Plan from Edelweiss Tokio Life Insurance?

    In addition to providing policyholders a risk cover against death, this policy also offers the option of creating wealth by way of investing in market-linked units. Further, the ‘Little Champ Benefit’ offered by the insurer guarantees the financial security of one’s children, in case of an unfortunate eventuality.

    Edelweiss Tokio Life was set-up in the year 2011 as a joint venture between Edelweiss Financial Services Limited and Tokio Marine Holdings. The company currently has 91 branches across the country and have employed 21,449 agents. The insurer has also recorded a high claim settlement ratio of 93.29% for FY16-17.