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.
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||
|Maximum age at entry||
|Minimum age at maturity||
|Maximum age at maturity||
|Plan options to choose from||
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||
|Maximum Sum Assured||
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||
|Premium Payment Mode||
|Minimum Single Premium Amount||
|Maximum Single Premium Amount||No limit|
*Premiums vary based on age, location, plan term, GST, and other factors.
|Death Benefit||The death benefit will be paid as given below:
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.
|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.
|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.|
|Policy Loan||Policyholders cannot avail a loan against this policy.|
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.
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.