Edelweiss Life Wealth Enhancement Ace Plan

Introduction/Overview
Edelweiss Life Wealth Enhancement Ace is a Unit Linked Insurance Plan
where the premiums net of charges in invested in capital markets to earn good returns while at the same time providing the benefits of life insurance cover.

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  • 4.8~ Rated
  • 7.7 Crore Registered Consumer
  • 50 Partners Insurance Partners
  • 4.2 Crore Policies Sold

ULIP Plans

  • Plan starting from ₹1,000/month
  • Save upto ₹46,800 in Tax under section 80C^
  • Zero LTCG Tax
  • In built life cover
Top performing plans with High Returns**
Invest ₹10K/month & Get ₹1 Crore# on Maturity
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rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Key Features

  • It is a unit linked plan with Single Pay option of premium payment
  • Guaranteed Additions are added from the 8th policy year for in-force policies
  • The following 5 funds are available for investment
  1. Equity Large Cap Fund
  2. Equity Top 250 Fund
  3. Bond Fund
  4. Money Market Fund
  5. Managed Fund

Benefits

  • Guaranteed Additions @ 0.25% of the average fund value in the last 12 months is added every year from the end of the 8th year
  • The insured will get the total Fund Value on Maturity including Top-up Fund Value
  • The maturity benefit can be taken in instalments over a period of 2, 3, 4 or 5 years through the Settlement Option
  • On death of the policyholder, higher of the Sum Assured SA net of partial withdrawals made in the last 2 years if the age attained was less than 60 years or Fund Value subject to a minimum of 105% of all premiums paid till death is payable
  • If age attained was more than 60 years, higher of the Sum Assured less withdrawals made after age 58 or the Fund Value subject to a minimum of 105% of all premiums paid is payable
  • The Sum Assured and Fund Value under both the cases will include top-up Sum Assured and top-up Fund Value
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

5 years

 65 years

Maturity Age (Last Birthday)

18 years

75 years

Policy Term (PT) in years

10, 15, 20

Premium Paying Term (PPT) in years

Single Pay

Yearly Premium

75,000

No limit

Sum Assured

1.25 * Single Premium for ages <45 years or 1.10 * Single Premium for ages>=45 years

10 * Single Premium

 

Policy Details

Grace Period: grace period is not applicable for Single Pay plans

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • 2 free Partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5,000
  • 4 free Switches are allowed every year for switching between funds

Additional Features or Riders

  • Top-ups increase the Sum Assured where the Top-up SA is 1.25*top-up premium for ages <45 yrs. and 1.10*top-up premium for ages>=45 years
  • Sum Assured levels can also be increased or decreased as per applicable conditions form the 6th policy year

Exclusions

The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history and submit KYC documents.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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