Edelweiss Life Wealth Ultima Plan

The Wealth Ultima Plan offered by Edelweiss is a comprehensive financial solution to help you achieve your financial goals. If you want to build wealth, protect your future, and save money on your taxes, the Wealth Ultima Unit Linked Insurance Plan (ULIP) Plan is a great option. This article will help you to learn all the specifications and benefits of the Edelweiss Life Wealth Ultima Plan.

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What is Edelweiss Life Wealth Ultima Plan?

Edelweiss Life Wealth Ultima is a Unit Linked Insurance Plan (ULIP) that offers a systematic approach to wealth creation and protection. 

  • The Wealth Ultima Plan is the best investment option that also allows you to pay monthly premiums under its Systematic Monthly Plan. This helps to safeguard you against market fluctuations.

  • You can choose from a variety of investment options using Systematic Transfer Plan (STP) or a Self-Managed Strategy

  • The option to make regular withdrawals from your investment fund is allowed through a Systematic Withdrawal Plan (SWP)

  • The plan also offers life cover, guaranteed additions, and income tax benefits 

What are the Features of the Edelweiss Life Wealth Ultima Plan?

Let us learn the key features of the Edelweiss Life Wealth Ultima Plan from the table mentioned below:

Features Details
Plan Type Unit Linked Insurance Plan (ULIP)
Plan Options
  • Option 1: The maturity age of the life assured is <= 70 years
  • Option 2: The maturity age of the life assured is 100 years
Investment Options You can choose among the following best investment options of this ULIP Plan:
  • Systematic Transfer Plan (STP)
  • Life Stage and Duration Based STP: Allows you to transfer your funds from one fund to another based on your life stage and the duration of the plan
  • Profit Target Based STP: Allows you to transfer your funds from one fund to another when your profits reach a predetermined target
  1. Self-Managed Strategy: 7 investment fund options to decide your investment portfolio
Systematic Withdrawal Plan (SWP)
  • A feature allows you to withdraw a fixed amount of money from your ULIP policy regularly
  • You select the starting date of your systematic withdrawals
  • You can choose to withdraw money from your ULIP policy at any time after the 10-year lock-in period
  • You get to choose the frequency of withdrawals, such as monthly, quarterly, or annually
  • You can also decide the amount of money to withdraw, such as Rs. 5,000, Rs. 10,000, or Rs. 20,000
Change of PPT Facility
  • This feature allows you to increase or decrease the number of years for which you will be paying premiums
  • You can avail of this facility only if the following conditions are met:
  • You have completed at least 5 years of premium payment
  • You must not have availed of any other PPT facility in the past
  • There is no outstanding premium due on your policy
  • You have a good health status
Partial Withdrawal Facility
  • Partial withdrawal facility is available after the 5th policy year in the following conditions:
  • Age of Life Insured: 18 Years/ Above
  • Initial Partial Withdrawals: Adjusted from Top-up fund value after 5th policy year
  • Min. Withdrawal Amount: Rs. 500/withdrawal
  • Max. no. of Withdrawals: No Limit 
  • Max. Withdrawal Amount: Up to the resultant fund value after partial withdrawals is 105% or more of total premium payments
  • Zero Charges: No fee is charged on partial withdrawals
  • Exclusion Case: Such partial withdrawals won't be permitted, which may lead to contract cancellation.
Premium Top-Up Facility 
  • You can invest any extra funds as Top-up Premium above the Premium
  • Top-up premiums are allowed up to the total base premiums payment done
Unlimited Free Switches
  • Under the Self-Managed Strategy, you can switch between funds any number of times as per your investment strategy and market speculations
  • No fees is charged
  • Min. Amount in Every Switch: Rs. 5,000
Premium Redirection
  • Under the Self-Managed Strategy, you can decide to allocate future Premiums and Top- Up Premiums in a different fund/s than the earlier selected funds while buying the policy
  • No fees is charged
  • You need to give a written notice to the company 2-weeks prior of the payment of the relevant premium 

What are the Eligibility Criteria of Edelweiss Life Wealth Ultima Plan?

The essential eligibility criteria to buy the Wealth Ultima Plan are as follows:

Eligibility Criteria Details
Min. Entry Age (For Options 1 & 2) For Ultima Plan WITH Little Champ Benefit:
  • Life Insured Age: 0 years 
  • Policyholder Age: 18 years
For Ultima Plan WITHOUT Little Champ Benefit: 0 years
Max. Entry Age (For Option 1 & 2) For Ultima Plan WITH Little Champ Benefit For Ultima Plan WITHOUT Little Champ Benefit
PPT Life Insured Policyholder Life Insured
5 Years  Pay 17 years 70 years 50 years
6 & 7 Years  Pay 17 years 70 years 55 years
8 Years  Pay 17 years 70 years 60 years
9 – 13 Years Pay 17 years 65 years 60 years
14 – 27 Years  Pay 17 years 60 years 60 years
28 – 30 Years  Pay 17 years 55 years 60 years
>= 31 Years Pay N/A N/A 60 years
Maturity Age of Life Insured Option 1 Option 2
5 - 6 Years Pay >= 7 Years Pay 5 - 6 Years Pay >= 7 Years Pay
18 – 70 years 18 – 70 years Up to 100 years Up to 100 years
Premium Amount
  • Annually: Rs. 48,000 – No Limit
  • Semi-Annually: Rs. 36,000 – No Limit
  • Quarterly: Rs. 18,000 – No Limit
  • Monthly: Rs. 6,000 – No Limit
Min. Policy Term (PT) 10 years
Max. Policy Term (PT) 5/ 6 years PPT: 70 years – Entry Age (Availability of Only Option 1 for this PPT)
7 years/ more PPT: 100 years – Entry Age (Availability of both Option 1 & Option 2 for this PPT)

What are the Benefits of Edelweiss Life Wealth Ultima Plan?

Edelweiss Life Wealth Ultima plan provides the policyholders with the following benefits:

  1. Maturity Benefit:

    If you survive till the end of the Policy Term, the total Fund Value is paid as a maturity benefit. Under the Settlement Option, you can receive the benefit in lump sum or regular instalments.

  2. Death Benefit: 

    In your absence, your beneficiary will receive a death benefit, as per the following:

    • If your unforeseen death is within 1 year of the policy, the death benefit is the sum of higher of:

      • Total Fund Value; OR

      • 105% of Total Premium Payments

    AND

    • Total Top-up Fund Value; OR

    • 10% of Total Top-up Premium Payments

    • If your unforeseen death is at 1 year & above of purchasing the policy, the death benefit is the sum of higher of:

    • Total Fund Value; OR

    • Sum Assured – Partial Withdrawals; OR

    • 105% of Total Premium Payments

    AND

    • Total Top-up Fund Value; OR

    • Sum Assured u/ Top-Up Payments

    • 10% of Total Top-up Premium Payments

  3. Tax Benefits: 

    Edelweiss Life Wealth Ultima offers a number of ULIP tax benefitss, including:

    • Tax deductions of up to ₹1,50,000 on the premiums paid towards the plan under Section 80C of the Income Tax Act, 1961

    • The maturity benefit received under the plan is tax-free in the hands of the receiver under Section 10(10D) of the Income Tax Act, 1961 

    • This can help you save money on your taxes and put more money towards growing your wealth

  4. Flexible Investment Options: 

    You can choose from a wide range of investment options, including the following:

    • Equity funds

    • Debt funds

    • Hybrid funds

    This gives you the flexibility to choose the option that best suits your risk appetite and investment goals.

  5. Guaranteed Additions:

    Edelweiss Life Wealth Ultima returns to offer a number of guaranteed additions. 

    • These are the assured additions to your fund value from the end of 6th policy year up to the date of maturity

    • These guaranteed additions can help you grow your wealth faster and reach your financial goals sooner

    • 0.25% of average Fund Value of each day for a year is added as Guaranteed Additions

  6. Loyalty additions: 

    The plan offers loyalty additions that are added to the fund value at the end of each policy year from 6th policy year. 

    • The additions are based on the performance of the underlying funds 

    • The loyalty additions are calculated as 0.15% of average Fund Value per day for an year

    • There are no loyalty additions for a policy with 5-year Premium Payment Term

  7. Booster additions: 

    The plan offers booster additions that are added every 5-years to the fund value from the end of 10th policy year.

    • Booster additions are added in case of certain events, such as a child's birth or marriage. 

    • The booster additions are calculated as a percentage of average Fund Value per day for last 60 months

    • 2.75% booster additions are made at the end of 10th and 15th policy year

    • 3.50% booster additions are made at the end of 20th and every 5 policy year there onwards

  8. Systematic Withdrawal Plan: 

    SWP is a good option for individuals who want to generate a regular income from their ULIP policy. It is also a good option for individuals who want to reduce the risk of market volatility by withdrawing money from their ULIP policy gradually.

  9. Flexibility: 

    The plan offers a lot of flexibility in terms of the following factors:

    • You can decide on the premium payment, investment options, and withdrawals

    • You can choose to pay premiums monthly, quarterly, or annually

    • You can also select to invest your premiums in a mix of equity and debt funds

    • You can make regular withdrawals from your fund value after the 10-year lock-in period

How Does Edelweiss Life Wealth Ultima Plan Work?

Here are the steps on how Edelweiss Life Wealth Ultima Plan works:

Step 1: You choose the following details as per your need:

  • Amount of Life Cover you want

  • Premium Paying Term

  • Policy Term of your plan

  • Sum Assured Value

  • Mode of Premium

Select the investment options you want your premiums to be invested in.

Step 2: Decide among the following choices:

  • Systematic Transfer Plan (STP)

  • Self-Managed Strategy

Step 3: You start paying premiums monthly or through other modes

Step 4: Your premiums are invested in the underlying funds and grow over time

Step 5: You can make regular withdrawals from your fund value using the optional Systematic Withdrawal Plan (SWP)

Step 6: Upon maturity of your policy, you will get maturity benefits as the Edelweiss Life Wealth Ultima Plan returns

Step 7: In the event of your demise, the nominee will receive the death benefits as life cover

Charges under the Edelweiss Life Wealth Ultima Plan

Following are the ULIP charges applicable to the policyholders:

Premium Allocation Charge:

  • 1st Policy Year: 6% of Premium

  • 2nd – 5th Policy Year: 4% of Premium

  • Zero premium allocation charge from the 6th policy year onwards

Policy Administration Charge:

  • 1st – 5th Policy Year: 1.65% p.a. of Annualised Premium (AP)

  • 6th Policy Year Onwards: NIL

Fund Management Charges (FMC): 0.50% - 1.35% of the Fund Value (FV)

Surrender/Discontinuance Charges: 

  • 1st – 4th Policy Year: 2% -6% of AP or FV

  • 5th Policy Year Onwards: NIL

Switching charges: NIL

Premium Redirection charges: NIL

Partial Withdrawal Charges: NIL

Mortality Charges: Monthly mortality fees are reimbursed by the cancellation of units

Policy Details of Edelweiss Life Wealth Ultima Plan

The essential terms and conditions of Edelweiss Life Wealth Ultima Plan are mentioned in the table below:

Particulars Policy Details
Surrender Benefit
    • Allows you to get back some of the money you have invested in the policy if you need to surrender it before the end of the policy term
  • If Surrender before 5-year Lock-in Period:
  • Surrender Benefit = Fund Value – Discontinuance Charge
  • If Surrender after 5-year Lock-in Period:
  • Surrender Benefit = Fund Value on date of Policy Surrender
Policy Revival You can revive the lapsed policy within 2 years of the last due premium payment
Free-Look Period You get a free-look period of 15 days
No Loan against Policy You can not avail of any loan against this policy
Grace Period
  • If Yearly, Semi- yearly, and Quarterly Premium Payment Mode:
  • Grace Period = 30 days
  • If Monthly Premium Payment Mode:
  • Grace Period = 15 days
Foreclosure of Policy The policy is foreclosed, if the Fund Value becomes NIL after the 5th policy year

Exclusion of Edelweiss Life Wealth Ultima Plan

Exclusions in Case of Suicide: 

  • No death benefit is paid, if the policyholder dies within 12 months of policy term by suicide

  • Full payment of death benefit is made, if the policyholder dies after 12 months of policy term by suicide

In Conclusion

Edelweiss Life Insurance Wealth Ultima is a ULIP plan that offers a variety of benefits, including the ability to accumulate wealth, grow your funds, and make regular withdrawals. 

The plan is designed to help you achieve your financial goals, such as securing your family's future financial needs or enjoying a stress-free retirement. 

If you are looking for a comprehensive life insurance plan to help you build your wealth and protect your loved ones, Edelweiss Life Insurance Wealth Ultima is a great option.

FAQ's

  • Is Edelweiss life insurance good?

    Yes, Edelweiss Life Insurance is good. It is a joint venture between Edelweiss Financial Services Ltd. Inc., one of the largest insurance companies in Japan. The company has a good reputation for customer service and claims handling. It is a good option for people looking for a life insurance policy.
  • Is Edelweiss Life Insurance Safe?

    Yes, Edelweiss Life Insurance is a safe company. Here are some of the factors that make Edelweiss Life Insurance safe:
    • It is a financially strong company with a good track record of profitability

    • The company has a strong capital base and a high solvency ratio

    • Edelweiss Life Insurance has a good reputation for customer service and claims to handle

    • The company has been rated Excellent by the Insurance Regulatory and Development Authority of India (IRDAI)

  • What is the rank of Edelweiss Life in India?

    Edelweiss Life Insurance is ranked 24th in India in terms of Gross Written Premium (GWP) as of March 2023. The company has a GWP of ₹1,500 crore (US$190 million).
  • Is Edelweiss Life under IRDA?

    Yes, Edelweiss Life Insurance is under the Insurance Regulatory and Development Authority of India (IRDAI). IRDA is the statutory body that regulates and supervises the insurance industry in India. Edelweiss Life Insurance is one of the 24 life insurance companies that are currently licensed by IRDA.

*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
*Tax benefit is subject to changes in tax laws
^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.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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