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.
Disclaimer :
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. 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. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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
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.
|
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 |
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.
The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.
Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history and submit KYC documents.
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. 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. 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
^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