Edelweiss Tokio Life Wealth Enhancement Ace Plan

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Introduction/Overview

Edelweiss Tokio 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.

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.