Features of Wealth Ultima Life Insurance
Below is a brief summary of the key features of the plan:
- Simple to understand with all the guaranteed benefits
- Simple to buy - Complete a short proposal form and get insured
- Flexibility in premium paying terms
- Liquidity for unforeseen emergencies
- Option to avail a loan
- Income Tax benefits as per prevailing Income Tax Laws
Benefits in Edelweiss Tokio Life POS Saral Nivesh plan:
a) Guaranteed Maturity Benefit
At the end of your policy term, you will receive the Guaranteed Maturity Benefit provided all due premiums have been paid in full and the policy is in-force. Your Guaranteed Maturity Benefit is equal to the Sum Assured on Maturity.
b) Guaranteed Death Benefit
In case of unfortunate demise of Life Insured while the policy is in-force, the Nominee will receive the Guaranteed Death Benefit.
The Guaranteed Death Benefit is equal to the Sum Assured on Death which is -
Higher of –
- 10 x Annualised Premium ; or
- Sum Assured on Maturity; or
- 105% of total premiums paid (excluding underwriting extras, service tax and cess, if any) till date of death; or
- Any absolute amount assured to be paid on death which is higher of Sum Assured on Maturity or 10 x Annual Premium
The policy has a 90 day waiting period from the Date of Inception of the Policy within which, if death occurs (other than due to accident), the nominee will receive 100% of the premiums paid till the date of death excluding service tax and cess. During this period the Guaranteed Death Benefit will not be payable.