Edelweiss Tokio Insurance Plans

Edelweiss Tokio Wealth Ultima Life Insurance

Wealth Ultima is a New Age ULIP Designed For Accumulating Wealth for an insured individual and it comes with a unique combination of Systematic monthly plan (SMP), to help with one's wealth accumulation and safeguard them from market volatility simultaneously, Systematic transfer plan (STP), to help the insured with wealth preservation and transfer money from one asset class to another in a timely manner and Systematic withdrawal (SWP) plan to help with proper wealth utilization and help work as a second income. All this plus 3 different types of additions to the policy make Wealth Ultima the ideal choice among ULIPs.
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Edelweiss Tokio Life insurance review

Edelweiss Tokio Insurance Plans
Distribution - Number of branches pan India (March 2019)
123
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
25 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/62
Solvency Ratio (FY 2018-19) *
2.29
Number of Policies Sold (Ind+Group) *
79,913
Number of Lives Covered (Ind+Group) **
266,160
Claims Settlement Ratio (Ind+Group) ***
98.41%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Wealth Ultima Life Insurance overview

  • Benefit Summary
  • Eligibility
  • Plan Options
  • Benefit Description

Features of Wealth Ultima Life Insurance

Below is a brief summary of the key features of the plan:
  • Systematic Monthly Plan (SMP): Under SMP, the insured can pay premium commitment on a monthly basis. This helps in:
    • Safeguarding from erratic market movements
    • Easier to pay a small amount monthly than a large amount annually
  • Systematic Transfer Plan (STP): It is often difficult to ascertain which asset class to choose and when to switch between them. STP offers two options set out below to help manage the asset allocation as per needs:
    • Lifestage and duration based STP
    • Profit target based STP
  • You can also choose the Self-Managed Strategy wherein your money will be allocated to your choice of fund(s).
  • Systematic Withdrawal Plan (SWP): This option allows the insured to withdraw a sum of money systematically and regularly from the Fund Value. This regular stream of money works as a second income for you.
  • Additions in the Policy: Additions add money to the fund value in the Guaranteed Additions, Loyalty Additions and Booster Additions. These help in substantially increasing returns to the insured's corpus.
  • Tax Benefits: The insured can avail income tax benefits on the premiums paid and on the benefits received as per the prevailing income tax laws.
  • Little Champ Benefit : Provide for the insured's child even when they are unfortunately not around.
  • Choose Policy Term and Premium Paying Term as per the insured's need and financial capability:
    • Policy Term ranges from 10 years to 'till age 100'.
    • Premium Paying Term ranges from 5 years to 'till the end of the policy term'.

Eligibility criteria of Wealth Ultima Life Insurance

This plan has 2 options:
  • Option 1: Policies wherein Age of the Life Insured at Maturity is 70 years or less
  • Option 2: Policies wherein Age of the Life Insured at Maturity is 100 years

Minimum & Maximum Policy Term

Minimum Policy Term 10 years
Maximum Policy Term 5-6 PPT: 70 minus age at entry (Only Option 1 is available)
7 PPT and above: 100 minus age at entry (Both Option 1 & Option 2 are available)
Policy Term is subject to minimum / maximum maturity age.


Premium Paying Term (PPT)
Option Policy Term PPT With Little Champ Benefit Without Little Champ
Option 1 10 – 30 years Regular Pay Available when Age of the Life Insured at Maturity is less than or equal to 30 years Benefit
Limited Pay 5 Years to Minimum of
  • Policy Term – 1 year, or
  • 30 years minus age at entry of theLife Insured
Available
31 years and above Regular Pay Not Available 5 years to 30 yeras
Limited Pay 5 years to (30 years minus age at entry of Life Insured) (Policy Term - 1 year)
Option 2 100 minus age at entry Regular Pay Not Available Available
Limited Pay 5 years to (30 years minus age at entry of Life Insured) 5 years to 30 years


Minimum Entry Age
Minimum Entry Age (in years) for Option 1 & Option 2
(Age on Last Birthday)
With Little Champ Benefit Without Little Champ Benefit
PPTs* Life Insured Policyholder Life Insured
All PPTs 0 Years 18 Years 0 Years

*Under Little Champ Benefit, PPT is restricted to 30 years minus age at entry of the Life Insured.

Maximum Entry Age
Maximum Entry Age PPT's Life Insured Policy Holder Life Insured
5 Pay 17 years 70 years 50 years
6 & 7 Pay 17 years 70 years 55 years
8 Pay 17 years 70 years 60 years
9 – 13 Pay 17 years 65 years 60 years
14 – 27 Pay 17 years 60 years 60 years
28 – 30 Pay 17 years 55 years 60 years
31 & Above Pay NA NA 60 years


Minimum / Maximum Age of Life Insured at Maturity
Option / PPT 5 – 6 Pay 7 Pay and above
Minimum Option 1 18 years 18 years
Option 2 NA 100 years
Maximum Option 1 70 years 70 years
Option 2 NA 100 years


Premium Type
Premium Type Age at Entry Minimum Sum Assured Maximum Sum Assured
Base Premiums 0 - 44 years Higher of (10, PT/2) * AP Higher of (10, PT/2) * AP
45 years and above Higher of (7, PT/4) * AP 10 * AP
Top Up Premiums 0 - 44 years 1.25 * TP 10 * TP
45 years and above 1.1 * TP 5 * TP
PT = Policy Term, AP = Annualised Premium, TP = Top-up Premium
For Option 2: Policy Term will be considered as '70 – Age at Entry'

Premium Modal Premium Top-up Premium
Minimum Annual: Rs.48,000 ₹5,000
Semi-annual: Rs. 36,000
Quarterly: Rs. 18,000
Monthly: Rs. 6,000
Maximum No Limit At any point of time the total Top-up Premiums paid shall notexceed the total of the Base premiums paid at that point of time.

Plan options of Wealth Ultima Life Insurance

1. Investment Options
Systematic Transfer Plan (STP) Life Stage and Duration based STP
  • Age : As age increases, one’s risk appetite decreases
  • Investment Duration : Short investment duration leads to lower risk appetite
This STP ensures money is moved from equity oriented fund (Equity Large Cap Fund) to debt oriented fund (Bond Fund) as the insured’s age increases and remaining policy term reduces. Under this STP, a proportion of the fund value will be allocated in Equity Large Cap Fund.
Profit Target based STP This STP enables the insured to lock the gains made from equity and reduce the future market volatility by transferring the gains to a safer avenue. Under this STP, 100% of the Premiums (net of allocation charges) are invested in Equity Large Cap Fund. On any day where the gain from the Equity Large Cap Fund reaches 10% or more of the cumulative premiums (including Top-up premiums) paid, the amount equal to the appreciation will be transferred to the Bond Fund at the prevailing unit price.
Self Managed Strategy Under this strategy, the insured can decide to invest their money in any choice of fund(s) in any proportion. The insured can switch monies amongst these funds using the switch option. The funds available are listed alongside:
  • Equity Large Cap Fund : To provide high equity exposure targeting higher returns in the long term.
  • Equity Top 250 Fund : To provide equity exposure targeting higher returns (through long term capital gains).
  • Equity Mid-Cap Fund : To provide equity exposure targeting higher returns in the long term, by largely investing in Midcap Companies.
  • Managed Fund : This fund uses the expertise of the Company's fund manager to decide on the asset allocation between Equity and Debt / Money market instruments along with stock selection.
  • Bond Fund : To provide relatively safe and less volatile investment option mainly through debt instruments and accumulation of income through investment in fixed income securities.
Death Benefit
  • In case of unfortunate demise of Life Insured while the Policy is In-Force, the Death Benefit payable is the sum of Higher of:
    • Fund Value; or
    • Sum Assured less Relevant Partial Withdrawals or
    • 105% of total Premiums received by the Company
    and Higher of:
    • Top-up fund Value; or
    • Top Up Sum Insured or
    • 105% of total top-up premiums received by the Company.
  • In case of unfortunate demise of Life Insured while the Policy is reduced paid-up, following Death Benefit will be paid: Death Benefit payable is sum of Highest of:
    • Fund Value, or
    • Paid up Sum Assured less relevant Partial Withdrawals or
    • 105% of total Premiums paid.
    and Higher of:
    • Top-up fund Value; or
    • Top Up Sum Insured or
    • 105% of total Top-up Premiums paid.
Maturity Benefit At the end of the Policy Term, on survival the insured will receive the Fund Value as your Maturity Benefit. The insured has an option to collect your Maturity Benefit in lumpsum or in instalments by choosing the Settlement Option.
Settlement Option Under this option, the insured needs to choose:
  • Settlement Term (Annual option of payment at the end of 1, 2, 3, 4 or 5 years); and
  • Frequency of pay-out (yearly, half-yearly, quarterly or monthly instalments)
Rising Star Benefit The Policyholder/Proposer under this benefit can be a Parent / Grand-parent / guardian or any person who has an insurable interest with the insured child. If Rising Star Benefit has been chosen, an additional benefit will be applicable on the life of the Policyholder in addition to the death benefit applicable on the life of the Life Insured.

In case of the unfortunate demise of the Policyholder before the demise of the Life Insured, the following benefit is applicable for the entire policy term irrespective of the Life Insured turning major during the term:
  • A Lumpsum amount(^) will be paid immediately; plus
  • An amount equal to the sum of all the future Modal Premiums (if any) shall be credited to the Fund Value plus
  • The future Extra Allocation and Premium Booster as and when due would be added to the Fund Value in a manner similar to a premium paying policy where the future premiums are paid on the respective due dates.
Additional Services
  • Unlimited free switches between funds: If the insured has chosen Self-Managed Strategy, he/she can move money between the funds depending on your financial priorities and investment outlook. This facility is called switching and is available free of cost. Minimum amount per switch is Rs. 5,000. In case your current Investment Option is any of the STPs, switching facility is not available.
  • Premium Redirection: If the insured has chosen Self-Managed Strategy, one can choose to allocate future premiums including Top-up Premiums in fund(s) different from that/those selected at policy inception or previous premium redirection request. This facility is called premium redirection and is available free of cost. The premium redirection notice should be given to the Company in writing at least two weeks’ prior to the receipt of relevant premium.
  • Partial Withdrawals: One may withdraw a part of their fund value as per your liquidity requirements at any time after the completion of the fifth Policy Anniversary Year, subject to policy conditions.
  • Top-up premiums: The insured can invest your surplus money as Top-up Premium over and above the Premium subject to policy terms and conditions.
  • The insured can change (increase or decrease) the PPT subject to:
    • The PPTs allowed under the plan;
    • All other conditions in the plan being met;
    • Provided all the due premiums till the date of such request have been paid.
  • Unlimited Opt-in and Opt-out option between Investment Strategies: If the insured has chosen the Life Stage & Duration based Strategy, they have an option to opt-in or opt-out of it at any point of time during the Policy Term. They may choose the Self-Managed Strategy by opting out of the Life Stage & Duration based Strategy at any point of time during the Policy Term.
Surrender Benefit At any time during the Policy Term, the insured can choose to surrender the Policy.
  • If the surrender request is received before the completion of first 5 policy years, the fund value net of discontinuance charge shall be credited to the discontinued policy fund. Thereafter the treatment will be as mentioned under ‘Treatment of Policy while in Discontinuance Policy Fund’ and ‘Policy Revival’ section. If the policy is not revived the Discontinued Policy fund value shall be payable at the end of 5th Policy year.
  • If the surrender request is received after the completion of first 5 policy years, the policyholder shall be entitled to the fund value and policy will terminate.
Policy Loan No policy loan facility is available under this plan.
Free Look / Grace Period 15 / 30 days

2. Systematic Withdrawal Plan (SWP) SWP is an automated partial withdrawal facility which has to be opted by the insured. Under this facility, a pre-decided percentage of fund value will be withdrawn from the insured’s fund at the end of chosen payout frequency and paid till the end of the Policy Term. You need to choose the following:
  • Systematic Withdrawal percentage (%age of fund value) per annum,
  • Payout frequency (yearly, half-yearly, quarterly or monthly), and
  • Policy year from which the amount under SWP will be payable.

SWP will be subject to following conditions:
  • SWP will start from 10th policy year or thereafter.
  • Premium paying term is of 10 years or more;
  • Maximum allowed systematic withdrawal percentage is 12% per annum of Fund Value

The amount paid out to the insured in each instalment will be calculated as follows:
(Systematic Withdrawal percentage / No. of instalments in a Policy Year as per the SWP payout frequency chosen) x Fund Value as on date of withdrawal.

3. Change in Premium Paying Terms The insured has an option to change (increase or decrease) the PPT subject to:
  • The PPTs allowed under the plan;
  • All other conditions in the plan being met;
  • Provided all the due premiums till the date of such request have been paid.
In case of decrease of PPT, the revised PPT shall not be less than 10 years. This option can be exercised while the policy is in-force and before the expiry of the existing PPT. This option of change in Premium Paying Term is not allowed if Little Champ Benefit is chosen.

Benefit descriptions of Wealth Ultima Life Insurance

Death Benefit In case of unfortunate demise of Life Insured while the Policy is In-Force, following benefit will be paid:
  • For policies with entry age of the Life Insured below 1 year: In case of death of Life Insured during the first 12 months from the date of commencement of the policy, the Death Benefit payable is the sum of Higher of:
    • Fund Value; or
    • 105% of total Premiums received by the Company.
    and Higher of:
    • Top-up fund Value; or
    • 105% of total top-up premiums received by the Company.
In case of death of Life Insured after the first 12 months from the date of commencement of the policy, the Death Benefit will be same as the Death Benefit payable for policies with entry age of the Life Insured of 1 year and above
  • For policies where the entry age of the Life Insured is 1 year or more: Death Benefit payable is the sum of Highest of:
    • Fund Value; or
    • Sum Assured less relevant Partial Withdrawals ; or
    • 105% of total premiums paid
    and Highest of:
    • Top-up Fund Value; or
    • Top-up Sum Assured; or
    • 105% of total Top-up Premiums paid.
  • In case of unfortunate demise of Life Insured while the Policy is reduced paid-up, following Death Benefit will be paid: Death Benefit payable is sum of Highest of:
    • Fund Value, or
    • Paid up Sum Assured less relevant Partial Withdrawals or
    • 105% of total Premiums paid.
    and Highest of
    • Top-up Fund Value, or
    • Top-up Sum Assured, or
    • 105% of total Top-up Premiums paid.
Additions in the Fund These additions help in enhancing the fund value and thereby reducing the total cost under the plan. This plan has three kind of additions in the fund as mentioned below:
  • Guaranteed Additions: Guaranteed Additions will be added to the Fund Value at the end of every Policy Year, starting from the end of sixth Policy Year till the Maturity Date of the policy. Each Guaranteed Addition will be 0.25% of average of daily Fund Value of last 12 months.


(Guaranteed Additions will be added even if the policy is reduced paid-up, is in revival period but not in Discontinued Fund. In case of revival of policies from Discontinuance Fund no additions will made in respect of past policy anniversaries)
  • Loyalty Additions: Loyalty Additions will be added to the Fund Value at the end of every Policy Year, starting from the end of sixth Policy Year till the end of the Premium Paying Term, provided all the Premiums which have fallen due for that Policy Year have been paid. Each Loyalty Addition will be 0.15% of average of daily Fund Value of last 12 months.


(No Loyalty Additions will be added for policies with 5 year PPT. Loyalty Additions will be added in the sixth policy year for one year (i.e. sixth policy year) for policies with 6 year PPT, provided all the premiums which have fallen due have been paid for that policy year. For a Policy which is Reduced Paid-up, is in revival period or is in Discontinuance Fund, Loyalty Additions will not be added. In case of revival of policies no additions will made in respect of past policy anniversaries.)
  • Booster Additions: Booster Additions will be added to the Fund Value at the end of every fifth Policy Year starting from end of 10th Policy Year till the Maturity Date of the Policy. Each Booster Addition will be a percentage of average of daily Fund Value of last 60 months, as shown in the table below:
    • End of Policy 10th, 15th Year - Booster addition 2.75%
    • 20th and every 5th Policy Year thereafter - Booster addition 3.50%


(Booster Additions will be added even if the policy is in the reduced paid-up status or revival period)
Maturity Benefit On survival of the Life Insured, at the end of the Policy Term, and provided the Policy is In-force, Fund Value will be paid as Maturity Benefit. However, the insured has the option to collect the maturity proceeds in instalments. This option is called Settlement Option.

Settlement Option: Under this option, the amount paid out in each instalment will be the outstanding Fund Value as on that instalment date divided by the number of outstanding instalments.
Surrender Benefit At any time during the Policy Term, the insured can choose to surrender the Policy.
  • If the surrender request is received before the completion of first 5 policy years, the fund value net of discontinuance charge shall be credited to the discontinued policy fund. Thereafter the treatment will be as mentioned under ‘Treatment of Policy while in Discontinuance Policy Fund’ and ‘Policy Revival’ section. If the policy is not revived the Discontinued Policy fund value shall be payable at the end of 5th Policy year.
  • If the surrender request is received after the completion of first 5 policy years, the policyholder shall be entitled to the fund value and policy will terminate.
Other Facilities Available
  • Unlimited free switches between funds: If the insured has chosen Self-Managed Strategy, he/she can move money between the funds depending on your financial priorities and investment outlook. This facility is called switching and is available free of cost. Minimum amount per switch is Rs. 5,000. In case your current Investment Option is any of the STPs, switching facility is not available.
  • Premium Redirection: If the insured has chosen Self-Managed Strategy, one can choose to allocate future premiums including Top-up Premiums in fund(s) different from that/those selected at policy inception or previous premium redirection request. This facility is called premium redirection and is available free of cost. The premium redirection notice should be given to the Company in writing at least two weeks’ prior to the receipt of relevant premium.
  • Partial Withdrawals: One may withdraw a part of their fund value as per your liquidity requirements at any time after the completion of the fifth Policy Anniversary Year, subject to policy conditions.
  • Top-up premiums: The insured can invest your surplus money as Top-up Premium over and above the Premium subject to policy terms and conditions.

Brochure

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Policy wordings

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