Wealth Plus – The Unyakeenable Plan Just For You

Hailing from a family which is populated with bankers, cost accountants, and insurance folks, I was quite out of place when I chose media as my career. Even though I got around 90 in accounts in my boards, finance and banking were never of my interest. However, ever since I’ve started working, I’ve come to realize the importance of managing your funds and investing. Thankfully, since my father is from the insurance industry, he has guided me pretty well on these matters.

I’ve grown up listening to terms like “ULIPs” and “Investments” and “Risk Management” from my father. I’d hear him use these big words while talking on the phone, and I’d be in awe. I still am because I didn’t quite understand what those meant. However, being a curious geek, I started doing my own research here and there (also to brag to my dad about how I did understand all these banking and insurance jargons) and I came to understand that ULIPs are UNIT LINKED INSURANCE PLANS. Quite heavy a term, right? It basically means that it’s a plan which has dual benefits – an insurance plan and an investment plan. It gives you the best of both worlds under one integrated plan.

While lingering on Policy Bazaar, I also came across the “Wealth Plus” Plan by Edelweiss Tokio which seemed too #Unyakeenable. Why? Because it seemed too good to be true! But there it was, TRUE! Edelweiss is one of the youngest life insurance companies which have been in business for the past 6 years only and has shown tremendous growth with almost 120 PoPs across the country.

So what does this Unyakeenable Wealth Plus Plan include?

  • No premium allocation charges – 100% of your premium will be allocated

  • No Policy Admin Charges

In addition to allocating 100% of your premiums paid during the premium paying term, they will provide additional allocation every year as follows –

a. Extra Allocation – added in the first 5 policy years along with your premiums paid

b. Premium Booster – added from the 6th policy year at the end of each policy year.

So, in total, below are the additions during policy term:

Policy

Year

% of Premium

Paid

1-5

1%

6-10

3%

11-15

5%

16-20

7%

All their ULIP (individual) funds are top rated 4 STAR by MorningStar, which adds credibility to their plan, and will help you relax! Your investments are in the right hands.

Here are a couple of more benefits I learned of, from this interesting plan:

Rising Start Benefit

  • 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

Investment Strategies

  • Life Stage & Duration based strategy

  • Self-Managed strategy

Flexibility

  • Change in Premium Paying Term (PPT)

  • Unlimited free switches between funds

  • Unlimited Opt-in and Opt-out option between Investment Strategies

  • Unlimited Premium Redirection

  • Partial Withdrawals

  • Top-up premiums

So, all you finance geeks, this indeed looks like a revolutionary plan for everyone out there who wants the best of both worlds in terms of finance! And one can say that because of the USPs of this fund. Wealth Plus provides additional allocation i.e company contributes in your premium every time you pay the premium. Also you can switch between the funds in different category at absolutely zero charges. And with all such benefits, returns in long term are better than mutual funds.

For more information, click here.

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