Unyakeenable : A Game changer product by Edelweiss Group
On 18th Nov 2017, Edelweiss Group launched an unyakeenable Unit Linked Investment Plan (ULIP), a new insurance product that is ought to be a revolution in the insurance sector. This product provides risk cover for the policyholder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds. Not only that, this ULIP comes up with the 100% allocation of premium along with the best additional benefits. So let’s directly jump onto the major advantages.
Some of the major takeaways about Edelweiss’s ULIP:-
- No Upfront charges 100% allocation of premium/ No policy Admin charges: Every time you take up a ULIP insurance plan, the insurance company spends some amount of money on distributor fee, medical expenses and underwriting expenses of the policy. Premium allocation charges are levied as a certain percentage of the premium to offset for all such expenses. Premium allocation charges are deducted upfront and the remaining money gets invested in the chosen fund. But, Wealth Plus assures no upfront charges and 100% allocation of premium without any admin charges.
- Additional benefits: Apart from 100% allocation of premium during the premium paying term, Wealth Plus will also provide additional allocations every year namely,
a. Extra Allocation: It will be added in the first five policy years along with your Premiums paid.
b. Premium Booster: It will be added from the sixth policy year onwards at the end of each Policy year.
So below are the additional allocation % that will be added to premium paying term
Policy Year
|
% of annual premium Paid
|
1 to 5
|
1%
|
6 to 10
|
3%
|
11 to 15
|
5%
|
16 to 20
|
7%
|
4. Rising Star Benefits:
a. Payment of a lump sum amount immediately.
b. The credit of an amount equal to the sum of all future Model Premiums (If any) to the Fund Value instantly
c. The future Extra Allocation and Premium Booster as and when due will 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.
5. Investment Strategies:
a. Life Stage and duration based strategy to maximize profitability takes into account the customer’s age and years to maturity.
b. A self-managed strategy.
6. Flexibility
a. Change in Premium Paying Term (PPT)
b. Unlimited free switches between funds
c. Unlimited Opt-in and Opt-out option between Investment Strategies
d. Unlimited Premium Redirection
e. Partial Withdrawals
f. Top-up premiums
That's all for the today !! Will back with some another interesting stuffs....
Stay tuned and do Comment and share if you like the post . :)
Bye !! Have a great day (y)
Thanks !!
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