Investment Plans 279 views January 6, 2021

If your search for unit-linked insurance products has brought you to Bajaj Lifelong Goal Plan and Edelweiss Tokio Life Wealth Ultima, you should compare both the features and benefits of these two policies. Let’s know a brief about them first up. Bajaj Lifelong Goal Plan offers an ongoing income stream to meet your retirement goals with a whole of Life Insurance cover. On the other hand, Edelweiss Tokio Life Wealth Ultima comes with a unique combination of wealth accumulation, wealth preservation and wealth utilization. Read this page and compare Bajaj Lifelong Goal Plan Vs Edelweiss Tokio Life Wealth Ultima and choose the better option for yourself.

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Compare Benefits of Bajaj Lifelong Goal Plan & Edelweiss Tokio Life Wealth Ultima

You buy an insurance policy for its benefits, so let’s compare Bajaj Allianz Lifelong Goal Plan v/s Edelweiss benefits.

let’s check out Bajaj Allianz Life Longlife Goal Benefits

  1. Maturity Benefit – Fund Value as on the Maturity Date
  2. Death Benefit – The death benefit payable will be higher than the Prevailing Sum Assured or Fund Value.

Note:- Bajaj Allianz Lifelong Goal Plan Death Benefit is subject to the Guaranteed Death Benefit of 105% of the Total Paid Premiums, which is the sum of all Regular Paid Premiums till the date of death.

Retired Life Income (RLI) – The life assured can choose his/her policy RLI at inception or anytime during the policy period. You can decide when you want to receive your RLI like either on attaining 55 years of age or after the 10th Policy Year, whichever is later. RLI is the percentage of your fund value ranging from 0-12%. And this RLI will be payable yearly, half-yearly, quarterly or monthly.

Note:- RLI is a Systematic Partial withdrawal whose percentage can be changed anytime during the policy term or even after RLI payments start. You should know that after the payment of RLI the fund value mustn’t drop below 105% of the total paid premiums. Because in case the fund value is below 105%, an amount lower than the chosen percentage will be paid as RLI.

Partial withdrawal – You can make a partial withdrawal after the fifth policy year if the following conditions are met by you.

  1. Fund Value shouldn’t be less than 105% of the prevailing annualized premium
  2. The Minimum Amount of withdrawal is INR 5,000
  3. Partial withdrawal is allowed after the age of 18 years
  4. Partial Withdrawal charge is up to INR 500/- per transaction

Loyalty Additions – Loyalty Additions will be allocated to your fund value at the end of the policy year from the end of the fifth policy year. These additions are a percentage of the one annualized premium that ranges from 2-7% every year.

Now let’s see the Edelweiss Tokio Life Wealth Ultima Benefits

Death Benefit – For policies where the entry age is below 1 year, the Death Benefit payable is higher of the following: Fund Value or 105% of the total paid premiums plus the top-up fund value or 105% of total top-up premiums. If the entry age is 1 year or more, the Death Benefit payable will be the highest of Fund Value, Sum Assured – Partial Withdrawals to 105% of total premiums paid plus the highest of Top-up Fund Value, Top-up Sum Assured or 105% of total Top-up Premiums paid.

Maturity Benefit – Fund Value will be payable as a maturity benefit where you have the option to collect them in installments of 1 year, 2 years, 3 years, 4 years or 5 years, and the frequency of payout could be yearly, half-yearly, quarterly or monthly.

Guaranteed Additions (GA) – GA will be added to your Fund Value at the end of every Policy Year from the end of the 6th Policy Year till the date of maturity. And you should know that each GA will be 0.25% of the average daily Fund Value for the last 12 months.

Loyalty Additions (LA) – At the end of every Policy Year, LA starts getting added to your fund Value from the end of the 6th Policy Year till the end of the Premium Paying Term. One LA is equal to 0.15% of the average daily Fund Value for the last 12 months.

Note:- No Loyalty Additions are added for policies with a five-year premium paying term.

Booster Additions (BA) – Get BA additions to your Fund Value at the end of every fifth Policy Year starting from the end of the 10th Policy Year till the Maturity Date. Each BA is a percentage of the average daily Fund Value for the last 60 months. BA at the end of the 10th and 15th policy year is 2.75%, whereas it is 3.50% at the end of the 20th policy year and every five years thereafter.

Partial Withdrawals – You can withdraw a part of your fund value any time after the completion of the fifth policy year. This will be subject to the following conditions:-

  1. Life Insured Age should be a minimum of 18 years.
  2. It is adjusted from the Top-Up Fund Value, from the Policy Fund Value. A lock-in period of 5 years for each top-up premium will apply from the date of payment of top-up premium for partial withdrawals.
  3. The minimum amount that can be withdrawn is INR 500.
  4. An unlimited number of partial withdrawals are valid as long as the resultant Fund Value is greater than or equal to 105% of the total premiums paid.
  5. It is free of cost

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