What are the plan options available in Edelweiss Legacy Plus?

Under this Plan Option, you will receive the following Survival Benefit, Maturity Benefit and Death Benefit. Survival benefit: Survival Benefit equal to regular income which comprises of Guaranteed income and cash bonus, if declared. Survival benefits will be payable annually, starting from the first policy year till maturity or death, whichever is earlier, while the policy is in force. Maturity Benefit: In addition to the Survival Benefit as mentioned above, the Maturity Benefit is equal to the Sum Assured on Maturity (SAM) plus the Terminal Bonus, if declared, will be payable provided the policy is in force. Sum Assured on Maturity (SAM) is equal to SAM Multiple X Annualized Premium. Death Benefit: The death benefit payable is the Sum Assured on Death (SAD), plus a Terminal Bonus if declared.

What are the eligibility criteria for Edelweiss Legacy Plus?

Under this Plan Option, the life cover is available on a joint life basis. One of the Life Insured(s) will be the Primary Life Insured and the other will be the Secondary Life Insured. Under this Plan Option, you will receive the following Survival Benefit, Maturity Benefit and Death Benefit: Survival Benefit: Survival Benefit is equal to Regular Income which comprises of Guaranteed income and cash bonus, if declared. Survival Benefit will be payable annually, starting from the first policy year till maturity or second death/simultaneous death, whichever is earlier, while the policy is in force.

Edelweiss Legacy Plus Review: A Detailed Analysis of a Whole Life Insurance Plan

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In a world full of uncertainties, it’s smart to stash away some savings for the rainy days ahead. But can a savings cum insurance product truly pave the way for your financial goals?

Have you ever wondered if there’s a better way to grow your money?

In this article, let us review Edelweiss Tokio Life Insurance Legacy Plus in detail. We shall also compare the returns of the plan with other products. This will help you in choosing your investments.

Let’s break down the advantages and disadvantages of the Edelweiss Legacy Plus Plan to help you make better financial decisions. Exploring its features will give us a clearer picture.

1. What is the Edelweiss Legacy Plus Plan

Edelweiss Legacy Plus is a Non-Linked, Participating, Individual, Savings, Life Insurance Plan. It is a whole life insurance plan designed to provide protection to your family from any financial loss in case of an untimely death, and also provide a regular income and/or lumpsum to you and your family.

2. What are the Features of the Edelweiss Legacy Plus Plan

Choose from two plan options: Lifelong Income Option and Family Secure Option.
Option to customise the plan according to your needs using Accrual of Survival Benefits.
Receive lifelong guaranteed income starting as early as 1^st Policy year and up until age 100.

3. What are the Eligibility Criteria?

	Lifelong Income option	Family Secure option
Premium paying term	8 /10 /12 years
Policy term	100 – Entry age
Minimum Entry age	0 years	Primary Life insured: 21 years Secondary Life insured: 0 years
Maximum Entry age	60 years	Primary Life insured: 45 / 50 years Secondary Life insured: 17 years
Minimum Maturity age	100 years
Maximum Maturity age	100 years
Minimum premium	Annual – 25,000 Semi-Annual – 12,800 Quarterly – 6,500 Monthly – 2,200
Maximum Premium	No limit
Minimum Sum Assured on death	₹ 1,75,000
Maximum Sum Assured on death	No limit

4. Edelweiss Legacy Plus Plan Benefits in detail

This plan provides two variants to choose from. These plan choices allow you to personalize the plan based on your specific needs. Your Benefits will vary depending on the Plan Option chosen.

i.) Lifelong Income option

Under this Plan Option, you will receive the following Survival Benefit, Maturity Benefit, and Death Benefit.

A. Survival benefit:

Survival Benefit equal to regular income which comprises of Guaranteed income and cash bonus, if declared. Survival benefits will be payable annually, starting from the first policy year till maturity or death, whichever is earlier, while the policy is in force.

B. Maturity Benefit:

In addition to the Survival Benefit as mentioned above, the Maturity Benefit is equal to the Sum Assured on Maturity (SAM) plus the Terminal Bonus, if declared, will be payable provided the policy is in force.

Sum Assured on Maturity (SAM) is equal to SAM Multiple X Annualized Premium.

C. Death Benefit:

The death benefit payable is the Sum Assured on Death (SAD), plus a Terminal Bonus if declared.

ii.) Family Secure Option

This Plan Option provides life protection on a shared life basis. One of the Life Insured(s) will be the Primary Life Insured and the other will be the Secondary Life Insured. Under this Plan Option, you will receive the following Survival Benefit, Maturity Benefit and Death Benefit:

A. Survival Benefit:

Survival Benefit is equal to Regular Income which comprises of Guaranteed income and cash bonus, if declared. Survival Benefit will be payable annually, starting from the first policy year till maturity or second death/simultaneous death, whichever is earlier, while the policy is in force.

B. Maturity benefit:

Maturity Benefit is payable equal to the Sum Assured on Maturity (SAM) plus a Terminal Bonus if declared, provided the policy is in force.

Sum Assured on Maturity (SAM) is equal to SAM Multiple X Annualized Premium.

C. Death Benefit:

In the case of the first death, only the Sum Assured on Death (SAD) for the respective holder is payable. In case of the second death, along with the Sum Assured on Death (SAD), a Terminal Bonus is payable.

In case, the primary life insured dies first, cover will continue for the secondary life insured. There are no future premiums to pay, and the insurance will remain in force.

In case of secondary life insured dies first, the cover will continue for the Primary Life Insured provided the future premiums are paid as and when due.

Here, SAD for Primary Life Insured and Secondary Life Insured is equal to 7 times the Annualized Premium. The minimum death benefit payable on the death of Primary Life Insured shall be at least 105% of Total Premiums Paid up to the date of death or 10 times the Annual Premium whichever is higher.

5. Edelweiss Legacy Plus Plan Grace period, Premium discontinuance & Revival

i.) Grace period

A Grace Period of 15 days where the Policyholder pays the Premium on a monthly basis and 30 days in all other cases will be allowed.

ii.) Premium discontinuance

If all the Premiums for at least the first two Policy Years have not been paid in full within the Grace Period, the Policy shall immediately and automatically lapse and no benefits shall be payable.

If all the Premiums for at least the first two Policy Years have been paid in full, and if we do not receive subsequent Premiums within the Grace Period, the Policy will acquire Reduced Paid-Up status and benefits will continue as per the Reduced Paid-Up provision.

iii.) Revival

The policy may be revived within five years from the date of the first unpaid premium.

6. Edelweiss Legacy Plus Plan Free Look Period

If you disagree with any of the terms and conditions, you may return this Policy within 15 days of receipt of the policy and a period of 30 days in case of electronic Policies and Policies obtained through distance mode.

7. Surrendering Edelweiss Legacy Plus Plan

The Policy will acquire Surrender Value if all the Premiums have been paid in full for at least the first two Policy Years. The higher Guaranteed Surrender Value (‘GSV’) or (Special Surrender Value (‘SSV’) is payable as surrender value. On payment of surrender value, the Policy will be terminated and all the benefits under the Policy shall cease to apply.

8. What are the Advantages of the Edelweiss Legacy Plus Plan

You can choose additional riders to enhance your protection.
You can choose to accrue the Survival Benefits.
Policy loan is available once the policy acquires surrender value. The maximum loan amount available will be 60% of the surrender value.

9. What are the disadvantages of the Edelweiss Legacy Plus Plan

The survival benefit starts as early as the first year, this affects the compounding effect of your investment.
The survival benefit is not adjusted to inflation year after year.

10. Edelweiss Legacy Plus Plan Research Methodology

We shall estimate the potential return of the plan to find its suitability. Edelweiss Legacy Plus offers both survival benefits and maturity benefits. Both benefits are non-guaranteed amounts, as the cash bonus rate varies year after year. So, using the figures given in the Edelweiss Legacy Plus policy brochure, let us estimate the Internal Rate of Return.

11. Benefit illustration – IRR Analysis

A 35-year-old male buys Edelweiss Legacy Plus for a Sum assured of ₹ 10 Lakhs. The premium paying term is 12 years and the annualised premium of ₹ 1 Lakh. He chooses the Lifelong income option.

Male	35 years
Sum Assured	₹ 10 Lakhs
Premium paying term	12 years
Annualised premium	₹ 1 Lakh

The illustrations on this page will show two different rates of assumed future investment returns, 8% p.a. and 4% p.a. These anticipated rates of return are not guaranteed and do not represent the top or lower limits of what you may get, since the value of your policy is determined by a variety of factors, including future investment performance.

		At 4% p.a.		At 8% p.a.
Age	Year	Annualised premium / Maturity benefit	Death benefit	Annualised premium / Maturity benefit	Death benefit
35	1	-88,417	10,00,000	-88,417	10,00,000
36	2	-75,891	10,00,000	-58,516	10,00,000
37	3	-75,891	10,00,000	-58,516	10,00,000
38	4	-75,891	10,00,000	-58,516	10,00,000
39	5	-75,891	10,00,000	-58,516	10,00,000
40	6	-75,891	10,00,000	-58,516	10,00,000
41	7	-75,891	10,00,000	-58,516	10,00,000
42	8	-75,891	10,00,000	-58,516	10,00,000
43	9	-75,891	10,00,000	-58,516	10,00,000
44	10	-75,891	10,00,000	-58,516	10,00,000
45	11	-75,891	10,00,000	-58,516	10,00,000
46	12	-75,891	10,00,000	-58,516	10,00,000
47	13	24,109	10,00,000	41,484	10,00,000
48	14	24,109	10,00,000	41,484	10,00,000
49	15	24,109	10,00,000	41,484	10,00,000
50	16	24,109	10,00,000	41,484	10,00,000
51	17	24,109	10,00,000	41,484	10,00,000
52	18	24,109	10,00,000	41,484	10,00,000
53	19	24,109	10,00,000	41,484	10,00,000
54	20	24,109	10,00,000	41,484	10,00,000
55	21	24,109	10,00,000	41,484	10,00,000
56	22	24,109	10,00,000	41,484	10,00,000
57	23	24,109	10,00,000	41,484	10,00,000
58	24	24,109	10,00,000	41,484	10,00,000
59	25	24,109	10,00,000	41,484	10,00,000
60	26	24,109	10,00,000	41,484	10,00,000
61	27	24,109	10,00,000	41,484	10,00,000
62	28	24,109	10,00,000	41,484	10,00,000
63	29	24,109	10,00,000	41,484	10,00,000
64	30	24,109	10,00,000	41,484	10,00,000
65	31	24,109	10,00,000	41,484	10,00,000
66	32	24,109	10,00,000	41,484	10,00,000
67	33	24,109	10,00,000	41,484	10,00,000
68	34	24,109	10,00,000	41,484	10,00,000
69	35	24,109	10,00,000	41,484	10,00,000
70	36	24,109	10,00,000	41,484	10,00,000
71	37	24,109	10,00,000	41,484	10,00,000
72	38	24,109	10,00,000	41,484	10,00,000
73	39	24,109	10,00,000	41,484	10,00,000
74	40	24,109	10,00,000	41,484	10,00,000
75	41	24,109	10,00,000	41,484	10,00,000
76	42	24,109	10,00,000	41,484	10,00,000
77	43	24,109	10,00,000	41,484	10,00,000
78	44	24,109	10,00,000	41,484	10,00,000
79	45	24,109	10,00,000	41,484	10,00,000
80	46	24,109	10,00,000	41,484	10,00,000
81	47	24,109	10,00,000	41,484	10,00,000
82	48	24,109	10,00,000	41,484	10,00,000
83	49	24,109	10,00,000	41,484	10,00,000
84	50	24,109	10,00,000	41,484	10,00,000
85	51	24,109	10,00,000	41,484	10,00,000
86	52	24,109	10,00,000	41,484	10,00,000
87	53	24,109	10,00,000	41,484	10,00,000
88	54	24,109	10,00,000	41,484	10,00,000
89	55	24,109	10,00,000	41,484	10,00,000
90	56	24,109	10,00,000	41,484	10,00,000
91	57	24,109	10,00,000	41,484	10,00,000
92	58	24,109	10,00,000	41,484	10,00,000
93	59	24,109	10,00,000	41,484	10,00,000
94	60	24,109	10,00,000	41,484	10,00,000
95	61	24,109	10,00,000	41,484	10,00,000
96	62	24,109	10,00,000	41,484	10,00,000
97	63	24,109	10,00,000	41,484	10,00,000
98	64	24,109	10,00,000	41,484	10,00,000
99	65	24,109	10,00,000	41,484	10,00,000
100		22,64,156	10,00,000	1,37,47,910	10,00,000

	IRR	3.00%		6.49%

Under the 4% scenario, a survival benefit of ₹ 24,109 is receivable throughout the lifetime. The maturity benefit amounts to ₹ 22.64 Lakhs. The IRR for the 4% scenario is 3%.

Under the 8% scenario, a survival benefit of ₹ 41,484 is receivable throughout the lifetime. The maturity benefit amounts to ₹ 1.37 crores. The IRR for the 8% scenario is 6.50%.

Under both scenarios, during the initial years, the survival benefit is adjusted with the premium. After the end of the premium paying term, you receive the survival benefit in full, till your lifetime.

Under Edelweiss Legacy Plus, after the end of the premium paying term, your investment is locked with the plan. You receive the survival benefit which you can’t be considered as a source of income. The reason behind this is, that the survival benefit is non-guaranteed and also not adjusted to inflation. The survival benefit can’t wither the ever-increasing household expenses.

The maturity benefit can only be accessed once the policyholder reaches the age of 100. However, at that point, neither the maturity benefit nor the death benefit would be beneficial to the policyholder. Therefore, all the benefits—such as Survival benefit, Maturity benefit, or death benefit—are rendered useless to the investor.

12. Edelweiss Legacy Plus Plan Vs Other Investment Options

Edelweiss Legacy Plus Plan (IRR 3% to 6.49%): This plan offers an Internal Rate of Return (IRR) ranging from 3% to 6.49%. This means that the returns on investment in this plan could vary within this range, depending on various factors such as market performance and fund management.

Public Provident Fund (PPF) (Interest rate 7.1%): PPF is a government-backed savings scheme that currently offers an interest rate of 7.1%. Unlike the Edelweiss Legacy Plus Plan, which is subject to market fluctuations, PPF provides a fixed and guaranteed return on investment, making it a relatively stable option.

Diversified Equity Funds (Approx. 12% return): Diversified equity funds are mutual funds that invest in a mix of stocks across different sectors and market capitalizations. Historically, such funds have yielded returns of around 12% on average over the long term. While they offer the potential for higher returns compared to fixed-income options like PPF, they also come with higher risk due to market volatility.

In summary, while the Edelweiss Legacy Plus Plan may provide below average returns, investors seeking potentially higher returns may find PPF or diversified equity funds more appealing options, each with its own risk-return profile.

13. Final verdict on Edelweiss Legacy Plus Plan

Edelweiss Legacy Plus presents a standard Whole Life policy, where you make premium payments for a limited period and start receiving survival benefits throughout your lifetime. However, a portion of these benefits is non-guaranteed, making them unsuitable for specific purposes. Moreover, the early commencement of the survival benefit restricts the potential for compounding, rendering it insufficient for significant expenses.

One significant drawback of Edelweiss Legacy Plus lies in its lack of investment flexibility and a high agent commission involved in purchasing the plan. Policyholders only receive the survival benefit without any additional advantages. Given these limitations, it’s prudent for investors to steer clear of investing in Edelweiss Legacy Plus.

To attain your financial goals effectively, always opt for a more yielding investment product, where the return surpasses the inflation rate. Additionally, having a life cover provides double protection.

For personalized financial planning tailored to your goals, consult a Certified Financial Planner. They can assist you in selecting the right investment product to meet your needs and aspirations. Take proactive steps towards securing your financial future today.

Take aggressive actions to secure your financial future now. It is not suggested to make critical financial decisions using social media sites such as Facebook, Quora, Twitter, and so on.

Instead, seek guidance from a Certified Financial Planner for personalized financial planning. A good financial plan will cob rover all of your future financial needs.

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Edelweiss Legacy Plus Review: A Detailed Analysis of a Whole Life Insurance Plan

Table of Contents:

1. What is the Edelweiss Legacy Plus Plan

2. What are the Features of the Edelweiss Legacy Plus Plan

3. What are the Eligibility Criteria?