Edelweiss Tokio Pension Plans - Edelweiss Tokio Retirement Plans

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What are Pension Plans?

Pension plans are specially designed retirement plans which aim to provide a steady and a regular source of income after the retirement of the individual. The plans have unique features which distinguish them from the set of other types of insurance plans. The features include the following:

  • Pension plan are also called annuity plan because they promise to pay annuity from the date chosen by the policyholder.
  • The plans are either offered as a Deferred Annuity plan or as an Immediate Annuity Plan and both plans differ from each other.
  • In a Deferred Annuity Plan, the annuity payouts start after a deferment period which is the waiting period. Under these plans, there are two phases. One is the accumulation phase which either coincides with or is lower than the deferment period. Under the Accumulation phase, the policyholder is supposed to pay premiums which would accumulate into a corpus. If the policyholder dies during the accumulation phase a death benefit is paid to his nominee. After the Deferment Period is over, the plan Vests. After vesting, the annuity phase starts where the policyholder will receive annuity payouts from the corpus accumulated from the premium payments. The annuity is payable for the entire life of the annuitant.
  • In an Immediate Annuity plan, there is only the annuity phase. The Deferment Period is not applicable. The policyholder deposits a lump sum amount and chooses the frequency in which he would like to receive annuity. The annuity payments will then start immediately from the next frequency which was chosen by the policyholder and will be payable for his entire lifetime.
  • There is no death benefit in case of immediate annuity plans. On death, the annuity payments stop and the lump sum premium paid to avail the annuity might be returned if the plan states.
  • Pension plans do not earn bonuses.
  • Deferred Annuity plans are sold either as a traditional plan or as a unit linked one where the premiums are invested in the market for growth.

You need a pension plan if you want to plan for your retirement in an orderly fashion. Retirement is inevitable and after retirement when your sources of income stop, you need a source which would provide you with the required income so that you might be able to meet your daily lifestyle expenses without having to depend on any one, not even your own children who might support you or who might not do so. Through proper planning and investment, a corpus can be accumulated which would be sufficient enough to provide for your retirement expenses. after all, why depend on anyone if you can create your own funding?

Edelweiss Tokio Life Insurance is formed between Edelweiss financial Services, Mumbai and Tokio Marine Holdings Inc, Japan. It was established in 2011. It is one of the leading financial service providers which caters to the various needs of its customers and offers a host of products designed specifically to meet the needs of its customers.

Edelweiss Tokio Life Pension Plans

Edelweiss Tokio Life Insurance Company is offering various plans under its retirement solutions category. While some plans are pension plans, others are traditional plans designed in a way to care for the retirement funding. Let us take a look at the available plans and their features

Edelweiss Tokio Life Triple Advantage Plan

A traditional savings plan which provides triple benefits up till the age of 100 years. The notable points of the plan include:

  • There is a Limited Premium Payment option for premium payments
  • Bonuses are declared and the plan is issued as a participating plan
  • If the policyholder survives till the completion of the Premium Paying Term, the Sum Assured on Maturity is paid and in case of death during this period, the Sum Assured on death which is higher of the Sum Assured on maturity or 11 times the annual premium is paid with the accrued reversionary bonuses.
  • After the end of the Premium Paying Term, if the policyholder attains 75 years of age, the Sum Assured on maturity is paid again. If he dies after the Premium Paying Term but before reaching 75 years of age, the Sum Assured on death which is higher of the Sum Assured on maturity or 11 times the annual premium is paid along with the accrued reversionary bonuses.
  • After that, when the policyholder attains 100 years of age, the Sum Assured on maturity and any Terminal Bonus is paid. In case of death, the Sum Assured on death which is higher of the Sum Assured on maturity or 11 times the annual premium is paid
  • Discounts in premium for buying the policy online or for choosing higher levels of Sum Assured on maturity
  • You can customize the plan by adding multiple available riders which are:
    • Edelweiss Tokio Life Accidental Death Benefit Rider
    • Edelweiss Tokio Life Accidental Total and Permanent Disability Rider
    • Edelweiss Tokio Life Term Rider
    • Edelweiss Tokio Life Critical Illness Rider
    • Edelweiss Tokio Life Waiver of Premium Rider
    • Edelweiss Tokio Life Hospital Cash Benefit Rider
    • Edelweiss Tokio Life Payor Waiver Benefit Rider
  • Loan can be taken up to a maximum of 90% of the Surrender Value
  • Tax benefit is also available for premiums and claims under Sections 80C and 10(10D)

Eligibility Details

 

Minimum

Maximum

Entry Age

91 days

55 years

Maturity Age

-

100 years

Policy Term

100 minus the age at entry

Premium amount

Rs.9531

No limit

Sum Assured on Maturity

Rs.2 lakhs

No limit

Sum Assured on Death

Higher of Sum Assured on Maturity or 11 times the annual premium

Premium Payment Term

10, 15, 20 or 25 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Edelweiss Tokio Life Cash Income Plan

Is a traditional plan with guaranteed benefits covering the individual till 100 years of age. The features and benefits of the plan are as follows:

  • Premiums under the plan are payable for a limited tenure of 20 years
  • From the start of the 21st policy year, an annual payout of one annualized premium spread over monthly instalments and increasing at a simple rate of 6% per annum is paid every month till the 40th policy year
  • On surviving up to the 40th policy year, a benefit equal to 100% -150% of the Sum Assured depending on the entry age of the policyholder will be paid
  • If the policyholder survives till 100 years of age, the Sum Assured is payable
  • In case of death at any time during the tenure, death benefit will be paid which will be higher of 10 times the annual premium or 105% of total premiums paid till death or minimum guaranteed Sum Assured on Maturity or an absolute amount to be paid on death which is expressed as a % of the Sum Assured and depends on the policy year of death
  • The plan can be customized by adding multiple available riders which are:
    • Edelweiss Tokio Life Accidental Death Benefit Rider
    • Edelweiss Tokio Life Accidental Total and Permanent Disability Rider
    • Edelweiss Tokio Life Term Rider
    • Edelweiss Tokio Life Critical Illness Rider
    • Edelweiss Tokio Life Waiver of Premium Rider
    • Edelweiss Tokio Life Payor Waiver Benefit Rider
  • Loan is available under the plan up to a maximum of 90% of the Surrender Value
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

91 days

50 years

Maturity Age

-

100 years

Policy Term

100 minus the age at entry

Premium amount

Rs.25, 000

No limit

Sum Assured on Maturity

Rs.265, 000

No limit

Sum Assured on Death

Higher of Sum Assured on Maturity or 11 times the annual premium

Premium Payment Term

20 years

Premium Paying Frequency

Yearly, half-yearly or monthly

 

Edelweiss Tokio Life Pension Plan

Is a traditional pension plan which has the following features:

  • The plan participates in the profits of the company by way of earning bonuses
  • Premiums can be paid either for a limited tenure or for the entire duration of the plan or in lump sum at once.
  • Guaranteed Additions accrue under the plan @5% of the cumulative premiums paid in the first five years of the policy
  • Compound reversionary bonus is paid from the 6th policy year
  • On death of the insured a death benefit will be paid which will be higher of the aggregate premiums paid compounded @1% including the accrued Guaranteed Additions and bonuses or 105% of all premiums paid till death.
  • On vesting i.e. maturity, the Sum Assured plus Guaranteed Additions plus bonuses is paid which can be utilized in various ways. The Vesting age can be delayed if the policyholder is aged lower than 55 years or he can take 1/3rd amount in cash which is called commutation while the remaining will be used to pay annuity. He can also buy another deferred annuity plan from the company with the amount
  • The plan can be customized by adding Edelweiss Tokio Life Term Rider or Critical Illness Rider
  • Discounts are given in premium for choosing annual mode of payment and for higher levels of Sum Assured.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity age

45 years

75 years

Policy Term

10 years

40 years

Premium Paying Term

Equal to policy term , Single Pay or 5 or 10 years

Annual Premium amount

Single Pay - Rs.108, 105

Others – Rs.4898.50

No limit

Sum Assured

Single Pay - Rs.125, 000

Others – Rs.2 lakhs

 

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly or Single Pay

 

Edelweiss Tokio Life Immediate Annuity Plan

It is an immediate annuity plan with the following aspects:

  • Annuity payments start post-haste following the payment of the premium
  • The plan promises multiple annuity options like:
    • Annuity for entire life
    • Life Annuity with Return of Purchase Price
    • Life Annuity guaranteed for 5/10/15 or 20 years and thereafter payable for life
    • Life Annuity increasing at a simple rate of 3% or 5% p.a.
    • Joint Life Last Survivor with 100% annuity to the secondary annuitant
    • Joint Life Last Survivor with 50% annuity to the secondary annuitant
    • Joint Life Last Survivor with 100% annuity to the secondary annuitant and Return of Purchase Price
  • Female lives above 49 years of age are paid higher rates of annuity
  • If the policyholder purchases the plan utilizing the proceeds from an existing pension plan bought from the company, the rate of annuity payouts is higher
  • Higher rates of annuity for higher Purchase Price levels

Eligibility Details

 

Minimum

Maximum

Entry Age

45 years

85 years

Annual Annuity amount

Depends on the Purchase Price and age

Purchase Price

Rs.1 lakh

No limit

Annuity Payout Frequency

Yearly, half-yearly, quarterly or monthly

 

Applying for a Pension Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Pension Plans through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Retirement under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Edelweiss Tokio Pension Plans - FAQs

1. How to pay premium? What are the modes of payment available?

There are two basic modes for payment of premium for Edelweiss Tokio Life, which have further many options:

  • Online Mode
    • Debit Card payment
    • Payment through standing instructions or credit card
    • Net Banking
  • Offline Mode
    • Through ECS facility
    • IVRS
    • Money Order
    • Cash/Cheque/DD

You can pay offline by visiting the nearest branch in your city.

2. How can I check policy status for Edelweiss Tokio pension plans?

You can check policy status online by visiting the e-portal, and punching in the policy number and date of birth.

3. What is the policy renewal process for Edelweiss Tokio pension plans?

The policy renewal process requires either using auto direct debit options which can be availed online by feeding your login ID and password into the e-portal

For offline mode, you can approach any of the branch offices or speak with the customer care regarding the renewal process.

4. What is the company’s process to settle claim for Edelweiss Tokio pension plans?

In order to settle the claim, you must submit the policy documents and claims form at any of the branch offices in your city. Upon receiving and verification of the documents, it takes about 30 days’ time to settle the claims. The claims are settled via NEFT mode.

5. What is the policy cancellation process for Edelweiss Tokio pension plans?

In case if you are dissatisfied with the policy, a surrender form can be filled and submitted in any of the branch office along with the cancellation charges. Within a time frame of 10 days the policy will stand cancelled on record. The refund will be calculated based on NAV of the current market price.

Edelweiss Tokio Pension Plans - Edelweiss Tokio Retirement Plans Reviews

TOTAL REVIEWS (4)
Abhinav
Fatehgarh
August 19, 2016

Retirement policy

I have the edelweiss pension insurance policy. The policy coverage is ~90% and the claims are easy to get and less paperwork because of fast service given by executives and staff members. Online portal service is the best which makes easy renewals.

Gaurav
Kolkata
August 19, 2016

Good Service

My edelweiss tokio pension plan is very good insurance policy which has low premiums. The policy covers maximum expenditures and the claiming is very easy due to fast service given by the executives and staff members.

Tanmay
Thane
May 12, 2016

Fantastic Plan

The edelweiss tokio pension plan i bought is good. The policy coverage is 85% and the claims are of Rs.37 L after the policy ends. The investment is low approx. Rs.20 K thrice per year. The services are nice which provided by the company. Nice future savings. Updates are send regularly.

Harman
Madhugiri
December 21, 2015

Good pension plan from Edelweiss Tokio life insurance

Bought Edelweiss tokio pension plan for my wife and gifted her on birthday. First premium from my side and rest will be from herself ;). I got this idea from Policybazaar and bought a plan which will get good with her need.