Edelweiss Tokio Life Immediate Annuity Plan
Edelweiss Tokio Life Immediate Annuity Plan is a traditional pension plan providing annuity payouts immediately after paying the lump sum payment to ensure regular cash inflows even after retirement for a worry-free life.
- It is an Immediate Annuity Plan with single premium option where the annuity starts immediately after premium payment from the next chosen date
- The annuity options can be chosen for a single life (policyholder) or for joint life (policyholder and spouse)
- The annuity options are:
- Life Annuity
- Lifetime Annuity with Return of 100% of Purchase Price
- Life Annuity guaranteed for 5/10/15 or 20 years
- Life Annuity increasing at a simple rate of 3% or 5% p.a.
- Joint Life Last Survivor
- Joint Life Last Survivor with 50% annuity
- Joint Life Last Survivor with Return of Purchase Price on last death
- Annuity payouts will be paid as per the frequency chosen immediately after the premium paid
- Income tax benefit on the premium paid as per Section 80CCC of the Income Tax Act.
Entry Age (Last Birthday)
Yearly Annuity Payout
Depends on the purchase price and the entry age
Annuity payout Frequency
Monthly, quarterly, half-yearly, yearly
Grace Period: Grace period is not applicable.
Policy Termination or Surrender Benefit: there is no Surrender Value under the plan.
Free Look Period: the free look period is not applicable under the plan.
- Loan is not available under the plan.
Additional Features or Riders
- The annuity rates are higher for female lives.
- Higher annuity rates for Purchase price range of 3 lakhs and above.
Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents.
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