Edelweiss Tokio Pension Plan
Introduction/Overview
Edelweiss Tokio Life Pension Plan is a traditional Pension Plan which takes care of life post-retirement by providing regular inflow of cash.
Key Features
- It is a participating plan with regular, limited and single pay premium payment option
- Guaranteed Additions and Compound Reversionary Bonus increase the corpus
Benefits
- Guaranteed Additions are added in the first 5 policy years @ 5% of the cumulative premiums paid
- Compound Reversionary Bonuses accrue from the 6th policy year
- On death of the policyholder, higher of the total premiums paid compounded monthly @ 1% p.a. + accrued Guaranteed Additions + vested bonuses or 105% of all premiums paid is payable
- The nominee can either withdraw the entire proceeds or use it to buy an annuity form the company
- On Maturity or Vesting, Sum Assured + accrued Guaranteed Additions + vested bonuses is paid to the policyholder
- The policyholder may use the Maturity Benefit in the following ways:
- Commute 1/3rd of the corpus and purchase a Life Annuity from the company with the remaining 2/3rd amount
- Use the entire amount to buy a Single Premium Deferred Pension Plan form the company
- Extend the Vesting date if age is below 55 years
- Income tax benefit on the premium paid as per Section 80CCC and on the commuted part as per Section 10(10A) of the Income Tax Act.
Product Specification:
|
Minimum |
Maximum |
Entry Age (Last Birthday) |
18 years |
65 years |
Maturity Age (Last Birthday) |
45 years |
75 years |
Policy Term (PT) in years |
10 |
40 |
Premium Paying Term (PPT) in years |
Single Pay, Regular Pay, 10 Pay or 5 Pay |
|
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly or Single Pay |
|
Premium |
Regular & Limited Pay – 4898.50 Single Pay – 108,125 |
No limit |
Sum Assured |
Single Pay - 125,000 Regular & Limited Pay – 200,000 |
No limit |
You may also like to read: What is an Annuity | Annuity Calculator
Policy Details
Grace Period: 30 days’ grace period is allowed for premium payment in all modes. If policyholder fails to make payment within the grace period, the policy lapses
Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy if 2 full years’ premiums have been paid under regular and limited pay plans and if 1 full year’s premium is paid for single pay plans. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. The Surrender Value shall be utilized to buy a single pay pension plan or to buy a life annuity plan with the uncommuted part
GSV = GSV % of Premiums paid + GSV% of (vested Bonuses+ accrued Guaranteed Additions)
SSV = Paid-up SA + accrued Guaranteed Additions + vested Bonuses * SSV Factor
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Inclusions
- Loan is not available under the plan
Additional Features or Riders
- Rebates for Large Sum Assured ranges
- Discount in premium @ 3% for paying in annual mode
- The following Riders are available for a comprehensive coverage:
- Edelweiss Tokio Life Term Rider
- Edelweiss Tokio Life Critical Illness Rider
Exclusions
- In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
Documents Required
Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
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