Edelweiss Life Insurance Saral Pension Plan

Eligibility Criteria for the Edelweiss Life Insurance Saral Pension Plan

The purchase price must be sufficient to generate at least ₹1,000 per month under the monthly annuity mode.

Features of the Edelweiss Life Insurance Saral Pension Plan

Here are the key features of the Edelweiss Life Insurance Saral Pension Plan:

• Provides a guaranteed annuity through the guaranteed return plan.

• Offers a Life Annuity with a Return of 100% of the Purchase Price.

• Offers Joint Life Last Survivor Annuity With Return of 100% Of Purchase Price.

• Flexible annuity payout modes – Monthly, Quarterly, Half-Yearly, and Yearly.

• Loan facility available after six months from commencement.

• The annuity payout is fixed at inception and does not change during the lifetime of the policy. You can also explore other Edelweiss Tokio Pension Plans to compare income, savings, and wealth creation options offered by the insurer.

Benefits of the Edelweiss Life Insurance Saral Pension Plan

The following are the benefits under the Edelweiss Life Insurance Saral Pension Plan:

1. Annuity Benefit:

   You receive annuity payments as per the selected frequency for your lifetime.

2. Return of Purchase Price:

   Under the chosen option, 100% of the purchase price is returned to the nominee after death. In the joint life option, it is paid after the death of the last survivor.

3. Joint Life Continuity:

   In the Joint Life option, the annuity continues to the spouse after the death of the primary annuitant.

4. Tax Benefits:

   You may be eligible for tax benefits as per applicable tax laws. Tax rules may change from time to time.

Policy Details of the Edelweiss Life Insurance Saral Pension Plan

It is important to understand the policy conditions before purchasing a retirement plan. Here are the policy details under the Edelweiss Life Insurance Saral Pension Plan:

1. Free Look Period:

   You get a free look period of 30 days from the date of receipt of the policy document to review the terms and conditions. If you disagree with any condition, you may cancel the policy within this period as per applicable rules.

2. Surrender:

   Surrender is allowed after 6 months if the annuitant or specified family members are diagnosed with a covered critical illness. On approval, 95% of the purchase price is payable after deducting any outstanding loan and interest.

3. Loan:

   A Loan can be availed after six months from policy commencement. The maximum loan amount is subject to limits where the annual interest does not exceed 50% of the annual annuity amount. Interest is linked to prevailing government security rates plus applicable spread.

This plan comes under the category of some of the best investment plans that integrate long-term savings and life insurance cover.

Exclusions Under the Edelweiss Life Insurance Saral Pension Plan

1. Suicide Clause:

   If the life assured dies due to suicide within 12 months from the policy commencement date or from the date of policy revival, the policy will not provide the standard death benefit. Instead, the nominee will receive the fund value available as on the date of death intimation, and the policy will terminate.