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Edelweiss Tokio Life – Immediate Annuity Plan

What is the Plan all About?

Edelweiss Tokio Life – Immediate Annuity Plan is a traditional non-participating Single Premium Plan that caters to the need of retirement funding. Under this plan, you need to pay only once and start receiving pension immediately for the lifetime.

What are the Key Features?

  • Guaranteed annuity benefit
  • Pay premium once and avail immediate annuity benefits
  • Choice of multiple options
  • Additional annuity benefits for higher premiums paid
  • Annuity benefits for you and your spouse
  • Multiple annuity options
  • Lump Sum for your family after death
  • Flexibility in annuity payout frequency
  • Tax benefits available

What are the Plan Benefits?

Death Benefit

    • Life Annuity with Return of Purchase price: On death of the Annuitant, Purchase price payable to the Nominee/Legal Heir.
    • Life Annuity: No death benefit is payable.
    • Life Annuity Certain for 5 Years: On death during the first 5 policy years, annuity is payable to the nominee/legal heir till the end of the 5th policy year. If death happens after completion of the first 5 policy years, no death benefit is payable.
    • Life Annuity Certain for 10 Years: On death during the first 10 years, annuity is payable till the end of the 10th year. If death occurs after the end of first 10 policy years, no death benefit is payable.
    • Life Annuity Certain for 15 Years: In case of death of annuitant during the first 15 policy years, annuity is payable till the end of the 15th year from to the nominee/legal heir. In case death happens after the end of 15th policy year, no death benefit is payable.
    • Life Annuity Certain for 20 Years: On death death of annuitant during the first 20 policy years, annuity is payable till the end of this period to the nominee/legal heir. If death happens after the end of 20th policy year, no death benefit is payable.
    • Life Annuity Increasing at a Simple Rate of 3% per annum: Death benefit is not payable.
    • Life Annuity Increasing at a Simple Rate of 5% per annum: Death benefit is not payable.
    • Joint life, Last Survivor: On death of any of the Annuitant, no death benefit ispayable.
    • Joint life, Last Survivor with 50% annuity: In case of death of any of the Annuitant, no death benefit is payable.
    • Joint life, Last Survivor with Return of Purchase Price on Last Death: On the death of the last surviving Annuitant, purchase price is payable to the nominee/legal heir.

Survival Benefit

    • Life Annuity with Return of Purchase Price (ROP): Annuitant receives annuity payout at a constant rate through the entire lifetime.
    • Life Annuity: Annuitant receives annuity payout at a constant rate throughout the lifetime.
    • Life Annuity Certain for 5 Years: Annuitant receives annuity payout at a constant rate during the first 5 years of the policy and for life thereafter, if the life insured survives beyond 5 years.
    • Life Annuity Certain for 10 Years: Annuitant receives annuity payout at a constant rate for the first 10 policy years and for life thereafter, in case the life insured survives beyond the period of 10 years.
    • Life Annuity Certain for 15 Years: Annuitant receives annuity payout at a constant rate for the first 15 years and for life thereafter, if the life insured survives for more than the period of 15 years.
    • Life Annuity Certain for 20 Years: Annuitant receives annuity payout at a constant rate for the first 20 years under the policy and for life thereafter, if the person survives for more than 20 years.
    • Life Annuity Increasing at a Simple Rate of 3% per annum: Annuitant receives annuity payout for lifetime increasing at a simple rate of 3% per annum through the entire lifetime.
    • Life Annuity Increasing at a Simple Rate of 5% per annum: Annuitant receives annuity payout for lifetime increasing at a simple rate of 5% per annum throughout the lifetime.
    • Joint life, Last Survivor: Annuity is payable till life time of last surviving Annuitant. On death of the Primary Annuitant if Secondary Annuitant survives, 100% annuity is payable till life time of Secondary Annuitant.
    • Joint life, Last Survivor with 50% annuity: 100% Annuity is payable till life time of primary Annuitant. On death of the Primary Annuitant if Secondary Annuitant survives, 50% annuity is payable till life time of Secondary Annuitant.
    • Joint life, Last Survivor with Return of Purchase Price on Last Death: Annuity is payable till life time of last surviving Annuitant.

Annuity Options

    Following are the annuity options available under this plan:

    • Life Annuity with Return of Purchase Price (ROP)
    • Life Annuity
    • Life Annuity Certain for 5 Years
    • Life Annuity Certain for 10 Years
    • Life Annuity Certain for 15 Years
    • Life Annuity Certain for 20 Years
    • Life Annuity Increasing at a Simple Rate of 3% per annum
    • Life Annuity Increasing at a Simple Rate of 5% per annum
    • Joint Life, Last Survivor
    • Joint Life, Last Survivor with 50% annuity
    • Joint Life, Last Survivor with Return of Purchase Price on Last Death

Bonus

    No bonus is applicable, as it is a non-participating Annuity Plan.

Loan Benefit

    This policy does not offer policy loan.

Surrender Value

    No surrender value is payable under this plan.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years* 85 Years
Premium Paying Term Single Pay -
Purchase Price/Premium Amount Rs 1,00,000 No Limit
Annuity Payout Frequency Annually, Semi Annually, Quarterly Or Monthly -
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period Nil -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider can be opted under this plan.

Is the Plan, eligible for Tax Benefit?

This plan offers tax benefits, subject to prevailing tax laws.

How the Plan Works?

Rohit at 50 years of age is planning for his retirement and looking to accumulate corpus that can fulfill the need of retirement funding. He opts for Edelweiss Tokio Life – Immediate Annuity Plan with ‘Life Annuity Certain for 10 Years’ annuity option chooses the purchase price of Rs 1,00,000.

Scenario I: On Survival of Rohit

In case of Rohit’s survival, he receives annuity payout at a constant rate for the first 10 policy years and thereafter, the annuity is payable in case the life insured survives beyond the period of 10 years.

Scenario II: Rohit dies during the Term of the Policy

On death of Rohit at 58 years, the annuity is payable till the end of the 10th year.


Benefit Illustration:
 

Edelweiss Tokio Life  Immediate Annuity Plan Benefit Illustration