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Edelweiss Tokio Life – Pension Plan is a non-linked & participating pension plan that is best suited to those looking for a financially stable retirement life. This plan provides a lump sum amount at your vesting age. It also offers you a guaranteed additions during the first five policy years and a compounding reversionary bonus from sixth policy year onwards.
On the unfortunate demise of the life insured, the higher of total premiums paid (excluding rider premium) compounded monthly at 1% per annum interest plus accrued guaranteed additions plus the accrued bonuses, as on the date of death OR 105% of premiums paid.
The nominee has the option to utilize the death benefit through the following 2 ways:
The maturity benefit payable is Sum Assured plus accrued guaranteed additions plus accrued bonuses.
At vesting, you have the option to utilize this payout through the following 3 ways:
You have the option to take up to 1/3rd of the benefit as tax-free lump sum as per the current income tax regulations and use the remaining amount to purchase annuity at the prevailing annuity rate.
Deferment of Vesting Benefits
There is an option to extend the deferment/accumulation period, provided the life insured is aged below 55 years.
Guaranteed Addition is accrued to the policy on each policy anniversary during the first 5 policy years and is payable on earlier of death or vesting. It is calculated as 5% of cumulative premium (excluding rider premium) paid till that policy anniversary. A proportionate amount of guaranteed addition is payable on death claims.
Compound Reversionary Bonus is expressed as a percentage of sum assured plus accrued bonuses) and it accrues from sixth policy year onwards. It is payable either on death or vesting, whichever occurs earlier.
Policy loan is not available under this plan.
For single premium payment policies, surrender value can be acquired anytime from 1st policy year. For policies with premium payment other than single pay, the surrender value can be acquired on payment of all due premiums for at least 2 full policy years. The surrender value payable is the higher of Guaranteed Surrender Value or Special Surrender Value.
|Age (as on last birthday)||18 Years||65 Years|
|Maturity Age||45 Years||75 Years|
|Policy Tenure||10 To 40 Years (Single Pay, 5 Pay, Regular Pay), 11 To 40 Years (10 Pay)||-|
|Premium Paying Term||Single, Limited (5/10 Years) & Regular Pay||-|
|Premium Paying Mode||Single, Annually, Semi Annually, Quarterly & Monthly||-|
|Sum Assured||Single Pay: Rs 1,25,000, Other Pay: Rs 2,00,000||No Limit|
|Premium Amount||Single Pay: Rs 1,08,125 Other Pay: Rs 4,898.50 (annually), Rs 3,000 (semi Annually), Rs 1,500 (quarterly), Rs 500 (monthly)||-|
|Freelook Period||15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
|Grace Period||Nil (single Pay), 30 Days (other Than Single Pay)||-|
This plan offers following riders, on payment of additional rider premium:
This plan provides tax benefits under Section 80CCC and Section 10 (10A) of the Income Tax Act, 1961. The tax benefits applicable are subject to change in tax laws.
Rohtash Chaturvedi at 30 years of age is planning for retirement and looking for a plan that offers a lump sum amount on vesting that can be used to receive the commutation benefit and annuity benefit. He opts for Edelweiss Tokio Life – Pension Plan with the policy term of 30 years, single premium payment, and sum assured is Rs 5 Lacs with a single premium of Rs 4,34,700.
Scenario I: Rohtash survives till vesting
At vesting, Sum Assured plus accrued guaranteed additions plus accrued bonuses is payable. You will receive a lump sum of Rs 5 Lacs. You can take up to 1/3rd of the vesting benefit as tax-free lump sum and use the remaining amount to purchase annuity at the prevailing annuity rate.
Scenario II: Rohtash dies during the Term of the Policy
On the unfortunate demise of the life insured, the sum of total premiums paid (compounded monthly at 1% p.a interest), accrued guaranteed additions and accrued bonuses are payable.