In an economic uncertain time such as this, it is important for everyone to be aware of their finances and ensure that they have adequate monetary funds to help them throughout their life, especially when they are not in a position to earn such as during retirement. Retirement is always spoken about as being a golden period in one’s life, a time when people can sit back and reap the rewards of all their hard work. However, this will not be possible unless customers save up for their sunset years and manage their finances prudently.
Procuring a retirement savings plan is one of the best ways to ensure this. The Easy Pension Plan by Edelweiss Tokio Life Insurance provides customers with their own fund value in the form of a lump sum amount at a retirement age of their choosing.
Eligibility Conditions for Edelweiss Tokio Life - Easy Pension
|Minimum Age of Entry||18 years|
|Maximum Age of Entry||75 years as of last birthday|
|Minimum Age of Maturity||45 years|
|Maximum Age of Maturity||85 years|
|Policy Tenure||10 years - 67 years|
|Premium Paying Tenure||Single Pay, Limited Pay [5 Pay to (Policy tenure - 5)] and Regular Pay|
|Frequency of Premium Payment||Single Pay, Yearly, Half-Yearly, Quarterly, Monthly|
Key Features of Edelweiss Tokio Life - Easy Pension
|Plan Type||Non-Participating Linked Pension Plan|
|Free Look Period||15 days 30 days if policy is sold through distance marketing|
|Surrender Benefit||Not available|
|Tax Benefits||Applicable if requested before completion of fifth policy year. Post this period, only fund value will be provided.|
|Grace Period||30 days for all modes except for monthly which is 15 days.|
Benefits of Edelweiss Tokio Life - Easy Pension
Edelweiss Tokio Life - Easy Pension plan comes with a plethora of benefits. Some of them are -
- In case of untimely death of life insured, the nominee will receive a higher of guaranteed benefit, fund value and 105 percent of total premiums that have been paid till death.
- On vesting of plan, customers will receive a higher of guaranteed benefit, fund value at maturity and guaranteed benefit is 101 percent all premiums paid until maturity.
- Additions are also added to policy on certain conditions.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017