Edelweiss Tokio Life Immediate Annuity Plan

Insurance plans help protect customer’s hard earned money and also allow them to protect their family in case anything untoward happens to them. In times of economic uncertainty such as now, it is important for customers to ensure that they have enough saved up for a rainy day. Instead of just keeping money aside, customers can invest in life insurance plans as these plans help customers maintain a corpus and also provide financial help to their families in case of their untimely demise. Life Insurance plans also come with additional benefits and features.

The Immediate Annuity Plan by Edelweiss Tokio Life Insurance is a healthy plan to invest in so as to avail benefits during the retirement phase. There are a number of options and unique benefits that come with this plan.

Eligibility Conditions for Edelweiss Tokio Life - Immediate Annuity Plan

Age of Entry (Last Birthday) 18 years to 85 years
Minimum Purchase Price/Premium Rs. 1,00,000
Maximum Purchase Price/Premium No Limit

Key Features of Edelweiss Tokio Life - Immediate Annuity Plan

Plan Type Traditional, Single premium, Non-participating plan
Plan Basis Individual
Maturity Benefits Available based on the annuity option chosen
Premium Payment Tenure Single
Death Benefit Depends on the annuity option chosen
Loan Not applicable
Surrender Benefit Not applicable
Free look period 15 days 30 days if plan is sold through distance marketing
Nomination Allowed
Assignment Not allowed

Benefits of Edelweiss Tokio Life - Immediate Annuity Plan

Edelweiss Tokio Life - Immediate Annuity Plan comes with a plethora of benefits. Some of these include -

  • Flexibility to choose between different annuity and flexibility options.
  • The various annuity options include
  • Life Annuity with Return of Purchase Price
  • 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 Year
  • Life Annuity Increasing at a Simple Rate of 5% per Year
  • Joint Life, Last Survivor
  • Joint Life, Last Survivor with 50% annuity
  • Joint Life, Last Survivor with Return of Purchase Price on Last Breath
  • For an higher purchase price, customers can procure additional benefits.
  • Maturity benefits and death benefits are based on the annuity plans chosen as illustrated below.
Annuity Option Death Benefit Maturity Benefit
  • Life Annuity with Return of Purchase Price
Nominee receives the purchase price Annuitant receives annuity payment at specific intervals throughout the policy.
  • Life Annuity
Nil Annuitant receives annuity payment at specific intervals throughout the policy.
  • Life Annuity Certain for 5 Years
In case of death within the first five policy years, annuity will be paid till the end of fifth year to nominee. Post five years, no benefit will be paid. Annuitant receives annuity payment at constant intervals for the first five years and if annuitant survives, then till lifetime he/she will receive the payout.
  • Life Annuity Certain for 10 Years
In case of death within the first ten policy years, annuity will be paid till the end of tenth year to nominee. Post ten years, no benefit will be paid. Annuitant receives annuity payment at constant intervals for the first ten years and if annuitant survives, then till lifetime he/she will receive the payout.
  • Life Annuity Certain for 15 Years
In case of death within the first fifteen policy years, annuity will be paid till the end of fifteen year to nominee. Post fifteen years, no benefit will be paid. Annuitant receives annuity payment at constant intervals for the first fifteen years and if annuitant survives, then till lifetime he/she will receive the payout.
  • Life Annuity Certain for 20 Years
In case of death within the first twenty policy years, annuity will be paid till the end of twentieth year to nominee. Post twenty years, no benefit will be paid. Annuitant receives annuity payment at constant intervals for the first twenty years and if annuitant survives, then till lifetime he/she will receive the payout.
  • Life Annuity Increasing at a Simple Rate of 3% per Year
Nil Annuitant receives annuity payout for life increasing at a rate of 3 percent per year
  • Life Annuity Increasing at a Simple Rate of 5% per Year
Nil Annuitant receives annuity payout for life increasing at a rate of 5 percent per year
  • Joint Life, Last Survivor
  • In case Primary and Secondary annuitants are alive then 100 percent of annuity will be paid at regular intervals.
  • In case primary annuitant is alive and the second is not then 100 percent of annuity will be paid at regular intervals.
  • In case primary annuitant is not alive but the second one is then 100 percent of annuity will be paid at regular intervals.
  • In case both are not alive then payout will be nil.
  • Joint Life, Last Survivor with 50% annuity
  • In case Primary and Secondary annuitants are alive then 100 percent of annuity will be paid at regular intervals.
  • In case primary annuitant is alive and the second is not then 100 percent of annuity will be paid at regular intervals.
  • In case primary annuitant is not alive but the second one is then 50 percent of annuity will be paid at regular intervals.
  • In case both are not alive then payout will be nil.
  • Joint Life, Last Survivor with Return of Purchase Price on Last Breath
Purchase price will be paid to nominee 100 percent annuity will be paid at regular intervals for life.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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