It is said that retirement is one of the best phases of everyone’s life. After working hard for decades, individuals can just sit back and relax and reap the rewards of all their work. However, this will not be possible unless they have saved up enough to not worry about money. Money is always required no matter how young or old a customer is and especially as one’s capacity to earn reduces, they will be forced to depend on the money that they have saved throughout their earning years. This is the reason people who start working are always asked to save up money for their golden years. There are numerous pension plans that individuals can avail of so as to ensure that they have enough savings left for them to enjoy their sunset years in peace.
Edelweiss Tokio Life Insurance offers a pension plan scheme for customers through which they can save up for a stable financial life in the future and also receive a lump sum benefit during maturity.
Eligibility Conditions for Edelweiss Tokio Life - Pension Plan
|Minimum Age of Entry (last day of birth)||18 years to 65 years|
|Minimum Age of Maturity (last day of birth)||45 years|
|Maximum Age of Maturity (last day of birth)||75 years|
|Minimum Premium Amount||For single pay, the amount is Rs. 108,125; Other Pay - Yearly - Rs. 4,898.50; Half-Yearly - Rs. 3000; Quarterly - Rs. 1500 and Monthly - Rs. 500|
|Minimum Sum Assured (amount payable at maturity)||Single Pay - Rs. 1,25,000 Other Pay - Rs. 2,00,000|
|Maximum Sum Assured (amount payable at maturity)||No Limit|
Key Features of Edelweiss Tokio Life - Pension Plan
|Plan Type||Non-participating, Non-linked Retirement Solution|
|Maturity Benefits||Assured sum along with accrued bonuses and accrued guaranteed additions will be provided.|
|Policy Tenure (PT)||Single Pay, 5 Pay, Regular Pay - 10 years to 40 years 10 Pay - 11 years to 40 years|
|Premium Payment Tenure||Single Pay, 5 Pay, 10 Pay, Regular Pay|
|Premium Payment Frequency||Single, Yearly, Half-Yearly, Quarterly, Monthly|
|Free Look Period||15 days and if the policy is sold through distance marketing, then 30 days|
|Tax Benefits||Can be availed under Section 80CCC and Section 10(10A) of the Income tax Act, 1961.|
|Grace Period||Not applicable for Single Pay, but for Other Pay, 30 day grace period is provided.|
Benefits of Edelweiss Tokio Life - Pension Plan
This Edelweiss Tokio Life - Pension Plan comes with a plethora of benefits. Some of these include -
- In case of untimely demise of insured, his/her nominee will receive a death benefit which is a higher of total amount of all premiums paid excluding rider premium along with accrued guaranteed additions and accrued bonuses until death OR 105 percent of all premiums paid excluding rider premium.
- On maturity of policy, assured sum along with accrued assured additions in addition to accrued bonuses.
- Guaranteed addition is a benefit that is accrued to the plan on each anniversary during the first five policy years and will be paid on death or maturity, whichever is occurs early.
- Compound Reversionary Bonus will accumulate from the 6th year of policy and will be paid on vesting or death, whichever is earlier.
Edelweiss Tokio Life - Pension Plan Riders
The following riders are available for the policy.
- Edelweiss Tokio Life - Term Rider
- Edelweiss Tokio Life - Critical Illness Rider
GST of 18% is applicable on life insurance effective from the 1st of July, 2017