Edelweiss Tokio Insurance Plans

Easy Pension Plan

Easy Pension is a Unit Linked Insurance Plan which helps fulfil an individual’s retirement needs. Aa a pension plan offered as unit-linked, non-participating product., it is an ideal retirement solution especially for those looking to set up a financially stable and happy retirement life.
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Edelweiss Tokio Life insurance review

Edelweiss Tokio Insurance Plans
Distribution - Number of branches pan India (March 2019)
123
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
25 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/62
Solvency Ratio (FY 2018-19) *
2.29
Number of Policies Sold (Ind+Group) *
79,913
Number of Lives Covered (Ind+Group) **
266,160
Claims Settlement Ratio (Ind+Group) ***
98.41%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Easy Pension Plan overview

  • Key features
  • Eligibility
  • Benefit description

Key benefits of Easy Pension Plan

  • Low Premium Allocation Charge
  • Guaranteed Loyalty Additions to enhance return for the invested insured
  • Choice of terms up to 85 years and full flexibility with Premium Paying Terms
  • Premiums paying options of single pay, limited pay and regular pay
  • Simple and easy to buy with minimal process
  • Option to choose your risk strategy for allocation between funds
  • Automatic re-allocation of your money to optimize retirement needs
  • Tax Benefits : You can avail tax benefits under Section 80C

Eligibility criteria of Easy Pension Plan

Minimum Entry Age 18 years
Maximum Entry Age (Last birthday) 75 Years
Minimum Maturity Age (Last birthday) 45 Years
Maximum Maturity Age (Last birthday) 85 Years
Policy Term (PT) 10-67 Years
Premium Paying Term (PPT)
  • Single Pay
  • Limited Pay [5 Pay to (Policy Term-5)]
  • Regular Pay
Premium Payment Frequency Single Pay, Annual, Semi-annual, Quarterly, Monthly
Minimum Premium Single Pay: Rs. 45,000
Limited/Regular Pay
  • Annual: Rs 15,000
  • Semi-Annual: Rs 8,000
  • Quarterly : Rs.4,000
  • Monthly : Rs.1,500

Benefit descriptions of Easy Pension Plan

Death Benefit Death benefit during and after PPT is Higher of
  • Fund Value
  • Assured Benefit
  • 105% of total premiums paid till date of death
where Assured Benefit is 101% of total premiums paid till death
Vesting Benefit Higher of
  • Fund Value at maturity
  • Assured Benefit
where Assured Benefit is 101% of total premiums paid till maturity
Guaranteed Loyalty Additions For annualized premiums of Rs. 45,000 and above, Guaranteed Loyalty Additions, as a percentage of average of last 60months’ fund value, is added at the end of 10th policy year and every 5th policy year thereafter till maturity.
TheGuaranteed Loyalty Additions percentage is given below:
  • Single Pay: 4%
  • Limited and Regular Pay: 4.75%
Guaranteed Loyalty Additions will be added to the Fund Value on the last day of the respective policy year.The guaranteed loyalty addition once added will form the part of the fund value.
Single Pay Enhancers For Single Pay policies, Guaranteed Enhancers equal to 0.25% of last 12 months’ average Fund Value, is added at the end of every policy year from 6 policy year onwards till maturity.
Single Pay Enhancers will be added to the Fund Value on the last day of the respective policy year.
Single Pay Enhancer additions are in addition to Guaranteed Loyalty Additions and are applicable only for Single Pay policies.
Non Negative Claw Back Addition The policy is eligible for non-negative claw-back addition at the time of exit if the reduction in yield at the time of exit is greater than the maximum reduction in yield allowed at that time. The extent of claw-back addition will depend on theactual gross yield of the chosen fund achieved at the time of exit for each policy respectively.
The claw-back addition, ifrequired will be added to the fund value, to ensure compliance with the regulatory criteria of maximum reduction in yieldfrom 5th policy anniversary onwards.
Premium Discontinuance
  • Discontinuance of Premiums (during the first 5 policy years): The insured should pay the contractual premium within the grace period. If they fail to do so then the Company will send anotice to You within a period of 15 days from the date of expiry of the grace period. The insured is entitled to exercise one of the following options upon the discontinuation of the policy:
    • Revive the policy within a period of two years; OR
    • Complete withdrawal from the policy without any risk cover.
  • Discontinuance of Premiums after completion of 5th policy year: The insured should pay the contractual premium within the grace period. If they fail to do so then the Company will send anotice to them within a period of 15 days from the date of expiry of the grace period. He/she is entitled to exercise one of the following options upon the discontinuation of the policy:
    • Revive the policy within a period of two years; OR
    • Complete withdrawal from the policy without any risk cover OR
    • Convert the policy into paid-up policy
Surrender Benefit If the surrender request is received before the completion of first 5 policy years, the fund value net of discontinuance charge shall be credited to the discontinued policy fund and the proceeds will be available only at the end of lock inperiod. At the end of lock in period, the policyholder can exercise any one of the options as mentioned below to utilizethe proceeds from surrender.

If the surrender request is received after the completion of first 5 policy years, the policyholder shall be entitled to the fund value. The policyholder can utilize the proceeds as per the options available under this plan.
Rider Benefits No Rider Benefits available with this plan.
Loan Benefit No Loan Benefit Available with this plan.
Free Look / Grace Period 15 / 30 days

Brochure

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Policy wordings

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2022