Edelweiss Tokio Insurance Plans

Immediate Annuity Pension or Retirement Plan

Edelweiss’s Immediate Annuity Insurance Plan – is an Immediate Pension Plan with Additional Benefitsthat caters to the need of retirement funding. It is a Traditional Non-Participating Single Premium Plan that makes sure that the insured can earn an annual income long after they quit regular employment. It is in a nutshell, a plan in which the insured pays once and starts getting lifelong pension immediately.
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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

Edelweiss Tokio Immediate Annuity Insurance overview

  • Key features
  • Benefits summary
  • Annuity options

Key benefits of Edelweiss Tokio Immediate Annuity Plan Insurance

  • Helps in planning an individual’s retirement with guaranteed annuity benefit
  • Choice of multiple options as per your requirements / financial commitments
  • Pay only once and avail immediate annuity benefits for lifetime
  • Avail extra annuity benefits for higher premium amounts
  • Option to avail annuity during your lifetime and leave lump-sum thereafter for the individual’s family/loved ones
  • Option of annuity benefits for both - insured and his/her spouse
  • Option to receive annuity benefits in yearly, half-yearly, quarterly or monthly instalments

Benefits summary of Immediate Annuity Plan Insurance

Entry Age of Annuitant (last birthday) 18* to 85 years
(* Minimum Entry Age will be 0 years for annuity purchase from the proceeds of the death benefit of the pensionpolicies of Edelweiss Tokio Life Insurance Co Ltd. )
Premium Paying Term Single Pay
Minimum Premium / Purchase Price Rs 100,000
Maximum Premium / Purchase Price No Limit
Annuity for female lives (for non joint life annuity options): For female lives the annuity rate applicable will be as below:
  • Up to Age 3: Same Annuity Rate as for Male life aged 0
  • Age 4 & above: Same Annuity Rate for a 3 year younger Male life
Additional Benefit for Higher Purchase Price On purchase of annuity on death/vesting of pension policies of Edelweiss Tokio Life Insurance Company Limited, anadditional 3% of base annuity amount will be payable.
For all annuity options, additional rate will be added for higher Premium / Purchase price. The additional rate is givenbelow:
Purchase price Additional annuity benefit (added to annuity rate)
100,000 – 299,999 Nil
300,000 – 499,999 0.05%
500,000 and above 0.10%
Surrender Benefit No Surrender benefits are available for the product.
Loan Benefit No Loan benefits are available for the product.

Annuity options of Immediate Annuity Plan Insurance

Life Annuity with Return of Purchase Price (ROP)
  • Survival Benefit: Annuitant receives annuity payout at a constant rate throughout the lifetime
  • Death Benefit: Purchase Price will be payable to the nominee/legal heir
Life Annuity
  • SurvivalBenefit: Annuitant receives annuity payout at a constant rate throughout the lifetime
  • Death Benefit: Nil
Life Annuity Certain for 5 Years
  • Survival Benefit: Annuitant receives annuity payout at a constant rate for first 5 years from the policycommencement date and for life thereafter, if the person survives for more than the certain period of 5 years
  • Death Benefit:
    • During the first 5 years: On death during the annuity certain period of first 5 years from the policy commencementdate, annuity is payable till the end of the 5th year from the policy commencement date to the nominee/legal heir.
    • After the first 5 years: If death happens after the end of 5th year from the policy commencement date, no deathbenefit is payable.
Life Annuity Certain for 10 Years
  • Survival Benefit: Annuitant receives annuity payout at a constant rate for first 10 years from the policycommencement date and for life thereafter, If the person survives for more than the certain period of 10 years
  • Death Benefit:
    • During the first 10 years: On death during the annuity certain period of 10 years from the policy commencementdate, annuity is payable till the end of the 10th year from the policy commencement date to the nominee/legalheir.
    • After the first 10 years: If death happens after the end of 10th year from the policy commencement date, no deathbenefit is payable.
Life Annuity Certain for 15 Years
  • Survival Benefit: Annuitant receives annuity payout at a constant rate for first 15 years from the policycommencement date and for life thereafter, If the person survives for more than the certain period of 15 years
  • Death Benefit:
    • During the first 15 years: On death during the annuity certain period of 15 years from the policy commencementdate, annuity is payable till the end of the 15th year from the policy commencement date to the nominee/legalheir.
    • After the first 15 years: If death happens after the end of 15th year from the policy commencement date, no deathbenefit is payable no deathbenefit is payable
Life Annuity Certain for 20 Years
  • Survival Benefit: Annuitant receives annuity payout at a constant rate for first 20 years from the policycommencement date and for life thereafter, If the person survives for more than the certain period of 20 years
  • Death Benefit.
    • During the first 20 years: On death during the annuity certain period of 20 years from the policy commencementdate, annuity is payable till the end of the 20th year from the policy commencement date to the nominee/legalheir.
    • After the first 20 years: If death happens after the end of 20th year from the policy commencement date, no deathbenefit is payable.
Life Annuity Increasing at a Simple Rate of 3.0% per annum
  • Survival Benefit: Annuitant receives annuity payout for lifetime increasing at a simple rate of 3.0% per annumthroughout the lifetime.
  • Death Benefit: Nil
Life Annuity Increasing at a Simple Rate of 5.0% per annum
  • Survival Benefit: Annuitant receives annuity payout for lifetime increasing at a simple rate of 5.0% per annum throughout the lifetime.
  • Death Benefit: Nil
Joint Life, Last Survivor
  • Primary and Secondary Annuitant, both are alive: 100% of annuity payout at a constant rate
  • Primary Annuitant is alive and Secondary Annuitant is dead: 100% of annuity payout at a constant rate
  • Primary Annuitant is dead and Secondary Annuitant is alive: 100% of annuity payout at a constant rate
  • Primary Annuitant and Secondary Annuitant are dead: Nil
Joint Life, Last Survivor with 50% annuity
  • Primary and Secondary Annuitant, both are alive: 100% of annuity payout at a constant rate
  • Primary Annuitant is alive and Secondary Annuitant is dead: 100% of annuity payout at a constant rate
  • Primary Annuitant is dead and Secondary Annuitant is alive: 50% of annuity payout at a constant rate
  • Primary Annuitant and Secondary Annuitant are dead: Nil
Joint Life, Last Survivor with Return of Purchase Price on Last Death
  • Survival Benefit: 100% of annuity payout at a constant rate till the lifetime of the last survivor
  • Death Benefit: Purchase price will be payable to the nominee/legal heir on the death of last survivor

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