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Edelweiss Tokio Pension Plans

Edelweiss Tokio Life Insurance Company

Edelweiss Tokio Life Insurance Company Limited is a joint venture between one of India’s leading financial services provider, Edelweiss Financial Services and Tokio Marine Holdings Inc, a Japanese insurance behemoth! Together, they started operations in 2011 and in a quick time have been able to become an important player in the insurance sector. With presence in 50 cities and having a branch network of 70 branches, they are not only increasing their employee base to have an expert team of advisors, but also the number of products to offer to their customers and cater to every insurance and investment requirement.

Edelweiss Tokio Life Insurance- Pension Plans

The company offers traditional as well as unit-linked plans for maximum insurance coverage as well as income generation opportunities to help customers live a worry-free post-retirement life. There are a number of features and benefits offered under various plans to choose from that offer regular income as well as flexibility to select from multiple annuity options. All in all, the plans provide wholesome life cover with added benefit of being financially secure.

List of Pension Plans Offered By Edelweiss Tokio Life Insurance Company, With Features, Benefits And Eligibility

Edelweiss Tokio Life- Pension Plan

Features:

  • Guaranteed additions during initial 5 policy years
  • Applicable bonuses are offered
  • Option to select vesting age
  • Discounts offered
  • Additional Riders available

Benefits:

  • Guaranteed additions are added to the policy benefits during first 5 policy anniversaries and are payable at the time of death or vesting, whichever is earlier. These are calculated as 5% of cumulative premiums paid till that policy anniversary
  • Compound Reversionary bonus (as a % of sum assured plus accrued bonuses) will accrue from the 6th policy year and shall be payable at the time of death or vesting, whichever is earlier.
  • The policyholder has an option to choose the vesting age between 45 and 75 years of age
  • Death Benefit: If the policyholder dies during the policy term, the nominee shall be paid the higher of:
  • Total premiums paid compounded monthly at 1% p.a. interest plus accrued guaranteed additions plus accrued bonuses till the death of death, OR
    105% of all premiums paid till the date of death
    Upon death of the policyholder, the nominee shall have the option to

    1. Use the entire proceeds from the policy or part thereof to purchase an annuity at the then prevailing rate, OR
    2. Withdraw the entire proceeds as a lumpsum amount
  • Maturity Benefits: At the time of maturity, the policyholder shall be paid the sum assured + accrued guaranteed additions + accrued bonuses
  • Once the policyholder reaches the pre-decided vesting age, the following options will be available:
    1. To withdraw cash up to an amount allowed under the Income Tax Act and use the balance amount to buy immediate annuity from the company, which will be guaranteed for life, at then prevailing annuity rate, OR
    2. To use the entire vesting benefit to purchase a single premium deferred pension product from the company, OR
    3. Extend the deferment period or accumulation period in the same policy, provided his/her age is below 55 years
  • If the premium payment frequency is chosen as yearly, premium discount of 3% shall be applicable
  • Discounts are also applicable on selecting a higher sum assured

Eligibility:

Min-Max Entry Age 18-65 years
Min-Max Maturity Age 45-75 years
Premium Paying Term Single Pay, 5 Pay, 10 Pay, Regular Pay
Policy Term 10 Pay: 11 to 40 years | Others: 10 to 40 years
Premium Paying Frequency Single, Yearly, half-yearly, quarterly or monthly
Min Sum Assured Single Pay: Rs. 1,25,000 | Other Pay: Rs. 2 lakhs
Max Sum Assured No limit

Riders:

Riders: The plan offers following two riders to select from at an additional premium cost:

  1. Edelweiss Tokio Life- Term Rider
  2. Edelweiss Tokio Life- Critical Illness Rider

Edelweiss Tokio Life- Immediate Annuity Plan

Features:

  • Guaranteed annuity available with multiple options to select from
  • Single premium plan with lifetime annuity benefits
  • Higher premium attracts extra annuity benefits
  • Opt for annuity benefits for spouse as well
  • Flexibility to receive annuity benefits

Benefits:

  • The plan offers following Annuity options to the policyholder:
  • Single Annuity Options:

    1. Life Annuity: Under this option, the annuitant shall receive the annuity at a constant rate throughout the lifetime
    2. Life Annuity with Return of Purchase Price: The life annuity shall be paid at a constant rate throughout the lifetime and at the time of death of the policyholder, the purchase price shall be returned to the nominee
    3. Life Annuity certain for 5/ 10/ 15 or20 years: The annuity shall be paid to the annuitant for first 5/10/15 or 20 years, as pre-decided, from the initiation of the policy and for life thereafter, if the policyholder survives for more than the certain period of 5/1/15 or 20 years. If the policyholder dies within the annuity period of 5/10/15 or 20 years from the policy commencement date, annuity is payable till the end of 5/10/15 or 20 years to the nominee. However, if the policyholder dies after the end of 5/10/15 or 20years from the policy commencement date, no death benefit shall be payable
    4. Life Annuity Increasing at a Simple Rate of 3% p.a.: The annuitant shall receive an annuity pay-out throughout the lifetime increasing at a simple rate of 3% p.a. while no death benefits shall be payable
    5. Life Annuity Increasing at a Simple Rate of 5% p.a.: Here the annuitant receives annuity pay-out for entire lifetime increasing at a simple rate of 5% p.a.

    Joint Life Annuity Options:

    1. Joint Life Last Survivor: Here, the plan covers both the annuitant as well as the spouse and annuity shall be paid at a constant rate till either of them are alive, throughout their lifetime. It shall stop only when both die
    2. Joint Life Last Survivor with 50% Annuity: In this case, the annuity shall be paid to the annuitant and after the annuitant dies, the secondary life or the spouse shall receive 50% annuity at a constant rate
    3. Joint Life Last Survivor with Return of Purchase Price on Last Death: Under this option, the annuity shall be paid at a constant rate till either of the annuitant and spouse are alive. After they both die, annuity will stop and the purchase price shall be returned to the nominee
  • Selecting higher premiums can attract additional rate to be added to annuity payment. These can be:
  • Purchase Price : Additional Annuity Benefit (added to annuity rate)

    • Rs. 1 lakh- Rs. 2,99,000 : Nil
    • Rs. 3 lakhs- Rs. 4,99,000 : 0.05%
    • Rs. 5 lakhs and above :0.1%
  • Options to receive annuity on a yearly, half-yearly, quarterly or monthly basis are available

Eligibility:

Min-Max Entry Age 18-85 years
Premium Paying Term Single
Min-Max Premium/Purchase Price Rs. 1 lakh- No Limit

Edelweiss Tokio Life- Easy Pension

Features:

  • Unit-linked pension plan
  • Flexible premium payment terms
  • Different funds available for investment and manage risk
  • Guaranteed loyalty additions offered
  • Lower premium allocation charge

Benefits:

  • Death Benefits: If the policyholder dies during the term of the policy or after the premium paying term (PPT), the nominee shall be paid the higher of
  • Fund value, or
    Assured Benefit, or
    105% of all premiums paid till the date of death
    Here the assured benefit is 101% of all premiums paid till date of death
    The nominee will also have the option to:

    1. Receive the entire proceeds of the policy or part thereof for buying an annuity at them prevailing rates from the company, or
    2. Withdraw the entire proceeds as a lumpsum amount
  • Vesting Benefits: At the time of maturity, the policyholder shall receive the higher of:
  • Fund value at maturity, or
    Assured benefit (assured benefit is 101% of all premiums paid till maturity)
    When the policyholder reaches the pre-decided vesting age, following options are made available:

    1. To withdraw an amount allowed under the Income Tax Act and use the remaining amount to purchase immediate annuity from the company, which will continue throughout the lifetime at the then prevailing rates, or
    2. To use the entire proceeds to buy a single premium deferred pension product from the company, or
    3. To extend the deferment period/accumulation period within the same policy with the same terms and conditions provided the policyholder is below the age of 55 years
  • Guaranteed Loyalty Additions as a percentage of average of last 60 months of fund value are added at the end of 10th policy year and thereafter every 5 years till the maturity of the policy. This benefit is applicable for annualized premiums of Rs. 45,000 and above. This benefit is paid as follows:
  • Single Pay : 4%
    Limited & Regular Pay : 4.75%

  • Funds available to invest in:
  • Fund Name : Risk Level
    Pension Growth Fund : Medium to High
    Pension Secure Fund : Low
    There’ll be automatic re-allocation of money in the fund to optimize the retirement needs. This shall also help to manage the risks associated with investment in funds

Eligibility:

Min-Max Entry Age 18-75 years
Min-Max Maturity Age 45-85 years
Min-Max Policy Term 10-67 years
Premium Paying Term Single Pay, 5 pay, 10 Pay, Regular Pay
Premium Payment Frequency Single or Yearly, half-yearly, quarterly or monthly
Min Premium Single Pay: Rs. 45,000 | Limited/Regular Pay: Rs. 15,000(Yearly)