Edelweiss Tokio Life Immediate Annuity Plan
- Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
- Claim up to Rs. 1,50,000 deduction under section 80C**
- Choose between annual and monthly premium payment options
With the life expectancy increasing as the years go by courtesy the recent medical advancements, thinking about retirement is essential in today’s day and age. The Edelweiss Tokio Life Immediate Annuity Plan offers customers with the perfect annuity plan. Subscribers can choose from a number of annuity options and receive the benefit of a regular income following retirement as well as a lump sum payout in case of an eventuality, to financially secure their loved ones and dependents. Edelweiss Tokio Life Immediate Annuity Plan customers can make a one-time investment and enjoy the benefits for a lifetime.
Eligibility -Who is the Edelweiss Tokio Life Immediate Annuity Plan for?
To be eligible for the Edelweiss Tokio Life Immediate Annuity Plan, customers need to meet certain criteria.
| Parameters | Details |
| Entry Age | Minimum: 0 years (for single annuity plans) 18 years (for joint annuity plans) Maximum: 85 years |
| Premium Paying Term | Single Pay |
Sum Assured and Premium Range - What you get and what it costs
Sum Assured: The sum assured depends on the annuity plan chosen by the policyholder and the premium contribution made towards the plan.
Premium: Since the Edelweiss Tokio Life Immediate Annuity Plan is a single pay option, the minimum premium is Rs.1 lakh and there is no limit to how much a policyholder can contribute towards the annuity plan.
Plan coverage - What the Edelweiss Tokio Life Immediate Annuity Plan covers
The Edelweiss Tokio Life Immediate Annuity Plan works in the following manner.
- The customer first selects the purchase price, i.e., the amount that is required to buy the plan.
- The annuity option and annuity payment frequency are chosen next.
- The customer is then required to provide the details of his/her spouse (if the Joint Life Last Survivor option is selected).
- The annuity is based on the annuity option chosen and the prevailing rates at the time of annuity purchase.
- The annuity options of the Edelweiss Tokio Life Immediate Annuity Plan are listed below.
| Annuity options | Details |
| Life Annuity with Return of Purchase Price (ROP) | Survival Benefit: The annuitant will receive a fixed income throughout one’s lifetime. Death Benefit: In case of untimely death of the policyholder, the nominee will receive the purchase price of the annuity plan. |
| Life Annuity | Survival Benefit: The annuitant will receive a fixed income throughout one’s lifetime. |
| Life Annuity Certain for 5 Years | Survival Benefit: In this case, the annuitant will receive annuity payouts for the first five years of the policy and if he/she survives, they will receive an annuity income till death. Death benefit: If death occurs during the annuity 5 year period, the nominee will receive the annuity till the end of the period. No benefit is payable after the annuity period. |
| Life Annuity Certain for 10 Years | Survival Benefit: In this case, the annuitant will receive annuity payouts for the first ten years of the policy and if he/she survives, they will receive an annuity income till death or annuity for life. Death benefit: If death occurs during the annuity 10 year period, the nominee will receive the annuity till the end of the period. No benefit is payable after the 10 year annuity period. |
| Life Annuity Certain for 15 Years | Survival Benefit: In this case, the annuitant will receive annuity payouts for the first 15 years of the policy and if he/she survives, they will receive an annuity income till death or annuity for life. Death benefit: If death occurs during the annuity 15 year period, the nominee will receive the annuity till the end of the period. No benefit is payable after the 15 year annuity period. |
| Life Annuity Certain for 20 Years | Survival Benefit: In this case, the annuitant will receive annuity payouts for the first 20 years of the policy and if he/she survives, they will receive an annuity income till death or annuity for life. Death benefit: If death occurs during the annuity 20 year period, the nominee will receive the annuity till the end of the period. No benefit is payable after the 20 year annuity period. |
| Life Annuity Increasing at a Simple Rate of 3.0% per annum | With this annuity option, the annuity payout increases by 3% every year. |
| Life Annuity Increasing at a Simple Rate of 5.0% per annum | With this annuity option, the annuity payout increases by 5% every year. |
| Joint Life, Last Survivor | With this joint annuity plan, 100% annuity payout at regular intervals will be paid till the untimely death of both annuitants. Even if one annuitant survives, 100% of the annuity will be paid at regular intervals. |
| Joint Life, Last Survivor with 50% annuity | With this joint annuity plan, 100% annuity payout at regular intervals will be paid till the survival of both annuitants or the survival of the primary annuitant. Following the death of the primary annuitant, 50% annuity payouts will be made to the secondary annuitant. The annuity payouts will cease following the demise of both annuitants. |
| Joint Life, Last Survivor with Return of Purchase Price on Last Death | With this annuity plan, 100% of annuity payouts will be at at regular intervals till the survival of any of the annuitants. Following the death of the last survivor, the legal heir will receive the purchase price of the annuity plan. |
Exclusions - What the Edelweiss Tokio Life Immediate Annuity Plan doesn’t cover
If the annuitant or both annuitants or any one annuitant in the case of joint annuity plans commit suicide within 12 months from the commencement of the plan, 80% of the annuity purchase price will be passed on to the nominee. The suicide exclusion is not applicable for the Life Annuity with Return of Purchase Price and Joint life, Last Survivor with Return of Purchase Price on Last Death annuity plans.
Other Key Features – Free-look Period, Surrender Values, Grace Period etc.
The key features of the Edelweiss Tokio Life Immediate Annuity Plan are listed below.
| Free-look period | Annuitants are granted a free-look period for a span of 15 days. If he/she disagrees with the terms and conditions of the plan, the policy can be returned and the annuitant will receive a refund for the purchase of the plan. |
| Nominations | Annuitants can make nominations as per Section 39 of the Insurance Laws (Amendment) Act, 2015. The nominee will receive the benefits following the unfortunate death of the annuitant. |
Tax benefits – How you can save with the Edelweiss Tokio Life Immediate Annuity Plan
- Premiums paid towards the Edelweiss Tokio Life Immediate Annuity Plan are eligible for tax benefits under Section 80C of the Income Tax Act.
- The payouts from the policy are eligible for tax rebates under Section 10(10D) of the Income Tax Act.
Other benefits – How you can save with the Edelweiss Tokio Life Immediate Annuity Plan
- Customers can make use of the online customer portal at the Edelweiss Tokio Life Website to access their insurance details.
- The website also enables policyholders to renew their insurance online.
- Payments for policy renewal can be made through the following channels:
- Credit cards - American Express, Visa, Maestro, MasterCard, and Diners Club cards are accepted.
- Debit cards - Visa, Maestro, MasterCard, and RuPay cards can be used to make online payments.
- Bill Junction - Customers can login to Bill Junction and make premium payments.
- Netbanking - Customers can pay premiums through the Net banking facility offered by their banks.
- e-Wallets - Premium payment can be done through e-Wallets such as iCashCard, Airtel Money, ITZCash, Jio Money, Oxigen, PayCash, and Idea Money
- The insurer’s website also enables customers to request for a callback.
- Policyholders can chat with a customer service representative through the Edelweiss Tokio Life website . They will be able to get clarifications to queries and resolution to issues through this facility.
Why you should buy the Edelweiss Tokio Life Immediate Annuity Plan from Edelweiss Tokio Life Insurance?
The Edelweiss Tokio Life Immediate Annuity Plan offers its customers financial security during their retirement age. Customers have a flexible choice between annuity plans and can opt for joint plans for themselves and their spouse. Today, Edelweiss Tokio Life Insurance has more than 60 branches spread across the country and has more than 1,500 employees. The company offers its customers with a variety of insurance products and over the years have proved to be a reliable brand. Morningstar rated Edelweiss Tokio Life Insurance 5 stars and in 2016 was awarded “the best insurer” by Outlook Money.
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