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  • Edelweiss Tokio Life Pension Plan

    Life Insurance
    • 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

    Edelweiss Tokio Life – Pension Plan

    The Edelweiss Tokio Life – Pension Plan is a non-linked participating pension plan that has been tailored as per the needs of the customers. In today’s world, it is of utmost importance to plan for the future. Given the hectic lives everyone has, an individual must plan for a secure and peaceful retirement. The Edelweiss Tokio Life – Pension Plan ensures that the insured gets a lump sum amount when the policy matures, which can be utilised to keep the economic conditions normal even after the insured is retired. A guaranteed addition of 5% of the cumulative premium is also offered by the insurer every year for the first five years. With the Edelweiss Tokio Life – Pension Plan, an individual can choose the sum assured, premium paying frequency, premium amount riders, etc. as per his/her convenience.

    Eligibility – Who is the Edelweiss Tokio Life – Pension Plan for?

    In order to buy the Edelweiss Tokio Life – Pension Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

    Parameters Criteria for Eligibility
    Minimum age at entry 18 years
    Maximum age at entry 65 years
    Minimum age at maturity 45 years
    Maximum age at maturity 75 years

     

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured – It is the amount that is received by the insured person at the time of maturity. In case the insured individual encounters death and the Edelweiss Tokio Life – Pension Plan is still active, the sum assured is received by the legal heir or nominee of the insured.

    Maximum Sum Assured No limit
    Minimum Sum Assured (Single Pay) Rs.125,000
    Minimum Sum Assured (Other Pay) Rs.2,00,000

     

    Premiums – It is the amount that the policyholder pays at one go or at regular intervals in order to keep the plan active. The premium payment frequency that can be availed under the Edelweiss Tokio Life – Pension Plan are monthly, quarterly, semi-annual, annual and Single Pay. The premium payment terms that can be availed by the policyholder under this plan are Single Pay, Regular Pay, 5 Pay and 10 Pay.

    Policy term for 10 Pay 11 years to 40 years
    Policy term for Regular Pay 10 years to 40 years
    Policy term for Single Pay 10 years to 40 years
    Policy term for 5 Pay 10 years to 40 years
    Premium Payment Term Single Pay, Regular Pay, 5 Pay and 10 Pay
    Premium Payment Frequency Monthly, quarterly, semi-annual, annual and Single Pay
    Minimum premium for Single Pay Rs.108,125
    Minimum premium for semi-annual Rs.3,000
    Minimum premium for quarterly Rs.1,500
    Minimum premium for monthly Rs.500
    Minimum premium for annual Rs.4,898.50

    Disclaimer – Premiums may vary depending on factors like term of the plan, location, age, etc.

    Plan Coverage – What the Edelweiss Tokio Life – Pension Plan covers

    Death Benefit In case the insured person encounters death in an unfortunate event, the higher of the following is paid out to the nominee of the insured:
    • 105% of the premiums paid.
    • Premiums paid (except rider premium) compounded on a monthly basis at 1% p.a. interest along with the accrued bonuses and guaranteed additions.
    Maturity Benefit The guaranteed additions and the sum assured is paid to the insured person at the time of maturity of the policy.
    Guaranteed Addition This particular benefit is added to the base policy on every policy anniversary during the first 5 policy years. The guaranteed additions are payable upon vesting or death. The guaranteed addition amount is calculated as 5% of the cumulative premium (except rider premium) paid till that specific policy year. A certain amount is calculated based on policy month of policies that are terminated and the total premium paid till death date.
    Compound Reversionary Bonus This bonus amount is added from the 6th policy year and it is payable on vesting or demise, whichever is earlier.
    Surrender Benefits
    • Single Pay – The Edelweiss Tokio Life – Pension Plan can be surrendered at any point from the first year of the policy.
    • Other Pay – The Edelweiss Tokio Life – Pension Plan can be surrendered only when the policyholder has paid premiums for 2 policy years in full.

     

    Riders/Add-on Plans – Additional coverage under the Edelweiss Tokio Life – Pension Plan

    Add-on Plans or Riders can be availed under the Edelweiss Tokio Life – Pension Plan. The riders under this plan are mentioned below:

    • Edelweiss Tokio Life – Term Rider
    • Edelweiss Tokio Life – Critical Illness Rider

    Exclusions – What the Edelweiss Tokio Life – Pension Plan does not cover

    Suicide Exclusion – In case the insured person commits suicide within a period of one year from the commencement date of the policy, whether insane or sane, the policy will get terminated and 80% of premiums received will be paid out to the nominee or legal heir of the insured person. The extra mortality premium will not be included in this payout.

    Other Key Features

    Grace period In case of Single Pay policy, no grace period can be availed by the policyholder. However, for Other Pay policy, a grace period of 30 days can be availed by the insured person. The policy will remain active during this period. If the unpaid premiums are not cleared by the end of the grace period, the policy will get lapsed.
    Revival Revival of the policy is not applicable under Single Pay. However, in case of Other Pay, the Edelweiss Tokio Life – Pension Plan can be revived within a period of 2 years from the date of first unpaid premium. Revival of the policy is only considered if the policyholder submits a written application and clears all the due premiums. Interest will be charged on the overdue premium amounts.
    Free look period Free look period can be enjoyed by the policyholder for a span of 15 days. In case the insured does not like the terms and conditions of the plan, he/she can choose to return the policy document to the insurer. The policyholder must also state his reasons for not accepting the plan. The premium amount will be refunded to him/her by the insurer after making applicable deductions like medical test expenses (if any), stamp duty charges, etc. If the insured buys the policy via Distance Marketing, a free look period of 30 days can be availed by him/her.

     

    Tax Benefits – How you can save under the Edelweiss Tokio Life – Pension Plan

    Tax Benefits can be availed under Section 10 (10A) and Section 80CCC of the Income Tax Act, 1961 with the Edelweiss Tokio Life – Pension Plan.

    Why you should buy the Edelweiss Tokio Life – Pension Plan from Edelweiss Tokio Life?

    Edelweiss Tokio Life Insurance Company is one of the leading insurance solution providers in the country. This company has a start of capital of Rs.550 crores that explains their commitment of offering long term customer service. It is a joint venture of Tokio Marine Holdings Incorporation and Edelweiss Financial Services. Tokio Marine Holdings Incorporation, on one hand, is present in 39 different countries across the globe and is clearly one of the market leaders in this business. Edelweiss Financial Services, on the other hand, comes with immense experience in asset management, capital markets, insurance, credit, etc. The insurance policies offered by this company come with a myriad of benefits and features. They are tailored as per the changing needs and requirements of the customers. The Edelweiss Tokio Life – Pension Plan ensures that the insured gets a lump sum amount when the policy matures, which can be utilised to keep the economic conditions normal even after the insured is retired. A guaranteed addition of 5% of the cumulative premium is also offered by the insurer every year for the first five years.