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Edelweiss Tokio Life Pension Plan

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Edelweiss Tokio Life – Pension Plan Review

Edelweiss Tokio Life – Pension Plan is a retirement solution, suited to meet your needs to plan for a financially stable and happy retirement life.


Key Features

  • Accumulate your wealth for retirement
  • Guaranteed addition of 5% p.a. of cumulative premium for first five policy years
  • Additional benefits through compounded reversionary bonus
  • Choose your vesting age as per your retirement needs
  • Choice of various premium paying terms and premium paying frequencies are made available to suit your needs
  • Get discounts for higher Sum Assured
  • Option to enhance your benefits by adding riders


Plan Benefits

Guaranteed Addition – The benefit is accrued to the policy on each policy anniversary during the first five policy year and is payable on death or vesting, whichever is earlier. The amount will be calculated as 5% of cumulative premium (excluding rider premium) paid till that policy anniversary. Proportionate amount of guaranteed addition will be available on death for policies terminated during the policy year. Proportionate amount will be calculated based on the policy month of the policies terminated and total premium paid till date of death.

Compound Reversionary Bonus – Compound reversionary bonus (as a % of sum assured plus accrued bonuses) will accrue from sixth policy year which will be payable either on death or vesting, whichever is earlier.

Death Benefit
On Death of Life Assured Higher of:
• Total premiums paid (excluding rider premium) compounded monthly at 1% per annum interest plus accrued guaranteed additions plus the accrued bonuses till date of death OR
• 105% of premiums paid (excluding rider premium)

Maturity Benefit
On Maturity Sum Assured plus accrued guaranteed additions plus accrued bonuses

Surrender Benefits - 
Single Pay: The policy can be surrendered at any point of time from first policy year.
Other Pay: The Policy can be surrendered provided that at least premium for two policy years has been paid in full by the policyholder.

On Surrender the surrender value, if any, will be available immediately and policy will be terminated. The surrender value payable is higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

(i) Guaranteed Surrender Value (GSV):
Single pay:
The Guaranteed Surrender Value is sum of
I. A specific percentage (as given below) of single premiums paid till date.
  • During 1st policy year: The Guaranteed Surrender Value is 70% of single premium paid.
  • During 2nd and 3rd policy year: The Guaranteed Surrender Value is 80% of single premium paid.
  • From 4th policy year till (Policy Term -2): The Guaranteed Surrender Value is 90% of single premium paid.
  • During last two policy year: The Guaranteed Surrender Value is 100% of single premium paid.
ii. A specified percentage of ‘guaranteed addition plus bonuses’ accrued till date

Other pay:
The Guaranteed Surrender Value is sum of
I. A specific percentageof total premiums paid till date.
ii. A specified percentage of ‘guaranteed addition plus bonuses’ accrued till date

Any amount paid towards riders is not available on surrender of the policy.

(ii) Special Surrender Value (SSV):
Special Surrender Value = (Paid-up Sum Assured plus Guaranteed Addition plus Accrued bonuses) * (Special Surrender Value Factor)
The Special Surrender Value Factor is given in the table below which varies with the policy year of surrender. The Special Surrender Value Factor will be reviewed from time to time based on the experience and will be subject to prior approval of IRDA
 

Eligibility & other conditions

a) Entry Age of Life Insured (last birthday): 18 to 65 years(age last birthday)
b) Minimum Maturity Age (last birthday): 45 years
c) Maximum Maturity Age (last birthday): 75 years
d) Premium Paying Term (PPT): Single Pay, 5 Pay, 10 Pay, Regular Pay
e) Policy Term: Single Pay, 5 Pay, Regular Pay: 10 to 40 years, 10 Pay: 11 to 40 years
f) Premium Payment Frequency: Single, Annual, Semi-annual, Quarterly and Monthly
g) Minimum Premium: Single Pay: Rs 108,125; Other Pay - Annual: Rs 4,898.50; Semi-annual: Rs 3,000; Quarterly: Rs 1,500; Monthly: Rs 500
h) Minimum Sum Assured (SA) Single pay: Rs 125,000; Other pay: Rs 2,00,000
i) Maximum Sum Assured: No Limit

Loan Facility
Policy loan will not be available under the plan.

Riders
Edelweiss Tokio Life - Term Rider
Edelweiss Tokio Life - Critical Illness Rider 
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