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Investment Plans September 6, 2021
Edelweiss Tokio Life Immediate Annuity Plan offers financial protection during your retirement years with guaranteed annuity benefits. It is an individual, non-linked, non-participating, pure risk premium general annuity product that provides immediate annuity benefit for a lifetime. This Edelweiss Tokio life insurance plan also provides a wide range of annuity options as per your financial needs. Before we move to the next section, let’s check the key features of the plan mentioned below.
- Guaranteed Immediate Annuity
- Flexible Annuity Options
- Option to Choose between Single and Joint Life Annuity
- Additional Benefit on Choosing a Higher Premium
- Option to Get Annuity during Your Lifetime and Leave Lump sum for Loved Ones
- Multiple Annuity Payout Frequencies
- A Grace Period of 15 or 30 Days
- Tax Benefits Under Section 80C of the Income Tax Act, 1961
- A 15 or 30-day Free Look Period
Go through this page to understand the features and benefits of the Edelweiss Tokio Life Immediate Annuity Plan in detail.
Table of Contents
Features and Benefits of Edelweiss Tokio Life Immediate Annuity Plan in Detail
We have discussed the features and benefits of the plan below.
What will be the Minimum Premium/Purchase Price Under the Plan?
Under the plan, the minimum premium or purchase price stands at INR 1,00,000. Whereas there is no maximum limit on the same.
What is the Minimum Annuity Payout?
The minimum annuity payout under this plan from Edelweiss Tokio Life stands at INR 1,000 per month. Policyholders can choose from different frequencies at which they want the annuity payout – Yearly, Half-yearly, Quarterly and Monthly.
To know the annuity amount as per these frequencies, you will need multiplicative factors. To know more, check the below table.
| Mode of Annuity Payment | Multiplicative Factor |
|---|---|
| Yearly | 105.00% |
| Half-yearly | 51.00% |
| Quarterly | 25.00% |
| Monthly | 8.33% |
Multiple Annuity Options
As mentioned above, the plan offers multiple annuity options. Policyholders can choose from them as per their future goals. All these options provide different survival and death benefits. We have talked about them below.
| Annuity Options | Survival Benefit | Death Benefit |
|---|---|---|
| Life Annuity with Return of Purchase Price (ROP) | The annuitant will get an annuity payout at a constant rate throughout his/her lifetime. | The nominee or legal heir will get a purchase price. |
| Life Annuity | The annuitant will get an annuity payout at a constant rate throughout his/her lifetime. | Nil |
| Life Annuity Certain for 5/10/15/20 years | The annuitant will get annuity payout at a constant rate for the first 5/10/15/20 years from the policy inception date and for life, thereafter if a policyholder survives for more than the fixed period of 5/10/15/20 years. | During the First 5/10/15/20 years The plan will provide annuity until the end of the 5th/10th/15th/20th policy year from the policy commencement date to the nominee. After the First 5/10/15/20 years If death happens after the end of the 5th/10th/15th/20th year from the start date, no death benefit will be given. |
| Life Annuity Increasing at a Simple Rate of 3.0% per annum | The annuitant will get an annuity payout for lifetime that will increase at a rate of 3.0% per annum (throughout the lifetime). | Nil |
| Life Annuity Increasing at a Simple Rate of 5.0% per annum | The plan will provide an annuity payout for a lifetime that will increase at a 5% per annum | Nil |
| Joint Life, Last Survivor with Return of Purchase Price on Last Death | 100% of the annuity payout at a constant rate until the lifetime of the last survivor | On the death of the last survivor, the nominee or legal heir will get the purchase price as a death benefit. |
Additional Benefits On Choosing Higher Purchase Price
This plan also provides additional benefits to policyholders who choose a higher premium/purchase price. To know more, check the below table.
| Purchase Price (In INR) | Additional Annuity Benefit (Added to Annuity Rate) |
|---|---|
| 1,00,000 - 2,99,999 | Nil |
| 3,00,000 - 4,99,999 | 0.05% |
| 5,00,000 and above | 0.10% |
Edelweiss Tokio Life Immediate Annuity Plan Eligibility Criteria
Please check the important conditions related to the plan mentioned below.
- Minimum entry age of an annuitant – 18 years (For Joint Life Annuity Options)
- Maximum entry age of an annuitant – 65 years