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Why should you buy this plan?
Offers Immediate as well as Deferred Annuity Option
Return of Purchase Price for Single Life as well as Joint Life
Return of Purchase Price on Critical Illness or Accidental Total and Permanent Disability or Death (Single Life)
Option to convert annuity in to paid up Additions
Benefits of Forever Pension Plan
Get Guaranteed¹ regular annuity for life
Under any annuity option, annuity is guaranteed¹ throughout the life of the annuitant
Option to customise your plan to suit your financial needs
Select your desired annuity option from a range of annuity options (immediate or deferred) available in the plan.
Immediate Annuity - Under this Annuity Benefit type, the Annuitant receives regular income in arrears as an annuity
Deferred Annuity - Under this Annuity Benefit type, the Annuitant receives regular income in arrears as annuity after the end of deferment period. The deferment period can be chosen between 1 to 10 years at inception
Opt for Return of Purchase Price or Balance Purchase price
Under Return of Purchase Price receive annuity at a constant rate throughout the life of the Annuitant. On death of the Annuitant, Purchase Price along with the Accrued Paid-up Additions, if any, will be paid in lump sum to the nominee and policy will terminate without any further benefit.
Under Return of Balance Purchase Price receive the annuity at a constant rate throughout the life of the Annuitant. On the death of the Annuitant, the Balance Purchase Price (i.e. Purchase Price less total annuity amount paid till the date of death) along with the Accrued Paid-up Additions, if any, will be paid in lump sum to the nominee and policy will terminate without any further benefit.
This option is available on Single Life basis.
Opt for Return of Purchase Price on Critical Illness or Accidental Total and Permanent Disability or Death
Under this option, Annuitant receives annuity at a constant rate till the date of diagnosis of any of the covered CIs before attaining age 80 years (Age Last Birthday) or occurrence of ATPD before attaining age 70years (Age Last Birthday) or death, whichever is earlier. On diagnosis of any of the covered CIs or occurrence of ATPD or death, whichever is earlier, annuity ceases immediately and Purchase Price along with the Accrued Paid-up Additions, if any, will be paid in lump sum to the Annuitant/nominee and policy will terminate without any further benefit.
This option is available on Single Life basis.
Option to cover a second life under the same annuity plan
Under this option, annuity is payable on a joint life basis. The Primary Annuitant will be the primary person entitled to receive the payouts, while the Secondary Annuitant will be entitled to receive the annuities, in the event of death of the Primary Annuitant. In a Joint Life annuity, the Secondary Annuitant can be the spouse/major child/parent/major grandchild/grandparents or sibling of the Primary Annuitant.
Option to convert annuity amount into the Paid-up Additions
Under this Additional Benefit, the Annuitant will have option to convert an annuity amount into the Paid-up Additions. The Annuitant can choose the benefit at the inception of policy or at any subsequent policy anniversary. At any point of time during the policy term, the Annuitant also have an option to opt out from Paid-up Additions Benefit. Once opted out, the Annuitant will start receiving annuity as per the original schedule.
Higher annuity instalment for higher purchase price
You enjoy higher annuity rates for higher purchase price. As a result you get higher annuity payouts.
How does this plan work?
Choose the purchase price (Single Premium) that you wish to pay to buy the annuity or choose the annuity instalment you wish to receive.
Choose Annuity Option and Single Life or Joint Life option
Choose your annuity instalment frequency – Annual, Semi-Annual, Quarterly or Monthly
You may opt to convert your annuity amount into paid up additions. This benefit can be chosen at inception or at any time during the policy term.
Receive the annuity instalments, as per the frequency chosen by you
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What is an annuity plan?
An annuity plan helps you get a regular payment for life after making a lump sum investment. The life insurance company invests the money of the investor and pays back the returns generated from it.
Why do I need a retirement plan?
In today’s fast paced world, it is becoming increasingly important to plan your life well. Given our hectic work lives today, it is important that you plan for a peaceful and secure retirement in the future. Many of us also plan to retire early and fulfill our unrealized dreams post retirement. It is, thus, necessary to ensure that you have adequate financial resources to enjoy a stress-free post-retirement life.
Why should I opt for Edelweiss Tokio Life – Forever Pension Plan?
Edelweiss Tokio Life – Forever Pension Plan enables you to plan your retirement with guaranteed¹ annuity benefit. It offers a choice of multiple options as per your requirements. With this plan, you pay only once and avail immediate and deferred annuity benefits for lifetime.
What is the difference between Immediate and Deferred Annuity?
In Immediate Annuity the annuity payout starts immediately and in Deferred Annuity the annuity payout start after the end of specific chosen deferment period.
What goals can I achieve with this plan?
As this is an annuity plan, its primary goal is to offer you plan a smooth retirement (or superannuation). You can opt for a regular annuity payout throughout your lifetime and ensure financial stability for your family if you’re not around.
What is a Single pay plan?
A Single pay plan is a life insurance plan that requires you to pay the premium amount only once.
What is the minimum and maximum purchase price?
Minimum Purchase Price Rs. 200,000. Minimum purchase price will not be applicable on death/vesting/surrender of all the pension policies of Edelweiss Tokio Life Insurance Co Ltd. The proceeds available on death/vesting/surrender even if below Rs 2,00,000 can be used to purchase annuities, subject to minimum annuity amount of Rs.1,000 per month.
Maximum Purchase Price No Limit, subject to board approved underwriting policy.
What is the minimum and maximum entry age?
Minimum Entry Age - For Immediate Annuity - 40 years & For Deferred Annuity - 35 Years
a) For annuity purchase from the proceeds of the death benefit/vesting/surrender of all the pension policies of Edelweiss Tokio Life Insurance Co Ltd., the Minimum Entry Age will be 0 years in case of Single Life and 18 years in case of Joint Life.
b) In case of annuity options with Critical Illness (CI) and Accidental Total and Permanent Disability (ATPD) benefits, the minimum entry age will be 18 years.
Maximum Entry Age - 85 years
a) The maximum entry age for policies sourced through POSP will be 70 years.
b) The maximum entry age for annuity options with Critical Illness (CI) and Accidental Total and Permanent Disability (ATPD) benefits is 60 years.
c) For Joint Life annuity options, the Minimum and Maximum Entry Age is Applicable for both Annuitants
How long do I need to pay my premiums and at what frequency?
As it is a Single premium paying term, you have to pay your premium only once.
How soon can the payout start?
The Annuity payout can start immediately for immediate annuity option and after the selected deferment period for deferred annuity option with Edelweiss Tokio Life – Forever Pension.
What is the minimum and maximum annuity Installment?
Minimum
Rs. 1,000 per month for Monthly Annuity Mode
Rs. 3,000 per quarter for Quarterly Annuity Mode
Rs. 6,000 per half-year for Half-yearly Annuity Mode
Rs. 12,000 per annum for Yearly Annuity Mode.
Maximum
No Limit, subject to board approved underwriting policy
Does this plan have a Free Look Period?
Yes, there is a free look period of 15 days from the date of the receipt of the policy document. Policies sold through Distance Marketing will have a free look period for 30 days.
Are there any Exclusions to this plan?
There are Critical Illness and Accidental Total and Permanent Disability related exclusion related to the specific option where in this benefit is applicable.
We are always there for you ! For queries, write to onlinesales@edelweisstokio.in
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Disclaimer
1- The word “Guaranteed” and “Guarantee” mean that annuity payout is fixed at the inception of the policy
Edelweiss Tokio Life – Forever Pension is only the name of a Non-Linked, Non-Participating Single Premium Individual General Annuity Plan and does not in any way indicate the quality of the plan, its future prospects or returns. Please know the associated risks and the applicable charges from your Personal Financial Advisor or the Intermediary. Tax benefits are subject to changes in the tax laws. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
UIN : 147N068V01
ARN No : WP/1482/Mar/2021
