Exide Life Insurance New Fulfilling Life Plan

Benefits of Exide Life New Fulfilling Life

Some of the key benefits of investing in Exide Life New Fulfilling Life Plan are mentioned below.

1. Maturity benefit - A policyholder is entitled to a maturity benefit equivalent to the total of sum assured, vested and terminal bonus (as applicable) on maturity.
2. Survival benefit - Policyholders are entitled to a survival benefit at regular frequencies, depending on the premium payment term opted by them.
3. Death benefit - In the event of unfortunate demise of a policyholder while the policy is in force, his/her nominee will receive the death benefit equivalent to the total of the assured death benefit, vested and terminal bonuses (as applicable).
4. Tax benefits - Policyholders are entitled to tax benefits on the premiums paid and the amount received on maturity/survival under Sections 80C and 10(10D) of the Income Tax Act respectively.
5. Discounts - Members who opt for higher premiums are provided special discounts.
6. Loans - Policyholders are eligible to apply for a loan under certain circumstances.
7. Flexible - Members can choose a premium payment term which suits their needs, with an option to pay either yearly or monthly premiums.
8. Assured death benefit - An assured death benefit equivalent to either the higher of 10 times the annualised premium or the sum assured is provided.

Working of Exide Life New Fulfilling Life

The is a simple to understand plan with quick implementation. Let us take the example of Mr. Joshi to understand how it works. Mr. Joshi is a 35 year old banker who aims to secure the future of his family by investing in this plan. He opts for a 12 year policy term, choosing to pay an annual premium of Rs 1 lakh. His total investment in this scheme at the end of 12 years stands at Rs 12 lakhs.

Under the scheme, he is entitled to a portion of the sum assured (Survival benefit) at the end of every 3 years, thereby earning around Rs 1.5 lakh every three years, for the period of 12 years. In the event of his unfortunate demise before he reaches the age of 85 years, his nominee will receive the death benefit.

In the case of Mr. Joshi living a long, fruitful life, he will receive the maturity benefit when he reaches 85 years of age. This benefit will be equal to the sum assured plus any bonuses accumulated during this period.

Premium Payment for Exide Life New Fulfilling Life

Individuals who are enrolled in this scheme can pay their premiums either every month or annually, for the term chosen by them.

Riders

There is no provision for additional riders under this plan.