Exide Life My Term Insurance Plan is a pure term insurance plan that allows you to build a strong financial foundation for your family at a nominal cost. The life cover starts at Rs.25 lakh and goes up to Rs.25 crore. You get a limited premium payment option as well. This plan offers terminal illness benefit, premium discount and family income benefit.
Features of Exide Life My Term Insurance Plan
The features of Exide Life My Term Insurance Plan are as follows:
- The policy term ranges from 10 to 35 years.
- The premium payment term is equal to the policy term. The limited pay option is available for 5 years, 7 years or 10 years.
- Minimum life cover is Rs.25 lakhs and the maximum life cover offered is Rs.25 crore.
- The premium can be paid monthly or annually.
- The minimum policy term should be 15 years for a 7 years premium payment term. For premium payment term of 10 years, the minimum policy term must be 20 years.
- You get discount in the base premium rate for high sum assured.
- Female lives receive discount on premiums paid.
- 15 days grace period is offered to make the premium payments.
- 15 days free look period is offered and 30 days for policy sourced through distance marketing to return the policy in the event you are not satisfied with the policy. The premium paid will be returned to you if you return the policy in the free look period.
Benefits of Exide Life My Term Insurance Plan
The benefits of Exide Life Insurance Plan are as follows:
- You can choose the amount of protection that you need.
- Surrender option is available for limited pay option policy.
- Family gets a lump sum amount in the event of your death.
- Family income benefits allows you to ensure that a part of lump sum life cover is paid on a monthly basis for 60 months.
- Premium discounts are available if you choose regular pay or limited pay term options.
- If you have been diagnosed with a terminal illness, then you will receive 25% of the lump sum life cover to help you make payments for your medical expenses.
- You get to add a rider for life, accident and health to enhance your protection.
- You get tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Eligibility Criteria of Exide Life My Term Insurance Plan
The eligibility criteria of this plan are as follows:
- Minimum age at entry is 18 years and the maximum age at entry is 65 years.
- The maximum age at maturity is 75 years.
Example of Exide Life My Term Insurance Plan
Mr.Kamat is a 35 year old who takes Exide Life My Term Insurance Plan for a Rs.50 lakh sum assured and his contribution towards the premium is Rs.8,643 for 20 years. He opts for a 50% family income benefit option.
In case of terminal illness, a lump sum of Rs.6.25 lakh will be paid immediately and his future premiums will be waived.
If he dies during the policy term, Rs.25 lakh will be paid in lump sum and under family income benefit, his family will get Rs.45,833 per month for 60 months.
- What are the policy term offered in this plan?
The policy term offered are 10 to 35 years.
- What is the minimum life cover offered?
Minimum life cover allowed is Rs.25 lakh.
- What is the limited premium payment term offered?
The limited premium payment term offered is 5 years, 7 years and 10 years.
- Is surrender option available for Exide Life My Term Insurance Plan?
Yes, surrender option is available for limited pay option policy.
- Are there riders available with this plan?
Yes, you get to add a rider for life, accident and health to enhance your protection.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017