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  • Exide Life Income Advantage Plan

    If you are looking for a plan that gives you an added route of income and gives you a life cover, Exide Life Insurance has this option for you. But that is not all. There are two options of income that you can choose from, based on your preferences for survival Benefit or maturity benefit. Like any other plan, this too comes with the death cover but note that this is primarily for people who wish to invest through premiums and are looking for guaranteed annual income.

    Eligibility and Premium Payments for Exide Life Income Advantage Plan:

    Note that the eligibility terms are based on Exide Life Income Advantage Plan premium term chosen by the policyholder:

    Parameters for Eligibility Policy Term
    16 years 24 years 30 years
    Premium Payment Terms 8 years 12 years 15 years
    Benefit Payout Terms 8 years 12 years 15 years
    Minimum Age at Entry (based on the last birthday) 9 years 5 years 2 years
    Maximum Age of Entry (based on the last birthday) 55 years 55 years 50 years
    Minimum Age at Maturity 25 years 29 years 32 years
    Maximum Age of Maturity 71 years 79 years 80 years
    Minimum Premium Annual: Rs.30,000 Monthly: Rs.2,724 Annual: Rs.18,000 Monthly: Rs.1,635 Annual : Rs.12,000 Monthly : Rs.1,090
    Maximum Premium There is no limit as long as it has been agreed by the policyholder and Exide Life insurance board.
    Premium Payments Annually or monthly For Monthly: 3 monthly premiums must be paid as advance on the policy commencement date

    Key Features of Exide Life Income Advantage Plan:

    Type of Plan Non-linked participating life insurance plan
    Premium Payment options Monthly and annually
    Coverage
    • Survival or Maturity benefit can be chosen
    • Death Benefit
    Tax Benefits Applicable under the Income Tax Act of 1961, under the following sections:
    • Section 80C
    • Section 10(10D) on maturity and survival benefits accrued(subject to change in income tax laws)
    • Section 80 D if critical illness rider chosen only (subject to change in income tax laws)
    Free Look Period Within 15 days
    Grace Period It has a grace period of 30 days on non-payment of the unpaid premium. 15 days in the case of monthly mode.
    Loan Against Policy Available for this policy
    Alteration No alteration on benefits are allowed post commencement of the plan.
    Surrendering Policy It has the provision but there will be deductions deducted for the surrender such mortality fees, from the premiums paid and the income earned up to that point.

    Benefits of Exide Life Income Advantage Plan:

    Survival Benefit (Option A): Must be chosen in the beginning of the policy commencement, since cannot be changed to maturity benefit, post commencement. Here is how it is going to work, taking in consideration that the annual guaranteed income that will be paid at the end of each policy year during the benefit payout term is Rs.64,174 per annum:

    • End of the 16th year of policy (Year One of Benefit Payout Term):
      • Rs.64,174
      • SRB declared at the end of 1st policy year
      • SAB declared at end of that year (16th)
    • End of the 17th year of policy(Year Two of Benefit Payout Term):
      • Rs.64,174
      • SRB declared at the end of 2nd policy year
      • SAB declared at end of that year (17th)

    And so on, until the end of the 30th year (or the final year of the term) when the following year:

    • Rs.64,174
    • SRB declared at the end of 15th policy year
    • SAB declared at end of that year (30th)
    • Terminal Bonus, if applicable

    Maturity Benefit (Option B): Here is how it is going to work, taking in consideration that the annual guaranteed income that will be paid at the end of each policy year during the benefit payout term is Rs.64,174 per annum:

    • End of the 16th year of policy (Year One of Benefit Payout Term):
      • Rs.64,174
    • End of the 17th year of policy(Year Two of Benefit Payout Term):
      • Rs.64,174

    And so on, until the end of the 30th year (or the final year of the term) when the following year:

    • Rs.64,174
    • Total SRB earned at end of that year (30th)
    • Terminal Bonus, if applicable

    Death Benefits: The individual’s nominee will get the sum assured on Death + SRB (Vested Simple Reversionary Bonuses) if and as applicable except amounts that have been already paid as SRB already paid and Terminal Bonus, if applicable.

    Tax Benefits: Applicable under the Income Tax Act of 1961, under the following sections:

    • Section 80C
    • Section 10(10D) on maturity and survival benefits accrued(subject to change in income tax laws)
    • Section 80 D if critical illness rider chosen only (subject to change in income tax laws)

    How the Exide Life Income Advantage Plan Works?

    1. You need to first choose the following:
      • Survival Benefit Option, policy term as well as premium payment term & mode
      • Basic Sum Assured for earning the Annual Income you have chosen post premium payment term completion
    2. Once you have chosen the above parameters as well as your entry age, riders chosen if any, the premiums payable by you will be calculated
    3. Also the calculation of Sum Assured on Death (SAD) that is payable to the nominee in case of demise of the policyholder, is done
    4. Once the premium payment term is cleared you will get the annual income from that year on until the benefit payout term is over.
    5. You will also get the applicable vested bonuses based on the survival benefit option chosen
    6. In Case of demise of the policyholder within the policy term, the Sum Assured on Death (SAD) that is payable to the nominee.

    Riders Applicable for Exide Life Income Advantage Plan:

    • Exide Life Critical Illness (4) Regular Pay (UIN: 114B009V02)
    • Exide Life Critical Illness (25) Regular Pay (UIN: 114B009V02)
    • Exide Life Accidental Death Disability and Dismemberment Rider (UIN:114B002V02)
    • Exide Life Term Rider (UIN:114B007V02)

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    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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