"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Exide Life New Immediate Annuity Plan

    Retirement is a unique time in our lives, it gives us an opportunity to relax and unwind, but can also be a phase of financial hardships. The Exide Life New Immediate Annuity Plan with Return of Purchase Price is a specialised plan which is designed to ensure that finances do not become a hurdle once you are retired, offering assured income for the rest of your life, thereby helping you stay financially independent.

    Eligibility conditions for Exide Life New Immediate Annuity Plan:

    Minimum entry age For existing customers – 0 years For new customers – 45 years For new customers who hold membership of UK Registered Pension Scheme – 55 years
    Maximum entry age 75 years

    Policy terms for Exide Life New Immediate Annuity Plan:

    This Exide Life New Immediate Annuity Plan is valid from the date of premium payment until the day of demise of policyholder.

    Premium payments offered by Exide Life New Immediate Annuity Plan:

    This is a single premium payment Life Insurance policy wherein an interested member is expected to pay a one-time amount while joining the plan.

    Key features of Exide Life New Immediate Annuity Plan:

    The table below highlights some of the key features of this Exide Life Insurance Plan.

    Plan type Retirement/Annuity plan
    Premium payment options Single premium to be paid at time of joining.
    Free look period Individuals who have purchased the policy through distance marketing can cancel it within 30 days. All other policies can be cancelled within 15 days of purchase, subject to certain conditions.
    Purchase price Minimum – Rs.1,000 per month Maximum – No upper limit
    Annuity payment options
    • Yearly
    • Half-yearly
    • Quarterly
    • Monthly
    Grace period NA – Since it is a single premium plan.
    Policy revival NA - Since it is a single premium plan.
    Nomination Nomination facility is provided as per applicable provisions of the Insurance Act of 1938.
    Loan There is no provision for loan under this policy.
    Surrender value There is no provision for surrender value under this policy.

    Benefits of Exide Life New Immediate Annuity Plan:

    Some of the main benefits of Exide Life New Immediate Annuity Plan are:

    Annuity Benefit – Members can choose annuity benefits which suit their needs, with an option to receive it annually, semi-annually, quarterly or monthly.

    Purchase price refund – In the event of unfortunate demise of a policyholder, the nominee will be eligible to get the complete purchase price. This also doubles as the death benefit for this plan.

    Working of Exide Life New Immediate Annuity Plan:

    This is an extremely simple plan to understand and use. Let us consider the example of Mr. Nagesh to see how it works. Mr. Nagesh is an employee of a bank and decides to invest in his future by choosing this plan. He pays a single premium of Rs.10 lakhs towards this, purchasing it on his 50th birthday. He also decides to take a quarterly annuity payout.

    Post-retirement, he will now receive an annuity every three months, with this amount decided based on the initial premium paid. In the event of his unfortunate demise, his nominee will receive the entire amount he paid as premium.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.