Exide Life Assured Gain Plus Plan

Type

A non-linked participating life insurance plan.

Basis

Single

Coverage

1. Maturity Benefit:On maturity of the policy, the insured will get a lump sum amount with bonuses accumulated over the policy term.Guaranteed lump sum can be availed up on completion of the policy term. They are calculated as follows:Policy term10 years12 years15 yearsGuaranteed lump sum on maturity130% of sum assured on maturity136% of sum assured on maturity145% of sum assured on maturityAccumulated bonus – you will be eligible to earn bonus each year based on the fund performance.
2. Guaranteed Terminal Additions:These are calculated as percentage of the Sum Assured on Maturity. This amount is paid out on the maturity of the policy or an insured event, whichever is earlier. This additional cover starts from the 5^th policy year.
3. Policy YearGuaranteed Terminal Additions Payable in percentage (in %)5^th year - 7.5, 6^th year - 9, 7^th year - 10.5, 8^th year - 12, 9^th year - 13.5, 10^th year - 30, 11^th year - 33, 12^th year - 36, 13^th year - 39, 14^th year - 42, 15^th year - 45.
4. Death benefit:In the event of your unfortunate demise, your family will get:Sum assured is the higher of Sum Assured on Maturity or multiple of annualised premium. The multiple of annualised premium is as follows:AgeSum assured on death as multiple of premiumLimited premium payment term of 5 yearsSingle premium3-4410 times1.25 times45 and aboveOption to choose from 7 or 10 times1.1 times
   1. Sum assured on death and
   2. Vested bonus, if any, and
   3. Applicable guaranteed terminal additions, if any.

Policy term

10 years

Guaranteed lump sum on maturity

130% of sum assured on maturity

Policy Year

Guaranteed Terminal Additions Payable in percentage (in %)

5th year

7.5

6th year

9

7th year

10.5

8th year

12

9th year

13.5

10th year

30

11th year

33

12th year

36

13th year

39

14th year

42

15th year

45

Age

Sum assured on death as multiple of premium

Limited premium payment term of 5 years

3-44

10 times

45 and above

Option to choose from 7 or 10 times

Premium paying term

1. Limited premium of 5 years
2. Single premium

Premium paying mode

The following Modal Factors are applied to premium:

Mode of Premium

Multiplicative Factor

Yearly

11.01

Half yearly

5.68

Monthly

1

Policy Term

10, 12 or 15 years.

Premium payable

Minimum

Limited premium payment term of 5 years –

1. Annual: Rs.60,000
2. Semi-annual: Rs.30,000
3. Monthly: Rs.5,000

Single Premium – Rs.2,40,000

Maximum: No limit

Discount on premiums

1. Limited premium payment term of 5 years:Annualised premiumFirst Rs.96,000Next Rs.96,000Any excessDiscount rate0%2.5%3.5%
2. Single premium:Annualised premiumFirst Rs.3,60,000Next Rs.1,20,000Any excessDiscount rate0%5.5%6.5%

Annualised premium

First Rs.96,000

Discount rate

0%

Annualised premium

First Rs.3,60,000

Discount rate

0%

Loan

Loan can be taken under this policy. The loan amount will be 60% of the available special surrender value of the policy.

Free look period

You need to submit a written reason for objection. The premium will be provided to you if you give a written notice for cancellation along with the policy document.

Grace period

The policyholder will get 30 days of grace period for annual and semi-annual premium payment frequency and 15 days for monthly premium paying frequency from the premium due date to make the payment. If there is a claim before the expiry of the grace period, then the sum assured paid will be reduced for the unpaid premiums.

Tax benefits

You can avail tax benefits under Section 80C, Section 80D and Section 10(10D) of the Income Tax Act, 1961.

Revival

The lapsed policy can be revived in 2 years from the date of discontinuance.

Surrender

Surrender benefit is higher of Special Surrender Value or Guaranteed Surrendered Value after deducting any loans under the policy.

Age at entry

40 years

Policy term

15 years

Premium payment term

5 years

Annual premium

Rs.60,000

Sum assured on maturity

Rs.2,78,751

Guaranteed terminal additions on maturity

Rs.1,25,438

Sum assured on death

Rs.6,00,000

Non-guaranteed maturity benefit with investment return of 4%

Rs.4,25,096

Non-guaranteed maturity benefit with investment return of 8%

Rs.6,13,253