Planning for the big milestones in our lives isn’t an easy task. Holidays, college tuition fees, purchasing a fast car to combat the midlife crisis, and real estate investments don’t come cheap. Earning the money for any of these huge expenses through traditional means is a gargantuan task, but thanks to the Exide Life Assured Gain Plus insurance plan, you don’t have to worry about earning that money – just invest and watch your money grow by leaps and bounds. The Exide Life Insurance plan also provides comprehensive life insurance coverage so that your dependants’ finances will be taken care of even after you’re gone.
Eligibility Conditions of Exide Life Assured Gain Plus Plan
| Minimum entry age | For a 15 year policy term – 3 years
For 12 year policy term – 6 years For 10 year policy term – 8 years |
| Maximum entry age | 60 years for limited premium payment term of 5 years
65 years for single premium policies |
| Minimum maturity age | 18 years |
| Maximum maturity age | 70 years for limited premium payment term of 5 years
80 years for single premium policies |
| Minimum sum assured | Limited premium payment term of 5 years – Rs.1,93,000
Single Premium – Rs.2,19,000 |
Key Features of Exide Life Assured Gain Plus Plan
| Type | A non-linked participating life insurance plan. | ||||||||||||||||||||||||||||||||||||||||||||
| Basis | Single | ||||||||||||||||||||||||||||||||||||||||||||
| Coverage |
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| Premium paying term |
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| Premium paying mode | Yearly, half-yearly, monthly or single.
The following Modal Factors are applied to premium:
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| Policy Term | 10, 12 or 15 years. | ||||||||||||||||||||||||||||||||||||||||||||
| Premium payable | Minimum:
Limited premium payment term of 5 years –
Single Premium – Rs.2,40,000 Maximum: No limit |
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| Discount on premiums |
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| 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 get 15 days and 30 days in case the policy was issued under the IRDA guidelines.
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. |
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| 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 | Single premium policy can be surrendered at any time during the policy term. For premium payment term of 5 years the policy has to be surrendered after one full year’s premium is paid.
Surrender benefit is higher of Special Surrender Value or Guaranteed Surrendered Value after deducting any loans under the policy. |
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Advantages of Exide Life Assured Gain Plus Plan
The advantages of the Exide Life Assured Gain Plus are:
- Death benefit in case something happens to the policyholder, his / her dependants will be taken care of by the company.
- Maturity benefits which accrue and become payable on maturity thus helping take care of future expenses.
- Income Tax benefits.
- Flexible premium options and term options.
How The Plan Works
Mr. Babu, a 40 year old software professional, has a 6 year old daughter. His financial situation is such that he worries about having enough money for her wedding. He needs life insurance cover as well as an investment with good returns – he opts for the Exide Life Assured Gain Plus plan, paying Rs.60,000 every year for 5 years – and a policy term of 15 years.
| 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 |
Needs Fulfilled
- 100% tax free lump sum of Rs.6,13,253 for his daughter’s wedding / higher education that includes:
- Guaranteed Sum Assured on Maturity of Rs.2,78,751
- Guaranteed Terminal Additions of Rs.1,25,438
- Simple Reversionary Bonus @ projected 8% investment returns Rs.2,09,064
- In case of any unfortunate event with Mr. Babu, Exide Life Insurance Assured Gain Plus pays his family
- Sum Assured on Death Rs.6,00,000
- Vested bonuses, if any
- Applicable Guaranteed Terminal Additions, if any
- Mr. Babu can avail tax benefit under section 80C on the premiums paid by him. It must be noted that the benefits shown under the maturity benefit columns assuming investment returns of 4% & 8% are not guaranteed.
Premium Payment
The premium paying term available with this plan is limited premium of 5 years and single premium. The premiums can be paid in the following modes:
- Yearly
- Half-yearly
- Monthly
Minimum premium payable is as follows:
- Limited premium payment term of 5 years –
- Annual: Rs.60,000
- Semi-annual: Rs.30,000
- Monthly: Rs.5,000
- Single Premium – Rs.2,40,000
Riders
- Exide Life Critical Illness (4) Regular Pay
- Exide Life Critical Illness (25) Regular Pay
Either one of Exide Life Critical Illness (4) Regular Pay or Exide Life Critical Illness (25) Regular Pay can be chosen. Under any circumstance, rider sum assured of each rider cannot be more than base policy sum assured on death. Total rider premium should not be more than 100% of the base premium. Rider cannot be attached with a single premium policy.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
