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  • Exide Life Assured Gain Plus Plan

    Exide Life Insurance

    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
    • 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 term 10 years 12 years 15 years
      Guaranteed lump sum on maturity 130% of sum assured on maturity 136% of sum assured on maturity 145% of sum assured on maturity

      Accumulated bonus – you will be eligible to earn bonus each year based on the fund performance.

    • 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 5th policy year.

      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
    • Death benefit:

      In the event of your unfortunate demise, your family will get:

      • Sum assured on death and
      • Vested bonus, if any, and
      • Applicable guaranteed terminal additions, if any.

      Sum assured is the higher of Sum Assured on Maturity or multiple of annualised premium. The multiple of annualised premium is as follows:

      Age Sum assured on death as multiple of premium
      Limited premium payment term of 5 years Single premium
      3-44 10 times 1.25 times
      45 and above Option to choose from 7 or 10 times 1.1 times
    Premium paying term
    • Limited premium of 5 years
    • Single premium
    Premium paying mode Yearly, half-yearly, monthly or single.

    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 –

    • Annual: Rs.60,000
    • Semi-annual: Rs.30,000
    • Monthly: Rs.5,000

    Single Premium – Rs.2,40,000

    Maximum: No limit

    Discount on premiums
    • Limited premium payment term of 5 years:
      Annualised premium First Rs.96,000 Next Rs.96,000 Any excess
      Discount rate 0% 2.5% 3.5%
    • Single premium:
      Annualised premium First Rs.3,60,000 Next Rs.1,20,000 Any excess
      Discount rate 0% 5.5% 6.5%
    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.

    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.

    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

    1. 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

    2. 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

    3. 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

    1. Exide Life Critical Illness (4) Regular Pay
    2. 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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