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  • Exide Life Insurance Child Plans

    Exide Life Insurance

    The future of a child is a huge responsibility and to be able to fulfil this responsibility you are going to need to put away something for the future. That is where Exide Life Insurance child plans come into the picture. They afford you the opportunity to be able to create savings today which will help you pay for your child’s education or marriage tomorrow. All the plans offered by them come with a host of features and benefits that are designed to suit the individual needs and wants of the customers. These features extend from the returns to the premium paying terms and methods.

    Exide Life Mera Aashirvad

    This is a non-linked, non-participating plan that offers 3 guaranteed benefits along with providing traditional life insurance cover.

    Eligibility

    Parent of a child can take this plan if they are between the ages of 21 years and 50 years while if the policy is taken in a child’s name the child must be between the ages of 0 years and 15 years.

    Features
    • The minimum sum assured under this plan is Rs. 3.5 lakhs and there is no limit on the maximum sum assured.
    • The policy offers two variants, Option A and Option B which offer various methods of paying out the benefits of this policy.
    • Higher sums assured are eligible for discounts on premiums.
    • The premiums can be paid annually or monthly.
    • The free look period for this policy is 15 days.
    • It also offers a grace period of 30 days for payment of premiums.
    • If the premiums are not paid after 3 years, the policy turns into a reduced paid up policy.
    Benefits
    • The guaranteed life cover provided by this policy is the highest of the sum assured, 10 times the premium paid and 105% of the premiums paid.
    • The premiums paid towards this policy are eligible for tax benefits under section 80C.
    • The benefits received from this policy are eligible for tax exemption under section 10(10D).
    • In case the policyholder passes away before the policy matures, all future premium payments are waived off.
    • On maturity, the sum assured will be paid out to the policyholder based on the pay-out option selected by them.

    Exide Life New Creating Life Insurance Plus

    The New Creating Life scheme comes in two variants, the Plus and the Regular Pay. These differ from each other based on the premium paying terms and the features of the policy.

    Eligibility

    To be able to take this policy you need to be between the ages of 18 years and 45 years. The maximum maturity age for this policy is 60 years of age.

    Features
    • The entry age for children under this plan is 0 years to 17 years.
    • The minimum sum assured under this scheme is Rs. 1,22,249.
    • The scheme offers 3 policy terms of 10, 12 and 15 years.
    • The maximum policy term is 20 years.
    • The premium paying term can be 5, 7 and 10 years depending on the chosen policy term.
    • The minimum premium payable for this policy is approximately Rs. 18,000 per annum.
    • There is no upper limit on the premiums that can be paid.
    • The premiums can be paid monthly or annually.
    Benefits
    • The death benefit of this policy is the sum assured which is considered the higher of the base sum assured or 10 times the annual premium.
    • The death benefits can be paid out as a lump sum or part of it as a lump sum and the remainder as a monthly income.
    • In case the policyholder passes away before the policy matures, all future premium payments are waived off and the policy stays in effect till maturity.
    • The maturity bonus of this policy is the sum of the sum assured, 10% of the sum assured, vested bonuses and terminal bonuses.
    • The maturity benefits will never be less than 101% of the premiums paid.
    • The policy also offers simple reversionary bonuses.
    • The premiums paid are eligible for tax benefits under section 80C of the IT Act.
    • The maturity benefits of this policy are eligible for benefits under section 10(10D)

    Exide Life New Creating Life Insurance Plus

    This is another version of the Exide Life New Creating plan which comes with a regular pay option for the premiums.

    Eligibility

    The age while taking this policy must be between 18 years and 45 years. The policy also comes with a maximum maturity age of 60 years.

    Features
    • The age of at the time of entry for children is between 0 years and 17 years old.
    • The policy term can range from 15 years to 20 years.
    • Since this is a regular pay policy, the premium paying term is equal to the term of the policy itself.
    • The minimum sum assured under this policy is Rs. 1,13,766 and there is no limit on the maximum.
    • The minimum annual premium for this policy will be approximately Rs. 12,000.
    • The premiums can either be paid monthly or annually.
    Benefits
    • The death benefit under this policy will be the higher of the base sum assured or 10 times the annual premium.
    • The death benefits can be taken as a lump sum or split into part lump sum and part as a monthly income.
    • In case of the untimely death of the policyholder all further premium payments will be waived.
    • The maturity benefits of this policy are the sum assured plus any vested and terminal bonus if applicable.
    • The policy is also eligible for a simple reversionary bonus which will be declared every year.
    • The premiums paid will be eligible for income tax benefits under section 80C of the IT Act.
    • The benefits received from this policy will be eligible for benefits under section 10(10D).
    • The policy can also be taken with the critical illness and accidental death riders.

    Other Exide Life Insurance Plans

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