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  • Exide Life Guaranteed Income Insurance Plan

    Exide Life Insurance

    Exide Life Guaranteed Income Insurance plan is a non-participating insurance scheme that promises guaranteed income after completion of premium payment term. The policy also offers guaranteed death benefits throughout the policy premium payment term. This Exide Life insurance scheme offers customers, a channel to save as well as to gain insurance protection. The policy helps you realize the dream of your loved ones while keeping them covered from the uncertainties of life. The scheme aims to build financial corpus for all your expected and unexpected financial needs.

    Eligibility Criteria for Exide Life Guaranteed Income InsurancePlan:

    Exide Life Guaranteed Income Insurance Policy Term (In years)
      15 20 24 30
    Minimum Entry Age 11 8 6 3
    Maximum Entry Age 55 55 55 55

    Key Features of Exide Life Guaranteed Income InsurancePlan

    Plan Type Non-Participating, non-linked insurance scheme
    Plan Basis Individual
    Premium Payment Terms
    Policy Term 15 Years 20 Years 24 Years 30 Years
    Premium Payment Term 7 Years 10 Years 12 Years 15 Years
    Policy Term 15 years, 20 years, 24 years and 30 years
    Premium Paying Mode Yearly or Monthly
    Grace Period 30 days from the date of premium payment
    Free Look Period 15 days from the date of signing the policy
    Nomination Available
    Sum Assured Minimum Sum Assured: Rs.90,978 Maximum Sum Assured: No Limit
    Policy Coverage Death Benefit:

    In the event of death of the policyholder, either of below three are offered to the beneficiaries

    • 10 times annual premium
    • Sum Assured
    • 105% of premiums paid less unpaid due premiums

    There are two ways to avail the death benefit, option A and B.

    Option A: Guaranteed death benefit is paid as a lump-sum amount

    Option B: Guaranteed death benefit is paid as FIB, which stands for Family Income Benefit paid out to beneficiaries in 60 equal installments

    Maturity Benefit:

    • the Sum Assured under this Policy opted at the time of policy inception
    Premium Amounts Applicable
    Policy Term 15 Years 20 Years 24 Years 30 Years
    Min. Annual Premium Rs.24,000 Rs.18,000 Rs.12,000 Rs.12,000
    Max. Annual Premium No Limit No Limit No Limit No Limit

    Benefits/Advantages of Exide Life Guaranteed Income InsurancePlan:

    • Tax benefits: The policy offer guaranteed tax-free benefits after completion of premium payment term. These tax benefits are in-line with section 80C and 80D of the Income Tax Act
    • Guaranteed Income Pay-out returns of up to 13%: Policyholder has the freedom to choose his policy return rate depending upon the policy term availed and the premium amount chosen.
    • Guaranteed life insurance for the entire policy term: In case of death of the policyholder, the beneficiaries receive the highest of the three mentioned below:
        • 10 times annual premium
        • Sum Assured
        • 105% of premiums paid less unpaid due premiums
    • Guaranteed Regular Income: The policyholder pays premiums for the limited amount of time after which the benefits continue to accrue and the income is received till the end of the policy period.
    • Reduced Paid-up benefit: In case the premiums have been paid for continuous 2 policy years, then even after non-payment of premiums, the policy does not lapse but continues at a reduced paid-up benefit.

    How does the Exide Life Guaranteed Income Insurance Plan Work?

    Exide Life Guaranteed Income Insurance plan works for a specific number of years chosen by the policyholder. For example, if Mr. A has availed policy for 30 years, he will need to pay insurance premiums for the first 15 years while he will receive pay-outs and insurance protection for the next 15 years of policy. The policy offers return rates of 11, 12 or 13% per annum depending upon the tenure and the premium amount chosen by the policyholder. The higher is the premium payment amount, the higher is the applicable return rate. In the above example, the policy will offer insurance protection throughout the entire 30 years of policy and at the end of the policy maturity benefits will be paid out to the policyholder. Likewise, death benefits will be rolled out to the beneficiaries in case the policyholder dies during the course of the policy tenure.

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