Exide Life Guaranteed Income Insurance Plan
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 |
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Policy Term | 15 | |||||||||||||||
Premium Payment Term | 7 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 | In the event of death of the policyholder, either of below three are offered to the beneficiaries
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:
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Premium Amounts Applicable |
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Policy Term | 15 | |||||||||||||||
Min. Annual Premium | Rs.24,000 | |||||||||||||||
Max. Annual Premium | 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?
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 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.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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