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  • Exide Life Immediate Annuity with Return of Purchase Price Plan

    Exide Life Insurance

    During your twilight years of retirement, the last thing you need is to be worried about market volatility and where your next paycheck is coming from. The plan of Exide Life Immediate Annuity plan with Return of Purchase Price ensures that you will have a regular income after retirement, and comprehensive life insurance coverage until that time comes. Enjoy a peaceful retired life by making a small investment in this plan today.

    Eligibility Conditions of Exide Life Immediate Annuity Plan

    Minimum entry age For Exide Life Deferred Pension Customer:

    Minimum: 0 years.

    Maximum: 75 years.

    For new customers:

    Minimum: 45 years.

    Maximum: 70 years.

    Purchase amount Minimum: Rs.50,000. Maximum: No limit.
    Payout amount* Minimum: Rs.1,000.

    Key Features of Exide Life Immediate Annuity Plan

    Type Single premium plan.
    Basis Single.
    Coverage
    • Death Benefit:

      In the event of your unfortunate demise, your family will be paid the purchase price. The amount of death benefit depends on the policy year in which the death occurs.

      Policy Year of death Less than or = 30 years. More than 30 years.
      Death Benefit Return of purchase price. Purchase price less than the total amount of annuity paid till the end of the 30th policy year till the date of death.
    • Annuity Benefit: Annuity rate depends on:
      • Purchase price.
      • Age at entry.
      • Gender.
      • Annuity Frequency Mode.
    • The regular income for life will start after the end of the annuity frequency mode chosen by you.
    Premium paying term Single – one-time payment of premium.
    Annuity Frequency Mode
    • Yearly.
    • Half-yearly.
    • Quarterly.
    • Monthly.
    Loan There is no loan facility available with this policy
    Large volume discount The rate per Rs.1,000 of purchase price for different purchase range is as follows:
    Range of purchase price Additional annuity per Rs.1,000 of purchase price
    Up to Rs.2,00,000 Nil.
    Rs.2,00,001 to Rs.5,00,000 1.75
    Rs.5,00,001 to Rs.10,00,000 3.75
    Rs.10,00,001 and above 5
    Free look period You get 15 days and 30 days in case the policy was issued under the IRDA guidelines for distance marketing.

    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 premium paying frequency from the premium due date to make the payment.
    Survival value Not allowed under this plan.
    Revival The lapsed policy can be revived in 2 years from the first unpaid premium.
    Nomination Should be in accordance with provisions of Section 39 of the Insurance Act, 1938.
    Tax Benefit As per the prevailing tax laws in the country.
    Survivorship The company at any time will request the annuitant to submit proof of survival for the purpose of payment of annuity benefits.

    Advantages of Exide Life Immediate Annuity Plan

    • Lifelong payouts of annuity are guaranteed.
    • Flexibility to choose between payout options in order to receive annuity amount.
    • Large volume discounts on annuity rates that are based on purchase price range.
    • No medical examination is required for this plan.
    • Tax benefits.
    • In the case of the death of the annuitant, the purchase price (or a part thereof) will be refunded.

    How The Plan Works

    Mr. Babu, a 55 year old technician, purchased this plan with return of premium, by paying a purchase price of Rs.11,00,000. He’s looking at a yearly mode of annuity payouts.

    • Annuity rate for Yearly mode, per purchase of Rs.1,000 = Rs.44.18.
    • Large volume discount per Rs.1,000 = Rs.5.
    • Annuity rate including large volume discount = Rs.49.18 (i.e., Rs.44.18 + Rs.5)
    • Annuity paid to Mr. Babu on a yearly basis till his survival = Rs.54,098 (i.e. Rs.49.18 x Rs.11,00,000).

    Riders

    No riders are available with this policy.

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