Exide Life Jeevan Uday Plan
A happy and secure future isn’t very difficult to achieve, with the Exide Life Jeevan Uday plan. An easy investment that builds up savings for when huge expenditures arise, and simultaneously builds provides to take care of your family’s financials in case something is to happen to you.
Table of Contents
Eligibility Conditions of Exide Life Jeevan Uday Plan
Minimum entry age | 0 years |
Maximum entry age | 55 years |
Minimum maturity age | 18 years |
Maximum maturity age | 70 years |
Sum Assured on Maturity | Minimum: Rs.37,734. Maximum: No limit |
Sum Assured on Death | Minimum: Rs.42,000. Maximum: No limit |
Key Features of Exide Life Jeevan Uday Plan
Type | A non-linked participating life insurance plan. | ||||||
Basis | Single | ||||||
Coverage |
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Premium paying term |
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Premium paying mode |
The following Modal Factors are applied to premium:
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Premium payable | Annual mode:
Half Yearly mode:
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Loan | Loan will be available when:
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Free look period | 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. | ||||||
Tax benefits | You can avail tax benefits under Section 80C 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 | Surrender benefits are payable on surrender or at the end of the second policy year. Surrender benefit is the higher of:
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Advantages of Exide Life Jeevan Uday Plan
- Easy and hassle free purchase and documentation procedure.
- No medical tests required.
- Life insurance cover for the entire policy term.
- Tax free maturity benefit.
- Extended Life Cover if premiums are unpaid after 1 years paid premiums.
- Income Tax benefits.
How The Plan Works
Mr. Babu, a 35 year old software professional, has a 3 year old daughter. An irregular stream of income means that he has to channel his savings into an investment that provides good returns and also protect his family against unforeseen events.
Age at entry | 35 years |
Policy term | 15 years |
Premium payment term | 10 years |
Annual premium | Rs.8,000 |
Sum assured on maturity | Rs.56,575 |
Sum assured on death | Rs.80,000 |
Non-guaranteed maturity benefit with investment return of 4% | Rs.80,800 |
Non-guaranteed maturity benefit with investment return of 8% | Rs.1,22,202 |
Needs Fulfilled
- 100% tax free lump sum of Rs.1,22,202 to help Mr. Babu meet the large expenses of his daughter’s wedding, etc. this amount includes:
- Guaranteed Sum Assured on Maturity – Rs.56,575.
- Potential returns in the form of Simple Reversionary Bonus @ 8% investment returns – Rs.59,404.
- Potential returns in the form of Terminal Bonus @ 8% investment returns – Rs.6,223.
- In case of Mr. Babu’s unfortunate demise, pays his family
- Sum Assured on Death Rs.80,000, and
- Vested bonuses, if any
- 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
Premium paying term is 10 years and the premium paying modes available are:
- Annual.
- Semi-annual.
Premium paying options for Annual mode are:
- Rs.6,000.
- Rs.7,000.
- Rs.8,000.
- Rs.9,000.
- Rs.9,600.
Premium paying options for Semi-annual mode are:
- Rs.4,000.
- Rs.4,800.
Riders
There are no riders available with this policy.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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