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  • Exide Life Jeevan Uday Plan

    Exide Life Insurance

    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 life insurance cover to take care of your family’s financials in case something is to happen to you.

    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
    • Maturity Benefit:

      On maturity of the policy, the insured will receive:

      • Sum Assured on maturity, plus
      • Simple reversionary bonus if any, plus
      • Terminal bonus, if any.
    • Death benefit:

      In the event of your unfortunate demise, your family will get:

      • Sum assured on death, and
      • Simple Reversionary Bonus Vested in the policy, if any, and
      • Terminal bonus, if any.
    • Extended Life Cover:

      In case you are unable to pay your premium after 1 year’s full premiums have been paid, the policy will continue to give your family insurance cover for 1 year from the date of the first unpaid premium.

    Premium paying term
    • 10 years.
    Premium paying mode
    • Annual.
    • Semi annual.

    The following Modal Factors are applied to premium:

    Mode of Premium Multiplicative Factor
    Yearly 1.9384
    Half yearly 1
    Policy Term
    • 10 years.
    • 15 years.
    • 20 years.
    Premium payable Annual mode:
    • Rs.6,000.
    • Rs.7,000.
    • Rs.8,000.
    • Rs.9,000.
    • Rs.9,600.

    Half Yearly mode:

    • Rs.4,000.
    • Rs.4,800.
    Loan Loan can be taken under this policy.

    Loan will be available when:

    • Only after the policy has acquired Surrender Value will loan facility be available.
    • 3 years premiums must have been paid up, and on completion of 3 policy years, loan facility will be available.
    • The loan amount will be 90% of the available Special Surrender Value of the policy.
    Free look period You get 15 days and 30 days in case the policy was issued under the IRDA guidelines for distance marketing channels.

    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 Policy can be surrendered after one full year’s premiums have been paid.

    Surrender benefits are payable on surrender or at the end of the second policy year.

    Surrender benefit is the higher of:

    • Special Surrender Value, if any, or
    • Guaranteed Surrender Value after deduction of any loans.

    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

    1. 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.
    2. In case of Mr. Babu’s unfortunate demise, Exide Life Insurance pays his family
      • Sum Assured on Death Rs.80,000, and
      • Vested bonuses, if any
    3. 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.

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