Exide Life Mera Aashirvad Plan

The Exide Life Mera Aashirvad is a child insurance plan which assures you of the money to realise your child’s aspirations and dreams. The plan is meant to provide financial support to a child in case the policyholder is not there to do so himself. The plan is a savings oriented scheme that pays cash at critical junctures of a child’s life such as marriage, education, business funding etc. The parent is the policyholder while the child will receive the benefits that will secure his/her future.

Eligibility Conditions of Exide Life Mera Aashirvad Plan

Entry Age For parent
  • Minimum – 21 years
  • Maximum – 50 Years

For child

  • Minimum – 0 years
  • Maximum – 15 years
Maturity Age (parent)
  • Maximum – 65 years
  • Minimum – 36 years

Sum Assured Minimum –
  • Rs.3.5 lakhs (10-14 years PPT)
  • Rs.4.5 lakhs (15-20 years PPT)

Maximum – No limit

Key Features of Exide Life Mera Aashirvad Plan

Type Non-linked Non-participating
Coverage Death Benefit – In the unfortunate event of death during the policy term, the beneficiary will receive 100% of Sum Assured as lump sum. Further premiums will be waived off. Guaranteed Staggered Payout already paid will not be deducted from the Sum Assured. The Sum Assured is calculated as:
  • 10 times annualized premium
  • 105% of all premium payable

Maturity Benefit – Maturity benefit will be paid out as:

Option A – 65% of Sum Assured

Option B – 100% of Sum Assured

Guaranteed Staggered Payout – A percentage of the Sum Assured can be chosen to be received as staggered payouts by opting for option A of the plan. This benefit will be paid out as:

  • 1st policy anniversary after PPT – 7.5% of Sum Assured
  • 1st policy anniversary after PPT – 7.5% of Sum Assured
  • 1st policy anniversary after PPT – 10% of Sum Assured
  • 1st policy anniversary after PPT – 10% of Sum Assured

Reduced Paid-Up Benefits – Plan continues on a Reduced Paid-Up basis if premiums have been paid for at least 3 full year. This includes reduced death benefits, guaranteed staggered payouts and maturity benefits till the event of maturity or death.

Basis Individual
Policy term PPT + 5 years
Premium paying term (PPT)
Age of child (years) PPT (years)
0 13-20
1 12-20
2 11-20
3-15 10-20
Premium payment frequency Monthly and Annual premium.
Payout period 1st policy anniversary after PPT to 4th policy anniversary (Guaranteed Staggered Benefit)
Renewability Relapsed policies may be reinstated to full coverage within 2 years from due date of first unpaid premium by paying all outstanding premiums declared by the insurer from time to time. The reinstatement can be done through different renewal programs such as Normal or Special Revival, SB-cum-revival and Loan-cum-revival as per availability.
Loans Available after payment of premiums for 3 full years.
Grace period
  • 30 days (15 days for monthly plan)
  • If premiums not paid for 3 full years, all benefits will cease immediately
  • If premiums paid for 3 full years, policy continues on Reduced Paid-Up basis
Free Look Period 15 days free look period is offered wherein a policyholder may return the policy if he/she is not agreeable to terms and conditions of the plan. Refund of premium will be processed after adjustments for stamp duty, medical examination and proportionate risk premium for period covered.

Advantages of Exide Life Mera Aashirvad Plan

Tax Benefits Tax benefits are available under Section 80C, Section 80D and Section 10 (10D) of the Income Tax Act, 1961. You should consult your tax advisor for more details.
Assured income Guaranteed Staggered benefits from 1st policy anniversary after PPT onwards
Non-guaranteed benefits Premium waiver.
Premium discounts
Sum Assured (in Rs. lakhs) Deduction per 1000 Sum Assured  
  PPT 10-14 years PPT 15-20 years
Less than 6 0 0
6 to less than 8 2.5 1
8 to less than 10 .25 2
10 to less than 12 3.75 2.5
12 and above 4 2.75
Riders Information unavailable

How Does The Plan Work?

Let’s say Mr ABC has opted for the Exide Life Mera Aashirvad Plan. He is 30 years old and has a 1 year old son and plans to build a corpus of Rs.10 lakhs for him by the time he is about to join college. He has saved Rs.53,943 per annum in the lump sum payout option in this plan for 12 years, before ABC’s unfortunate death. At this point, the family of ABC will receive the following benefits:

  • For PPT of 12 years, policy term is 12 + 5 = 17 years.
  • Rs.10 lakhs is immediately paid as death benefit.
  • Future premium payment is waived off and the policy continues as normal.
  • In the 17th policy year, the beneficiary will receive Rs.10 lakhs plus Rs.50,000, which is applicable as 5% of Sum Assured for lump sum payment option.

Premium Amount

The premium amount is calculated as per the age of the parent, PPT and Sum Assured. The monthly premium rates per 1,000 Sum Assured for 10,15 and 20 years PPT is as follows

Age (years) Premium Paying Term (PPT)    
  10 years 15 years 20 years
30 6.57 3.90 2.71
35 6.66 4.01 2.84
40 6.84 4.21 3.06
45 7.12 4.51 NA
50 7.58 NA NA

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