Exide Life Insurance has launched child insurance plans under ‘Exide Life New Creating Life Insurance Plans’. The plans under this category offer financial security to your child and ensures that your children’s dreams are fulfilled. There are two plans under the category. Listed below are the two plans offered under this bouquet.
- Exide Life New Creating Life Insurance Plus
- Exide Life New Creating Life Insurance Regular Pay
Eligibility Conditions of Exide Life New Creating Life Insurance Plan
|Eligibility criteria||Exide Life New Creating Life Insurance Plus||Exide Life New Creating Life Insurance Regular Pay|
|Minimum age at entry(Parent)||18 years||18 years|
|Maximum age at entry(Parent)||65 years||65 years|
|Minimum age at entry (child)||0 years||0 years|
|Maximum age at entry(child)||17 years||17 years|
Key Features of Exide Life New Creating Life Insurance Plan
|Feature||Exide Life New Creating Life Insurance Plus||Exide Life New Creating Life Insurance Regular Pay|
|Type||Term life insurance policy||Term life insurance policy|
|Premium paying term||5,7 or 10 years||15-25 years|
|Policy term||10-20 years for a PPT OF 5 years
12-20 years for a PPT of 7 years
15-20 years for a PPT of 10 years
|Same as Premium Paying Term|
|Minimum annual premium||Rs.36,000 p.a. for PPT of 5 years
Rs.24,000 p.a. for PPT of 7 years
Rs.18,000 for PPT of 10 years
|Premium payment mode||Annually or monthly||Annually or monthly|
|Guaranteed additions||Guaranteed addition of 10% of Sum assured on maturity||None|
|Waiver of premium||Yes||Yes|
Benefits and Advantages of Exide Life New Creating Life Insurance Plan
- Tax benefits:On maturity, the child under the plan gets tax free amount which is equal to all the accumulated sum assured and bonuses over the term of the policy.
- Life cover along with Family Income benefit:In case of an unfortunate event, your family will be paid a Sum Assured on Death which will be higher of the following-10 times the Annualized Premium or Base Sum Assured
- Waiver of premium:All the premiums will be waived off in case of the unfortunate death of the premium payer.
- Discount for higher premiums:The plan rewards the insured with discounts if they pay higher premiums.
How does Exide Life New Creating Life Insurance Plans?
32 year old Satish has a 1 year old daughter and wants to save Rs. 15,00,000 for her higher education. He saves Rs. 1,00,000 for 10 years while the plan continues for 20 years. He gets a sum assured of Rs. 8,35,676. He opts for Family Income Benefit as life cover payout option.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017