This specialised endowment assurance plan provides the policyholder with guaranteed returns and comprehensive life insurance coverage. Savings start from small amounts, and this Exide Life plan helps compound those small savings into a sizeable amount that can be used to meet a large expenditure as and when it arises.
Low risk, moderate and steady returns and no pre-requisite medical examination make this plan an easy choice.
Eligibility Conditions of Exide Life Nirmal Jeevan Insurance Plan
|Minimum entry age||
For a 15 year policy term – 3 years
For 12 year policy term – 6 yearsFor 10 year policy term – 8 years
|Maximum entry age||55 years.|
|Minimum maturity age||18 years.|
|Maximum maturity age||70 years.|
Key Features of Exide Life Nirmal Jeevan Insurance Plan
|Type||A non-participating life insurance plan.|
|Premium paying term||
|Premium paying mode||Annual mode only.|
|Policy Term||10, 12 or 15 years.|
|Loan||Loan can be taken under this policy. Premiums must have been paid for 3 full years to avail a loan under this policy.|
|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.|
|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 first unpaid premium.|
If at least 3 years’ premiums have been paid up, the policy can be surrendered for a Special Surrender Value (which is determined by the company from time to time).
Surrender Value paid is the higher of:
(after deduction of loans).
Guaranteed Surrender Value factors are provided as below:
If the life insured commits suicide within 1 year of the commencement of the policy or the date of reinstatement,the company will not be liable to pay any benefit other than those specified as under:
Advantages of Exide Life Nirmal Jeevan Insurance Plan
- Get guaranteed maturity benefit
- Guaranteed life cover.
- Life cover extension for 2 or 3 years despite unpaid premiums.
- Hassle free documentation and policy implementation.
- No medical examination required.
- Low premium commitment – affordable policy.
How The Plan Works
|Age at entry||40 years||40 years||40 years|
|Policy Term||10 years||12 years||15 years|
No riders are available with this policy.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017