Exide Life Nirmal Jeevan Insurance Plan

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.
Basis Single
  • Maturity Benefit:

    On maturity of the policy, the insured will be paid the guaranteed Maturity Sum Assured.

  • Death benefit:

    In the event of your unfortunate demise, your family will be paid the guaranteed Sum Assured on death.

  • Automatic Life Cover:

    If you fail to pay certain premiums, the guaranteed will continue for two or three years. At least 2 years premiums must have been paid for this benefit to continue for another 2 years, and at least 3 years premiums have to have been paid in order to get the benefit for 3 years.

    If the life insured dies during this period, full death benefits will be paid. The automatic life cover will continue for 2 or 3 year seven if the policy cannot be revived.

Premium paying term
  • Equal to policy term.
Premium paying mode Annual mode only.
Policy Term 10, 12 or 15 years.
Premium payable Minimum: Rs.6,000.

Maximum: Rs.12,000.

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.
Surrender 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:

  • Special Surrender Value, or
  • Guaranteed Surrender Value.

(after deduction of loans).

Guaranteed Surrender Value factors are provided as below:

Policy Year of Surrender 10 year term in % 12 year term in % 15 year term in %
1 0 0 0
2 0 0 0
3 30 30 30
4 50 50 50
5 50 50 50
6 50 50 50
7 50 50 50
8 60 60 50
9 70 60 60
10 80 70 60
11 - 80 70
12 - 90 70
13 - - 80
14 - - 80
15 - - 90
Exclusions 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:
  • If death occurs within 1 year from the commencement date, then 80% of the premiums paid (excluding the premiums paid for extra mortality rating) and service tax will be paid to the nominee/s.
  • If death occurs within 1 year from the reinstatement date, Surrender Value as available as on the date of death will be paid to the nominee/s.
  • If the policy is reinstated within the automatic life cover period and the life insured commits suicide within 1 year of reinstatement, the following benefits become payable:
  • Full Death Benefit, and
  • Surrender Value, if any.

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
Annual Premium Rs.6,000 Rs.8,000 Rs.10,000
Sum Assured Rs.69,695 Rs.1,18,519 Rs.1,98,216


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

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