Exide Life Nirmal Jeevan Insurance Plan

Type

A non-participating life insurance plan.

Basis

Single

Coverage

1. Maturity Benefit:On maturity of the policy, the insured will be paid the guaranteed Maturity Sum Assured.
2. Death benefit:In the event of your unfortunate demise, your family will be paid the guaranteed Sum Assured on death.
3. 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

1. Equal to policy term.

Premium paying mode

Annual mode only.

Policy Term

10, 12 or 15 years.

Premium payable

Minimum

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 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

Surrender Value paid is the higher of:

1. Special Surrender Value, or
2. Guaranteed Surrender Value.

(after deduction of loans).

Guaranteed Surrender Value factors are provided as below:

Exclusions

1. 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.
2. 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.
3. 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:

1. Full Death Benefit, and
2. Surrender Value, if any.

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