The Exide Life Secured Income Insurance Plus intends its policyholders to save with the disciplined and systematic features of this policy. It intends to provide safe returns as well as protect the insured against emergencies, sometimes unavoidable circumstances. It projects flexibility in terms of customization based on the needs of the insured. It is also said to be an ideal tool for long term financial goals. It protects the family and the insured against unforeseen events at the same time saving for securing their future. The Exide Life Secured income Insurance Plus plan is a participating endowment assurance policy which entitles the insured to vested money as well as share in profits if the company’s participating fund along with bonuses that have been announced by the company.
ou through bonuses declared by the Company.
Eligibility Conditions for Applying to Exide Life Secured Income Insurance Plus
|Age at Entry||Minimum: 0 years||Maximum: 50 years age last birthday|
|Maturity Age||Minimum: 18 years||Maximum: 70 years age last birthday|
|Premium Payment Term||5,7 and 10 years|
|Premium Policy Term||10, 12 and 15 years|
|Maximum Policy Term||20 years|
|Minimum Premium for 5 years||Monthly:||Annual: 36, 000|
|Minimum Premium for 7 years||Monthly:||Annual: 24, 000|
|Minimum Premium for 10 years||Monthly:||Annual: 18, 000|
|Maximum Premium Amount||No Restrictions|
Features of Exide Life Secured Income Insurance Plus
|Plan Type||Participating endowment assurance policy|
|Premium Payment Terms||5, 7 and 10 years|
|Policy Term||10, 12 and 15 years|
|Premium Paying Mode||Monthly and Annual|
|Grace Period||30 days for annual premium payment frequency and 15 days for monthly premium payment frequency|
|Free Look Period||30 days from the receipt of the policy document|
|Nomination||Available, against the provisions of sec 39 of the Insurance Act 1938|
|Sum Assured||No restrictions|
|Policy Coverage||Death Benefit:
For Economy option, Sum Assured under this Policy plus vested bonus if any plus terminal bonus if any.
|Premium Amounts Applicable||Minimum annual premium – Rs. 36,000 for the 10 year term policy.|
|Riders Available||Yes. four different riders for this insurance scheme|
Benefits of Exide Life Secured Income Insurance Plus
The main advantages of Exide Life Secured Income Insurance Plus plan includes:
- Reduced Paid-up benefit: If and when the policy term is completed by 3 years of regular premium payment, post no premiums being paid, the policy does not lapse and continues as a reduced paid-up policy of lower value.
- Attractive Tax Free Returns: Premiums paid against this policy are subject to tax exemption as per Section 80C of the Income Tax Act. These exemptions are based on the current tax laws.
- Loan Benefits: After three years of policy completion, loans against this insurance policy can be availed by the policyholders
- Discounts for higher premiums paid: A premium discount is apid to the policyholder when paying higher premiums. The applicable premiums and discount rate can upt 7%.
How Exide Life Secured Income Insurance Plus Works
The Exide Life Secured Income Insurance Plus plan works in 3 simple steps:
- Step 1: The applicant for the policy has to choose the Policy Term, Premium Paying Term, Sum Assured and premium payment frequency.
- Step 2: Depending of the parameters chosen such as age, the premium will be decided.
- Step 3: In the case of the policy holder’s death, Death Benefit will be paid. In the case of maturity of the policy, Maturity Benefit will be paid.
- Step 4: You can apply for a loan against this policy after 3 years of term completion.
Premium/Payments for Exide Life Secured Income Insurance Plus
This Policy is issued based on the Policyholder prompt and regular premium payments for the chosen duration of Premium Payment Term as mentioned in the Policy Schedule. It is the Policyholder’s responsibility to make sure that the payments are made promptly and at the required or agreed regular intervals for premium payments. In the case of monthly premium payment mode, three (3) months premiums are collected in advance on the date of commencement of the plan and adjusted towards the policy only on the due dates. These advance premiums are nonrefundable, unless the Free Look Cancellation of this policy is being considered.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017