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  • Exide Life Secured Income Insurance Regular Pay Plan

    Exide Life Insurance

    Exide Life Secured Income Insurance Regular Premium plan is a participating non-linked life insurance scheme which enables the policyholder to share in the surplus profits of the Exide Company. The policy comes in two variants namely, Base and Economy and depends upon what the policyholder has chosen at the time of availing the insurance scheme. The Exide Life policy is best-suited for customers who have a medium to low risk appetite but are looking for a life cover that will offer protection to their family as well as optimum growth to their invested capital.

    Eligibility Criteria for Exide Life Secured Income Insurance Regular Pay Plan:

    Minimum Entry Age 0 years
    Maximum Entry Age 60 years
    Minimum Age at maturity 18 years
    Maximum Age at maturity 70 years

    Key Features of Exide Life Secured Income Insurance Regular Premium Plan

    Plan Type Participating, non-linked insurance scheme
    Plan Basis Individual
    Premium Payment Terms Equal to policy term that is, between 10 years and 30 years
    Policy Term 10 years – 30 years
    Premium Paying Mode Yearly, Half-yearly or Monthly
    Grace Period 30 days from the date of premium payment
    Free Look Period 15 days from the date of signing the policy
    Nomination Available
    Sum Assured Maximum sum assured is Rs.50,00,000
    Policy Coverage Death Benefit:

    For Economy option, Sum Assured under this Policy plus vested bonus if any plus terminal bonus if any.

    Under Base Option,  Sum Assured + Family Income Benefit + Vested Bonus + Terminal Bonus

    Maturity Benefit:

    • the Sum Assured under this Policy
    • vested bonus if any
    • terminal bonus if any:
    Premium Amounts Applicable Minimum annual premium – Rs.12,000 for the Economy option and No limit for the Base option
    Riders Available Yes. Choice of four different riders for this insurance scheme

    Benefits/Advantages of Exide Life Secured Income Insurance Regular Pay:

    • Tax benefits: 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.
    • Reduced Paid-up benefit: If the policy completes 3 years of regular premium payment, after which no premiums are paid, then the policy does not lapse and continues as a reduced paid-up policy of lower value.
    • Reduced paid-up sum assured = (No. of premiums paid) / (Total number of premiums payable under the policy) x 100%of sum assured + vested bonus, if any
    • Loan Policy: After the completion of three years of the policy terms, loans against this insurance policy can be availed by the policyholders
    • Discounts for higher premiums paid:

      In case customers pay higher premiums towards insurance policy, the following discounted rates are applicable.

      Discount rate Secured Income Insurance Premium Paid
      0% Less than 24,000
      3% 24,000 to less than 48,000
      5% 48,000 to less than 60,000
      7% 60,000 and above

    How does the Exide Life Secured Income Insurance Regular Pay Plan Work?

    Following is a table depicting the various policy terms and the different minimum and maximum terms at highest and lowest ages along with the sample sum assured. The policyholder here is 35 years of age and has availed a policy period of 25 years. The various premium versus sum assured combinations are depicted as under.

    Age
    (Years)
    Policy Term
    (Years)
    Annual Premium
    (Rs.)
    Sum Assured
    (Rs.)
    Maturity Value
    (Rs.) if fund grows @ 6%
    Maturity Value
    (Rs.) @ 10%
    35 25 24,000 4,73,877 9,65,524 14,92,712
    35 25 18,000 3,55,408 7,24,144 11,19,534
    35 25 12,000 2,36,938 4,82,762 7,46,356

    The above depicted table is purely indicative. Actual returns and sum assured will vary depending upon the premium amount, the policy term and the premium payment term chosen by the policyholder.

    Riders/Add-on Covers Available for Exide Life Secured Income Insurance Regular Pay Plan:

    These are listed below.

    • Accidental Death Benefit Rider

      This rider offers extra protection in the event of accidental death of the policyholder.

    • Accidental Death, Disability and Dismemberment Benefit Rider

      This rider offers protection in the event the policyholder becomes permanently disabled or dies as a result of meeting with an accident.

    • Term Rider

      The term rider ensures that you are protected additionally for a specific term that you avail insurance for.

    • Critical Illness Rider

      In the event of policyholder suffering from a critical illness, the Critical Illness Rider provides financial assistance towards medical expenses.

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