Exide Life Wealth Maxima Child offers a comprehensive life cover with several advantages including three plan options (to upgrade the level of protection) namely, Maxima Invest, Maxima Family and Maxima Child and three different investment strategies in addition to systematic investment option to derive benefits from equity markets. Exide Life Wealth Maxima Child also offers loyalty additions and tax free maturity benefits. Customers can maximize their returns by availing of the investment choice, thereby, ensuring financial protection to their families against unforeseen circumstances.
Eligibility Conditions of Exide Life Wealth Maxima Child Plan
The eligibility criteria are listed in the table below:
|Minimum entry age||
Maxima Invest: 0 years
Maxima Family and Maxima Child: 18 years
|Maximum entry age||
Maxima Invest: 65 Years
Maxima Family: 55 Years and maxima child: 50 Years
|Maximum maturity age||
Maxima Invest: 75 years
Maxima Family: 70 years; maxima child: 65 years
Key Features of Exide Life Wealth Maxima Child Plan
|Type||Non-participating unit-linked life insurance plan|
|Policy Term||10, 15 to 20 years|
Till 44: Annualized premium x 10
Above 44: Annualized Premium x (7 or 10)
|Additional sum assured||
Below 45 years: 1.25 X top-up premium
45 years or above: 1.1 X top-up premium
|Premium paying term||Same as policy term|
|Premium payment frequency||Half-yearly, monthly and quarterly|
|Renewability||Policy can be revived within 2 years of the discontinuance|
|Freelook period||15 days|
|Grace Period||30 days|
|Tax benefits||Policyholder is eligible for tax benefits under 80C of the Income Tax Act 1961 on premiums paid and section 10(10D) of the Income Tax Act 1961 on the maturity proceeds.|
|Lock-in Period||5 years|
Upon surrendering, the policy stands terminated and the surrender benefits are payable to policyholder.
In case of policy being surrendered before completion of lock in period of 5 years, the following provisions are applicable
Additional Benefits of Exide Life Wealth Maxima Child Plan
|Non-negative clawback additions||Specific non-negative clawback additions may be included and added to the fund value during the first policy years.|
All policies will an annualised premium of above Rs.72,000 will be eligible for loyalty additions.
Extra units will be added at the end of every 5th policy year. Each addition enriches your fund value by 2%.
|Option to add Top Ups||
Customers can pay top-up premiums in selected funds.
Minimum amount: Rs.6,000
Maximum amount: Sum total of regular premium paid (up to Rs.7.8 lakhs)
|Partial Withdrawal Benefit||Customers can avail of unlimited number of partial withdrawals after 5 policy years|
|Switching option||Customers can switch between the different product variants in the event of either marriage or children to their families. Switching is allowed only during policy anniversary and twice during a policy term.|
|Premium re-direction||Customers can allocate their premium in different proportions. Unlimited allocations are allowed.|
How the Plan Works?
- Customers should opt for a variant, policy term, premium and mode of payment
- Investment strategy should also be selected
- Customers should optimize their returns by switching and re-direction
- Add top-up premiums and fulfil their goals with the help of partial withdrawal benefits
Samrat Sharma, a 30-year-old marketing executive opt for Exide Life Wealth Maxima Child policy for 20 years and opts for Maxima Child variant. Sharma invests in Exide Life Active Asset Allocation Fund. Sharma pays Rs. 5,000 every month as premium. As ill-luck would have it, Sharma dies in an accident in the fifth policy year. As a result, Rs. 6 lakh is immediately paid to his nominee as a lump sum. All premiums are paid by the insurance company while the policy continues till maturity. At the end of 20 years, the maturity benefit (fund value at 8% p.a i.e, Rs.21 lakh) will be paid.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017