Exide Life Wealth Maxima Child Plan


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
Policy Term 10, 15 to 20 years
Sum assured 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

  • Minimum

    Annual: Rs.36,000

    Semi Annual: Rs.24,000

    Monthly: Rs.4,000

  • Top-Up

    Minimum: Rs.6,000

    Maximum: Rs.7,80,000

Premium paying term Same as policy term
  • Maturity benefit

    Lumpsum: Get the fund value as on the date of maturity as a lump sum.

    Settlement: Get part of the fund value as lump sum and part in monthly, quarterly, half-yearly or yearly instalments over a period of 5 years.

  • Life Cover

    Maxima Invest: Higher of sum assured or 105% of the premiums paid, including top up premiums or fund value will be paid

    Maxima Family: Higher of sum assured or 105% of the premiums paid, including top up premiums plus fund value will be paid

    Maxima Child: Higher of sum assured or 105% of the premiums paid, including top up premiums will be paid.

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
Surrender Value 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

  • Life cover ceases on surrender date
  • Discontinued fund will earn a minimum guaranteed return as prescribed by IRDAI.
  • If the Life Assured dies during the lock -in period, the proceeds from the discontinued fund value shall be paid to the eligible person.

Additional Benefits of Exide Life Wealth Maxima Child Plan

Benefit Description
Non-negative clawback additions Specific non-negative clawback additions may be included and added to the fund value during the first policy years.
Loyalty additions 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 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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