Exide Life Term Insurance

The Exide Life Insurance's is a pure protection insurance plan, or term plan, as they are more popularly known. Exide Term Insurance Plans premiums can be paid throughout the life of the policy or even for a limited period of time. It also offers a terminal illness benefit, but doesn't provide a survival or maturity benefit since, it is a pure protection plan. With the My Term Insurance Plan, you also have the option to add 3 additional riders namely, Accidental Death Benefit, Accidental Death, Disability and Dismemberment, and Critical Illness Riders.

The key features and benefits of the My Term Insurance Plan is:

1. The plan offers you the choice of premium payments, you can either pay the premiums for the entire term of the policy or for a limited period under the limited pay option.e limited period option can be chosen for a period 5, 7, or 10 years.
2. With this plan you get a death benefit with two options to choose from:
   1. Option A - wherein you get the death benefit of the entire sum assured paid in one lump sum.
   2. Option B - wherein you get the death benefit, of providing your family with a sum assured percentage, as well as, an income. The benefit is called family income benefit.
3. Under option B of the death benefit, you can choose four different payment options, this payments will consist of the percentage you would like your family to receive as a lump sum amount, and as a monthly income.OptionLump sum %Income %EMI = 110% of the remaining balance/60180%20%will equal (110% of 20% of the sum assured )/60250%50%will equal (110% of 50% of the sum assured )/60340%60%will equal (110% of 60% of the sum assured )/60430%70%will equal (110% of 70% of the sum assured )/60The plan also offers you a terminal illness benefit, wherein if you are diagnosed with a terminal illness during the policy term, 25% of the sum assured will be paid to you as a lump sum on death up to a maximum of Rs.50 lakhs, and all future premiums will be paid by the insurer. The policy will continue for the entire term as well.
4. This term insurance plan also offers discounts for women who would like to opt for this plan. Discounts are also provided to non-smokers.
5. Tax benefits are offered as well, under section 80C of the Income Tax Act 1961.
6. If the insured would like to opt for higher sum assured amounts, then the insurer will provide them with premiums rebates as well.
7. Since this is a pure term plan, there is no survival or maturity benefit.
8. A grace period of 15 days will be provided for premium payments.
9. The policy also offers you a free-look period of 15 days, within which, if you are not satisfied with the policy, you always have the option to cancel the same.