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  • Exide Life Smart Term Plan

    Life is unpredictable and anything can happen at any point of time. In such scenarios, it is essential for individuals to not just take care of themselves but also their family. Therefore, procuring a lLife insurance policy should be everybody’s priority.

    Exide Life is one of the foremost insurance providers in India and has a number of unique plans to suit every individual’s requirement. One of the most commonly procured plans is the Smart Term Plan.

    The Smart Term Plan by Exide Life offers a number of protection offers and also all premiums are return at the end of the policy. This plan comes in 3 variants - Classic-Protection, Step-Up Protection and Comprehensive-Enhanced Protection.

    Eligibility Conditions for Exide Life Smart Term Plan:

    The eligibility conditions for the Smart Term Plan, are as illustrated.

    Product Features Classic Step-Up Comprehensive
    Entry Age in years Single Premium 18 to 65 Not Available 18 to 65
    5 Pay 18 to 65 18 to 60 Not Available
    Regular Premium 18 to 60 18 to 58 18 to 60
    Policy Tenure in years Single Premium 10 to 30 Not Available 10 to 30
    5 Pay 10 to 30 10 to 30 Not Available
    Regular Premium 12 to 30 12 to 30 12 to 30
    Minimum Sum Assured Single Premium 5 lakhs Not Available 10 lakhs
    5 Pay 10 lakhs 10 lakhs Not Available
    Regular Premium 5 lakhs 10 lakhs 10 lakhs
    Premium Paying Mode Annual,Semi-Annual,Monthly

    Key Features of Exide Life Smart Term Plan:

    Plan Type Non Linked Non Participating Life Insurance Plan
    Plan Basis Individual
    Maturity Benefits Applicable
    Policy Tenure 10 to 30 years
    Premium Payment Tenure Single premium/ 5 Pay/ Regular payment
    Premium Payment Frequency Monthly or Half Yearly or Yearly
    Death Benefit Lump sum payment on unfortunate death of policyholder
    Surrender Benefit Surrender Value is acquired only after full premiums for 3 years are paid in Regular premium.
    Free Look Period Policy can be cancelled if customer provides a written notice with a period of 15 days after receiving the policy stating reasons for the same.
    Grace Period Grace period of 15 days for monthly premium mode and 30 days for others is applicable from the due date of unpaid premium.
    Reduced paid-up benefits Applicable based on the type of plan chosen.
    Tax Benefits Available as per provisions of Income Tax Act, 1961.
    • On premiums paid - U/S 80C of the Income Tax Act 1961
    • On maturity amount of the policy - U/S 10(10D) of the Income Tax Act 1961
    • Towards the critical illness rider - U/S 80 D of Income Tax Act 1961
    Nomination Applicable in accordance with provisions of Section 39 of Insurance Act 1938 as amended from time to time.
    Assignment Applicable in accordance with provisions of Section 38 of Insurance Act 1938 as amended from time to time.
    Loan Not Applicable
    Riders Available
    Alterations This option is not available
    Revival or Reinstatement This policy can be revived during the tenure of the policy but only within a period of 2 years from the date of the very first unpaid premium.
    Discount on Higher Sum Assured Customers procure a discount when they choose a higher BSA or Basic Sum Assured. This is applicable on amounts between Rs.10 lakhs to < Rs.20 lakhs; Rs.20 lakhs to < Rs.50 lakhs and Rs.50 lakhs and over.
    Discount for female policyholders Female customers will be able to pay a base premium that is equivalent to that being paid by a man who is three years younger than them.

    Benefits of Exide Life Smart Term Plan:

    As mentioned previously, this plan comes with three variants - Classic, Step-Up Protection and Comprehensive - Enhanced Protection.

    Benefits of Classic - Protection Variant:

    • Death Benefit - In case of policyholder’s unfortunate death during policy tenure, nominee will receive the sum assured on death and the policy will terminate.
    • Maturity Benefit - In case the Exide Life Smart Term policyholder survives until the end of the policy, he/she will receive the total amount of all the premiums that are paid without the underwriting and extra premiums if any, are returned.
    • Reduced Paid up Benefits - In case a minimum of 3 years’ premiums have been paid completely in a Regular premium and in case it is a 5 Pay option, then 2 full years’, and further premiums are unpaid along with policy not being surrendered, then the plan becomes a reduced paid up plan from the date that the grace period expires and policy is revived. Once this stage is reached, this policy will be eligible for non-forfeiture benefit.
      • Death Benefit - In case of the policyholder’s unfortunate death during the policy term, nominee will receive the lump sum amount immediately. This amount is equal to - Number of Premiums paid divided by the total number of premiums that are payable, multiplied by the sum assured on death.
      • Maturity Benefit - Upon survival of policyholder till maturity, he/she will receive the lump sum amount that is payable. This includes the total premiums that have been paid excluding the underwriting extra premiums, if there are any.
    • Surrender Benefit - The Smart Term Plan policy will acquire a GSV or Guaranteed Surrender Value when a minimum of 3 years’ complete premiums have been paid in a Regular premium and in case it is a 5 Pay option, then 2 full years’. In case the policyholder has opted for a Single Premium payment, then this policy will acquire a Guaranteed Surrender value right from the first year itself. This benefit will be paid immediately after the policy’s surrender. For the classic variant -
      • In case policyholder’s have made a single premium payment, this policy can be surrendered at anytime during the tenure of the policy. The GSV value is a percent of the total premiums that have been paid without the underwriting extra premiums. The GSV factor for policy years between 1 to 3, is 70%. For the 4th year, the GSV factor is 90%.
      • In case the payment is Regular or 5 Pay, the policy will acquire a Guaranteed Surrender Value when all premiums have been paid for a minimum of 2 years for the 5 Pay option and 3 for the Regular pay option. The GSV value is a percent of the total premiums that have been paid without the underwriting extra premiums.

    Benefits of Step-Up-Protection with Higher Premium:

    • Death Benefit - In case of policyholder’s unfortunate death during policy tenure, nominee will receive the sum assured on death and the policy will terminate.
    • Maturity Benefit - In case the policyholder survives until the end of the policy, he/she will receive an amount that is a fixed proportion of all premiums have been paid excluding the underwriting extra premiums, if there are any. Proportions at numerous policy tenures are provided below -
    Policy Tenure 10-14 years 15-19 years 20-24 years 25-29 years 30 years
    Proportion of all premiums that have been paid without the underwriting extra premiums, if there are any. 110% 120% 130% 140% 150%
    • Reduced Paid up Benefits - In case a minimum of 3 years’ premiums have been paid completely in a Regular premium and in case it is a 5 Pay option, then 2 full years’, and further premiums are unpaid along with policy not being surrendered, then the plan becomes a reduced paid up plan from the date that the grace period expires and policy is revived. Once this stage is reached, this policy will be eligible for non-forfeiture benefit.
      • Death Benefit - In case of the policyholder’s unfortunate death during the policy term, nominee will receive the lump sum amount immediately. This amount is equal to - Number of Premiums paid divided by the total number of premiums that are payable, multiplied by the sum assured on death.
      • Maturity Benefit - Upon survival of policyholder till maturity, he/she will receive the lump sum amount that is payable. The proportion is based on the policy tenure as mentioned in definition of the Sum Assured on maturity multiplied by (total number of premiums that have been paid)/(total number of premiums that are payable) multiplied by the total number of premiums payable without underwriting extra premiums, if there are any.
    • Surrender Benefit - The Smart Term Plan policy will acquire a GSV or Guaranteed Surrender Value when a minimum of 3 years’ complete premiums have been paid in a Regular premium and in case it is a 5 Pay option, then 2 full years’. In case the policyholder has opted for a Single Premium payment, then this policy will acquire a Guaranteed Surrender value right from the first year itself. This benefit will be paid immediately after the policy’s surrender. For the Step-up variant -
      • In case policyholder’s have made a single premium payment, this policy can be surrendered at anytime during the tenure of the policy. The GSV value is a percent of the total premiums that have been paid without the underwriting extra premiums. The GSV factor for policy years between 1 to 3, is 70%. For the 4th year, the GSV factor is 90%.
      • In case the payment is Regular or 5 Pay, the policy will acquire a Guaranteed Surrender Value when all premiums have been paid for a minimum of 2 years for the 5 Pay option and 3 for the Regular pay option. The GSV value is a percent of the total premiums that have been paid without the underwriting extra premiums.

    Benefits of Comprehensive-Enhanced Protection with Return of the Premium:

    This variant includes two sub variants - one is the Classic Comprehensive-Enhanced protection variant that offers the same benefits as the Classic variant; the other one is the Extra Protection Comprehensive-Enhanced protection variant, wherein the customer can get their death benefit increased by paying an ‘Extra Protection’ premium in addition to their other premium payment.

    The Comprehensive-Enhanced protection variant allows customers the option to choose between a single Premium and Regular Premium options. These options are applicable for both the sub-variants.

    • Death Benefit - In case of policyholder’s unfortunate death during policy tenure, nominee will receive the sum assured on death and the policy will terminate. This sum assured is a higher of -
      • ‘X’ times the Annualized premium for the base policy
      • Assured sum on maturity
      • Absolute amount assured to be paid on death of policyholder
      • 105% of all premiums paid towards the base policy until the day of date. This excludes service tax.
    • Maturity Benefit - In case the policyholder survives until the end of the policy, he/she will receive 100% of premiums paid which includes extra protection premiums and underwriting extra premiums, if there are any.
    • Reduced Paid up Benefits - In case a minimum of 3 years’ premiums have been paid completely in a Regular premium and in case it is a 5 Pay option, then 2 full years’, and further premiums are unpaid along with policy not being surrendered, then the plan becomes a reduced paid up plan from the date that the grace period expires and policy is revived. Once this stage is reached, this policy will be eligible for non-forfeiture benefit.
      • Death Benefit - In case of the policyholder’s unfortunate death during the policy term, nominee will receive the lump sum amount immediately. This amount is equal to - Number of Premiums paid divided by the total number of premiums that are payable, multiplied by the sum assured on death, excluding the sum assured that is towards ‘Extra Protection’ chosen by the customer.
      • Maturity Benefit - Upon survival of policyholder till maturity, he/she will receive the lump sum amount that is payable. This includes the total premiums that have been paid excluding the underwriting extra premiums, if there are any.
    • Surrender Benefit - The Smart Term Plan policy will acquire a GSV or Guaranteed Surrender Value when a minimum of 3 years’ complete premiums have been paid in a Regular premium and in case it is a 5 Pay option, then 2 full years’. In case the policyholder has opted for a Single Premium payment, then this policy will acquire a Guaranteed Surrender value right from the first year itself. This benefit will be paid immediately after the policy’s surrender. For the Comprehensive variant -
      • In case policyholder’s have made a single premium payment, this policy can be surrendered at anytime during the tenure of the policy. The GSV value is a percent of the total premiums that have been paid without the underwriting extra premiums. The GSV factor for policy years between 1 to 3, is 70%. For the 4th year, the GSV factor is 90%.
      • In case the payment is Regular Premium option, the policy will acquire a Guaranteed Surrender Value when all premiums have been paid for a minimum of 3 years. The GSV value is a percent of the total premiums that have been paid without the underwriting extra premiums.

    Benefit Illustration for Exide Life Smart Term Plan

    Classic Variant:

    Let us take the case of Mahesh, a 35 year old engineer, who has procured this plan. His life cover is Rs.50 lakhs and he has chosen this plan for a tenure of 20 years. He will have to pay a premium of around Rs.25,824 per annum. In case of his unfortunate death in the first policy term, his nominee will receive a life cover amount of Rs.50 lakhs immediately. If he survives until maturity, he will receive the lump sum benefit payable along with Rs.5.16 lakhs as Guaranteed Return of Premiums.

    Step-Up Variant:

    Let us take the case of Raman, a 40 year old doctor, who has procured this plan. His life cover is Rs.50 lakhs and he has chosen this plan for a tenure of 20 years. He will have to pay a premium of around Rs.31,698 per annum. In case of his unfortunate death in the first policy term, his nominee will receive a life cover amount of Rs.50 lakhs immediately. If he survives until maturity, he will receive the lump sum benefit payable along with Rs.8.24 lakhs as Guaranteed Return of Premiums.

    Comprehensive Variant:

    Let us take the case of Brij, a 35 year old PR professional, who has procured this plan. His life cover is Rs.25 lakhs for the Classic variant and Rs.25 lakhs under the Extra Protection variant. He has chosen this plan for a tenure of 25 years. He will have to pay a premium of around Rs.11,554 per annum (Rs.9,003 for the Classic variant and Rs.2,541 for the Extra Protection variant). In case of his unfortunate death in the first policy term, his nominee will receive a life cover amount of Rs.50 lakhs immediately. If he survives until maturity, he will receive the lump sum benefit payable along with Rs.2.25 lakhs as Guaranteed Return of Premiums.

    Customers should note that the above figures are indicative and may vary.

    Riders

    Policyholders have the option of procuring two Rider options during policy inception or any anniversary. These Rider are -

    • Exide Life Accidental Death, Disability and Dismemberment Rider
    • Exide Life Critical Illness Rider

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    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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