If you are looking for double coverage on your existing Exide life insurance plan, you can choose this rider for double protection. All you need to do is contact Exide, to add this rider to your life insurance plan with some miniscule cost to your existing policy premiums. A little bit of added effort goes a long way and this particular rider aims to do exactly that. But of course it does have some things that you need to be clear about as it works almost like a plan in itself. This rider comes with some eligibility criteria as well.
Eligibility Conditions for Exide Life Term Rider:
|Minimum Entry Age||18 years (based on the last birthday)|
|Maximum Entry Age||80 years (based on the last birthday)|
|Protection through Rider Ceases At||70 years (based on the last birthday)|
|Minimum Policy Term||5 years|
|Maximum Policy Term||40 years|
|Minimum Sum Assured||Rs.50,000|
|Maximum Sum Assured||Rs.5 lakhs or assured sum by the primary policy (whichever is lower)|
Premiums Payable for Exide Life Term Rider:
|Premium Payment Mode||Same as the base or primary policy as regular payments|
|Premium paying Intervals||Same as the primary/base policy|
Key Features of Exide Life Term Rider:
|Type of Plan||Double coverage rider|
|Premium Payment options||Same as the base or primary policy as regular payments|
|Coverage||Death Benefit – In the unfortunate event that the life insured dies, his / her nominees will be paid more than 105% of the Sum Assured on Death. But with this rider, adds more amount to the sum assured which is higher of: Sum Assured on rider, or 10 x Annualized Rider Premiums, which excludes premiums paid for extra mortality and service tax. Maturity Benefit – There are no surrender of maturity benefits available with this plan.|
|Tax Benefits||Available under the following sections of the Income Tax Act, 1961:
|Free Look Period||Within 15 days|
|Grace Period||Same as the primary/base policy|
|Reinstatement||Same as the primary/base policy|
Exclusion of Exide Life Term Rider Benefits In The Case of Suicide:
In the case of the primary policy holder committing suicide within a year of the policy commencement or the reinstatement of the policy, the benefits including that of the rider will not be a liability for Exide life insurance for 80% of payments made for premiums except service tax up to the date of death.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017