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Exide Life Term Rider Plan

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:
  • Section 80C
  • Section 10(10D)
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

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