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Exide Life Prospering Life Plus SP Plan

Exide Life Prospering Life SP is a single premium unit linked insurance plan that offers customers multiple choices when it comes to investment in addition to flexibilities that offer complete control over investment. The policy provides life cover for protection during unfortunate events, making it the ideal plan for investors who seek efficient wealth creation platforms with no worries related to the management of their finances.

Features of Exide Life Prospering Life Plus SP

  • For Regular Pay and Limited Pay policies, the sum assured is 7X to 10X the yearly premium. For the Single Pay policy, customers will receive a cover between 1.1X and 1.25X the premium paid.
  • The policy term can vary from 10 to 15 to 20 years.
  • Premium payments must be done based on the duration of the policy.
  • For Regular and Limited Pay, the premiums can be paid either or a monthly or an annual basis.
  • If the premium paying term is five years, the minimum premium will be Rs.5000 in case of monthly payments and Rs.48,000 in case of yearly payment.
  • If the premium paying term is 10 years, the minimum premium will be Rs.4000 in case of monthly payments and Rs.36,000 in case of yearly payments.
  • For Regular Pay policy, the minimum premium is Rs.3000 in case of monthly payments and the maximum is Rs.24,000.
  • For Single Pay policy, the minimum premium is Rs.96,000 per annum.
  • Partial withdrawal of funds is permissible after five years of the policy term have been completed.
  • Customers have the option to surrender their policy at any point in time during the course of the policy term.

Benefits of Exide Life Prospering Life Plus SP

  1. Guaranteed Life Cover
    • If the policyholder is subject to an unfortunate event, his / her family will receive a payout immediately. The payment granted to your family will be the higher of:
      1. 10x the yearly premium
      2. Und value
      3. 105% of yearly premium inclusive of top-up premiums paid
  2. Tax-free Maturity Benefit
    • When the policy matures, you will receive a tax free sum that is the same as the fund value. Prior to maturity of the policy, after the fifth policy year, Exide Life Prospering Life SP provides liquidity by allowing customers the option of partially withdrawing funds from the policy. However, there will be limits on the withdrawals as per the terms and conditions of the policy.
    • Under Section 80C of the Income Tax Act, customers can save tax on premiums paid. Benefits can also be availed under Section 10 (10 D) in case life cover is a minimum of 10X the yearly premium.
  3. Six Investment Funds with Unlimited Free Switches
    • Customers have an option to choose from six different investment funds which are categorised based on risk levels. Money can be transferred from one fund to another for free subject to market conditions and the number of switches between funds is unlimited. Following are the six funds:
  4. Fund Name Investment Pattern Risk Classification
    Exide Life Prime Equity At least 90% and maximum of 100% in equity High
    Exide Life Balanced Fund At least 20% and maximum of 40% in equity Medium
    Exide Life Growth Fund At least 40% and maximum of 60% in equity Medium
    Exide Life Secure Fund At least 10% and maximum of 20% in equity Low
    Exide Life Active Asset Allocation

    Money market: 0 to 100%

    Debt: 0 to 100%

    Equity: 0 to 100%

    Exide Life Preserver 100% in debt and investment associated with debt with a maximum of 25% of the fund used in instruments of maturities under 12 months Low
  5. Benefit from Active Asset Allocation Style of Fund Management
    • Expert fund managers make decisions related to shifting money from one fund to another depending upon market conditions to ensure professional management of your funds.
  6. Loyalty Benefit
    • Customers who complete the policy terms will receive additional benefits in the form of an amount that will be paid as a percentage of the fund value subject to the yearly premium paid.
Percentage of Fund Value as Loyalty Benefit For Limited and Regular Pay For Single Pay
NIL Under Rs.96,000 per annum Under Rs.1,44,000
0.50% Rs.96,000 per annum to Rs.1,43,999 Rs.1,44,000 to Rs.1,91,999
0.75% Rs.1,44,000 per annum and above Rs.1,92,000 and above

Eligibility Criteria

  • For Regular and Limited Pay policies, the maximum age of the customer must be under 55 years.
  • For Single Pay policies, the maximum age of the individual must be under 65 years.
  • The maturity age for every policy ranges from 18 to 75 years.

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

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