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Exide Life Smart Future Insurance Plan

The Smart Future life insurance plan offered by that has been designed to ensure that you have the opportunity to invest in your future. The plan is an amalgamation of features and benefits that range from the ability to choose from 6 different funds to no limit on how much you can invest in this scheme. You can even take the plan to suit you marital status. If you have a family to take care of then the benefits are slightly different than the ones paid out in case of an individual policy or one taken for a child.

Key features of Exide Life Smart Future Insurance Plan

The features of this plan remain the same whether you take it for an individual of a family.

  • The basic sum assured under this policy is decided based on the age of the policyholder.
  • For those who are under the age of 45 years the sum assured is calculated by multiplying the annual premium by the highest of 10 and 0.5 multiplied by the policy term.
  • For those who are over the age of 45 years the calculation remains the same except for the multiplier which changes to highest of 10 and 0.25 times the policy term.
  • The premiums can be paid at monthly, quarterly, half-yearly or annual intervals.
  • There is no limit on the maximum premium that can be paid but there is a limit on the minimum.
  • If you choose to pay every month you will have to pay a minimum of R. 5,000.
  • For quarterly payments, the minimum payment must be Rs. 12,000.
  • For half-yearly and annual payments the minimum premium is Rs. 24,000 and Rs. 48,000 respectively.
  • The premium paying term for this policy can be a limited paying term or a regular paying term where you pay till the policy matures.
  • You can even pay top-up premiums which are limited to a minimum of Rs. 5,000 and a maximum of Rs. 8 lakhs.
  • Paying a top-up premium also means that you will get an additional sum assured of 1.25 time the top-up premium paid.
  • The tenor of this policy can range from 15 years to 30 years.
  • You can name a child as the beneficiary of this policy or extend the to your spouse thus covering two people using a single policy.
  • The policy also offers the facility of making partial withdrawals so you always have liquidity when you need it.

Benefits of Exide Life Smart Future Insurance Plan

The benefits of the Smart Future plan don’t just provide death and maturity benefits, they also come with loyalty bonuses.

  • The death benefits under this policy are the highest of the sum assured and the fund value. The death benefits is applicable to policies taken for individuals and will never fall below 105% of the premiums paid.
  • If the policy has been taken for the family then the death benefits are the highest of the sum assured and 105% of the premiums paid. The value of the funds will also be paid as part of the death benefits.
  • If the policy is taken for a child then the benefits will be the highest of the sum assured and 105% of the premiums paid. All future premium payments will also be waived in this case.
  • Even after your premium paying term is over, you can continue investing in this policy through top-up premiums.
  • The premiums you pay and the benefits you receive are eligible for income tax benefits under section 80C and 10(10D) of the IT Act.

Eligibility Criteria

To be able to take this policy you need to fulfil certain eligibility criteria that are based on the entry and maturity ages of the policyholders and beneficiaries.

  • The minimum age for entry into this plan is 3 years for the smart invest version and 18 years for the smart kid and smart family it is 50 years.
  • The maximum age for entry into these plans is 55 years for the smart invest variant and 50 years for the other two.
  • The maximum maturity age is 70 years.
  • If the nominee is a child in the smart kid plan then the maximum maturity age for them is 18 years to 30 years.

This policy is almost a one size fit all policy because it can be used to cover you, your wife and your children.

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

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