Exide Life Mera Ashirvad Plan

Exide Life Mera Ashirvad is a traditional child plan which safeguards the child’s future even in the absence of the policyholder by creating a guaranteed corpus

Key Features

  • This plan is a non-participating plan with limited premium payment term
  • The Maturity Benefit has two variants of Option A and Option B with different payout structure
  • Guaranteed Addition of 5% is added to the SA under Option B
  • The PPT depends on the child’s age

Benefits

  • A part of the SA can be availed in Guaranteed Staggered Payouts after the PPT under Maturity option A @ 7.5% in the first 2 years post PPT and 10% in the next two years
  • On Maturity, under Option A, 65% of the SA is paid and under Option B, 105% of the SA is paid
  • On death, Sum Assured on death is payable which is higher of 10 times the annual premium or 105% of all premiums paid.
  • After death, all future premiums are waived off but the plan continues. The Guaranteed Staggered Payouts are paid as they accrue and on maturity the maturity benefit is paid
  • Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively

Product Specification:

 

Minimum

Maximum

Entry Age of Parent (Last Birthday)

21 years

50 years

Entry age of Child (last Birthday)

0 year

15 years

Maturity Age (Last Birthday)

36 years

65 years

Policy Term (PT) in years

PPT + 5

Premium Paying Term (PPT) in years

10

20

Premium Paying Frequency

Annual, monthly

Yearly Premium

Depends on age, SA, term and PPT

Sum Assured

350,000

No limit

Details About Premium

Annual premium in Rupees for a SA of 5 lakhs

Age / PPT (years)

10

15

20

30

36,168

21,470

14,919

35

36,663

22,076

15,634

40

37,654

23,176

16,485

Policy Details

  • Grace Period: 15 days’ grace period is allowed for premium payment in monthly modes and 30 days in other modes
  • Policy Termination or Surrender Benefit: the policy can be surrendered anytime if one full years’ premium has been paid. The Surrender value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) if at least 3 full years’ premiums have been paid else the GSV is paid
  • GSV = % of all Premiums paid – Guaranteed Staggered Payouts already paid
  • Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • The policy provides loan facility if at least 3 full years’ premiums have been paid

Additional Features or Riders

  • Discount in premium for coverages of 6 lakhs and above

Exclusions

  • In case of suicide within 12 months from inception 80% of premiums paid are returned and within12 months of revival, higher of 80% of premiums paid or the acquired Surrender Value is payable

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

You May like to Read: Exide Child Plans
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
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Exide Life Mera Ashirvad Plan Reviews & Ratings

0 / 5 (Based on 7 Reviews)
(Showing Newest 7 reviews)
Parul
Punjab, August 02, 2021
Inexpensive term plan
My friend is 30 year old and I am 25 years old and noticed a difference in our term plan price. I visited Policybazaar and read some blogs there. I found out that term plans are cheaper if you buy at young age. I am glad to buy this plan at the right time.
Amrita
Chail, August 02, 2021
Tax savings
I recently bought a term insurance policy from the website of Policybazaar. My plan has amazing features and some additional benefits due to an addon. The best part is I can also enjoy a tax rebate. I am so glad to buy this plan.
Pratap
Niwari, August 02, 2021
Purchased Online
My friend asked me to buy a term insurance plan online as it is cheaper and more convenient. I visited the website of Policybazaar and bought a term policy which offers great benefits at cheap rates. My online experience has been great. Thank you team.
Anurag
Modinagar, August 02, 2021
Protection against COVID
The pandemic had me worrying about the future of my family in my absence. I have been searching for a pure insurance policy to safeguard my family against any eventuality. With the help of Policybazaar now I my family is secure as a bought a specialized term plan made to help family of the policyholder.
Kashish
Meerut, August 02, 2021
Best customer service
I did not understand much about insurance but I knew one thing that I needed to secure the future of my family. I took help from the team of Policybazaar and they suggested me what would be best for me. I am happy with my plan. Thank you so much team.
Komal
Palwal, August 02, 2021
Huge coverage
I recently bought a term plan from the website of Policybazaar and I am happy with the product. I got a higher coverage term plan with additional benefits and at cost effective price. Now I am worry free for the future security of my family in my absence. Thanks.
Harisha
Gurgaon, August 02, 2021
Quick to buy
My friend suggested me to buy a term insurance plan online. I visited the website of Policybazaar and it took me about half an hour or maybe less to buy the plan online. The experience was smooth and I am happy with my plan. Kudos team.
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