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


  • 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:




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



Premium Paying Frequency

Annual, monthly

Yearly Premium

Depends on age, SA, term and PPT

Sum Assured


No limit

Details About Premium

Annual premium in Rupees for a SA of 5 lakhs

Age / PPT (years)
















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.


  • 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


  • 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.

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