Exide Life New Creating Life Insurance Plan

Exide Life New Creating Life Insurance Plan is a traditional child plan designed to protect the child’s future against any eventualities by creating a strong corpus for future requirements

Key Features

  • This plan is a participating plan with Regular premium payment term
  • The Death Benefit has two variants of Option A and Option B with different payout structure


  • On death, Sum Assured on death is payable which is higher of 10 times the annual premium or base SA subject to a minimum of 105% of all premiums paid.
  • Under Option A the whole SA on death is paid as lump sum and in Option B, part of the benefit is paid in lump sum and part in instalments under the Family Income Benefit
  • As per the Family Income Benefit, 50% of the benefit is paid in lump sum and 1% of the benefit is paid in equal monthly instalments for 60 months
  • After death, all future premiums are waived off but the plan continues and the Maturity Benefit is paid on maturity
  • On Maturity, the SA + vested bonuses and terminal bonus, if any is paid subject to a minimum of 101% of all premiums 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)

18 years

45 years

Entry age of Child (last Birthday)

0 year

17 years

Maturity Age (Last Birthday)


60 years

Policy Term (PT) in years



Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual, monthly

Yearly Premium


No limit

Sum Assured


No limit

Details About Premium

Annual premium in Rupees and Benefit Illustration





Maturity Value @ 4%

Maturity Value @ 8%

35 yrs.



15 yrs.



35 yrs.



20 yrs.



35 yrs.



25 yrs.



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)
  • GSV = % of all Premiums paid + % of vested Bonuses
  • 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

Additional features or riders

  • Accidental Death Disability & Dismemberment Benefit Rider and ING Critical Illness Rider is available under the plan
  • Discounts are allowed for higher premiums


  • 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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