Exide Life Guaranteed Income Insurance Plan

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Introduction/Overview

Exide Life Guaranteed Income Insurance Plan is a traditional savings plan which gives the triple benefit of savings, regular incomes and life insurance coverage.

Key Features

  • This plan is a non-participating plan with Limited Pay premium payment option
  • The PPT is limited to half of the term after which the Payout period starts which is guaranteed
  • Death benefit can be either taken wholly in lump sum or partly in lump sum and partly in monthly instalments

Benefits

  • Regular Guaranteed Income @ 11%-13% of the SA is paid depending on the premium amount and PPT chosen
  • The income is paid annually or monthly after the completion of the PPT
  • On Maturity, Sum Assured is paid along with the last instalment of the Guaranteed Income
  • On death, Guaranteed Death is payable
  • Guaranteed Death Benefit is higher of Sum Assured or 10 times the annual premium or 105% of all premiums paid till death
  • The nominee can choose to take 100% of the death benefit in lump sum or 50% in lump sum and 60% in instalments under the Family Income Benefit option
  • Under the Family Income Benefit, 60% of the Guaranteed Death Benefit will be paid in equal monthly instalments for 60 months post death
  • Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

3 years

55 years

Maturity Age (Last Birthday)

26 years

85 years

Policy Term (PT) in years

15, 20, 24, 30

Premium Paying Term (PPT) in years

7, 10, 12, 15

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

12,000

No limit

Sum Assured

90,978

No limit

 

Details About Premium

Annual premium in Rupees for a SA of 1 lakh

Age / PPT

10 years

12 years

15 years

35 years

13,400

11,935

9546

45 years

13,663

12,210

9744

55 years

14,676

13,388

10,460

 

Policy Details

Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes

Policy Termination or Surrender Benefit: the policy can be surrendered if at least 1 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)

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 after the policy acquires a Surrender Value with a minimum amount of Rs.1000

Additional Features or Riders

  • If the insured is less than 12 years of age, the cover starts after 2 years and premiums paid are returned if death occurs within the lien period
  • The payout frequency can be interchanged between annual and monthly mode

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.