Exide Life Jeevan Uday Paln

Introduction/Overview

Exide Life Jeevan Uday is a traditional life insurance plan providing the dual benefits of savings and insurance.

Key Features

• This plan is a participating plan with fixed Premium paying Term of 10 years
• Under the Extended Life Cover, the plan runs for 1 year if at least one full years’ premium has been paid and subsequent premium is unpaid. The policy will be eligible for full death benefit for one year even if the premium is unpaid

Benefits

• On Maturity, Sum Assured on Maturity + Vested Bonus + Terminal Bonus, if any is paid
• On death, SA on death + vested bonuses + Terminal Bonus, if any is payable subject to a minimum of 105% of all premiums paid
• SA on death is higher of Sum Assured on Maturity or 10 times the annual premium if age is less than 45 years or 7 times if age is greater than or equal to 45 years
• Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively

Product Specification:

Details About Premium

Annual premium in Rupees and Benefit Illustration

Policy Details

Grace Period: 30 days’ grace period is allowed for premium payment

Policy Termination or Surrender Benefit: the policy can be surrendered after 3 years 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.

Inclusions

• The policy provides loan facility @ 90% of the SSV

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.