Exide Life Jeevan Uday Plan

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:

	Minimum	Maximum
Entry Age (Last Birthday)	0 years	55 years
Maturity Age (Last Birthday)	18 years	70 years
Policy Term (PT) in years	10, 15, 20
Premium Paying Term (PPT) in years	10
Premium Paying Frequency	Annual, half-yearly
Yearly Premium	6000	No limit
Sum Assured on Maturity	37,734	No limit
Sum Assured on death	42,000	No limit

Details About Premium

Annual premium in Rupees and Benefit Illustration

Age	35 years
Policy term	20 years
Premium	8000
SA	64,628
Guaranteed Maturity Benefit	80,800
Guaranteed Death Benefit	80,000
Maturity Benefit @ 4%	90,479
Maturity Benefit @ 8%	165,448

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.