Exide Life New Fulfilling Life Plan

Introduction/Overview

Exide Life New Fulfilling Life is a traditional Endowment Assurance plan with money back facility which creates savings at the same time providing life insurance coverage

Key Features

• This plan is a participating plan with limited and Single premium payment term
• 4 survival payouts are made under the plan during the PPT equaling 100% of the SA and on Maturity another 100% of the SA is paid

Benefits

• Survival benefits are paid at regular intervals during the PPT. 3 benefits are paid @ 20% of the SA and at the end of the PPT 40% of the SA is paid as Survival Benefit
• On Maturity when the policyholder attains 85 years of age, Sum Assured + Vested Bonus + Terminal Bonus, if any is paid
• On death, Guaranteed Death Benefit + vested bonuses + Terminal Bonus, if any is payable subject to a minimum of 105% of all premiums paid
• The Guaranteed Death Benefit is higher of the SA or 10 times the annual premium
• 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: 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) – Survival Benefits 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.

Inclusions

• The policy provides loan facility after the completion of the PPT

Additional Features or Riders

• Discount in premium for paying higher premiums

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.