Exide Life Nirmal Jeevan Insurance Plan

Introduction/Overview

Exide Life Nirmal Jeevan Insurance Plan is a traditional savings plan with low premium rates and life insurance coverage to provide for financial security in future through minimal savings

Key Features

• This plan is a non-participating plan with Regular Premium Paying Term
• Under the Automatic Life Cover, the plan runs for 2 or 3 years even when the premiums are discontinued if at least 2 or 3 full years’ premium has been paid respectively
• Easy and hassle free application process because no medical tests are required

Benefits

• Guaranteed SA is paid on either death or maturity of t
• 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 if 3 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)

SSV = SSV Factor * SA/1000

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 if at least 3 years’ full premiums have been paid

Exclusions

• In case of suicide within 12 months from inception 80% of premiums paid are returned and within12 months of revival, Surrender Value is payable. If policy is revived within the Automatic Life Cover and death happens due to suicide within the remaining life cover, full death benefit is paid otherwise the Surrender Value is paid

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.