Exide Life Secured Income Insurance Plan

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Introduction/Overview

Exide Life Secured Income Insurance is a traditional savings plan which also promises regular monthly incomes to provide for financial stability.

Key Features

  • This plan is a participating plan with Regular Pay premium payment option
  • Death benefit can be either taken wholly in lump sum or partly in lump sum and partly in monthly instalments

Benefits

  • On Maturity, Sum Assured + Vested Bonus + Terminal Bonus, if any is paid subject to a minimum of 105% of all premiums paid
  • On death, Guaranteed Death Benefit + vested bonuses + Terminal Bonus, if any is payable subject to a minimum of 105% of all premiums paid
  • Guaranteed Death Benefit is higher of Sum Assured or 10 times the annual premium
  • The nominee can choose to take 100% of the death benefit in lump sum or 50% in lump sum and the rest 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)

0 years

55 years

Maturity Age (Last Birthday)

18 years

70 years

Policy Term (PT) in years

15

25

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual, monthly

Yearly Premium

12,000

No limit


Details About Premium

Annual premium in Rupees and Benefit Illustration

Age (yrs.)

Term (yrs.)

Premium

SA

Maturity Value @ 4%

Maturity Value @ 8%

35

15

24,000

274,885

388,275

500,290

35

20

24,000

391,353

606,597

829,668

35

25

24,000

512,903

865,523

12,41,225

 

Policy Details

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

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 after the policy acquires a Surrender Value

Additional Features or Riders

  • There is a 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.