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.

News

ING Vysya Life Insurance gets Rechristened to Exide Life Insurance

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