- *T&C Applied. Returns guaranteed by the Insurer as per the Insurance Plans.
- **Returns guaranteed by the insurer
- *** Tax adjusted Returns - assuming 30% tax bracket
Exide Life Secured Income Insurance Plan
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.
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