Exide Life Pension Plans

The Company offers individual as well as group life insurance solutions. For more than six decades, Exide Industries has been one of India's most reliable brands, enjoying unrivalled reputation and recall. Constant emphasis on innovation, extensive geographic footprint, strong relationship with marquee clients and steady technology upgradations with global business partners has made Exide Industries, a reliable brand that India trusts. Recognized as the Economic Times Best Brand under the BFSI category in 2020, Exide Life Insurance Company Limited is 100% owned by Exide Industries Limited. One of the pioneers among private life insurers in India, the Company was founded in 2000, and started its operations from 2001.

What are Pension Plans?

Annuity or Pension plans are such plans which are designed with the purpose of providing income after retirement regularly so that an individual can meet his day-to-day expense without hardships. These are specialized pension plans with special features which are as below:

• When the plan matures and annuity payments start it is called the Vesting Date

• There are two types of plans as per individual requirements. One is the Deferred Annuity plan where the individual pays premiums for stipulated period and after the completion of that period, the plan vests and annuity begins. If he dies in that period, a benefit is paid to the nominee. The other is the Immediate Annuity plan where the individual pays an amount and annuity payments start immediately from the next month or any other period as chosen and there is no benefit payable on death. On death the annuity simply stops

• Annuity payments will be paid from the accumulated fund as the policyholder cannot withdraw the money invested in a pension plan. Only 1/3^rd part of the money can be taken in cash as commuted pension.

Exide Life Pension/Annuity Plans:

You spend most of your time working hard towards fulfilling your responsibilities. Retirement years are said to be the golden years of your life, which allows you to enjoy everything you always wanted. To ensure you are able to enjoy and cherish your retirement years, it is important that you plan well. Retirement Solutions from Exide Life Insurance allows you to build substantial corpus for your retirement thereby ensuring your retirement is worry free.

Read Also : What is an Annuity | Present Value of an Annuity

Exide Life New Smart Pension Plan

Key reasons to buy this plan:

• Life cover upto 105% of total premiums paid (Including top-up premiums)

• Build a retirement corpus

• Flexibility to alter vesting date and premium payment term

• Loyalty additions

Eligibility Details

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Exide Life New Immediate Annuity Plan

Key reasons to buy this plan:

• Lifelong Annuity pay outs guaranteed for life

• Flexible options to receive annuity

• Large volume discount on annuity rates depending upon the purchase price range

• No medical examinations required

• On demise option for full refund of the purchase price

Eligibility Details

Applying for a Pension Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Pension Plans through PolicyBazaar

• On the PolicyBazaar homepage, click on Retirement under the Personal tab.

• Click New Quotes to compare and choose from top insurance providers.

• Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.

• Fill in your name, email address, city, country code, and mobile number. Click Continue.

• You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.

• After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.

• You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.

• This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

How does a guaranteed period annuity plan work?

Here, the annuitant opts to receive the annuity for a fixed number of years. If he dies within that term, the nominee will continue to receive the annuity till the term expires and the purchase price is exhausted.

How does a joint annuity plan work?

In a joint annuity plan, 2 or more people buy the plan together. Let us consider that Ram and his wife Lata have bought a joint annuity plan. Even though Ram dies after a few years, Lata continues to receive the annuity till the time she survives. 

What role does a nominee play in annuity insurance?

The role of the nominee is very minimal in an annuity plan. This is because the life of the annuitant is not covered and if he dies, no death benefit is paid to the nominee. But yes, the purchase price (which is left over) is usually returned to the nominee when the annuitant dies.

Exide Life Pension Plans - FAQs