Exide Life Saral Jeevan Bima

Financial support to the family is of utmost importance to lead a risk-free life. Securing the family financially is important specifically in case the breadwinner of the family passes away untimely. Therefore, it is important to secure the financial future of the loved ones so that they need not compromise on the lifestyle.

Adhering to the same, the Exide Life Saral Jeevan Bima financially covers against death and secures the future of the family no matter what. The Saral Jeevan Bima is a standardized term plan and the life insurance companies have to follow the standardized product guidelines.

Why Exide Life Saral Jeevan Bima?

Exide Life Saral Jeevan Bima is the non-linked, non-participating individual pure risk premium life insurance plan. This Exide Life Saral Jeevan Bima Yojana offers life cover for financial protection. This plan also has the option to stay covered for a term of 40 years and offers the flexibility to choose the mode of premium payment such as monthly, half-yearly or yearly.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

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Eligibility Criteria of Exide Life Saral Jeevan Bima

The table below shows the eligibility criteria of the Exide Life Saral Jeevan Bima plan:

Parameters

Details

Entry Age

18 years and 65 years

Maturity Age

70 years

Policy Term

Single and Regular Pay: 05 to 40 years

 

Limited Pay-5 years: 10 years to 40 years

 

Limited Pay-10 years: 15 years to 40 years

Premium Payment Term

Single Pay

 

Regular Premium: Same as the policy term

 

Limited Premium Payment Term for 05 years and 10 years

Sum Assured

Rs 5 lakh and Rs 25 lakh (Subject to the guidelines of underwriting)

Premium Mode

Single-Premium: In a lump sum

 

Regular and Limited Premium Payment Options:

 

·         Monthly (Only under NACH/ECS)

·         Half-yearly or yearly

Modal Factor

Monthly Mode: 1

Half-yearly Mode: 5.86

 

Annual Mode: 11.5

 

Benefits of Exide Life Saral Jeevan Bima

The following are the key benefits of Exide Life Saral Jeevan Bima Yojana:

Life Cover for the Financial Protection

To provide financial security for the family, the Exide Life Saral Jeevan Bima offers a life cover of Rs 5 lakh to Rs 25 lakh in multiples of Rs 50,000.

Death Benefit

There is a waiting period of 45 days from the beginning date of risk. In case the policy is revived, the waiting period will not be applicable.

The policy will cover only death because of an accident during the waiting period right from the commencement date of risk. In case the life assured passes away other than because of an accident within the waiting period the amount that is equivalent to 100% of the premium received excluding the taxes in case of any will be paid and unpaid will be the sum assured.

In case of demise within the policy term; however, post the waiting period, the beneficiary will receive the death benefit as the lump sum amount while the policy is in force.

The death benefit payable in case of the single premium policy:

Higher of

  • 125% of the single premium
  • The absolute sum assured that would be paid on death


The death benefit payable in case of regular or limited premium policies:

Highest of

  • 10 times of the AP
  • The absolute sum assured that would be paid on death
  • 105% of the premiums paid as on death date

The premiums above referred will not include any additional amount chargeable under the policy because of the underwriting decision and rider premiums.

The absolute amount assured that is to be paid on demise will be equal to the basic sum assured.

In case of death of the life assured while the policy is active, the premiums have been paid and the premium payment mode is other than yearly, the balance premium falling due from the death date and before the next anniversary of the policy will be deducted from the claim sum.

Policy Cancelation Benefit

For Regular Premium Policy: No policy cancellation value will be payable.

For Single Premium:  The policy cancellation value is acquired instantly after the receipt of the single premium and when the policyholder applies for cancellation before the maturity date stipulated.

For Limited Premium Payment Term 5 years and 10 years: The policy cancellation value will be acquired when for two consecutive years the complete premiums have been paid and when the policyholder applies for cancellation before the maturity date stipulated or towards the end of the revival period in case the policy is not revived.

Tax Benefit

The tax benefits are prevailing as per the existing tax laws.

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Exclusion of Exide Life Saral Jeevan Bima

The Exide Life Saral Jeevan Bima does not offer cover for death due to suicide.

For Single Premium Policy

In case of demise of the life assured because of suicide within 12 months from the commencement date of risk of the policy, the nominee of the policyholder is entitled to 90% of the paid single premium and not including any additional sum if charged within the policy due to the underwriting decision and rider premiums.

For Regular/ Limited Premium Policy

In case of demise of the life assured because of suicide within 12 months from the commencement date of risk; however, the policy is active or within twelve months from the revival date of the policy, the nominee of the policyholder is entitled to 80% of the paid premium and not including any additional sum if charged within the policy due to the underwriting decision, rider premiums and taxes until the demise date. This will not be applicable for the lapsed policy as nothing is payable under any such policy.

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Important Terms and Conditions of Exide Life Saral Jeevan Bima

The following are some of the important terms and conditions of the Exide Life Saral Jeevan Bima:

Lapsation

The lapse is the policy status when the due premiums are not paid, however, is within the grace period and the benefits offered under the policy will be ceased from the unpaid premium date.

Grace Period

The grace period is the time that is granted by the insurance company from the premium payment due date with no penalty or late fee in, which the policy is active with the insurance cover and no interruption as per the policy terms.

A grace period of thirty days when the premium payment mode is half-yearly or yearly and fifteen days in case of monthly is permitted for every renewal premium payment. If the premium is unpaid before the expiry days of the grace period, the policy will lapse.

In case the death of the life assured happens within the grace period but before the premium payment that is due, the policy will be rational and the benefits will likewise be paid right after the unpaid premiums deductions as also the premium balance if any falling due from the death date and before the coming anniversary of the policy.

Free Look Period

When bought offline the policyholder has a free look period of 15 days and 30 days in case of online from the receipt date of the policy documents to review the terms and conditions of the Exide Life Saral Jeevan Bima. In case, the policyholder disagrees with any terms and conditions, the policyholder can return the policy to the insurance company for cancellation, giving reasons for the objection. The policyholder is eligible for the refund of the paid premium subject to the deduction of the proportionate risk premium for the term of cover and the costs incurred by the insurer on the proposer's medical examination and the stamp duty charges if any.

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