Exide Life My Term Plan

Introduction/Overview

Exide Life My Term Plan is a traditional term insurance plan which provides high coverages at minimal rates to take care of the protection needs of an individual

Key Features

• It is a pure term insurance plan with Regular and limited premium paying options
• There are 2 death benefit options which can be changed later:

1. Option A – Base
2. Option B – Base with Family Income Benefit (FIB)

Benefits

• On death of the policyholder, the Sum Assured less any Terminal Benefit already paid is paid to the nominee under Option A
• Under Option B, 30% -80% of the SA can be taken in lump sum as per the policyholder’s requirement and 110% of the balance is paid in monthly instalments for 60 months
• In case the policyholder is diagnosed with terminal illness, 25% of the SA is paid immediately on diagnosis and the remaining as per the options selected
• Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Details About Premium

Annual premium in Rupees for a policy term of 20 years

Policy Details

Grace Period: 15 days grace period is allowed for payment of premium

Policy Termination or Surrender Benefit: the policy has Surrender Value only for limited pay options.

Surrender Value = total premiums paid * 70% * (number of years remaining/ policy term)

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.

Exclusions

• In case of suicide committed within 12 months of policy inception l only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of the premium or acquired Surrender Value is payable
• For Terminal Illness claims, illnesses arising out of self-inflicted injuries, failure to follow medical advice, alcohol abuse, HIV infection, etc. are excluded

Additional Features or Riders

• Premium discounts for non-smokers
• Premium discounts for female lives
• High SA rebates allowed

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.