Exide Life Term Rider - Review, Details, Benefits

Benefits

Get up to double life cover in select Exide Life Insurance Traditional Plans. In case of an eventuality, this amount will be paid in addition to the base plan life cover amount.

The enhanced life cover comes at a nominal additional premium.

Tax benefits as per prevailing tax laws, which are subject to change from time to time.

Product Specification:

Age at Entry

Minimum : 18 Years Maximum : 60 Years

Sum Assured

Minimum : ₹50,000/- Maximum : Lower of ₹50,00,000/- or Sum Assured of the Base policy

Rider Protection Ceasing Age

Maximum : 70 Years

Rider Term (Minimum/Maximum)

Regular Premium Payment : 5 Years – 40 Years

Policy Details

Grace Period: The rider premium will be collected along with the premium of the base policy and the grace period applicable for the base policy will be applicable for the rider premium

Maturity/Surrender: This plan offers pure protection benefit and does not offer any maturity or surrender benefits.

Free Look Period: You have a period of 30 days from the date of receipt of the Exide Life Term Rider policy document to review the terms and conditions of the riders. If you have any objections to any of the terms and conditions, you have the option to return the rider policy stating the reasons for the objections and you will be entitled to a refund of the rider premium paid after deducting the proportionate risk premium for the period on cover and stamp duty charges (if applicable). If the Rider is attached on a Policy Anniversary the free look provisions as mentioned above will be available to the Rider Policy attached even on a Policy Anniversary.

Exclusions

Suicide Clause

If the life assured commits suicide for any reason, while sane or insane, within one year from the date of commencement of policy or from the date of reinstatement of the lapsed policy, the company will not be liable to pay the benefits under the policy other than what is specified below: Death occurs within one year from policy commencement date or within one year from reinstatement date: 80% of premiums paid, excluding GST, as on the date of death

You may also like to read about term insurance.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.