Exide Life Term Rider Plan

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Introduction/Overview

Exide Life Term Rider is an additional benefit which can be attached to a base policy ensuring double death benefit at minimal cost.

Key Features

  • The rider is applicable in case of death within the policy term due to natural causes or due to accidental or any other peril
  • The rider can be availed at very nominal rates

Benefits

  • On death of the policyholder, Rider SA on Death is payable
  • The Rider SA on death is higher of Rider SA or 10 times the annual rider premium subject to a minimum of 105% of all rider premiums paid till death
  • Income tax benefit on the premium paid as per Section 80C of the Income Tax Act and on the benefits received under Section 10(10D).

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

60 years

Maturity Age (Last Birthday)

-

70 years

Policy Term (PT) in years

5

40

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Same as under the base plan

Yearly Premium

Depends on rider Sum Assured

Sum Assured

50,000

Lower of 50 lakhs or SA under base policy

 

Details about Premium

Premium rates

Age / Term (years)

10

15

20

30

0.14

0.16

0.19

40

0.28

0.34

0.42

50

0.28

0.34

0.42

 

Policy Details

Grace Period: grace period as applicable under the base plan

Policy Termination or Surrender Benefit: not applicable under the plan

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 only 80% of the premiums paid till death are returned

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ of the base plan with accurate medical history along with the address proof. Medical examination may be required in some cases, based on the sum assured and the age of the person.