Exide Life Insurance Annuity Plan

What is the Exide Life Insurance Annuity Plan?

The Exide Life Insurance Annuity Plan provides guaranteed lifelong income through flexible payout modes. These could be monthly, quarterly, half-yearly, or yearly. It has only one variant, Immediate Annuity with Return of Purchase Price (ROP), where income begins immediately after purchase. Upon the annuitant's death, the nominee receives the full purchase price, ensuring both lifetime income and capital protection. The annuity plan is open to individuals aged 45 to 80 years, with the minimum age limit waived for existing deferred pension customers.

Exide Life New Immediate Annuity with Return of Purchase Price

The Exide Life New Immediate Annuity with Return of Purchase Price is a single-premium, individual, non-linked, non-participating immediate annuity that provides guaranteed income for life, starting right after purchase. You can choose your preferred payout mode, monthly, quarterly, half-yearly, or yearly, to receive regular income.

There are no medical tests required for this plan. Exide Life offers only the Immediate Annuity with Return of Purchase Price (ROP) variant. On the annuitant's death, the entire purchase price is refunded to the nominee or legal heir.

Key Features of the Exide Life New Immediate Annuity

Sample Illustration – Exide Life New Immediate Annuity with Return of Purchase Price (Monthly/Yearly Payouts)

The following example illustrates how annuity payouts are determined under the Exide Life New Immediate Annuity with Return of Purchase Price:

Note: The figures above represent annual annuity per ₹1,000 of purchase price, not percentage rates. The actual payout depends on the annuitant's age, chosen purchase price, and payout frequency. Once issued, annuity rates remain guaranteed for life.

If a 60-year-old invests ₹2,50,000 (Band 3),

Indicative annual annuity = ₹2,50,000 × (71.87 ÷ 1,000) = ₹17,967.50 per year

≈ ₹1,397 per month (using monthly conversion of 7.75%).

Key Takeaway

The Exide Life New Immediate Annuity with Return of Purchase Price offers guaranteed lifelong income through a single premium payment. Here, the income starts immediately, and the purchase price is refunded to the nominee upon death. Entry is open from 45 to 80 years, with the minimum age relaxed for existing deferred pension policyholders and 55 years for UK/Ireland pension transfers. Higher purchase bands qualify for better annuity rates. The plan offers flexible payout modes (monthly, quarterly, half-yearly, or yearly), no medical tests, and tax benefits under Section 80CCC.