Exide Life New Creating Life Insurance Plus is a non-linked Participating Child Life Insurance Plan that helps you arrange funds required for key milestones in your child’s life like his/her higher education, marriage, etc. It is your ideal savings tool for planning for the child’s future.
Get QuotesIn the event of death of the life insured during the term of the policy, Sum Assured on Death is payable, which is higher of Base Sum Assured or 10 times the annualized premium. The minimum life cover is not less than 105% of total premiums paid till the date of death.
You can choose from the following two options to receive sum assured on death.
Option A: Whole sum assured on death is payable as lumpsum.
Option B Option: Sum Assured on death as part lump sum and part as Family Income Benefit.
Under option B, 50% of sum assured on death is payable as lump sum and an assured monthly income for the next 5 years. Then, 1% of sum assured on death is payable as family income benefit every month over a period of 60 months following the death of the life insured. This benefit starts immediately on the death of the life insured.
If 105% of total premiums paid till the date of death is higher than sum assured on death, then any such difference will be paid as lump sum.
In the event of the demise of the life insured, all the future premiums are waived and the policy continues till the date of maturity and the maturity benefit is payable.
Sum assured plus 10% of Sum Assured plus vested bonus plus terminal bonus is payable as maturity benefit, subject to a minimum of 101% of the total base premium paid.
Simple reversionary bonus is declared on a yearly basis and the bonus amount accumulated will be paid on maturity of the policy. Terminal bonus as declared is payable at maturity of the policy.
Loan benefit can be availed, as the policy acquires the special surrender value.
Surrender Value is higher of the Guaranteed Surrender Value or Special Surrender Value, after deducting loans under the policy. Surrender value is acquired after paying all due premiums for 1 full policy year and it is payable immediately on surrender or at the end of the second policy year, whichever occurs later.
Premiums paid for this policy is eligible for tax benefits under section 80C, Maturity proceeds can avail tax benefits under section 10 (10D), premium paid towards critical illness rider is eligible for tax benefits under section section 80 D of the Income Tax Act, subject to prevailing tax laws.
Factor | Minimum | Maximum |
Age (as on last birthday) | 18 Years (0 Year For Child) | 45 Years (17 Years For Child) |
Age at Maturity | - | 60 Years |
Policy Tenure | 10/12/15 Years | 20 Years |
Premium Paying Term (PPT) | 5/7 Years | 10 Years |
Premium Paying Mode | Annually & Monthly | - |
Premium Amount | 10 Years PPT- Rs 18,000 (Annually), Rs 1,500 (Monthly) 7 Years PPT- Rs 24,000 (Annually), Rs 2,000 (Monthly) 5 Years PPT- Rs 36,000 (Annually), Rs 3,000 (Monthly) | No Limit (subject To Underwriting) |
Sum Assured | 5 Years PPT- Rs 1,22,249 (monthly), Rs 1,33,242 (annually) 7 Years PPT- Rs 1,05,263 (monthly), Rs 1,14,728 (annually) 10 Years PPT- Rs 1,07,759 (monthly), Rs 1,17,448 (annually) | - |
Freelook Period | 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy | - |
Grace Period | 30 Days (15 Days For Monthly Mode) | - |
Plan Type | Offline | - |
You can avail extra cover for the following incidents.
Mr. Raj buys Exide Life New Creating Life Insurance Plus with the policy term of 20 years, premium payment term of 10 years, sum assured of Rs 1,43,662 with annual premium amount of Rs 18,000.
Scenario I- Maturity Payout: The maturity benefit payable is Sum assured plus 10% of Sum Assured plus vested bonus plus terminal bonus. It helps fulfill needs and aspirations of his child, even if he is not around.
Scenario II- Death Payout: In the event of his death during the policy term, Rs 1,89,000 as Sum Assured on Death is payable. This payout can be used to fulfill your child’s aspirations.
Benefit Illustration: