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Exide Life Guaranteed Income Insurance Plan

What is the Plan all About?

Exide Life Guaranteed Income Insurance Plan is a non-participating plan that provides a guaranteed regular income. Under this plan, you need to pay during first half of the policy term and get guaranteed benefits after completion of the premium payment term. This plan also provides lumpsum amount on maturity plus a life cover through the entire policy term.

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What are the Key Features?

  • Get guaranteed regular income @11% to 13% per annum
  • Lumpsum amount on maturity
  • Full guaranteed death benefit for the entire policy term
  • Avail loan benefit
  • Saves tax on premium paid

What are the Plan Benefits?

Death Benefit

    In case of unfortunate death of the life insured, a Guaranteed Death Benefit (GDB) is higher of Sum Assured, 10 times of annual premium or 105% of the premiums paid less unpaid due premiums. This benefit is applicable through the entire term of the policy and it is not reduced by Guaranteed Income already paid.
     

    Lumpsum Option: Guaranteed Death Benefit is payable as lumpsum.
     

    Family Income Benefit Option: It is 110% of Guaranteed Death Benefit payable in 60 monthly installments.

Survival Benefit

    Regular guaranteed income as monthly or yearly payout after completion of the premium payment term. This benefit is payable on survival only and it is a percentage of the sum assured chosen.

Maturity Benefit

    It is equal to sum assured chosen at the commencement of the policy and it is payable at maturity of the policy term with the last guaranteed income payout.

Loan Benefit

    Loan is available up to 80% of the special surrender value, provided the policy has attained surrender value. The minimum amount available under the loan is Rs 1,000.

Surrender Value

    Surrender Value is higher of the Guaranteed Surrender Value or Special Surrender Value, after deducting any loan under the policy. For 7 years premium payment term policies, surrender value is acquired after payment of 2 full policy years’ premiums and for other premium payment term policies, surrender value is acquired after paying all due premiums for 3 full policy years.

Tax Benefit

    Tax benefits for premiums paid under section 80C, policy proceeds under section 10 (10D) & premiums paid for critical illness rider under section 80D of the Income Tax Act, subject to prevailing tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 11 Years (policy Term-15 Years), 8 Years (policy Term-20 Years), 6 Years (policy Term-24 Years), 3 Years (policy Term-30 Years) 55 Years
Age at Maturity 26 Years (policy Term-15 Years), 28 Years (policy Term-20 Years), 30 Years (policy Term-24 Years), 33 Years (policy Term-30 Years) 70 Years (policy Term-15 Years), 75 Years (policy Term-20 Years), 79 Years (policy Term-24 Years), 85 Years (policy Term-30 Years)
Policy Tenure 15/20/24 Years 30 Years
Premium Paying Term 7 Years (policy Term-15 Years), 10 Years (policy Term-20 Years), 12 Years (policy Term-24 Years), 15 Years (policy Term-30 Years) -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount For Policy Term 15 Years- Rs 24000, For Policy Term 20 Years- Rs 18000, For Policy Term 24 Years- Rs 12000, For Policy Term 30 Years- Rs 12000 No Limit
Sum Assured Rs 90,978 No Limit
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 -

Is any Rider Available with this Plan?

Following riders can be availed with this plan

  • Exide Life Critical Illness (4) Regular Pay,
  • Exide Life Critical Illness (25) Regular Pay,
  • Exide Life Accidental Death Disability and Dismemberment Rider,
  • Exide Life Term Rider

How the Plan Works?

Ritesh opts for Exide Life Guaranteed Income Insurance Plan with policy term of 30 years with an annual premium of Rs 50,665 for the first 15 years during the policy.
 

Under this policy, he will receive,

  • Regular Guaranteed Income of Rs 69,000 that starts from the end of 16th to 30th policy year. Maturity benefit at the end of the policy term is payable as Rs 5,30,769.
  • In the event of his death during the tenure of the policy, a guaranteed death benefit which is higher of the sum assured or 105% of the total basic premiums paid or 10 times of basic annual premium is payable to his family.
     

Exide Life Guaranteed Income Insurance Plan