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Exide Life Income Advantage Plan

What is the Plan all About?

Exide Life Income Advantage Plan is a non-linked, participating life insurance plan that assures you of providing regular income plus life cover through the entire policy term. This plan helps fulfill your family’s growing needs plus ensures their happiness at all times.

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What are the Key Features?

  • Annual Guaranteed Income
  • Pay premiums during the 1st half and get regular income during the 2nd half of the policy term
  • Get life cover during the policy term
  • Flexible income payout options
  • Opt for rider(s) to enhance coverage
  • Discounts on paying higher premiums
  • Enjoy tax exemption

What are the Plan Benefits?

Death Benefit

    In case of unfortunate death of the life insured, Sum Assured on Death plus Vested Simple Reversionary Bonuses plus Terminal Bonus is payable as a lumpsum death benefit and the policy then terminates. Here, Sum Assured on Death is higher of absolute amount payable on death, sum assured on maturity, 105% of all the premiums paid, or 10 times of Annualized premium.

Survival Benefit

    Pure Income Benefit Option: If the life insured survives during the benefit payout period (starts immediately after completion of the premium payment term till maturity of the policy), he/she will receive Annual Guaranteed Income, Special Additional Bonus, & Simple Reversionary Bonus.
     

    Income with Maturity Benefit Option: In case of survival of the insured during the benefit payout period, the insured will receive Annual Guaranteed Income along with simple reversionary bonus and terminal bonus.

Bonus

    Simple Reversionary Bonus vested annually from the end of the 1st policy year and is payable on survival during benefit payout term or death of the life insured/maturity of the policy, as applicable under Pure Income Benefit & Income with Maturity Benefit Option respectively.
     

    Special Additional Bonus is declared every year and payable at the end of the policy year. Terminal Bonus is payable on maturity or death, whichever occurs earlier.

Loan Benefit

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

Surrender Value

    Surrender Value is higher of the Guaranteed Surrender Value or Special Surrender Value. For 8 years premium pay policies, surrender value is acquired after payment of 2 full policy years’ premiums and for 12/15 years premium pay policies, surrender value is acquired after paying all due premium for 3 full policy years.

Tax Benefit

    Under this plan, tax benefits for premiums paid under section 80C, premiums paid for critical illness rider under section 80D, & survival/maturity proceeds under section 10 (10D) of the Income Tax Act, subject to change in tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 9 Years (policy Term-16 Years), 5 Years (policy Term-24 Years), 2 Years (policy Term-30 Years) 55 Years (policy Term-16 & 24 Years), 50 Years (policy Term-30 Years)
Age at Maturity 25 Years (policy Term-16 Years), 29 Years (policy Term-24 Years), 32 Years (policy Term-30 Years) 71 Years (policy Term-16 Years), 79 Years (policy Term-24 Years), 80 Years (policy Term-30 Years)
Policy Tenure 16/24 Years 30 Years
Premium Paying Term 8 Years (policy Term-16 Years), 12 Years (policy Term-24 Years), 15 Years (policy Term-30 Years) -
Premium Paying Mode Annually & Monthly -
Premium Amount For Policy Term 16 Years- Rs 30,000 (annually), Rs 2,724 (monthly) For Policy Term 24 Years- Rs 18,000 (annually), Rs 1,635 (monthly) For Policy Term 30 Years- Rs 12,000 (annually), Rs 1,090 (monthly) No Limit (subject To Underwriting)
Sum Assured - -
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?

Exide Life Critical Illness (4) Regular Pay, Exide Life Accidental Death Disability and Dismemberment Rider, Exide Life Term Rider, & Exide Life Critical Illness (25) Regular Pay can be opted under this policy.

How the Plan Works?

Mr. Rao, 45 years old, opts for Exide Life Income Advantage Plan (Pure Income Benefit Option). He chooses a policy term of 30 years with an annual premium of Rs 1,00,000.

Scenario I: In case of survival of Rao till end of the policy term, the benefits payable are Annual Income @8% per annum: Rs 2,12,345 & 4% per annum is Rs 1,26,837.
 

Exide Life Income Advantage Plan

 

Scenario II: In the event of death of Mr. Rao during the tenure of the policy, the policy pays Rs 10 Lacs with applicable bonuses to his family.