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Exide Life Golden Years Retirement Plan

What is the Plan all About?

Exide Life Golden Years Retirement Plan is a Non-Participating Unit Linked Pension Plan that offers a host of benefits to build a corpus. This plan helps you live an Independent life, even after the retirement. This plan also offers guaranteed benefits on vesting and upon death of the policyholder.

What are the Key Features?

  • Growth with minimum guarantee
  • Build retirement corpus
  • Guaranteed vesting benefit
  • Flexible premium Payment Term and Top Ups
  • Commutation benefit
  • Avail loyalty benefit
  • Enjoy life cover
  • Tax savings

What are the Fund Investment Options?

This policy offers ‘Individual Pension Account’, where your funds will be invested.

What are the Plan Benefits?

Guaranteed Death Benefit

    In case of death of the life insured, the higher of 105% of gross premiums paid (including top-up premiums), gross premiums paid (including top-up premiums) compounded at 1% p.a, or Balance in Individual Pension Account (IPA) plus prorated interest from last policy anniversary is payable.

    The nominee can use the guaranteed death benefit through the following two ways:

    • Utilize the guaranteed death benefit or any part of it to purchase annuity at the then prevailing annuity rates.
    • Withdraw the entire guaranteed death benefit.

Guaranteed Vesting/Maturity Benefit

    At vesting, the higher of Gross premiums including top-up premiums compounded at 1% p.a. or Balance in the IPA is payable.

    Guaranteed vesting benefit can be utilized in the following 2 ways.

    • A portion of the vesting benefit can be taken as tax-free commuted value.
    • Use the entire proceeds to buy a Single premium deferred pension plan.

    QROPS (Qualifying Recognized Overseas Pension Scheme) customers can avail the vesting benefit, on attaining age 55 years or vesting age, whichever is later.

Commutation Benefit

    You have the option to take up to 1/3rd of the benefit as tax-free cash lump sum as per the current income tax regulations. The rest of the amount shall be used to purchase an annuity at the then prevailing annuity rates.

Loyalty Benefit

    You can receive a Loyalty Benefit at vesting, if the policy chosen has total premium payable is equal to or more than Rs 4,80,000. The Loyalty Benefit is equal to 100% of the allocation charges collected on premium through the entire policy term. The loyalty benefit is credited in Individual Pension Account at vesting provided all due premiums are paid.

Alteration of Premium Payment Term

    For Non-single Premium Payment Terms, you have an option to alter the premium payment term. You need to intimate the company at least 2 months before the policy anniversary from which you want to change the premium payment term. The premium payment term can be altered only on policy anniversary. No charge is levied for such alteration.

Top-up Premium

    Top-up Premium is allowed to increase your investments at any time during the policy term, except the last 2 years under the policy. The minimum amount of top-up premium is Rs 2000.

    There is unlimited top-up premiums are allowed during the first 15 policy years. From 16th policy year onwards, for limited & regular pay, the top-up premium of up to 5 times the annual premium is allowed and for single pay, no top-up premiums are allowed. No top-up premiums are allowed during the last two years of the policy.

Interest Rate Benefit

    Under this plan, the IPA will earn a minimum floor rate @1% p.a. compounded for the throughout the policy term. An additional Interest Rate of 4% p.a. compounded is credited in your IPA for the first 5 years & 0.5% p.a. compounded for the remaining policy years. Residual Addition is also credited at the end of each year, starting from 5th policy year. This interest is not applicable for policies, discontinued before completion of the lock-in period.

Switching/Premium Redirection

    Switching & premium re-direction is not applicable under this plan.

Bonus

    No bonus is applicable, as it is a non-participating pension plan.

Loan Benefit

    Loan benefit is not available under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the Individual Pension Account (IPA) Value after deducting Policy Discontinuance Charges are credited to the Discontinued Pension Policy Account. A minimum guaranteed interest rate is applicable to the Discontinued Pension Policy Account. A Fund Management Charge of 0.50% is levied on the balance in the IPA.

    Upon surrendering the policy on or after the completion of lock-in period of 5 years, the surrender value shall not be less than the balance in IPA.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 65 Years
Age at Vesting 55 Years 75 Years
Vesting Term 10 - 42 Years/10 Years/15 - 42 Years -
Premium Paying Term (PPT) Single (for 10 - 42 Years), Limited 5 To 9 Years (for 10 Years), Limited (10 - 41 Years) & Regular (for 15 - 42 Years) -
Premium Paying Mode Single Pay, Annually & Monthly -
Premium Amount For Regular/Limited Premium Payment: Rs 24,000 (annually) For 10 - 42 Policy Years, Rs 48,000 (annually) For 5 – 9 Policy Years Rs 2,000 (monthly) For 10 - 42 Policy Years, Rs 4,000 (monthly) For 5 – 9 Policy Years For Single Premium Payment: Rs 2,40,000 No Limit
Annuity Options Guaranteed For Life -
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?

No rider can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charge: Premium Allocation Charge is deducted as a percentage of the premium before allocation of the units. For Regular Premium payment policies (annual mode), it is 9%/2.5%/2% for 1st policy year/2nd to 5th policy year/6th policy year onwards, respectively. For monthly mode, it is 6%/2%/2% for 1st policy year/2nd to 5th policy year/6th policy year onwards, respectively.

For Single Premium payment policies, it is 3% during the 1st policy year. For top-up premiums, the premium allocation charge is 1.5%

Policy Administration Charge: For Regular Premium pay policies, the policy administration charge is 4% of annual premium charged from 2nd policy year onwards. For Single Premium pay policies, it is 2.2% of annual premium during 2nd to 5th policy year.

The Policy administration charges are subject to a maximum of Rs 500 per month.

Annual Management Fee: The Annual Management fee is 1.35% per annum on the Policy IPA and it is charged as percentage of the pension account value.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Is the Plan, eligible for Tax Benefit?

Premiums paid are tax free under section 80C as per applicable income tax laws.

How the Plan Works?

Shivam at 30 years of age, wants to accumulate corpus so he can lead a financially independent life after his retirement. He thus opts for Exide Life Golden Years Retirement Plan with the vesting term of 42 years and single premium payment of Rs 3,00,000.

Scenario A: Shivam Survives till Vesting

At vesting, the higher of Gross premiums including top-up premiums compounded at 1% p.a. or Balance in the IPA is payable. The IPA is also added with additional Interest Rate and Residual Addition, as applicable.

Scenario B: Shivam dies before completion of the Vesting Term

In case of demise of Shivam with-in the vesting term, the higher of 105% of gross premiums paid (including top-up premiums), gross premiums paid (including top-up premiums) compounded at 1% p.a, or Balance in Individual Pension Account (IPA) plus prorated interest from last policy anniversary is payable.