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Exide Life Term Insurance Plans

Creating a robust base for your family’s financial future is imperative to have a smooth journey to achieve your and your family’s aspirations. To enable the aspirations and dreams, Exide Life protection plans or Term Insurance plans comes in to provide you and your family a security net at a minimal cost. Exide Life Term Plans come with a variety of benefits to give your family a safety net in the event of you not being around your family to safeguard them.

Exide Life has 86.10% as Claim Settlement Ratio (as per IRDAI Annual Report 2014-15).

Exide Life Insurance Company offers following Term Plans:

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1. Exide Life Smart Term Plan

In today’s time, when you are aware and cautious about everything that surrounds you, it is important to be aware about your family’s financial needs in your absence. Secure your loved ones future with Exide Life Smart Term Plan, an exclusive term plan that provides your family a monetary payout in the unfortunate event and also returns the premiums paid by you, if you survive the policy term.

Key Features

• Choose among the 3 plan options as per your needs

• Return of paid premiums on survival of the policy term

• Flexible premium paying options

• Enhanced coverage through riders

• Premium discount offered for female lives

Benefits

  • Death Benefit

    Under this plan the insured has to choose out of the following option at policy inception. Once opted, the option cannot be changed during the policy term.

    o   Classic Protection: Under this pay out option the chosen sum assured is given to the nominee in the event of insured’s death.

    o   Step Up: Under this pay out option the chosen sum assured is given to the nominee in the event of insured’s death.

    o   Comprehensive: The insured chooses a sum assured under Classic variant for which he pays an annual premium for the policy term. Additionally, the insured can opt for an additional higher life cover to the base sum assured by paying a nominal additional annual premium.In case of insured’s death during the policy term, the total life cover chosen under the classic variant plus the additional life cover is paid to the nominees.

  • Maturity Benefit

    Maturity benefits vary with the type of plan option chosen by the insured.

    o   Classic: In case the insured survives the term, 100% of annual premiums paid are returned to the insured.

    o   Step Up: In case the insured survives the term, an amount up to 150% of annual premiums paid by the insured is returned.

    o   Comprehensive: On survival of policy term, an amount equal to 100% of annual premiums paid by the insured under Classic variant is returned.

  • Rider Benefit

    Exide Life smart term plan offers Exide Life Accidental Death, Disability and Dismemberment Rider and Exide Life Critical Illness for enhanced protection.

  • Surrender Benefit

    The policy will acquire a Guaranteed Surrender Value (GSV) if the insured has paid three full year’s premiums in Regular Premium (two full year’s premiums in 5 Pay). In case of Single Premium the policy acquires GSV from the first policy year itself. The surrender benefits are payable immediately on surrender as mentioned in the policy contract.

  • Tax Benefit

    This plan offers tax benefits as per Section 80C of the Income Tax Act for the premiums paid and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act, subject to the provisions stated therein.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 65 years (for step up plan option it is 60 years)
Age at Maturity - Not mentioned
Policy Tenure 10 years 30 years
Premium Paying Term Single Pay, 5 Pay & Regular Pay -
Premium Paying Mode Monthly, Half yearly and Annual -
Sum Assured 5 Lacs No Limit (subject to underwriting)

2. Exide Life My Term Insurance Plan

Exide life offers a pure term plan which will allow you to secure your family’s future in the best possible way at the minimum cost with Exide Life My Term Insurance Plan.This plan helps you to design and guarantee monetary protection to your family in your absence. This plan also offers terminal illness inbuilt benefits and unique death benefit options to choose from.

Key Features

• Family income benefit with this plan

• Flexible premium payment options to choose from

• Inbuilt Terminal Illness benefit

• Preferential rates for Non Smokers

• Unique death benefit options to choose from

Benefits

  • Death Benefit

    Insured may opt from the below mentioned 2 death benefit options at the inception of the policy. Insured have the elasticity to alter the death benefit option selected at any time during the policy term.

    o   Option A: - Base: In the event of insured’s unfortunate demise, the base sum Assured (less terminal illness benefit already paid) is payable to the nominee as a lump sum amount.

    o   Option B: - Base with Family Income Benefit (FIB): The insured can opt a payout as a part of the life cover to be paid as lump sum and 110% of the balance amount as equal monthly installments for next 60 months from the date of death. In the event of insured’s unfortunate demise, the base sum Assured (less terminal illness benefit already paid) is payable to the nominee as a lump sum amount.

  • Terminal Illness Benefit

    If the insured is being diagnosed with the terminal illness during the policy term. The terminal illness pay out will be as per the death benefit options opted. For Base option, 25% of the base Sum assured will be payable on diagnosis of terminal illness and for Base with Family Income Benefit (FIB) 25% of the part lump sum amount (payable on death) will be paid on diagnosis of terminal illness.

  • Rider Benefit

    This plan offers enhanced coverage by opting the available riders with the plan which are Exide Life Critical Illness and Exide Life Accidental Death Disability and Dismemberment Rider.

  • Tax Benefit

    This plan offers tax benefits as per Section 80C of the Income Tax Act for the premiums paid and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act, subject to the provisions stated therein.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 65 years
Age at Maturity - 75 years
Policy Tenure 10 years 35 years
Premium Paying Term Regular and limited pay (5, 7 or 10) -
Premium Paying Mode Monthly and Annually -
Sum Assured 25 Lacs 25 crores (subject to underwriting)
Maturity Benefit Nil -