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Exide Life My Term Insurance Plan

What is the Plan all About?

Exide Life My Term Insurance Plan is a pure protection plan and enables to ensure financial protection for your loved ones. This plan carries the family income benefit option with flexible premium payment options to choose from.

What are the Key Features?

  • Unique death benefit options
  • Terminal illness benefit
  • Discounted rates for a non-smoker
  • Premium discount on limited pay
  • Premium discount for female lives
  • Discounted premium rates for a higher sum assured

What are the Plan Benefits?

Death Benefit

    You have the option to choose from the below mentioned death benefit options. You can change the death benefit option at any time during the policy tenure. You need to inform the company about such change at least two months before the policy anniversary.

    • Base: In case of your untimely death, the nominee is entitled to receive the base sum assured (in lump-sum) after deducting any terminal illness benefit already paid.
    • Family Income Benefit (FIB): Under this option, you can choose a specific percentage of the life cover to receive as the lump-sum and 110% of the remaining life cover amount would be paid in equal monthly installments in the next 60 months from the death of the insured.

    In the event of an unfortunate death, the nominee will receive the chosen lump-sum amount less the terminal illness benefit already paid.

Terminal Illness Benefit

    25% of the sum assured is liable to pay as a lump-sum on death (up to the maximum of Rs.50 lacs).

    You can choose from the two of the following options:

    • Base: 25% of base the sum assured is paid on the diagnosis of terminal illness.
    • Family Income Benefit (FIB): Under this option, 25% of the lump-sum amount is paid immediately and the policy continues.

Reduced paid-up

    If the premiums have been paid in full for at least 3 years and further premiums are unpaid, then the policy is liable to receive the reduced paid-up death benefit.

    Reduced paid-up death benefit = Base sum assured * 70% * (Number of premiums paid/number of premiums payable).

Surrender Benefit

    Surrender value under this plan is available only for limited pay option. The policy can acquire a surrender value, if all the due premiums have been paid.

    Surrender value = Total premiums paid (excluding service tax and extra premiums if any) * 70% * (Number of remaining complete years of cover / Policy Term in years).

Who can Buy the Plan?

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 , 10 Years -
Premium Paying Mode Monthly, Annually -
Sum Assured 25 Lacs -
Maturity Proceeds Nil Rs 25 Crores (subject To Underwriting)
Plan Type Online -

Is any Rider Available with this Plan?

There are no riders benefits available with this plan.

Premium Illustration

Sample illustration of the Premium Amount for an individual of age 25, 30 and 35 years, opting for a Life Cover of Rs. 50 lacs or Rs. 1 crore as Sum Assured and 25 years as Policy Tenure.


25 years

30 years

35 years

Sum assured = Rs. 1crore

Rs. 34,351

Rs. 50,174

Rs. 72,613

Sum assured = Rs. 50 lacs

Rs. 20,296

Rs. 25,906

Rs. 37,063

(Note: The premium calculation given above is for 5 years limited pay. The premium amount may vary for different premium paying terms. Also, Premium amount is for a non smoker individual keeping good health conditions at the time of buying this insurance plan)

EXID Life My Term Insurance Plan Premiun Graph

Is the Plan, eligible for Tax Benefit?

Exide Life My Term Insurance Plan is eligible for Tax benefits as stated:

  • Premiums paid, qualify for tax benefits as per Section 80C of the Income Tax Act
  • Death benefit(s) are entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

(Subject to the provision stated therein.)