Investment Plans 104 views July 23, 2021

Exide Life Assured Gain Plus Plan

Exide Life Assured Gain Plus Plan is a non-linked participating life insurance policy that helps you achieve future goals at various life stages. The key benefits of this plan are as follows:

  1. Maturity Benefit
  2. Death Benefit
  3. Limited & Single Pay Mode of Payment
  4. Rider options
  5. Guaranteed Terminal Additions

Let’s know more about these and other benefits of the Exide Life Assured Gain Plus Plan on this page below.

Exide Life Assured Gain Plus Plan Death Benefit

In case of unfortunate death of the life assured during the policy term, the insurer shall pay the death benefit to ensure his/her family’s financial protection. The beneficiary shall receive the Sum Assured on Death + Vested bonuses (if any) + Applicable Guaranteed Terminal Additions, (if any). The Sum Assured on Death is higher of –

  1. Sum Assured on Maturity
  2. Multiple of the annualized premium excluding GST, rider premium/extra premium (if any.)

The multiple of annualized premium is shown below:

Age at EntryLimited Premium Payment Term (5 Years)Single Premium
3 to 44 years10X the annualized premium1.25X the annualized premium
45 years and aboveOption of 7 or 10X the annualized premium1.1X the annualized premium

The death benefit should not be less than the following: 

  1. For Limited Premium Payment Term (5 Years): 105% of total the paid premiums till the date of death excluding GST, rider premiums and premiums paid for extra mortality loadings, if any
  2. For single premium: 125% of total premiums paid till the date of death excluding GST, rider premiums and premiums paid for extra mortality loadings, if any.

If the age of the life assured is >= 12 years, the risk cover starts from the date of commencement of the policy. Whereas, if the age of the life assured is < 12 years, the risk cover starts two years from the date of commencement of the policy. If the Life assured dies during this period, the insurer shall refund all the contractual base premiums without any interest.

Exide Life Assured Gain Plus Plan Maturity Benefits

Upon survival till the end of the policy term, the insurer shall pay the Sum Assured on Maturity + Guaranteed Terminal Additions + Simple Reversionary Bonus (if any). The maturity benefit should not be less than 101% of the contractual base premium payable under the policy excluding GST, rider premiums and premiums paid for extra mortality loading (if any). Guaranteed Terminal Additions are calculated as a percentage of the Sum Assured on Maturity. It starts from the end of the 5th policy year. The rate of Guaranteed Terminal Additions is as follows:

End of the Policy YearGuaranteed Terminal Additions
5th7.50%
6th9%
7th10.50%
8th12%
9th13.50%
10th30%
11th33%
12th36%
13th39%
14th42%
15th45%

You are eligible to receive bonuses during the policy term. These bonuses are not guaranteed and are based on participating funds. The simple reversionary bonus rate is paid as a percentage of the Sum Assured on Maturity once by the company. In addition, the insurer may provide a terminal bonus at the termination of the policy. All in all, Exide Life Assured Gain Plus Maturity Benefit is as follows:

Policy Term (In Years)Total Maturity Benefit
10130% of the Sum Assured on Maturity + vested bonuses
12136% of the Sum Assured on Maturity + vested bonuses
15145% of the Sum Assured on Maturity + vested bonuses

Exide Life Assured Gain Plus Plan Rider Option

You can add riders to the policy by paying an extra premium. So, customize the plan by opting for any of the following riders.

  1. Exide Life Critical Illness Rider
  2. Exide Life Term Rider

Add riders at the policy inception or anniversary during the policy term. You can delete the rider from the policy at the policy anniversary by submitting a written request to the insurer. Once the rider is deleted, it cannot be added back. The rider sum assured shouldn’t be more than the base policy sum assured on death. The total rider premium should not be more than 100% of the base premium.

Note: Riders cannot be added if you opt for the single premium mode.

Exide Life Assured Gain Plus Plan Eligibility Criteria

To purchase this policy, you need to meet the age criteria as shown in the table below:

Policy Term (In Years)Minimum Age at Entry (In Years)
103
126
158

The maximum entry age is 60 years for Limited Premium Payment Term and 65 years for Single Premium. While the minimum maturity age allowed under the policy is 18 years, the maximum remains 70 years for Limited Premium Payment Term and 80 years for Single Premium.

Exide Life Assured Gain Plus Plan Policy Term and Premium Payment Option

You’ll get the following policy term options:

  1. 10 years
  2. 13 years
  3. 15 years

The premium payment term is Limited (5 years) and Single. You can pay your premium yearly, half-yearly or monthly if you opt for Limited Pay. The minimum premium amount for Limited Pay is as follows:

  1. INR 60,000 yearly
  2. INR 30,000 half-yearly
  3. INR 5,000 monthly

In case you opt for a single premium, the minimum premium amount is INR 2,40,000. The minimum sum assured as per your chosen premium payment term is as follows:

  1. INR 1,93,000 Limited Premium Payment Term (5 years)
  2. INR 219,000 Single Premium

Suicide Clause

If the life assured commits suicide within one year from the date of inception or revival of the policy, the policy shall terminate and the company will not pay the benefits. In such an event, the insurer pays 80% of the paid premium, excluding GST, to the nominee if death occurs within one year from the date of inception. Whereas, if death occurs within one year from the date of reinstatement, a higher of –

  1. 80% of Paid Premium
  2. Surrender Value available on the date of death

is payable to the nominee.

Free Look Period

You will have a 15-day free look period from the date of receipt of the policy document to receive the terms and conditions. In case you disagree with any of the terms and conditions of the policy, you can cancel it stating the reasons for disagreement. On cancellation, you’ll get a refund of the paid premiums after a deduction of the medical examination fees (if any), stamp duty charges and proportional charges towards risk cover.

Note: The free look period is 30 days if the policy is sourced through distance marketing mode.

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