Investment Plans 254 views January 3, 2022

Exide Life Flexi Life ULIP Plan helps you make money and protect your family in case you’re not around. The key features of this ULIP Plan are shown below –

  • Death Benefit
  • Partial Withdrawal Benefit
  • Maturity Benefit
  • Surrender Benefit

To know more about the benefits of the Exide Life Flexi Life ULIP Plan, read this page below.

Investment

To know the right investment, please fill the details below and our policy experts will get in touch with you

+91

Exide Life Flexi Life ULIP Plan Benefits

The insurance company will provide you and the nominee the following benefits under the Exide Life Flexi Life ULIP Plan.

Death Benefit for the Nominee In Case of Your Death

In case of your death after the risk commencement date but before the maturity date, your nominee will receive the higher of –

  • Sum Assured as reduced by Partial Withdrawals
  • Fund Value

If you die before the risk commencement, the fund value will be payable to the nominee

Maturity Benefit on Survival till the End of the Policy Term

If you survive till the maturity date, you will get the Fund Value.

Surrender Benefit During the Policy Term

You are allowed to surrender the Exide Life Flexi Life ULIP Plan after the completion of three years. And to surrender, you need to give written notice to the company. Upon surrender, the Fund Value after the deduction of surrender charges shall be payable to you. And after its payment, the policy terminates.

Partial Withdrawal Benefit under Exide Life Flexi Life ULIP Plan

After three policy years, you are allowed to withdraw money from your account, provided the Fund Value is not less than 1.5 times the annualized regular premium or any other amount as specified by the company after the withdrawal. You can receive the amount after the deduction of the Partial Withdrawal Charge.

In case of death, the Sum Assured shall reduce to the extent of the withdrawal amount made 24 months before the date of death. For Top-up Premiums, you can do withdrawal after the completion of three years from the date of each payment. However, this lock-in period won’t apply in case Top-Up Premiums are paid during the last three years.

You can’t do partial withdrawal if you are a minor. The insurance company will maintain two separate accounts namely Regular Premium Account and Top-up Premium Account.

In case of partial withdrawal, the company utilizes the Top-up Account. And after its exhaustion, the withdrawal will be made from the Regular Premium Account.

How to File Maturity & Death Claims?

To file a claim, intimate the insurer in writing along with the following documents within 60 days –

(i) Policy document

For Death Benefit due to accidents or unnatural deaths

(i) Policy document
(ii) Death Certificate
(iii) Copy of post-mortem report
(iv) Copies of the First Information Report and the Final Investigation Report

For Death Benefit other than out of accidents or unnatural deaths

(i) Death Certificate
(ii) Policy document
(iii) Medical Cause of the Death
(iv) Identification proof
(v) Medical treatment records – discharge summary/death summary, investigation reports, etc.

Note – You need to provide additional documents or information if the insurer requires the same.

Funds Available Under Exide Life Flexi Life ULIP Plan

You can invest your money in any of the following –

Debt Fund: It invests 100% of the money in debt and debt-related instruments to offer security and moderate growth of your invested capital.

Secure Fund: For reasonable security and opportunity for growth this invests in a mixture of bonds and equity.

Balanced Fund: The fund aims for higher growth with reasonable security through investments of 20% and up to 40% in equity and equity-related instruments including property and property-related instruments and the balance into debt securities and debt-related instruments.

Growth Fund: It offers capital appreciation by investing 40% and up to 60% of the money in equity and equity-related instruments including property and property-related instruments. While the balance gets distributed among debt securities and debt-related instruments.

Suicide Exclusion

In the case of suicide within one year from the date of commencement of risk or reinstatement, a refund of the Fund Value will be made.

People Also Read