Investment Plans November 25, 2021

Exide Life Freedom Plan is unit-linked insurance that helps you build money for your future goals such as retirement, child education, etc. The key advantages of this Exide Life Insurance plan are –

  • Death Benefit
  • Maturity Benefit
  • Survival Benefit
  • Surrender Benefit
  • Partial Surrender Benefit
  • Four Fund Options

Let’s learn more about these and other benefits of the Exide Life Freedom Plan on the page below.

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Exide Life Freedom Plan Benefits

The insurance company shall provide you and your nominee the following benefits under this Exide Life Insurance Plan.

Death Benefit for the Nominee

If you die after the risk commencement but before the maturity date, the company shall pay a death benefit to the nominee or policyholder (if the life assured and policyholder are different persons). If your age is less than 12 years, the life cover starts when you attain the age of 12 years. And if the death happens before the risk commencement, the company pays the balance amount in the policyholder’s account after the deduction of applicable charges.

Maturity Benefit Payable at the End of the Policy Term

On the maturity date, the company shall pay you the balance amount in the policyholder’s account.

Survival Benefit for the Life Assured

You can claim survival benefits during the policy term which is 25% of the balance in the Individual Policyholder’s Account. The survival benefit shall be payable at the end of the following policy terms –

  • 10th
  • 15th
  • 20th
  • 25th

Your survival benefits won’t affect the death benefits. The due survival benefits can be claimed within five years from the due date but before the next survival benefits payout or the maturity date, whichever is earlier. Any unclaimed survival benefit shall not accumulate or carry forward.

The survival benefit is paid in a single lump sum. And if the policy is issued for less than 25 years, the survival benefit shall be payable to you on the due date as shown in the table above. And the balance is payable as a maturity benefit to you. In case of a death or maturity claim, the survival benefits remaining unclaimed or not settled shall lapse.

If the survival benefit is due on the maturity date, you’ll receive the maturity benefit only.

Exide Life Freedom Plan Surrender and Partial Surrender Benefits

The company allows you to surrender this policy after the commencement of the second policy year. For this, send a written notice to the company. Upon such request, the company shall pay the balance in the Individual Policyholder’s Account after deducting the surrender charges, and the policy terminates with the same.

And if you want money to meet your financial needs, you can do partial surrender after the completion of five policy years but before the completion of ten policy years. The partial surrender should not be less than INR 25,000 or any other amount as specified by the company. The partial surrender benefit is a maximum of 25% of the balance in the Individual Policyholder’s Account as on the business day following the date of receipt of the surrender request.

Your partial surrender benefit is payable after the deduction of partial surrender charges. Upon its payment, the sum assured shall be reduced to the extent of the surrender amount. You can apply for this benefit only once during the policy term.

Note – Exide Life Freedom Plan will terminate automatically on payment of the death benefit, maturity benefits or surrender benefits.

Exide Life Freedom Plan Investment Options

The following are the fund options available for investments under the Exide Life Freedom Plan.

Debt Fund: The fund provides moderate growth with security through investments in debt and debt-related instruments.

Secure Fund: The company invests in a mixture of bonds and equity for capital growth. Your 10% to 20% of the available funds are invested in equity and equity-related instruments including property and property-related instruments. And the balance is invested in debt securities and debt-related instruments.

Balanced Fund: The fund offers capital growth with reasonable security by investing 10% to 40% of the available money in equity and equity-related instruments including property and property-related instruments. And the rest of the fund goes into debt securities and debt-related instruments to maintain the balance.

Growth Fund: The fund provides high growth opportunities through investments of 40% to 60% in equity and equity-related instruments including property and property-related instruments. And the remaining goes in debt securities and debt-related instruments.

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