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Investment Plans 534 views July 24, 2021
Exide Life Golden Years Retirement Plan is a traditional pension policy that offers you financial support post retirement. So, plan your retirement without compromising on your income with the Exide Life Golden Years Retirement Plan. The plan’s key features include:
So, how do these benefits secure your retirement? Let’s read the same on this page below.
Table of Contents
On the death of the life assured, the insurer pays the highest of the following to the nominee:
The nominee can receive the death benefit in any of the following ways:
On vesting, the insurer pays higher of the following:
You can receive the vesting benefit in any of the following ways:
If the total payable premium of the policy excluding top-up premiums (if any) is >= INR 4,80,000, you are eligible to receive a Loyalty Benefit on vesting. The loyalty benefit is equal to 100% of the allocation charges collected on the premium, excluding top-up premiums (if any), throughout the policy term. The loyalty additions shall be credited in the IPA on vesting, provided all due premiums are paid.
You need to meet the following age criteria to purchase Exide Life Golden Years Retirement Plan:
Exide Life Golden Years Retirement Plan vesting term and premium payment term are as follows:
Vesting Term (In Years) | Premium Payment Term (In Years) |
---|---|
10 to 42 | Single Pay |
10 | 5 to 9 (Limited Pay) |
15 to 42 | 10 to 41 years (Limited Pay) and Regular Pay |
The minimum premium amount is as follows:
In the case of a non-single premium payment term, you can alter the premium payment term subject to limits as allowed under the policy. Before altering the premium payment term, intimate the insurer at least two months before the policy anniversary. The alteration in the premium payment term is effected on the policy anniversary. After alteration, the annual premium amount will be the same as before alteration. The insurer charges no alteration fees.
Note: The premium payment term can’t be reduced to a single premium
You can pay top-up premiums over and above the regular premium in any policy year but before two years from the vesting date. If regular premiums are due, the subsequent premiums shall be adjusted against the unpaid regular premium before accepting the top-up premiums. The minimum amount of top-up premium is INR 2000, while the maximum limit is as follows:
Note: If the Single Premium Exide Life Golden Years Retirement Plan is purchased from the death, surrender or vesting proceeds of any deferred pension plan, the minimum single premium for such policy shall be INR 24,000.
If a customer wants to purchase Single Premium Exide Life Golden Years Retirement Plan from the death/ surrender/ vesting proceeds of any deferred pension plans offered by Exide Life Insurance Company Ltd., the minimum single premium for such policy shall be `24,000.
There is a lock-in period of five years under the Exide Life Golden Years Retirement Plan during which no payouts will be available except for the guaranteed death benefit.
If you disagree with any of the terms and conditions of the policy, return it by stating the reasons for disagreement within 15 days of the free look period. The free look period starts from the date of receipt of the policy document. In case of cancellation during the free look period, the insurer refunds the paid premiums after deducting the stamp duty charges.
Note: In case the policy is sourced through distance marketing, the free look period is 30 days from the date of receipt of the policy document.