Investment Plans 168 views July 1, 2021

Exide Life Guaranteed Income Insurance Plan

Exide Life Guaranteed Income Insurance Plan is a savings-oriented insurance plan that provides guaranteed benefits after the end of the premium payment term as well as life cover during the policy term. If you want to choose a plan for your retirement and need a guaranteed monthly income, this plan from Exide Life could help you ensure the same. At the time of maturity of your policy, you will also get a lump sum amount. You only need to pay during the first half of your chosen policy term to enjoy tax-free income during the second half of your policy.

Before we understand the plan in detail, let’s check out the key features of the Exide Life Guaranteed Income Insurance Plan mentioned below.

  1. Guaranteed income of 11-13% per annum
  2. Guaranteed regular income with tax savings
  3. Lump sum amount at maturity
  4. Death benefit even during the income payout period
  5. Flexible policy and premium payment term options
  6. Multiple premium payment frequencies
  7. No limit on the maximum sum assured
  8. Enhanced protection via multiple rider options
  9. Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961
  10. Loan against policy benefit
  11. A 15 or 30-day grace period
  12. A 15 or 30-day free look period

Go through this page to understand the features and benefits of the Exide Life Guaranteed Income Insurance Plan in detail. Let’s start!

Features and Benefits of Exide Life Guaranteed Income Insurance Plan in Detail

Exide Life Guaranteed Income Insurance Plan is a non-linked non-participating individual life insurance savings plan that helps you build financial protection for expected and unexpected future expenses. We are discussing its features below for you to look at.

Policy and Premium Payment Term

This plan offers multiple policy and premium payment term options from which you can choose according to your convenience. The minimum annualized premium also depends on the policy term. To know more, check the below table.

Policy Term (In Years)Premium Payment Term (In Years)Payout Term (In Years)Minimum Annualized Premium (In INR)
168824,000
20101018,000
24121212,000
30151512,000

Survival Benefit in the form of Regular Guaranteed Income

After the completion of the premium payment term, you will get a guaranteed income (monthly or yearly) for the remaining policy term. This income is called a survival benefit. So, it will cease on the death of the life insured. To know more about the payouts, check the below table.

Premium Payment Term (In years)Minimum Premium (In INR)Premium Size (In INR)Guaranteed IncomePremium Size (In INR)Guaranteed IncomePremium Size (In INR)Guaranteed Income
824,00024,000 - 47,99911.00% per annum for Annual GI payout

Or

0.85% per month for monthly GI payout
48,000 - 95,99912.00% per annum for Annual GI payout

Or

0.90% per month for monthly GI payout
96,000 and above13.00% per annum for Annual GI payout

Or

1% per month for monthly GI payout
1018,00018,000 - 35,99936,000 - 71,99972,000 and above
1212,00012,000 - 23,99924,000 - 47,99948,000 and above
1512,00012,000 - 23,99924,000 - 47,99948,000 and above

Maturity Benefit

At the end of the policy term, you will get a maturity benefit equal to the sum assured chosen at the start of the policy. You will also get due installments of the guaranteed income (if any).

Guaranteed Death Benefit (GDB)

Exide Life Guaranteed Income Insurance Plan also offers an inbuilt life protection cover that gives a death benefit if the policyholder dies during the policy term. This amount will be the highest of the following amounts.

  1. Ten times the annualized premium
  2. Sum Assured
  3. 105% of the premiums paid less unpaid due premiums

The guaranteed death benefit will be paid as per the option chosen by you.

Under Option A, the death benefit will be paid as a lump sum amount.

Under Option B, family income payout is 110% of the GDB in 60 monthly installments.

Premium Payment Modal Factor

This policy from Exide Life offers the option to pay your premium yearly, half-yearly, quarterly or via monthly mode. The modal factor on choosing the different premium payment modes will be according to the below table.

Premium Payment ModeModal Factor
Monthly1
Quarterly3
Half-yearly6
Yearly11

What is the Minimum Sum Assured?

Under the Exide Life Guaranteed Income Insurance Plan, the minimum sum assured stands at INR 90,987, while there is no limit on the maximum sum assured.

Option to Choose Additional Riders

You can customize your protection by choosing the following rider options at the inception of the policy. You will need to pay an additional premium amount for these riders.

  1. Exide Life Critical Illness
  2. Exide Life Accidental Death Disability and Dismemberment Rider
  3. Exide Life Term Rider

Loan Against Policy

Once your policy acquires a surrender value, you can opt for a loan against your policy. The minimum loan amount stands at INR 1,000, while the maximum can be 80% of the surrender value. The interest rate for the financial year 2019-20 stands at 9.5% per annum.

Exide Life Guaranteed Income Insurance Plan Eligibility Criteria

Have a look at the conditions related to the plan’s eligibility criteria mentioned in the table below.

Policy Term (In Years)Minimum Entry Age (In Years)Maximum Entry Age (In Years)Minimum Age at Maturity (In Years)Maximum Age at Maturity (In Years)
1610552672
208552875
246553079
303553385

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