Investment Plans 133 views July 22, 2021

Exide Life Income Advantage Plan

Exide Life Income Advantage Plan is non-linked participating life insurance that provides you the benefit of regular income with life cover. The key benefits of the Exide Life Income Advantage Plan are as follows:

  1. Annual Guaranteed Income
  2. Flexible Income Payouts
  3. Life Cover

Read this page below and know more about the Exide Life Income Advantage Plan benefits.

Exide Life Income Advantage Plan Survival Benefit

This plan offers you the option to choose the income payout as per your financial needs. The income benefit starts from the end of the premium payment term till the policy maturity date. There are two options to receive the survival benefits:

Option A: Upon survival during the benefit payout term, you will get an annual guaranteed income + simple reversionary bonus + special additional bonus. This benefit is payable if all due premiums are paid. The last installment of the survival benefit under this option is payable at the maturity date along with the terminal bonus (if any).

Option B: Under this option term, you will get an annual guaranteed income at maturity along with a simple reversionary bonus accrued every year during the policy term (if any) and a terminal bonus (if any).

Exide Life Income Advantage Plan Death Benefit

In case the life assured dies during the policy term, the insurer shall pay the sum assured on death + vested simple reversionary bonuses (excluding already paid bonuses, if any) + terminal bonus (if any). The death benefit amount is payable to the nominee as a lump sum on the date of death of the life assured during the policy term and the policy will terminate with the payment of death benefit. The sum assured on death is the highest of –

  1. 10X the Annualized premium
  2. Absolute amount assured to be paid on death
  3. Sum Assured on Maturity
  4. 105% of all the paid premiums

If the age of the life assured is >= 12 years, the risk cover will commence from the inception of the policy. Whereas, if the age of the life assured is < 12 years, the risk cover will commence from the last day of the second policy year. If the life assured dies during this period, all contractual base paid premiums will be refunded without any interest.

Exide Life Income Advantage Plan Optional Riders

You can enhance the protection under this plan by opting for any of the following riders:

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

Riders can be added at the policy inception or anniversary. Under any circumstances, the sum assured of each rider shouldn’t be more than the base policy sum assured on death.

Eligibility Criteria for Exide Life Income Advantage Plan

To purchase this plan, you need to meet the following age criteria:

Policy Term (In Years)Minimum Age at Entry as on Last Birthday (In Years)Maximum Age at Entry as on Last Birthday (In Years)Minimum Age at Maturity Allowed (In Years)Maximum Age at Maturity Allowed (In Years)
169552571
245552979
302503280

Exide Life Income Advantage Plan Policy Term & Premium Payment Option

You’ll get the following policy term options

Policy Term (In Years)Premium Payment Term (In Years)Benefit Payout Term (In Years)
1688
241212
301515

You can pay your premiums yearly or monthly. For monthly premium payment, you need to pay three months’ premium in advance on the date of commencement of the policy. Check out the table below to know the minimum premium amount under this policy.

Policy Term (In Years)Yearly (In INR)Monthly (In INR)
1630,0002,724
2418,0001,635
3012,0001,090

Suicide Clause:

If the life assured dies due to suicide within 12 months from the date of inception or revival/reinstatement of the policy, the company will not be liable to pay any benefits. If the death occurs within 12 months from the date of inception of the policy, the insurer shall pay 80% of the paid premium to the nominee and the policy terminates. Whereas, if the death occurs within 12 months from the date of revival/reinstatement, the higher of –

  1. 80% of Paid Premium
  2. Surrender Value

is payable to the nominee and the policy terminates.

Free Look Period

You will have a free look period of 15 days to review the terms and conditions of the policy. In case you disagree with any of the terms and conditions, you can return the policy stating the reasons for it. On such cancellation, the insurer will refund the paid premiums after deducting the medical examination fees (if any), stamp duty charges and proportional charges towards risk cover.

Note: In case the policy is sourced through distance marketing, the free look period is 30 days

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