Investment Plans July 20, 2021

Exide Life Jeevan Uday Plan

Exide Life Jeevan Uday Plan is non-linked participating insurance that helps you build a corpus for the future and offers financial protection to your family in case of your death. The key advantages of this plan are as follows:

  1. No medical examination required
  2. Death benefit
  3. Maturity benefit
  4. Extended life cover

Read this page further and know more about the Exide Life Jeevan Uday Plan benefits.

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Exide Life Jeevan Uday Plan Death Benefit

In case of death of the life assured during the policy term, the insurer shall pay the sum assured on death + simple reversionary bonus vested in the policy till the date of death (if any) + terminal bonus (if any) to the nominee. The sum assured on death is higher of –

  1. Sum Assured on Maturity
  2. 10X the annualized premium (if the entry age is < 45 years) or 7X the annualized premium (if the entry age is >=45 years)

The sum assured on death is subject to 105% of total paid premiums till the date of death excluding GST and extra premiums, if any.

If the life assured age is >= 12 years, the risk cover will commence immediately from the date of commencement of the policy. Whereas, if the age of the life assured is < 12 years, the risk cover will commence in two years from the date of commencement of the policy. If the life assured dies during the two years, all contractual base paid premiums shall be refunded without any interest.

Note: The minimum sum assured on death is INR 42,000.

Exide Life Jeevan Uday Plan Maturity Benefit

Upon survival till the end of the policy term, Exide Life shall pay the Sum Assured on Maturity + simple reversionary bonus (if any) + terminal bonus (if any). The maturity benefit shall not be less than 101% of the contractual base premium payable under this policy, excluding GST and loading.

Exide Life Insurance may declare a simple reversionary bonus as a percentage of Sum Assured on Maturity and the same will be paid at the maturity of the policy. The insurer may also declare a terminal bonus from the 10th policy year and it is payable to you at the maturity of the policy.

Note: The minimum sum assured on maturity is INR 37,734.

Exide Life Jeevan Uday Plan Extended Life Cover

In case you fail to pay certain premiums, full life cover under the policy will continue for one year from the date of the first unpaid premium, provided at least 1-year premium is paid in full. In case of death of the life assured during the extended life cover period, the insurer shall pay the death benefit as mentioned above. Upon revival of the policy, the extended life cover shall also be revived. On the expiry of extended life cover, your policy will lapse and no life cover will be provided to you until it is revived.

Note: Extended Life Cover is available throughout the policy term irrespective of the number of times the policy is revived/reinstated.

Policy Loan

You can avail of a loan under this policy, provided it has acquired a surrender value. This policy shall acquire a surrender value after the completion of three policy years. You can borrow a loan amount up to 90% of the available special surrender value of the policy. The rate of interest applicable on the loan will be decided by the company from time to time.

The outstanding loan and interest amount shall be deducted from any benefits payable under this policy. If at any point, the outstanding loan along with accrued interest exceeds the value of benefits payable under this policy, the company reserves the right to foreclose it.

Exide Life Jeevan Uday Plan Eligibility Criteria

You can purchase Exide Life Jeevan Uday Plan if you meet the following age criteria:

  1. Minimum age at entry – 0 years
  2. Maximum age at entry – 55 years
  3. Minimum maturity age allowed under this policy – 18 years
  4. Maximum maturity age allowed under this policy – 70 years

Exide Life Jeevan Uday Plan Policy Term and Premium Payment Options

You get the following policy term options under this plan:

  1. 10 years
  2. 15 years
  3. 20 years

The premium payment term is 10 years, and you can pay your premium yearly or half-yearly. The premium options available under this plan is as follows:

For Yearly Mode – INR 6,000, INR 7,000, INR 8,000, INR 9,000, INR 9,600

For Half-yearly Mode – INR 4,000 & INR 4,800

Suicide Clause

If the life assured commits suicide within a year from the date of inception or reinstatement of the policy, the company will not be liable to pay the benefits under this policy. The insurer shall pay 80% of paid premium excluding GST if death occurs within one year from the date of inception of the policy, provided the policy is in force. Whereas, if death occurs within one year from the date of reinstatement after the expiry of extended life cover, the insurer shall pay a higher of –

  1. 80% of paid premium excluding GST
  2. Surrender value as available on the date of death

If the life assured commits suicide within the remaining extended life cover period, the full death benefit shall be payable to the nominee. If the life assured commits suicide after the expiry of the extended life cover period, the insurer shall pay a higher of –

  1. 80% of paid premiums excluding GST
  2. Surrender value as available on the date of death

to the nominee.

Free Look Period

You can review the terms and conditions of the policy during the free look period of 15 days that commences from the receipt of the policy document. In case you disagree with any of the terms and conditions of the policy, cancel it stating the reasons for disagreement. On such cancellation, the paid premiums will be refunded after a deduction of the medical examination fees (if any), stamp duty charges and proportional charges towards risk cover.

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

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