Investment Plans 1029 views June 25, 2021

Exide Life Mera Aashirvad Plan

As a parent, if you are looking to fulfill your child’s dreams, Exide Life Mera Aashirvad Plan could be suitable for you. This plan helps you plan for  the key milestones (higher education, marriage, starting a business, etc.) of your child’s life in an organized manner. Mera Aashirvad Plan from Exide Life is a unique child insurance plan that offers guaranteed benefits with which your children can achieve his or her dreams.


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Before understanding this plan further, let’s look at the key features of this plan mentioned below.

  1. Guaranteed Benefits for your child’s education or marriage, etc.
  2. Death benefits in case of the unfortunate death of the parent
  3. Guaranteed policy continuance even after the death of the policyholder
  4. Maturity benefit
  5. Multiple rider options to enhance your protection
  6. Affordable premium
  7. Option to pay premium via monthly mode
  8. Flexible premium payment options
  9. Tax Benefits under Section 80C and 10(10D) of the Income Tax Act, 1961
  10. A free look and grace period of 15 or 30 days
  11. Loan Against Policy facility

Now you would want to know these features in detail. On this page, we will discuss the same along with the eligibility criteria so that you can understand better. Keep reading to know more!

Let’s Understand the Features and Benefits of Exide Life Mera Aashirvad Plan

Exide Life Mera Aashirvad Plan is a guaranteed protection and saving-oriented child insurance plan that ensures financial protection at critical milestones of your child’s life. By choosing this plan, you secure your child’s future. We have discussed the key features of this plan below. Have a look!

Guaranteed Staged Payout Benefit

If you choose Option A, policyholders can choose to get a part of the sum assured as staggered payouts. To know more about guaranteed payouts, check the below table.

Time of Receiving the PaymentPaid-up Value Factor
1st policy anniversary after the premium payment term7.50%
2nd policy anniversary after the premium payment term7.50%
3rd policy anniversary after the premium payment term10%
4th policy anniversary after the premium payment term10%

If you choose Option B, policyholders will not get guaranteed staged payout benefits because the policy will pay a sum assured on maturity as a lump sum amount.

What is the Policy Term and Premium Payment Term?

Under Exide Life Mera Aashirvad Plan, the policy term will be premium payment term plus 5 years. Here, the premium payment term depends on the age of your child. To know more, check the below table.

Age of Child (in years)Premium Payment Term (in years)
013 - 20
112 - 20
211 - 20
3 - 1510 - 20

What is the Minimum Sum Assured?

The minimum sum assured under Mera Aashirvad Plan will depend on the premium payment term chosen by the policyholder. It stands at INR 3,50,000 and INR 4,50,000 for 10-14 years and 15-20 years of the premium payment term, respectively. However, there is no maximum limit.

Death Benefit

If a policyholder (parent) dies during the policy term, Exide Life Mera Aashirvad Plan will pay 100% of the sum assured as a lump sum amount. Also, all future premiums will be waived off, and guaranteed staggered payouts already made will not be deducted from the death benefit.

The sum assured payable on death will be the higher of the following amounts.

  1. 10 times the annualized premium excluding GST, rider premiums and extra premiums, if any
  2. 105% of all the premiums payable (equal to premium x premium paying term) excluding GST, rider premiums and extra premiums, if any)

Note: On the death of the life assured during the policy term, guaranteed staggered benefits payouts and maturity benefits will continue.

Maturity Benefits

If a policyholder survives until the end of the policy term, the policy pays the sum assured (as a lump sum amount) that will depend on the option chosen by him or her.

For Option A – 65% of the sum assured as maturity benefit

For Option B – 105% of the sum assured (The guaranteed addition of 5% of the sum assured if all due premiums have been paid or waived)

Option to Pay Premiums on a Monthly Basis

Other than the annual mode, you can also pay the premium towards your policy every month. The modal factors for different premium payment modes will be according to the below table.

Mode of Premium PaymentMultiplicative Factor
Option A1
Option B11.01

Multiple Rider Options

With the Mera Aashirwad Plan, you can also choose from multiple rider options to customize your overall protection at the inception of the policy or renewal. You will need to pay a small extra amount for the following rider options to enjoy their benefits.

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

Note: In any condition, the sum assured of each rider cannot be more than the base policy sum assured on death.

Loan Against Policy

After paying three full years’ premiums, you can also opt for a loan against your policy. The loan amount will depend on the surrender value of your policy.

Exide Life Mera Aashirvad Plan Eligibility Criteria

Have a look at the important conditions related to the Exide Life Mera Aashirvad Plan mentioned below.

  1. The minimum and maximum age of the parent stands at 21 and 50 years, respectively.
  2. For children, the minimum and maximum entry age remain 0 and 15 years, respectively.
  3. The maximum maturity age of the parent can be 65 years, while the minimum stands at 36 years.

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