Investment Plans 124 views July 22, 2021

Exide Life My Assured Income Plan

Exide Life My Assured Income Plan is a non-linked non-participating individual life insurance policy that offers financial security to your family and helps you meet your dreams and goals. The plan has the following key advantages:

  1. 3 variants to receive Guaranteed Income payouts
  2. Guaranteed Terminal Benefit
  3. Limited Premium Payment Term
  4. Rider options

Continue reading this post to learn more about the Exide Life My Assured Income Plan benefits.

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Exide Life My Assured Income Plan Benefits

You’ll get the following benefits if you purchase Exide Life My Assured Income Plan:

Guaranteed Income

Exide Life My Assured Income Plan offers you guaranteed payouts monthly or yearly as chosen by you. You can choose your payout from any of the three variants mentioned below:

Variant 1 – Uniform Income Benefit

Upon survival during the income payout term, you will receive guaranteed income as shown below:

  1. Annual Income for a Policy Term of 10 Years – 101% of one annualized premium is payable yearly from the 6th policy year till the end of the policy term
  2. Monthly Income for a Policy Term of 10 Years – 8% of one annualized premium is payable monthly from the 6th policy year till the end of the policy term
  3. Annual Income for a Policy Term of 16 Years – 125% of one annualized premium is payable yearly from the 9th policy year till the end of the policy term
  4. Monthly Income for a Policy Term of 16 Years – 10% of one annualized premium is payable monthly from the 9th policy year till the end of the policy term

The last installment of the guaranteed income will be paid at maturity along with the Guaranteed Terminal Benefit.

Variant 2 – Enhanced Income Benefit

On survival during the income payout term, you will receive guaranteed income as shown below:

  1. Annual Income for a Policy Term of 10 Years – 125% of one annualized premium is payable yearly from the 11th year to up to 5 years after the end of the policy term
  2. Monthly Income for a Policy Term of 10 Years – 10% of one annualized premium is payable monthly from the 11th year to up to 5 years after the end of the policy term.
  3. Annual Income for a Policy Term of 16 Years – 175% of one annualized premium is payable yearly from the 17th year to up to 8 years after the end of the policy term
  4. Monthly Income for a Policy Term of 16 Years – 14% of one annualized premium is payable monthly from the 17th year to up to 8 years after the end of the policy term

Variant 3 – Increasing Income Benefit

You will receive the following guaranteed income if you survive during the income payout period.

Policy Term (In Years)Payout Period After the End of the Policy Term (In Years)Annual Income (as a Percentage of One Annualized Premium)Monthly Income (as a percentage of one Annualized Premium)
10111008
121108.8
131209.6
1413010.4
1514011.2
16171008
181209.6
1914011.2
2016012.8
2118014.4
2220016
2322017.6
2424019.2

In case of death of the life assured before or after the commencement of guaranteed income, the policy will terminate without paying any further guaranteed income. Whereas on the death of the life assured after the end of the policy term, the nominee will continue to receive the guaranteed income. You have an option to receive the guaranteed income in a lump sum. The lump sum is calculated at a discounted rate of 7.85% p.a. And upon payment of the lump sum, the policy will terminate.

Guaranteed Terminal Benefit

A lump sum amount is payable at the end of the policy term, provided the policy is in force. This benefit is based upon your age, the guaranteed income variant chosen by you and the premium payment term.

Guaranteed Terminal Benefit = Basic Sum Assured – Sum of all Guaranteed Income Benefit

Death Benefit

Sum Assured on Death is payable to the nominee in case of death of the life assured during the policy term. The sum assured on death is the highest of:

  1. X times the annualized premium
  2. 105% of the total paid premiums
  3. Minimum Guaranteed Sum Assured on Maturity

X = 10 if the entry age is 45 years. Whereas, X = 7 or 10 as opted by the policyholder, provided the entry age is 45 years or above.

Note: Minimum Guaranteed Sum Assured on Maturity is equal to the outstanding basic sum assured less paid guaranteed income benefit (if any) and guaranteed terminal benefit (if any)

Optional Riders

Increase your protection by adding any of the following riders:

  1. Exide Life Critical Illness Rider
  2. Exide Life Term Rider

Exide Life My Assured Income Plan Eligibility Criteria

You can purchase Exide Life My Assured Income Plan if you meet the following age criteria:

Policy Term (In Years)Minimum Age at Entry
(as on last birthday)
Maximum Age at Entry
(as on last birthday)
10Uniform Income
Benefit - 13 and 14 (Monthly Income Payout)
Enhanced Income Benefit/
Increasing Income Benefit - 8 years and 9 (Monthly Income Payout)
60
16Uniform Income
Benefit - 10 and 11 (Monthly Income Payout)
Enhanced Income Benefit/
Increasing Income Benefit - 2 years and 3 (Monthly Income Payout)
54

Exide Life My Assured Income Plan Policy Term and Premium Payment Option

Exide Life My Assured Income Plan policy and premium payment terms are as follows:

Policy Term (In Years)Premium Payment Term (In Years)
105
168

You can pay a premium yearly, half-yearly or monthly. The minimum premium amount is as follows:

Uniform Income Benefit

For a Policy Term of 10 Years

  1. INR 95,000 Yearly
  2. INR 50,000 Half-Yearly
  3. INR 9,000 Monthly

For a Policy Term of 16 Years

  1. INR 50,000 Yearly
  2. INR 30,000 Half-Yearly
  3. INR 7,000 Monthly

Enhanced Income Benefit/ Increasing Income Benefit

For a Policy Term of 10 Years

  1. INR 50,000 Yearly
  2. INR 30,000 Half-Yearly
  3. INR 5,000 Monthly

For a Policy Term of 16 Years

  1. INR 30,000 Yearly
  2. INR 15,000 Half-Yearly
  3. INR 4,000 Monthly

Suicide Clause

If the life assured dies due to suicide within 12 months from the date of commencement of risk or revival of the policy, the nominee will get 80% of the total paid premiums or the surrender value (whichever is higher), provided the policy is in force.

Free Look Period

A free look period of 15 days starts from the date of receipt of the policy document to review the terms and conditions. In case you disagree with any of the terms and conditions, return the policy stating the reasons for it. After that, the company shall return the paid premium after a deduction of the proportionate risk premium for the period on cover, medical examination expenses (if any) and stamp duty charges.

Note: Free look period is 30 days if the policy is sourced through distance marketing.

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