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Investment Plans 467 views July 27, 2021
If you want a tension-free retirement life, consider buying Exide Life My Retirement Plan. This pension plan from Exide Life helps you generate the corpus you need to sustain your ongoing lifestyle during those days. So, you won’t face the lack of income during your post-retirement years.
Have a look at the key features of the plan mentioned below.
Now you would want to understand these features in detail. On this page, we will discuss the same to help you make a better decision. Read on!
Table of Contents
Exide Life My Retirement Plan is an individual, participating pension plan that helps individuals build a secure retirement life. The plan has several features and benefits that we have discussed in detail. Do check.
Exide Life My Retirement Plan offers flexible policy and premium payment term options. To know more, check the below table.
Premium Payment Term (In Years) | Policy Term (In Years) |
---|---|
Single Pay | 10 - 30 |
5 | |
8 | 15 - 30 |
10 |
Under the plan from Exide Life, the minimum basic sum assured on maturity depends on the premium payment term. We have shown the same in the below table. Have a look.
Premium Payment Term (In Years) | Minimum Basic Sum Assured (In INR) |
---|---|
Single Pay | 1,68,023 |
5 | 3,30,344 |
8 | 3,33,130 |
10 | 3,17,920 |
There is no maximum limit on the basic sum assured.
The policyholder will get a vesting benefit upon the completion of the entire policy term. He/she should’ve made full payment of premiums due throughout the policy term to get this benefit.
This benefit payout will be higher of the following amounts.
Policyholders can get the vesting benefit according to either of the following methods.
If a policyholder dies during the policy term, Exide Life My Retirement Plan will provide a death benefit to the nominee. This benefit will be higher of the following amounts.
The nominee can choose to utilize the overall or part proceeds of the policy to purchase an annuity from Exide Life Insurance at the prevailing rate. Other than this, he/she can also withdraw the entire death benefit as a lump sum amount. After the payment of the death benefit, the policy will terminate.
During the policy term, you will be eligible for multiple bonuses – Simple Reversionary Bonus (SRB) and Terminal Bonus (TB).
Simple Reversionary Bonus is calculated as a percentage of the basic sum assured on vesting. It vests annually on each policy anniversary, and Exide Life pays on the vesting of the policy or the death of the life assured (Whichever is earlier).
Terminal Bonus is also expressed as a percentage of the basic sum assured on vesting. You will get this either on the vesting of the policy or death of the life assured (Whichever is earlier).
You can choose to pay the premium amount annually or monthly according to your convenience. You can change the premium payment mode during the policy term, and it will be effective on the policy anniversary date. To know more, check out the below table.
Premium Payment Mode | Multiplicative Factor |
---|---|
Monthly | 1 |
Annual | 11.5 |
Your minimum premium amount towards the policy will depend on the premium payment term option and payment frequency. To understand it better, check the below table.
Premium Payment Term (In Years) | Minimum Premium Amount (In INR) | |
---|---|---|
Annual | Monthly | |
Single Pay | 2,40,000 | - |
5 | 96,000 | 8,348 |
8 | 60,000 | 5,218 |
10 | 48,000 | 4,174 |
We have mentioned the conditions related to the Exide Life My Retirement Plan below. Please check.