Investment Plans 140 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.

Investment

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Have a look at the key features of the plan mentioned below.

  1. Flexible Policy and Premium Payment Term Options
  2. Guaranteed Maturity Benefits
  3. Limited Premium Payment Option
  4. Annual Simple Reversionary to Boost Retirement Corpus
  5. Terminal Bonus as Loyalty Benefits
  6. Tax Benefits under Section 80C and 10(10D) of the Income Tax Act, 1961
  7. Multiple Premium Payment Modes
  8. A 15 or 30-day Free Look Period
  9. A Grace Period of 15 or 30 days

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!

Features and Benefits of Exide Life My Retirement Plan in Detail

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.

Multiple Policy and Premium Payment Term Options

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 Pay10 - 30
5
815 - 30
10

What is the Minimum Basic Sum Assured On Vesting?

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 Pay1,68,023
53,30,344
83,33,130
103,17,920

There is no maximum limit on the basic sum assured.

Vesting Benefit

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.

  1. Basic Sum Assured on Vesting plus Accrued Bonuses (If any)
  2. Assured Benefit of 101% of All Premiums Paid

Policyholders can get the vesting benefit according to either of the following methods.

  1. You can get the commuted value as a lump sum up to the limit allowed under Income Tax Act and utilize the remaining balance to purchase an immediate annuity from Exide Life Insurance.
  2. You can utilize the overall proceeds to purchase a single premium deferred pension plan from Exide Life Insurance.

Death Benefit

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.

  1. 101% of the total premiums paid as an assured benefit and accrued bonuses (If any)
  2. 105% of the total premiums paid till the date of death

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.

Different Types of Bonuses

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).

Option to Choose Premium Payment Mode

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 ModeMultiplicative Factor
Monthly1
Annual11.5

How Much Premium Amount Will You Need to Pay?

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)
AnnualMonthly
Single Pay2,40,000-
596,0008,348
860,0005,218
1048,0004,174

Exide Life My Retirement Plan Eligibility Criteria

We have mentioned the conditions related to the Exide Life My Retirement Plan below. Please check.

  1. Minimum Age at Entry – 25 years
  2. Maximum Age at Entry – 70 years
  3. Minimum Age at Vesting – 55 years
  4. Maximum Age at Vesting – 80 years

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