Investment Plans 374 views October 26, 2021

Exide Life New Freedom Plan provides you benefits like life cover, survival benefit, maturity benefit and more. Under this Exide Life Insurance unit-linked plan (ULIP), you will be eligible for the following benefits –

  • Death benefit
  • Survival benefit
  • Maturity benefit
  • Five fund options
  • Partial withdrawal benefit
  • Surrender benefit

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Read this page further and learn more about the benefits available under the Exide Life New Freedom Plan.

Exide Life New Freedom Plan Base Benefits

The life insurance company shall offer you the following under Exide Life New Freedom Plan.

Death Benefit Payout Before and After the Commencement of Risk

Your nominee shall receive a death benefit, subject to the terms and conditions as shown below –

  • The policy should be in force as on the date of death
  • In case of death before the date of risk commencement, the company shall pay the fund value to the nominee
  • If the life insurance policy is for less than twelve years, the life cover won’t commence until he/she attains the age of twelve years

The death benefit payable under the Exide Life New Freedom Plan is higher of –

  • Sum Assured
  • Fund Value

The above shall be payable after the deduction of partial withdrawals (if any) made twenty four months before the date of death.

Survival Benefit Available During the Policy Period

The company shall provide a survival benefit of 25% of the fund value during the policy term. You’ll receive this benefit, provided the policy is in force and you are alive. This is payable on completion of –

  • 10 policy years
  • 15 policy years
  • 20 policy years
  • 25 policy years

You can claim the due survival benefits within five years from the due date but before the next survival benefit or maturity benefit payout, whichever is earlier. To get the survival payout, you need to send a written request to the company. Upon receipt of such request, the company shall pay the admissible survival benefit at the prevailing rate. Any unclaimed amount shall not be allowed to be accumulated or carried forward.

Note – If you claim a due survival benefit, it shall be payable in a single lump sum.

If the policy tenure is less than twenty five years, you’ll receive the survival benefits falling due as per your chosen term and the balance shall be payable as a maturity benefit at the prevailing rate.

In case any claim is paid in respect of –

Death Benefit
Or
Maturity Benefit

Then the remaining survival benefits shall lapse and the company shall pay the above benefit. If the maturity benefit and survival benefit fall due in the same year, you’ll receive the maturity benefit.

The survival benefits shall be payable to you by the cancellation of units from the respective funds. If there is more than one unit-linked fund, the cancellation of units will be don%%title%%e in the same proportion as the aggregate value of the units held in each fund unless specified by you and accepted by the company.

What Amount Will You Receive on the Maturity Date?

On survival till the maturity date, the company shall pay the fund value at the prevailing rate.

Partial Withdrawal Benefit Available After Three Policy Years

You can do partial withdrawal from the funds after the completion of three policy years but before the completion of ten years. After getting the partial withdrawal amount, the fund value should not be less than 1 and 1/2 X regular premium or the amount as specified by the company.

In case of your death after getting the partial withdrawal benefit, the sum assured shall be reduced to the extent of the withdrawal amount. This applies if the withdrawal is done 24 months before the date of death.
Note – You can apply for a partial withdrawal more than once during the policy term. And in the case of top-up premiums, this benefit is available after the completion of three years from the date of payment of the top-up premium. The partial withdrawals aren’t allowed if the life assured is a minor.

Exide Life New Freedom Plan Fund Options

You can invest your premium amount in any of the following funds –

  • Debt Fund
  • Secure Fund
  • Balanced Fund
  • Growth Fund
  • Equity Fund

When Will the Exide Life New Freedom Plan Acquire a Surrender Value?

This ULIP shall acquire a surrender value after the completion of the three years. After that, if you want you can surrender this policy by giving written notice to the company. Upon surrender, the company shall pay the fund value at the prevailing rate after deducting surrender charges. On such payment, the policy shall terminate.

Suicide Clause

In case you commit suicide within one year from the risk commencement or reinstatement, the policy shall terminate and the policyholder will get the refund of fund value charges.

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