Investment Plans 130 views July 24, 2021

Exide Life New Fulfilling Life Plan is a non-linked participating life insurance policy that helps you save money for your long-term financial goals. The key benefits of the Exide Life New Fulfilling Life Plan are as follows:

  1. Periodic survival benefits
  2. Lifelong cover
  3. Rider options
  4. Bonuses

Know more about these and other benefits of Exide Life New Fulfilling Life Plan on this page below:

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Exide Life New Fulfilling Life Plan Benefits

You’ll receive the following benefits under Exide Life New Fulfilling Life Plan:

Survival Benefit

Exide Life Insurance provides you an amount that takes care of your short-term financial goals. The survival benefits depend on the premium payment term chosen by you. Check out the table below to understand it better:

Premium Payment Term (In Years)End of the Policy YearSurvival Benefit (as a percentage of the
sum assured)
123rd, 6th, 9th and 12th20%, 20%, 20% and 40%
164th, 8th, 12th and 16th20%, 20%, 20% and 40%
205th, 10th, 15th and 20th20%, 20%, 20% and 40%
246th, 12th, 18th and 24th20%, 20%, 20% and 40%

Note: A total of 100% of the Sum Assured is paid to you during the premium payment term chosen by you. After the completion of the premium payment term, the life cover continues and the policy starts accumulating bonuses till the maturity date.

Maturity Benefit

After attaining 85 years of age, the insurer shall pay the following:

Sum Assured + Vested Bonus (if any) + Terminal Bonus (if any)

Exide Life provides you double Sum Assured – first in the form of survival benefit and later on the policy maturity along with bonuses, if any.

Note: The maturity benefit including the survival benefits shouldn’t be less than 105% of the paid premiums.

Death Benefit

In case of death of the life assured before the policy maturity date, the insurer provides the following benefits to the nominee –

Guaranteed Death Benefit + Vested Bonus (if any) + Terminal Bonus (if any)

The death benefit is payable in addition to any survival benefits the insurer has already paid to the life assured. The death payout shouldn’t be less than 105% of the total paid premiums excluding GST and premiums paid for extra mortality loadings (if any).

The guaranteed death benefit is higher of the following –

  1. Sum Assured
  2. 10X the annualized premium for the base policy, excluding GST and premiums paid for extra mortality loadings (if any)

Rider Option

The insurer helps you customize the plan with the following riders:

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

You can add riders at the policy inception or anniversary during the policy term, subject to underwriting and terms & conditions of the riders. The rider sum assured shouldn’t be more than the base policy Guaranteed Death Benefit.

Bonus

The insurer shall declare bonuses under the policy based upon the profits. There are two kinds of bonuses available under the policy:

  1. Simple reversionary bonus: It is declared as a percentage of the Sum Assured and will be paid in case of death or maturity of the policy, whichever is earlier.
  2. Terminal bonus: This bonus starts from the 25th policy year and is payable at maturity of the policy or death of the life assured, whichever is earlier.

Loan benefit

You can get a loan against the policy after the completion of your premium payment term.

Exide Life New Fulfilling Life Plan Eligibility Criteria

You need to meet the following age criteria to purchase this policy:

  1. Minimum Age at Entry – 15 years (as on the last birthday)
  2. Maximum Age at Entry – 50 years for premium payment term of 12, 16 or 20 years (as on the last birthday) and 46 years for premium payment term of 24 years (as on the last birthday)
  3. Maturity Age Allowed – 85 years (as on the last birthday)

Exide Life New Fulfilling Life Plan Policy Term and Premium Payment Option

Exide Life New Fulfilling Life Plan policy term is 85 years minus the age at entry. The premium payment terms for the plan is as follows:

  1. 12 years
  2. 16 years
  3. 20 years
  4. 24 years

You can pay the premium yearly or monthly. The minimum premium amount is as follows:

  1. Yearly – INR 24,000 for a premium payment term of 12 years and INR 12,000 for a premium payment term of 16, 20 or 24 years
  2. Monthly – INR 2,000 for a premium payment term of 12 years and INR 1,000 for a premium payment term of 16, 20 or 24 years

Note: The maximum premium cessation age is 70 years.

 Exide Life New Fulfilling Life Plan Sum Assured Options

The minimum sum assured of the plan is based upon your premium payment term:

  1. For 12 years – INR 1,15,942
  2. For 16 years – INR 75,642
  3. For 20 years – INR 96,339
  4. For 24 years – INR 1,48,331

Suicide

If the life assured commits suicide within one year from the date of commencement or reinstatement of the policy, the company will not pay any benefits. In case the death occurs within one year from the date of commencement due to suicide, 80% of the paid premium (excluding GST) shall be payable to the nominee. Whereas, if death occurs within one year from the date of reinstatement, the insurer shall pay higher of the following to the nominee:

  1. 80% of the paid premium excluding GST
  2. Surrender Value as on date of death.

Free Look Period

A free look period of 15 days starts from the receipt of the policy document to review the terms and conditions. In case you disagree with any of the terms and conditions, you can cancel the policy by stating the reasons for the same. On such cancellation, the insurer refunds the paid premiums after deducting the medical examination fees (if any), stamp duty charges and proportional charges towards risk cover.

Note: In case the policy is sourced through distance marketing, the free look period is 30 days.

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