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Investment Plans 412 views October 22, 2021
Exide Life New Prime Life is a unit-linked insurance policy (ULIP) that provides your family protection in case of your death and corpus at the end of the term. Below are the key features of this Exide Life Insurance Plan that will make it happen –
Let’s learn more about these and other benefits of the Exide Life New Prime Life Plan.
Table of Contents
The insurance company shall provide you the following benefits under the Exide Life New Prime Life Plan.
In case of your death after the risk commencement but before the maturity date, the higher of the two shall be payable to your nominee –
Whereas, in case of death before the risk commencement, the company shall pay the fund value to the nominee at the prevailing rate.
On the maturity date, the company shall pay the fund value at the prevailing rate.
If all your premiums are paid, the company shall pay back the first year premium allocation charges and add them to the fund in the proportion as shown below:
When you attain the age of 18 years, provided all regular premiums are paid, the following accidental benefits are available to you –
Accidental Death Benefit: In case of death due to an accident, the company shall pay the initial sum assured plus the death benefit.
Accidental Dismemberment Benefit: In case the accidental injury results in dismemberment, the company shall pay the following benefits –
|Accidental Dismemberment||Percentage of Initial Sum Assured|
|Thumb and index finger of the same hand||25%|
|Any one limb||50%|
|Two limbs or more||100%|
Accidental Disability Benefit: If the accident results in permanent total disability, the company shall pay the following benefits –
|Accidental Disability||Percentage of the Initial Sum Assured|
|Loss of speech||25%|
|Loss of hearing in both ears||50%|
|Loss of use of any one limb||50%|
|Loss of use of two limbs or|
|Total and Permanent Disability||100%|
If the paid amount is less than 100% of the initial sum assured, only the balance of the same or the actual percentage of the benefit, whichever is lower, shall be payable on the subsequent claim. However, if the payment is equal to 100% of the initial sum assured, the Enhanced Accidental Protection Benefit will cease and stand terminated with immediate effect. In case of separation of thumb and index finger on any one arm followed by subsequent separation of the arm, the maximum total benefit payable under this policy shall be made after deduction of the benefit paid in respect of thumb and index finger. To get this benefit, you need to send a written notice to the company within 30 days from the date of the accident along with satisfactory proof.
Note – The Enhanced Accidental Protection Benefit shall automatically cease on the maturity date and shall not continue during the extended insurance cover.
You can choose the Extended Insurance Cover at least six months before the maturity date. If you exercise this option, the company shall make a systematic payment of 10% of the fund value at the end of every year, provided it is not equal to or less than 1.5X the one-year annualized premium.
During this period, you don’t need to make any premium payment including top-up premiums. If you don’t request the extended coverage in writing, the policy shall terminate on the maturity date unless otherwise decided by the company. All applicable charges shall continue to be deducted until the extended policy maturity date.
In case of your death, the company shall pay higher of –
to the nominee
Upon survival till the end of the extended policy maturity date, the company shall pay the fund value at the prevailing rate.
You can do partial withdrawal from the funds after the completion of five years, provided three years’ regular premiums are paid in full. The withdrawal amount shouldn’t exceed 10% of the fund value. You should know that after the withdrawal, the fund value should be at least 1.5X the full policy year annualized regular premium or the amount specified by the insurer. You can get one partial withdrawal in a year and up to five times over the whole policy term. The company shall pay the amount after deducting the partial withdrawal charges and canceling units of the equivalent amount.
In case of death after availing partial withdrawal, the sum assured shall be reduced to the extent of the withdrawal amount made 24 months before the date of death. You can avail of partial withdrawal only after the completion of three years from the date of payment of the respective top-up premium. Partial withdrawal benefit shall not be allowed if you are a minor and during the Extended Insurance Cover.
If you commit suicide within one year from the date of commencement or reinstatement, the policy shall terminate and the nominee shall receive the fund value at the prevailing rate.
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