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Investment Plans 471 views July 22, 2021
Exide Life Nirmal Jeevan Plan offers guaranteed maturity and death benefit to policyholders at an affordable annual premium. If you want to choose a plan that gives guaranteed returns without any impact of external circumstances, Nirmal Jeevan could be the right option for you. One of the best things about this plan is that you will get automatic life cover even if you are unable to pay future premiums after two or three years into your policy.
Before we discuss the plan in detail, let’s check out its highlights mentioned below.
Now, we will talk about these features and benefits in detail to give you the complete picture. Read on!
Table of Contents
Exide Life Nirmal Jeevan Plan is a non-participating endowment assurance plan that helps policyholders get both protection and savings. We have discussed the features and benefits of this plan below that you should check.
Under the Exide Life Nirmal Jeevan Plan, the policyholder can choose from multiple policy term options – 10, 12 or 15 years. The premium payment term will be equal to the policy term.
The minimum and maximum annual premium under the policy stands at INR 6,000 and 12,0000, respectively. The plan has the annual premium payment mode only. You can pay the annual premium in multiples of INR 1,000 only.
If the life assured dies during the policy term, the policy will pay the sum assured to the nominee or beneficiary.
If the life assured person survives until the end of the policy term, the plan will pay a guaranteed sum assured at maturity.
If you fail to pay premiums towards the policy, the benefits will either lapse or reduce. However, such things will not happen with the Exide Life Nirmal Jeevan Plan. Under this plan, if you don’t pay certain premiums, the guaranteed death benefit will continue for two or three years.
Note: The Automatic Life Cover period will be applicable for two up to three years. However, you cannot revive the policy during the third year of lapse. On the revival of the policy, the automatic life cover will also be revived and the insured person can opt for the same.
After paying the premium for three full years, you can opt for a loan against the Nirmal Jeevan Plan. With this facility, you can meet any financial requirement during the policy period. Here, the loan amount will depend on the surrender value of your policy.
You will need to fulfill the following conditions before purchasing this plan.
If an individual is not satisfied with the terms and conditions of the policy, he/she has the option to cancel the policy within 15 days of the receipt of the policy document. This period is known as the free look period. You can cancel the policy by writing to the insurer about your reasons for disagreement with the original policy document within this period.
In such cases, the insurer will refund the premiums paid by the policyholder after deducting the stamp duty charges and proportional charges towards insurance risk cover.
Note: The free look period is 30 days if the policy is sourced through distance marketing.