Investment Plans November 24, 2021

Exide Life One Life Plus is unit-linked insurance that helps you build a corpus for your financial needs and protect your family financially in case of your death. The key features of this Exide Life Insurance Plan are as follows –

  • Death Benefit
  • Maturity Benefit
  • Surrender Benefit
  • Partial Withdrawal Benefit
  • Cover Continuation Option Benefit
  • Five Fund Options

To know the details of the Exide Life One Life Plus benefits, read this page below.

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Exide Life One Life Plus Benefits

You and your nominee will be eligible to receive the following benefits under this unit-linked insurance plan.

Death Payout for the Nominee During the Policy Term

Upon your death after the risk commencement date but before the maturity date, a death benefit is payable to your nominee, which is higher of

  • Sum Assured – Partial Withdrawals made 24 months before the date of death
  • Fund Value

And if the death happens before the risk commencement date, the nominee will receive the fund value at the prevailing rate.

If your age at entry is less than 12 years, the risk cover will commence at the end of –

  • The first monthly anniversary after you attain the age of five years
  • Two years from the policy commencement date as specified in the policy

whichever occurs later.

Maturity Benefit for the Life Assured

If you survive till the end of the policy term, on the maturity date, you’ll receive the fund value at the prevailing rate.

Partial Withdrawal Benefit

To meet your urgent money requirements, the insurance company provides you a partial withdrawal benefit after the completion of three policy years. You can do unlimited partial withdrawals if the fund value after the withdrawal is not less than or equal to INR 25,000 or any other amount specified by the company.

The company shall allow you to withdraw your money after deducting the partial withdrawal charges. If you die after availing partial withdrawal, the sum assured shall be reduced to the extent of the withdrawal amount.
Partial withdrawal benefits for top-up premiums are available after the completion of three years from the date of their payment. However, the lock-in period of 3 years shall not apply if top-up premiums are paid during the last three policy years.

Note – You can’t do partial withdrawals if you are a minor.

Surrender Benefit for the Life Assured

The company allows you to surrender this policy after the completion of three policy years. To do so, you need to send a written notice to the company. Upon receiving such a request, the company shall pay you the fund value after deducting the surrender charges. Once the surrender value is paid, the policy terminates.

Note – No surrender benefits are available if less than a one-year of regular premium is paid.

Cover Continuation Option Under Exide Life One Life Plus

With this option, you can get life cover without paying for it. And you can avail of this benefit if at least three years of regular premiums are paid. The benefit of this option is that you can continue your life cover without payment of further regular premiums, subject to underwriting requirements of the company, if any.

You can apply for this by giving a written request to the insurer at least three months before the end of the policy revival date. If you choose this benefit, you don’t have to pay further regular premiums, and the policy continues till the fund value falls below one year’s regular premium or the maturity date, whichever is earlier.

If at any time during the policy period, the fund value becomes equal to a one-year regular premium, the policy shall terminate and you’ll get the fund value at the prevailing rate.

Exide Life One Life Plus Investment Options

You can invest your money in any of the following funds –

Debt Fund: The fund gives you security and generates moderate growth through investments in debt and debt-related instruments.

Secure Fund: You can invest your money in a mixture of bonds and equity to get reasonable security and opportunity for growth. Here, 10% to 20% of the available funds are invested in equity and equity-related instruments that include property and property-related instruments. While the balance is invested in debt securities and debt-related instruments.

Balanced Fund: The fund aims to provide growth with reasonable security, so 10% to 40% of the available funds are invested in equity and equity-related instruments including property and property-related instruments. And the remaining goes into debt securities and debt-related instruments to maintain the balance.

Growth Fund: The fund offers high growth opportunities with a minimum of 40% and up to 60% investments in equity and equity-related instruments including property and property-related instruments. And the rest goes in debt securities and debt-related instruments.

Equity Fund: The fund maximizes growth by investing in a portfolio of equities. Here, 90% to 100% of your money goes into equities or equity-related instruments including property or property-related instruments, debt and debt-related instruments.

Suicide Clause

If you commit suicide within one year from the risk commencement or reinstatement, the nominee will receive the fund value at the prevailing rate.

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