Investment Plans 143 views July 20, 2021

Exide Life Secured Income Insurance Plan

Exide Life Secured Income Insurance Plan is a non-linked participating life insurance savings plan that secures the financial needs of your family in case of your absence. The key features of Exide Life Secured Income Insurance Plan are as follows:

  1. Death Benefit with family income payout option
  2. Maturity Benefit
  3. Rider options

Let’s read this page below and know more about the Exide Life Secured Income Insurance Plan benefits.

Exide Life Secured Income Insurance Plan Death Benefit

In case the life assured dies during the policy term, the insurer shall pay the guaranteed death benefit + vested bonus (if any) + terminal bonus (if any). The guaranteed death benefit is higher of –

  1. 10X the Annualized premium
  2.  Sum Assured

The guaranteed death benefit is subject to a minimum of 105% of all the paid premiums till the date of death.

Under this policy, you will get the following options to receive the death benefit:

  1. Lump Sum – If you choose this option,100% of the guaranteed death benefit is payable as a lump sum.
  2. Family Income Payout – Under this option, Exide Life Insurance will pay 50% Guaranteed Death Benefit as a lump sum and the remaining 60% of Guaranteed Death Benefit in equal monthly installments for up to 60 months following the death of the life assured. Exide Life will pay the first installment immediately on the date of death of the life assured.

If the age of the life assured is >= 12 years, the policy cover starts from the date of inception. Whereas, if the age of the life assured is < 12 years, the cover starts after the completion of two policy years. In case the life assured dies during the two years, all paid premiums will be refunded without any interest.

Exide Life Secured Income Insurance Plan Maturity Benefit

Upon survival till the end of the policy term, the insurer shall pay the sum assured + vested bonus (if any) + terminal bonus (if any)

Exide Life Secured Income Insurance Plan Optional Riders

Enhance the protection under this plan by opting for any of the following riders:

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

Note: You can add riders at the policy  inception/anniversary during the policy term. The rider sum assured shouldn’t be more than the base policy sum assured on death.

Exide Life Secured Income Insurance Plan Bonuses

The insurer shall declare a bonus payable in the event of death or maturity, whichever is earlier.

Simple Reversionary Bonus: The insurer declares this bonus as a percentage of the sum assured and it will be attached to your policy.

Terminal Bonus: The insurer declares a terminal bonus from the 10th policy year.

Exide Life Secured Income Insurance Plan Loan Benefit

In case of any adverse financial emergencies, you can avail of loan against this policy, provided it attains the surrender value. The maximum loan that can be borrowed against this policy is 80% of the special surrender value. The rate of interest payable on the loan is decided by the insurer from time to time based on the formula shown below:

Bank rate fixed by RBI as on 1st April every year + 3%, rounded up to a multiple of 50 basis points

Note: The policy acquires a surrender value if at least two full years’ premiums are paid. You can borrow a loan, provided the loan amount is not less than INR 1,000.

Eligibility Criteria for Exide Life Secured Income Insurance Plan

You need to meet the following age criteria to buy Exide Life Secured Income Insurance Plan:

  1. Minimum Age at Entry (as on last birthday) – 0 years
  2. Maximum Age at Entry (as on last birthday) – 55 years
  3. Minimum Age at Maturity Allowed – 18 years
  4. Maximum Age at Maturity Allowed – 70 years

Exide Life Secured Income Insurance Plan Policy Term & Premium Payment Option

You’ll get the policy terms from 15 to 25 years, and the premium payment term will be the same as your chosen policy term. You can pay your premiums yearly or monthly. In case of monthly premium payment, you need to pay three months’ premium in advance on the date of commencement of the policy. The minimum premium amount under this policy is shown below.

  1. INR 15,000 yearly
  2. INR 1,500 monthly

Exide Life Insurance Secured Income Plan provides you a premium discount if you pay higher annualized premiums:

For first INR 24,000 – 0%

For next INR 24,000 – 3%

For next INR 12,000 – 5%

Any premium over the above – 7%

Free Look Period

The policyholder has a free look period of 15 days from the date of receipt of the policy document to review the terms and conditions. And if the policyholder disagrees with any of the terms and conditions, he/she can return the policy stating the reasons for the cancellation. On such cancellation, the insurer refunds the paid premium after a deduction of a proportionate risk premium for the period on cover, medical examination expenses (if any) and stamp duty charges.

Note: If the policy is sourced through distance marketing mode, the free look period is 30 days

Suicide Clause:

If the life assured commits suicide and dies within 12 months from the date of inception or revival/reinstatement of the policy, the company will pay 80% of the paid premium or surrender value (wherever is higher) to the nominee, and the policy will terminate.

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