Exide Life Star Saver Plan

Exide Life Star Saver Plan is non-linked non-Participating life insurance that provides guaranteed benefits to fulfill your dreams along with a life cover to support your family in case of your absence. The following are the key benefits of the Exide Life Star Saver Plan:

1. Guaranteed Maturity Benefit
2. Life Cover
3. Policy Loan
4. Optional Riders

To know more about the Exide Life Star Saver Plan benefit, read this page below.

Exide Life Star Saver Plan Benefits

You’ll get the following benefits under Exide Life Star Saver Plan:

Guaranteed Maturity Benefit

On the completion of the policy term, you will receive Sum Assured on Maturity + Accrued Guaranteed Additions + Loyalty Benefit. Sum Assured on Maturity is equal to the Basic Sum Assured, and it is based upon the age of the life assured at the inception of the policy, premium and policy term chosen by you.

The plan also offers Guaranteed Additions (GA) at a simple rate for each completed policy year. The accrued GA shall be payable on death, maturity or surrender, whichever is earlier. Check out the table below to know the percentage of GA applicable to your policy based upon your annualized premium.

On completing the policy term, you’ll get a special loyalty benefit as a percentage of the sum assured. Check out the table below to know about it.

Death Benefit

In case of death of the life assured during the policy term, the insurer shall pay the Sum Assured on Death + accrued GA to the nominee. Sum Assured on Death is the highest of –

1. Sum Assured on Maturity
2. 105% of total premiums
3. 10X the annualized premium where the age at entry is < 50 years. If the age at entry is 51 years or more, 7X the annualized premium

Additional Accidental Death Benefit is payable to the nominee in case of death due to an accident. The additional death benefit is equal to the Sum Assured on Death plus GA accrued till the date of death. Accidental Death Benefit will commence when the life assured attains the age of 18 years.

If the age of the life assured is >= 12 years, the cover starts from the date of commencement of the policy. Whereas, if the age is < 12 years, the cover will commence from the last day of the 2nd policy year. In case the life assured dies during this period, the company will refund all the contractual paid premiums without any interest.

Policy Loan

If the policy has acquired a surrender value, you may obtain a loan on the sole security of the policy. You can borrow a loan amount up to 80% of the available surrender value, provided the policy is in force. The current rate of interest on the loan is 10% p.a. and it is compounded semi-annually. The company will deduct the outstanding loan amount and interest from the benefits payable under the plan. If at any time, the outstanding loan amount and the accrued interest exceeds the value of benefits payable under this policy, the company reserves the right to foreclose this policy.

Riders

Customize your plan by adding any of the following riders:

1. Exide Life Critical Illness Rider
2. Exide Life Term Rider

You can delete any rider at the policy anniversary by submitting a written request to the insurer. Once the rider is deleted, it cannot be added back to the policy.

Exide Life Star Saver Plan Eligibility Criteria

To purchase this plan, you need to meet the following age requirements as per your chosen policy term:

The minimum and maximum maturity ages allowed under this policy are 18 and 75 years.

Exide Life Star Saver Plan Policy Term & Premium Payment Option

Exide Life provides you the following policy terms –

1. 10 years
2. 12 years
3. 15 years

The premium paying term is 5 years and you can pay the premium yearly. The minimum premium amount is INR 24,000. Whereas, the maximum premium is subject to Board Approved Underwriting Policy.

The minimum Basic Sum Assured of the Exide Life Star Saver Plan is INR 76,220. Whereas, there is no maximum limit to the sum assured.

Suicide Clause

If you commit suicide within one year from the date of inception of the policy, the company will pay 80% of the paid premium to the nominee. Whereas, if you commit suicide within one year from the date of reinstatement, a higher of –

1. 80% of paid premiums
2. Surrender value

is paid to the nominee.

Free Look Period

A 15-day free look period 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, cancel the policy by stating the reasons for it. On such cancellation, the company will refund the paid premiums after a deduction of the medical examination fees, stamp duty charges and proportionate risk premium for the period on the cover.

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