Investment Plans 137 views July 23, 2021

Exide Life Wealth Builder Plan

Exide Life Wealth Builder Plan is a non-participating unit-linked insurance policy that helps create a corpus to achieve your financial goals. You’ll get the following benefits under Exide Life Wealth Builder Plan:

  1. Life Cover
  2. Single Pay Premium
  3. Choice of Eight funds
  4. Unlimited free switches
  5. Return of 50% of Mortality Charges (for a 10-year Policy Term)

Read this page and know more about the Exide Life Wealth Builder Plan benefits.

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Exide Life Wealth Builder Plan Benefits

The insurer provides you the following benefits under the Exide Life Wealth Builder Plan:

Death Benefit

In case of death of the life assured, the insurer pays the highest of the following –

  1. Sum Assured + Additional Sum Assured for Top-up Premiums
  2. 105% of the paid premiums + Top-up Premium
  3. Fund value prevailing as on the date of intimation of death

to the nominee.

Maturity Benefit

Upon survival till the end of the policy term, the insurer provides you a maturity benefit based on your policy term.

For a 5-year Policy Term – The Fund Value as on the date of maturity shall be payable.

For a 10-year Policy Term – Fund Value as on the date of maturity plus 10-year loyalty benefit. The loyalty benefit is equal to 50% of all the mortality charges deducted during the policy term.

You have two options to receive the maturity benefit:

  1. Lump sum
  2. Settlement payout: Here, you’ll get a part of the maturity benefit as a lump sum and the balance in equal monthly, quarterly, half-yearly or annual installments for 5 years after the maturity date.

Partial Withdrawal Benefit

The insurer allows you to use your fund in case of financial emergencies by providing you the option of unlimited partial withdrawals. You can withdraw funds from your policy after the completion of five policy years. The partial withdrawals are subject to the following conditions:

  1. A partial withdrawal is available for a minimum amount of INR 6,000 and a maximum of 20% of the fund value.
  2. The fund value after each withdrawal shouldn’t be less than 20% of a single premium
  3. The partial withdrawal amount is paid after the cancellation of units of an equivalent amount from the fund value.
  4. A partial withdrawal is allowed if the policy is in force
  5. Partial withdrawal benefit is not available for a minor life assured and in the case of policy termination
  6. You can make partial withdrawals from the Top-up Fund Value, as long as it allows you to do so, and later from the Fund Value accumulated through the single premium
  7. No partial withdrawal is allowed from top-up fund value till the expiry of five years from the date of payment of the respective top-up premium
  8. Sum Assured won’t be affected after partial withdrawals.
  9. Partial withdrawal is allowed only for a 10-year policy term

Exide Life Wealth Builder Plan Fund Options

You can invest in any of the following funds as per your financial needs and risk appetite:

  1. Exide Life Secure Fund
  2. Exide Life Preserver Fund
  3. Exide Life Growth Fund
  4. Exide Life Balanced Fund
  5. Exide Life Active Asset Allocation Fund
  6. Exide Life Prime Equity Fund
  7. Exide Life Midcap Fund
  8. Exide Life Capped Nifty Index Fund

Exide Life Wealth Builder Plan Eligibility Criteria

You can purchase the Exide Life Wealth Builder Plan if you meet the following age criteria:

  1. Minimum Age at Entry – 13 years for a policy term of 5 years and 8 years for a policy term of 10 years
  2. Maximum Age at Entry – 65 years
  3. Minimum Age Allowed at Maturity – 18 years
  4. Maximum Age Allowed at Maturity – 75 years

Exide Life Wealth Builder Plan Policy & Premium Payment Term

You can choose your policy term from the following two options:

  1. 5 years
  2. 10 years

The premium payment mode is single pay, and the minimum payment amount is INR 50,000. While the maximum payment amount is subject to board-approved underwriting guidelines. You can add a top-up plan under the policy for which you need to pay an extra premium. The minimum and maximum top-up premiums are INR 10,000 and INR 40 Lakh, respectively.

Exide Life Wealth Builder Plan Sum Assured Options

You can choose your sum assured at the inception of the policy. The minimum and maximum sum assured options are as follows:

Age at Entry (In Years)Minimum PremiumMaximum Premium
< 4410X the Single Premium1.25X the Single Premium
441.25X the Single Premium1.25X the Single Premium
>= 451.25X the Single Premium1.25X the Single Premium
For top-up premium < 45 years1.25X the Top-up Premium1.25X the Top-up Premium
For top-up premium >= 45 years1.25X the Top-up Premium1.25X the Top-up Premium

Life Cover for Minor Life Assured

If the age of the life assured is >= 12 years, the risk cover commences from the date of policy inception. Whereas, if the age of the life assured is < 12 years, risk cover commences from the last day of the second policy year. Until then, no mortality charges shall be levied under the policy. If the life assured dies during this period, the insurer shall pay the fund value only.

Suicide Clause

In case of death of the life assured due to suicide within 12 months from the date of commencement or revival of the policy, the nominee will get the fund value as available on the date of intimation of death. After that, the insurer shall refund other than fund management and guarantee charges.

Free Look Period

In case you disagree with any of the terms and conditions of the policy, you can cancel it within 15 days of the free look period. The free look period starts from the date of receipt of the policy document. On such cancellation, the insurer shall refund the non-allocated premium, charges levied by the cancellation of units and fund value as on the date of cancellation after deducting medical examination fees (if any), stamp duty and proportionate risk premium for the period on the cover (if any).

Note: Free look period is 30 days if the policy is purchased through distance marketing mode.

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