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Investment Plans 419 views July 23, 2021
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:
Read this page and know more about the Exide Life Wealth Builder Plan benefits.
Table of Contents
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 –
to the nominee.
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:
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:
You can invest in any of the following funds as per your financial needs and risk appetite:
You can purchase the Exide Life Wealth Builder Plan if you meet the following age criteria:
You can choose your policy term from the following two options:
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.
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 Premium | Maximum Premium |
---|---|---|
< 44 | 10X the Single Premium | 1.25X the Single Premium |
44 | 1.25X the Single Premium | 1.25X the Single Premium |
>= 45 | 1.25X the Single Premium | 1.25X the Single Premium |
For top-up premium < 45 years | 1.25X the Top-up Premium | 1.25X the Top-up Premium |
For top-up premium >= 45 years | 1.25X the Top-up Premium | 1.25X 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.
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.
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.