Investment Plans 105 views July 23, 2021

Exide Life Wealth Elite Plan

Exide Life Wealth Elite Plan could help you accumulate wealth and enjoy the life you deserve. The plan comes with multiple wealth creation options and higher financial protection for your loved ones. You can choose from as many as eight fund options and do unlimited free switching with this plan.

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We have mentioned its key features below so that you can understand the plan better.

  1. Comprehensive Death Benefit
  2. Multiple Investment Fund Options
  3. Different Options to Utilize Maturity Benefit
  4. Automatic Asset Rebalancing Strategy
  5. Systematic Transfer Plan
  6. Partial Withdrawal Facility
  7. Unlimited Free Switchings
  8. Settlement Payout Option
  9. Tax Benefits under Section 80C and 10(10D) of the Income Tax Act, 1961
  10. A Grace Period of 15 or 30 days
  11. A 15 or 30-day Free Look Period

On this page, we will talk about them extensively. Keep reading to know more.

Let’s Understand the Features and Benefits of the Exide Life Wealth Elite Plan in Detail

Exide Life Wealth Elite Plan is a non-participating unit-linked individual life insurance plan that helps you achieve your financial goals smoothly. We have discussed its features extensively. Please check.

What is the Policy and Premium Payment Term?

Under the Wealth Elite Plan, the policy term ranges from 10 to 20 years. For premium payment terms, you can choose from two options – Regular and Limited. The premium payment term will be the same as your policy term and 10 years under regular and limited pay options, respectively.

What is the Minimum and Maximum Sum Assured?

The sum assured under the Exide Life Wealth Elite Plan depends on the entry age of the policyholder. Check the below table to have more information about it.

Sum AssuredFor Entry Age up to 44 yearsFor Entry Age above 44 years
Minimum10 times the Annualized Premium7 times the Annualized Premium
Maximum20 times the Annualized Premium10 times the Annualized Premium

Death Benefit

With this plan from Exide Life, you can protect your family even in your absence. In case of your unfortunate death during the policy term, the plan will provide a death benefit to the nominee. It will be the highest of the following amounts.

  1. Sum Assured
  2. 105% of the premium paid up to the date of death
  3. Overall Fund Value

Maturity Benefit

If a policyholder survives until the end of the policy term, he/she will get a fund value (on the maturity date) as the maturity benefit. The fund value arrives by multiplying the prevailing Net Asset Value (NAV) with the number of units at maturity.

Exide Life offers two options to get this maturity benefit – Lump Sum or Settlement Payout. Under the latter option, you will get the fund value as on the date of maturity in equal monthly, quarterly, half-yearly or yearly installments over five years.

Self-managed Investment Fund Options

Under this option, Exide Life offers policyholders the following investment fund options from which they can choose according to their investment needs and risk appetites.

  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

Automatic Asset Rebalancing Strategy

With this option, you can rebalance the equity and debt ratio without switching the funds. Under this strategy, policyholders can allocate their investment in a pre-decided ratio between equity and debt-oriented funds. The pre-decided ratio will be according to the below table.

Number of Years to Maturity of the PolicyExide Life Midcap/ Prime Equity FundExide Life Preserver Fund
209010
15-198020
10 - 146040
5 - 94060
0 - 42080

Note: You can choose this option either at the start of the policy or anytime during the policy term. Also, you can enter or exit this fund strategy anytime during the policy term.

Partial Withdrawal Benefit

You can deal with a financial emergency with your fund using the partial withdrawal facility. Exide Life allows policyholders unlimited partial withdrawals from their funds after the completion of five policy years. You can withdraw a minimum of INR 5,000 and up to 25% of the overall fund value provided the same is not less than 1.5 times the annual premium after withdrawal.

Multiple Premium Payment Modes

You can prefer to pay the premium amount in different modes – Annual, half-yearly, or monthly – according to your convenience. The minimum premium amount will depend on the chosen premium payment frequency. To know, check the table below.

Premium Payment FrequencyMinimum Premium Amount (In INR)
Annual2,00,000
Semi-annual1,00,000
Monthly20,000

Exide Life Wealth Elite Plan Eligibility Criteria

Have a look at the conditions related to the plan mentioned below.

  1. Minimum Age at Entry – 0 years
  2. Maximum Age at Entry – 65 years (For Standard Lives)
  3. Maximum Age at Maturity – 75 years

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