Investment Plans 137 views July 19, 2021

Exide Life Wealth Maxima Plan

Exide Life Wealth Maxima Plan is unit-linked insurance that provides your family financial protection against death and benefits to suit your life stage needs. The key benefits of this plan are as follows:

  1. 3 Plan Variants
  2. 6 Fund Option
  3. Maturity Benefit
  4. Death Benefit
  5. Loyalty Addition

Read this page further and know more about the Exide Life Wealth Maxima Plan coverage.

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Exide Life Wealth Maxima Plan Variants

This policy offers three variants to the customer, such as:

  1. Maxima Invest
  2. Maxima Family
  3. Maxima Child

As you progress in life, your responsibilities change, so this plan allows you to change between the variants. You can switch from one variant to another as per the life event. Check out the conditions below for such switching:

  1. You can switch from Maxima Invest to Maxima Family in case of marriage
  2. You can switch from Maxima Invest to Maxima Child Variant if you have a minor child who can be the nominee under this plan. In case you switch from other variants to Maxima Child Variant, make the minor child nominee.
  3. In case of the death of the child nominee, you can switch Maxima Child to Maxima Family. If you do not want to switch to the Maxima Family variant, you can make your other minor child the nominee under this plan.
  4. Variant switching is subject to prevailing board-approved underwriting policy
  5. Switching is allowed after two policy years
  6. A gap of two policy years should be maintained between two switches
  7. Switching is allowed only on policy anniversary and twice during the policy period
  8. You need to notify the insurer about the switch at least 2 months in advance
  9. All the admissible life events should happen after the policy commencement date
  10. You can’t switch to more than one variant simultaneously

Exide Life Wealth Maxima Plan Death Benefit

In case of an unfortunate event of death of the life assured during the policy term, the insurer shall pay the death benefit as per the variant chosen by you:

Maxima Invest: The highest of the following –

  1. Sum Assured
  2. 105% of the paid premiums + top-up premiums (if any)
  3. Fund value

shall be payable to the beneficiary

Maxima Family: The insurer shall pay higher of –

  1. Sum Assured
  2. 105% of the paid premiums + top-up premiums (if any) + fund Value

to the beneficiary.

Maxima Child: In case of death of the life assured (parent), the insurer pay higher of the following to the nominee (child) –

  1. Sum Assured
  2. 105% of the paid premiums + top-up premiums (if any)

In addition to the death benefit, the insurer also pays all the future outstanding premiums under this policy and the fund value to the beneficiary on the maturity date.

Exide Life Wealth Maxima Plan Maturity Benefit

Upon survival till the end of the policy term, the insurer shall pay the fund value as on the maturity date. You can choose to receive the maturity benefit as a lump sum or in a settlement payout. If you choose the settlement option, a part of the fund value is payable to you on the date of maturity as a lump sum and the other in equal monthly, quarterly, half-yearly or yearly installments up to five years.

Loyalty Additions

Under this policy, the insurer shall allocate extra units at the end of every fifth policy year starting from the end of the tenth policy year. Each loyalty addition will increase your fund value by 2% including the top-up fund value (if any). All the policies where the annualized premium is INR 72,000 or more will be eligible for loyalty additions. The additional units shall be created in different funds in the proportion of the fund value at the time of credit. The loyalty benefit is calculated as per the NAV applicable on the last business day of that policy year.

Fund Option

You’ll get six funds options under this policy

  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

Exide Life Wealth Maxima Plan Eligibility Criteria

To purchase this policy, you need to meet the following age criteria:

  1. Minimum Entry Age – 0 years under Maxima Invest and 18 years under Maxima Family & Maxima Child
  2. Maximum Entry Age – 65 years under Maxima Invest, 55 years under Maxima Family and 50 years under Maxima Child
  3. Maximum Maturity Age Allowed – 75 years for Maxima Invest, 70 years for Maxima Family and 65 years for Maxima Child

Exide Life Wealth Maxima Plan Policy Term and Premium Payment Option

Under this policy, you’ll get the following policy term options:

  1. 10 years
  2. 15 to 20 years

The premium payment term is the same as the policy term, and you can pay your premium yearly, half-yearly or monthly. The minimum premium amount is as follows:

  1. INR 36,000 yearly
  2. INR 24,000 half-yearly
  3. INR 4,000 monthly

In case you opt for a top-up, the minimum top-up premium amount is INR 6,000 and the maximum top-up premium is INR 7,80,000.

Suicide Clause

If the life assured commits suicide within one year from the date of inception or revival of the policy, the policy shall terminate and the fund value including top-up fund value (if any) shall be payable as on the date of death. All the charges shall be reduced after the date of death and will be paid back to the nominee along with the death benefit.

Free Look Period

You will have a 15-day free look period from the date of receipt of the policy document to receive the terms and conditions. In case you disagree with any of the terms and conditions of the policy, you can cancel it stating the reasons for disagreement. On such cancellation, non-allocated premium plus charges levied by cancellation of units plus fund value at the date of cancellation shall be refunded after a deduction of medical examination fees (if any), stamp duty and proportional charges for the period on the cover (if any).

Note: The free look period is 30 days if the policy is sourced through distance marketing mode.

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