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Life Insurance 961 views July 24, 2021
Exide Life New Creating Life Insurance Plans help achieve your children’s goals even if you are not around to do the same. You can choose from two plans – Exide Life New Creating Plus and Exide Life New Creating Regular Pay. These plans make sure that you can create a corpus for your child’s future and shield your loved ones financially in your absence.
Let’s look at the highlights of the Exide Life New Creating Life Insurance Plans mentioned below.
- Death Benefit with Family Income Payout Option
- Waiver of Premium Option Upon Death
- Maturity Benefits
- Multiple Policy and Premium Payment Term Options
- Flexible Premium Payment Modes
- Availability of Rider Options
- Loan Against Policy Facility
- Discounts on Paying Higher Premiums
- A Grace Period of 15 or 30 days
- Tax Benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961
- A 15 or 30-day Free Look Period
On this page, we will discuss these features in detail so that you can understand both plans better. Without any further delay, let’s start.
Table of Contents
- 1 Let’s Understand the Benefits and Features of Exide Life New Creating Life Insurance Plans in Detail
- 1.1 Flexible Policy and Premium Payment Term Options
- 1.2 Minimum Sum Assured Under the Plans
- 1.3 Death Benefit
- 1.4 Flexible Payout Option
- 1.5 Maturity Benefit
- 1.6 Waiver of Premium in an Unfortunate Event
- 1.7 Enhance Your Protection through Rider Options
- 1.8 Loan Against Policy Facility
- 1.9 Get Discount on Paying Higher Premiums
- 1.10 Flexible Premium Payment Modes
- 1.11 How Much Minimum Premium You Will Need to Pay?
- 2 Exide Life New Creating Life Insurance Plans Eligibility Criteria
Let’s Understand the Benefits and Features of Exide Life New Creating Life Insurance Plans in Detail
Exide Life New Creating Life Insurance Plans are non-linked participating individual life insurance child savings plans having a wide range of benefits. Do check the same mentioned below.
Flexible Policy and Premium Payment Term Options
Both Exide Life New Creating Life Insurance Plus and Regular Pay Plans offer policyholders multiple policy and premium payment term options. To know more, check the below table.
| Plan | Premium Payment Term (In Years) | Minimum Policy Term (In Years) | Maximum Policy Term (In Years) |
|---|---|---|---|
| Exide Life New Creating Life Insurance Plus | 5 | 10 | 20 |
| 8 | 12 | ||
| 10 | 15 | ||
| Exide Life New Creating Life Insurance Regular Pay | Same as the Policy Term | 15 | 25 |
Minimum Sum Assured Under the Plans
The minimum sum assured will depend on the plan option, premium payment term (PPT) and payment frequency. You can understand better in the below table.
| Plan | Minimum Sum Assured (In INR) | |
|---|---|---|
| Monthly | Annual | |
| Exide Life New Creating Life Insurance Plus | 5 PPT - 2,05,020 8 PPT - 1,78,780 10 PPT - 1,79,590 | 5 PPT - 1,85, 280 8 PPT - 1,62,380 10 PPT - 1,63,120 |
| Exide Life New Creating Life Insurance Regular Pay | 1,70,648 | 1,54,994 |
Death Benefit
Both plans under Exide Life New Creating Life provide a death benefit to the nominee or beneficiary if an insured person dies during the policy term. The death benefit will be the sum assured on death. Please check the table to understand it better.
| Death Benefit | |
|---|---|
| Exide Life New Creating Life Regular Pay | Exide Life New Creating Life Plus |
| Highest of the following amounts - 10 times the Annualized Premium The Sum Assured 105% of the Total Premiums Paid until the Date of Death | Higher of the following amounts - 10 times the Annualized Premium The Sum Assured Note: The death benefit cannot be less than 105% of the total premiums paid until the date of death. |
Flexible Payout Option
Exide Life New Creating Life Insurance Plus and Regular Pay Plans also allow policyholders to get the death benefit through two following options.
Option 1: 100% of the sum assured on death as a lump sum
Option 2: Get a part of the sum assured on death as a lump sum and the remaining as family income payout
Under option 2, the nominee will get 50% of the sum assured on death as a lump sum amount. Thereafter, the nominee will get 1% of the sum assured on death as a family income payout every month over 60 months after the policyholder’s death. Exide Life will pay the first family income immediately after the death of the life assured.
Maturity Benefit
For Exide Life New Creating Life Insurance Plus
This plan from Exide Life provides policyholders 10% of the sum assured as guaranteed addition at the maturity of the policy. The total maturity benefit will be as follows.
- Guaranteed Sum Assured, plus
- Guaranteed Addition as 10% of the Sum Assured, plus
- Vested Bonus, if declared (Non-guaranteed), plus
- Terminal Bonus, if declared (Non-guaranteed)
Note: In any condition, the maturity benefit will not be less than 101% of the total premiums paid until maturity.
For Exide Life New Creating Life Insurance Regular Pay
Under this plan, policyholders will get the sum assured with a vested bonus (if any) and terminal bonus (if any) at maturity.
Waiver of Premium in an Unfortunate Event
After the death of the life assured during the policy term, Exide Life will waive off all the future premiums. Under Exide Life New Creating Life Insurance Plans, your family will not need to bear the burden of premium payment when you aren’t around. After your death, the policy will continue until maturity and offer maturity benefits.
Enhance Your Protection through Rider Options
Policyholders can choose from the following rider options with the Exide Life New Creating Life Insurance Regular Pay and Plus Plan.
- Exide Life Critical Illness (4) Regular Pay
- Exide Life Critical Illness (25) Regular Pay
- Exide Life Accidental Death Disability and Dismemberment Rider
- Exide Life Term Rider
Loan Against Policy Facility
You can opt for a loan against your policy to deal with a financial emergency. This facility will be available once your policy acquires a surrender value.
Get Discount on Paying Higher Premiums
With both New Creating Life Insurance Plans, policyholders will get discounts on paying a higher premium amount. To know the discount rate, check the below table.
| Annualized Premium (In INR) | Discount Rate | |
|---|---|---|
| Exide Life New Creating Life Insurance Plus | Exide Life New Creating Life Insurance Regular Pay | |
| First 48,000 | First 24,000 | 0% |
| Next 12,000 | Next 24,000 | 3% |
| Next 12,000 | Next 12,000 | 4% |
| Any Excess Over the Above | Any Excess Over the Above | 6% |
Flexible Premium Payment Modes
Policyholders can prefer to pay the premium amount annually or by monthly mode as per their needs. To know the multiplicative factors, check out the below table.
| Premium Payment Mode | Multiplicative Factor |
|---|---|
| Monthly | 1 |
| Yearly | 11.01 |
How Much Minimum Premium You Will Need to Pay?
Please check the below table to understand the minimum premium amount under both plans.
| Plan | Minimum Premium Amount (In INR) | |
|---|---|---|
| Monthly | Annual | |
| Exide Life New Creating Life Insurance Plus | 5 PPT - 2,500 8 PPT - 3,000 10 PPT - 5,000 | 5 PPT - 25,000 8 PPT - 30,000 10 PPT - 50,000 |
| Exide Life New Creating Life Insurance Regular Pay | 1,500 | 15,000 |
Exide Life New Creating Life Insurance Plans Eligibility Criteria
Check the important conditions related to Exide Life New Creating Life Insurance Plus and Regular Pay in the below table.
| Eligibility Conditions | Exide Life New Creating Life Insurance Plus (In Years) | Exide Life New Creating Life Insurance Regular Pay (In Years) |
|---|---|---|
| Minimum Age at the Entry (Parent) | 18 | 18 |
| Maximum Age at the Entry (Parent) | 45 | 45 |
| Maximum Age at Maturity (Parent) | 60 | 60 |
| Minimum Age at Maturity (Child) | 0 | 0 |
| Maximum Age at Maturity (Child) | 17 | 17 |