Life Insurance 139 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.

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Let’s look at the highlights of the Exide Life New Creating Life Insurance Plans mentioned below.

  1. Death Benefit with Family Income Payout Option
  2. Waiver of Premium Option Upon Death
  3. Maturity Benefits
  4. Multiple Policy and Premium Payment Term Options
  5. Flexible Premium Payment Modes
  6. Availability of Rider Options
  7. Loan Against Policy Facility
  8. Discounts on Paying Higher Premiums
  9. A Grace Period of 15 or 30 days
  10. Tax Benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961
  11. 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.

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.

PlanPremium Payment Term (In Years)Minimum Policy Term (In Years)Maximum Policy Term (In Years)
Exide Life New Creating Life Insurance Plus51020
812
1015
Exide Life New Creating Life Insurance Regular PaySame as the Policy Term1525

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.

PlanMinimum Sum Assured (In INR) 
MonthlyAnnual
Exide Life New Creating Life Insurance Plus5 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 Pay1,70,6481,54,994

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 PayExide 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.

  1. Guaranteed Sum Assured, plus
  2. Guaranteed Addition as 10% of the Sum Assured, plus
  3. Vested Bonus, if declared (Non-guaranteed), plus
  4. 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.

  1. Exide Life Critical Illness (4) Regular Pay
  2. Exide Life Critical Illness (25) Regular Pay
  3. Exide Life Accidental Death Disability and Dismemberment Rider
  4. 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 PlusExide Life New Creating Life Insurance Regular Pay
First 48,000First 24,0000%
Next 12,000Next 24,0003%
Next 12,000Next 12,0004%
Any Excess Over the AboveAny Excess Over the Above6%

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 ModeMultiplicative Factor
Monthly1
Yearly11.01

How Much Minimum Premium You Will Need to Pay?

Please check the below table to understand the minimum premium amount under both plans.

PlanMinimum Premium Amount (In INR)
MonthlyAnnual
Exide Life New Creating Life Insurance Plus5 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 Pay1,50015,000

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 ConditionsExide Life New Creating Life Insurance Plus (In Years)Exide Life New Creating Life Insurance Regular Pay (In Years)
Minimum Age at the Entry (Parent)1818
Maximum Age at the Entry (Parent)4545
Maximum Age at Maturity (Parent)6060
Minimum Age at Maturity (Child)00
Maximum Age at Maturity (Child)1717

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