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Life Insurance 556 views July 9, 2021
Exide Life Saral Jeevan is a non-linked non-participating plan that provides financial protection to the life assured at different points of time. Depending on your chosen variant, the insurer will provide you a Guaranteed Sum Assured on maturity that can be taken in a lump sum or as a regular income. Apart from helping you build a corpus for your financial needs, this plan secures your loved ones by providing a payout in case of your unfortunate death. Read this page below and know more about the Exide Life Saral Jeevan Bima Plan benefits.
Table of Contents
If your purchase this plan, the insurer will provide you the following benefits:
Death Benefit
Exide Life Saral Jeevan protects your family financially in your absence by providing them the Sum Assured on Death, which is higher of the following:
Maturity Benefit
Upon survival till the end of the policy term, the insurer shall provide you Guaranteed Sum Assured on Maturity which is equal to the basic sum assured. Under this plan, you can choose to receive the guaranteed sum assured on maturity either in a lump sum or via income payouts, as per your financial needs. You can choose from the following variants:
Variant 1 – Lump Sum Variant
Under this variant, you’ll receive a lump sum as Guaranteed Sum Assured at the end of the policy term.
Variant 2 – Income Variant
Under this variant, you’ll receive a guaranteed income after the end of the policy term till the end of the income payout term. The Income payout shall commence one month after the completion of the premium payment term or policy term in case of monthly income payout mode. For the annual income payout mode, it will commence one year after the completion of the premium payment term or policy term.
Note: You can choose the variant only at policy inception and it cannot be modified thereafter.
You need to meet the following age criterion if you want to purchase Exide Life Saral Jeevan Bima Plan:
You’ll get the following premium payment options under Exide Life Saral Jeevan Bima Plan as per your chosen variant:
For Lump sum Variant
For Income Variant
You can pay your premium yearly, half-yearly and monthly.
The minimum premium amount as per your chosen premium payment term:
For a 6-year premium payment term
For a 8-year premium payment term
For a 10-year premium payment term
The maximum premium amount is INR 95,000, subject to board-approved underwriting policy.
You will have a free look period of 15 days from the date of receipt of the policy to review the terms and conditions of this policy. And if you disagree with any of the terms and conditions, you can return the policy stating the reasons for the cancellation. On such cancellation, the company shall refund the paid premium after a deduction of a proportionate risk premium for the period of insurance cover in addition to the expenses incurred on medical examination and stamp duty charges.
Note: Free look period is 30 days if the policy is sourced through distance marketing.
In case of death of the life assured due to suicide within 12 months from the date of commencement of risk or the date of revival, the insurer shall pay either 80% of the total paid premiums or surrender value as on the date of death, whichever is higher.