Term Insurance 119 views July 17, 2021

Exide Life Elite Term Insurance Plan

Exide Life Elite Term Insurance Plan provides financial protection to your family even in your absence. This plan from Exide Life makes sure that your family stays prepared in case of your death. Policyholders can choose comprehensive life cover at an affordable premium amount.

You can check the highlights of this plan mentioned below to get an overview. 

  1. Flexible Policy and Premium Payment Term
  2. Multiple Death Benefit Payout Options
  3. Option to Extend Policy Term up to 10 years
  4. Affordable Premium Rates
  5. Multiple Premium Payment Mode
  6. Additional Rider Options
  7. Tax Benefits under Income Tax Act, 1961
  8. A 15 or 30-day Grace Period
  9. A free look period of 15 or 30 days

On this page, we will talk about them in detail to make a better decision. Read on to know more.

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Detailed Features and Benefits of Exide Life Elite Term Insurance Plan

Exide Life Elite Term Insurance Plan is a non-linked, non-participating, individual pure term life insurance plan that provides substantial life cover. We have discussed its features and benefits below for you to look at.

What is the Policy & Premium Payment Term?

Under the Exide Life Elite Term Insurance Plan, the minimum policy term stands at ten years, while it can go up to 40 years. You can extend the policy term to up to 45 or 50 years too.

The premium payment term will be equal to the policy term. However, you will not need to pay the premium during the extended term.

What is the Sum Assured?

The minimum sum assured stands at INR 50 lakh, while there is no maximum limit.

Death Benefit

The plan will provide the death benefit to the nominee or assignee if the policyholder dies during the policy term. This benefit will be higher of the following amounts.

  1. Minimum Death Benefit
  2. Basic Sum Assured

Here, the basic sum assured will be the amount chosen by the policyholder at the start of the policy.

Minimum Death Benefit (During the policy term) can be higher of the following amounts.

  1. ‘X’ times the annualized premium
  2. 105% of the total premiums paid up to the date of death

The ‘X’ will depend on the age of the insured person. To know more, check the below table.

X (Until 44 Years)X (45 Years and Above)
10 Times7 Times

Flexible Death Benefit Payout Options

Exide Life Elite Term Insurance Plan offers three flexible death payout options from which policyholders can choose at the start of the policy. To know more about them, check the below table.

Death Benefit Payout OptionDetails
Lump sumThe nominee or assignee will get the entire death benefit as a lump sum
Lump sum with Family Income50% of the death benefit as a lump sum + 0.95% of the death benefit every month in arrear over the next 60 months from the date of death
Family IncomeThe nominee or assignee will get 1.07% of the death benefit every month in arrear over the next 120 months from the date of death

Note: The Plan will terminate after the payment of the death benefit.

Option to Extend the Policy Term by up to 10 Years

If the maximum policy term is not sufficient for you, Exide Life allows policyholders to increase the policy term by either 5 or 10 years. The premium payment term (PPT) will not change on extending the tenure. You will need to pay an additional premium throughout your PPT for choosing the extended policy term option.

Life Cover at Affordable Premiums

One of the best things about the Elite Smart Term Insurance Plan is that you can get a lower premium amount if you are leading a healthy lifestyle. The reason being this plan offers preferential premium rates to non-smokers and females. Apart from this, if you choose a higher sum assured, you will also get lower premium rates.

Additional Rider Benefits

You can enhance your level of protection by choosing from different rider options at the inception or anniversary of the policy. You will need to pay an extra premium amount for the following rider options.

  1. Exide Life Accidental Death, Disability and Dismemberment Rider
  2. Exide Life Critical Illness (4) or (25) Regular Pay Rider

Multiple Premium Payment Modes

You can choose from multiple premium payment modes – Monthly, Half-yearly and Yearly. The modal factor for different modes will be according to the below table.

Premium Payment ModeModal Factor
Annual11.5
Half-yearly5.86
Monthly1

Exide Life Elite Term Insurance Plan Eligibility Criteria

Have a look at the conditions related to the Elite Term Insurance Plan mentioned below.

  1. Minimum Age at Entry – 21 years
  2. Maximum Age at Entry – 60 years
  3. Maximum Age at Maturity – 70 years (80 years on choosing the extended term option)

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