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Term Insurance 879 views June 10, 2021
Exide Life Smart Term Edge is a non-linked non-participating individual life term insurance plan that provides financial protection to your loved ones in case of your death during the policy period. This policy comes with three variants – Classic, Step-up and Comprehensive. With this term life insurance, you can ensure the financial safety of your family in your absence. And if you survive till the end of the policy term, the maturity benefit shall be payable to you as per your chosen plan. Keep reading this page and learn more about the Exide Life Smart Term Edge coverage.
Table of Contents
You’ll get coverage under this policy as per your chosen plan
Particulars | Classic | Step-up | Comprehensive |
---|---|---|---|
Entry Age (In Years) | 18-60 | 18-58 | 18-60 |
Minimum Sum Insured (In INR) | 5 Lakh | 10 Lakh | 10 Lakh |
Policy Term/Premium Payment Term (In Years) | 12-30 | ||
Maturity Age (In Years) | 75 | 70 | 75 |
Death Benefit | Sum Assured on Death is paid in a lump sum | Sum Assured on Death is paid in a lump sum | Here, you’ll get two options - Classic - Sum Assured on Death is paid in a lump sum Extra Protection - Here, you can increase the death benefit by paying an additional premium. |
Maturity Benefit | 100% of the total paid premium is returned if the policyholder survives till the end of the policy term. | If the policyholder survives till the end of the policy term, the following percentage of the premium is paid as per the policy term: 110%, for a policy term of 12-14 years 120%, for a policy term of 15-19 years 130%, for a policy term of 2o-24 years 140%, for a policy term of 25-29 years 150%, for a policy term of 30 years | 100% of the total paid premium is returned excluding Extra Protection premiums |
Sum Assured on Death is the highest of the following:
Customize your term life insurance by adding any of the following riders to it.
Exide Life Death, Disability and Dismemberment Rider: Under this cover, if you suffer from an accident and it results in death, dismemberment or total and permanent disability, the insurer will pay a percentage of the sum assured as follows:
The above-mentioned benefits shall be payable to you as follows:
In case you die before the payment of the last installment, the same will be payable to your beneficiary.
Note: The total amount payable under this rider shall not exceed 100% of the rider sum assured.
Exide Life Critical Illness Rider: If you are diagnosed with any of the following critical illnesses during the policy term, the rider sum assured is payable to you as per the option you choose:
Option A: Covering 4 Major Critical Illnesses:
Option B: Covering 25 major Critical Illnesses:
The maximum sum assured under this rider is subject to INR 25 lakhs or that of the base policy, whichever is lower.
Note: The lump sum amount is payable to you only once on the diagnosis of any one of the covered Critical Illnesses. Upon such payment, the rider shall automatically stand terminated.
Under this policy, you’ll get a grace period of 15 days if you pay the premium monthly, otherwise, the grace period will be 30 days. During the grace period, you can pay your due premium without any late charges.
You will have a free look period of 15 days from the date of receipt of the policy document to review the terms and conditions. And if you have any objections to the same, you can return the policy stating the reasons for the objections and get a refund of the paid premium after a deduction of medical examination expenses, stamp duty charges (if applicable) and proportionate risk premium for the period on the cover. In case the policy is sourced through Distance Marketing, the free look period will be 30 days from the date of receipt of the policy document.