Term Insurance 189 views July 24, 2021

Exide Life Term Rider is an add-on product that individuals choose with Exide Life Insurance Traditional Plans to enjoy double life cover benefits. To get the same, you will only need to pay an additional premium. This term rider from Exide Life adds value to your existing life insurance policy. You can opt for the term rider at the time of your policy renewal or while purchasing a new traditional plan.

Term Insurance

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Let’s check the highlights of the plan mentioned below before we discuss them in detail.

  1. Additional Life Cover
  2. Affordable Premium
  3. Multiple Rider Term Options
  4. Grace Period Remains the Same as in the Base Policy
  5. Tax Benefits under Income Tax Act, 1961
  6. A Free Look Period of 15 or 30 days

Let’s Understand the Features and Benefits of Exide Life Term Rider in Detail

Exide Life Term Rider helps policyholders get additional life cover at a nominal cost. We have talked about its features and benefits below. Do check.

Minimum and Maximum Sum Assured Under Exide Life Term Rider Plan

Under the Exide Life Term Rider Plan, the minimum sum assured is INR 50,000, while the maximum sum assured will be lower of the following amounts.

  1. INR 50,00,000
  2. Basic Sum Assured of the Base Policy

What is the Rider Term and Premium Payment Term?

The rider term ranges from 5 to 40 years from which policyholders can choose according to their convenience. Premium payment term under the rider will be regular pay.

Note: The rider term cannot be more than the base policy term or outstanding policy term if the rider is attached at the policy’s inception or anniversary. Also, the premium payment term will be equal to the premium paying term of the base policy or outstanding premium paying term if the rider is attached at the start of the policy or anniversary.

Death Benefit

If an insured person dies during the rider term, the plan will offer a lump sum amount to the nominee as a death benefit. It will be equal to the rider sum assured on death, and the rider will cease after the payment. The rider sum assured will be higher of the following amounts.

  1. Rider Sum Assured
  2. Ten times the Annualized Rider Premium (Excluding GST and premiums paid for extra mortality loading)

Note: The death benefit under the rider plan cannot be less than 105% of the rider premium paid up to the date of death.

Tax Benefits

Policyholders can enjoy tax benefits on premiums paid towards the rider policy and lump sum payouts under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively, on choosing the Exide Life Term Rider.

Exide Life Term Rider Eligibility Criteria

You will need to fulfill the following conditions before purchasing this rider plan.

  1. The minimum age at entry stands at 18 years.
  2. The maximum age at entry can go up to 60 years.
  3. The rider protection ceasing age is fixed at 70 years.

Free Look Period

Exide Life offers 15 days from the date of receipt of the rider policy documents to review the terms and conditions of the policy. This duration is known as the free look period. In case you are not satisfied with the terms and conditions, you can return the rider policy during the said period stating the reasons for objections. Exide Life will refund you the rider premium after deducting the proportionate risk premium on cover and stamp duty charges (if any).

Note: The free look period stands at 30 days for policies sourced through distance marketing (includes solicitation through all modes other than in person).

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