Exide Life New Creating Life Insurance Regular Pay Plan

• Life cover with family income benefit
• Waiver of premium
• Tax free returns
• Discount for High Premiums
• Avail bonuses
• Get loan benefit

Death Benefit

In the event of death of the life insured during the term of the policy, Sum Assured on Death is payable, which is higher of Base Sum Assured or 10 times the annualized premium. The minimum life cover is not less than 105% of total premiums paid till the date of death.

You can choose from the following two options to receive sum assured on death.

Option A: Whole sum assured on death is payable as lumpsum.
Option B: Sum Assured on death as part lump sum and part as Family Income Benefit.

Under option B, 50% of sum assured on death is payable as lump sum and an assured monthly income for the next 5 years. Then, 1% of sum assured on death is payable as family income benefit every month over a period of 60 months following the death of the life insured. This benefit starts immediately on the death of the life insured. By choosing Family Income Benefit, your family will receive 10% extra of Sum Assured on Death amount.

If 105% of total premiums paid till the date of death is higher than sum assured on death, then any such difference will be paid as a lump sum.

Waiver of Premium

In the event of the demise of the life insured, all the future premiums are waived and the policy continues till the date of maturity and the maturity benefit is payable. With this benefit, your family don’t have to pay premiums for availing benefits under the policy.

Maturity Benefit

This policy pays Sum assured plus vested bonus plus terminal bonus as maturity benefit, subject to a minimum of 101% of the total base premium paid.

Bonus

Simple reversionary bonus is declared on a yearly basis and the bonus amount accumulated will be paid on maturity of the policy. Terminal bonus as declared is payable at maturity of the policy.

Loan Benefit

Loan benefit can be availed, as the policy acquires the special surrender value.

Surrender Value

Surrender Value is higher of the Special Surrender Value or Guaranteed Surrender Value, after deducting loans under the policy. Surrender value is acquired after paying all due premiums for one full policy year and it is payable immediately on surrender or at the end of the third policy year, whichever is later.

Tax Benefit

Premiums paid for this policy is eligible for tax benefits under section 80C, Maturity proceeds can avail tax benefits under section 10 (10D), premium paid towards critical illness rider is eligible for tax benefits under section section 80 D of the Income Tax Act, subject to prevailing tax laws.

You can avail extra cover for the following incidents.

• Protection against accident
• Protection against Critical Illnesses
• Enhanced protection with additional life cover

Hemant buys Exide Life New Creating Life Insurance Regular Pay with the policy term of 20 years, annual premium of Rs 24,000, and sum assured of Rs 3,65,132.

Scenario I- Maturity Payout: Sum assured plus vested bonus plus terminal bonus as maturity benefit, subject to a minimum of 101% of the total base premium paid. It helps fulfill needs and aspirations of his child, even if he is not around.

Scenario II- Death Payout: In the event of his death during the policy term, Rs 5,04,00 as Sum Assured on Death is payable. The death benefit is payable as a lump sum.

Benefit Illustration: