Exide Life Income Advantage Plan

Death Benefit

In case of unfortunate death of the life insured, Sum Assured on Death plus Vested Simple Reversionary Bonuses plus Terminal Bonus is payable as a lumpsum death benefit and the policy then terminates. Here, Sum Assured on Death is higher of absolute amount payable on death, sum assured on maturity, 105% of all the premiums paid, or 10 times of Annualized premium.

Survival Benefit

Pure Income Benefit Option: If the life insured survives during the benefit payout period (starts immediately after completion of the premium payment term till maturity of the policy), he/she will receive Annual Guaranteed Income, Special Additional Bonus, & Simple Reversionary Bonus.
 

Income with Maturity Benefit Option: In case of survival of the insured during the benefit payout period, the insured will receive Annual Guaranteed Income along with simple reversionary bonus and terminal bonus.

Bonus

Simple Reversionary Bonus vested annually from the end of the 1^st policy year and is payable on survival during benefit payout term or death of the life insured/maturity of the policy, as applicable under Pure Income Benefit & Income with Maturity Benefit Option respectively.
 

Special Additional Bonus is declared every year and payable at the end of the policy year. Terminal Bonus is payable on maturity or death, whichever occurs earlier.

Loan Benefit

Loan under this policy is available up to 80% of the surrender value, provided surrender value is available. The minimum amount applicable under the loan is Rs 1,000.

Surrender Value

Surrender Value is higher of the Guaranteed Surrender Value or Special Surrender Value. For 8 years premium pay policies, surrender value is acquired after payment of 2 full policy years’ premiums and for 12/15 years premium pay policies, surrender value is acquired after paying all due premium for 3 full policy years.

Tax Benefit

Under this plan, tax benefits for premiums paid under section 80C, premiums paid for critical illness rider under section 80D, & survival/maturity proceeds under section 10 (10D) of the Income Tax Act, subject to change in tax laws.

Exide Life Critical Illness (4) Regular Pay, Exide Life Accidental Death Disability and Dismemberment Rider, Exide Life Term Rider, & Exide Life Critical Illness (25) Regular Pay can be opted under this policy.

Mr. Rao, 45 years old, opts for Exide Life Income Advantage Plan (Pure Income Benefit Option). He chooses a policy term of 30 years with an annual premium of Rs 1,00,000.

Scenario I: In case of survival of Rao till end of the policy term, the benefits payable are Annual Income @8% per annum: Rs 2,12,345 & 4% per annum is Rs 1,26,837.
 

Scenario II: In the event of death of Mr. Rao during the tenure of the policy, the policy pays Rs 10 Lacs with applicable bonuses to his family.