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Exide Life Assured Gain Plus - An Insurance cum Investment Plan

Lead a comfortable lifestyle with Exide Life Assured Gain Plus, an insurance plus investment plan offered by Exide Life Insurance Company Limited. Under this plan, you get following benefits:

  • Pay premiums for only a short time period of 5 years
  • Guaranteed tax-free returns
  • Enjoy life cover for full policy term

With this traditional insurance cum investment plan, you don’t have to compromise on your standard of living under any circumstance.

Eligibility - Who is the Exide Life Assured Gain Plus for?

Listed below are the eligibility factors you must meet to purchase Exide Life Assured Gain Plus plan:

Entry age for policy term of 10 years 8 to 60 years
Entry age for policy term of 12 years 6 to 58 years
Entry age for policy term of 15 years 3 to 55 years

Sum Assured and Premium Range - What you get and what it costs?

The Policy Term, PPT, and Sum Assured for Exide Life Assured Gain Plus are as follows:

Premium Payment Term (PPT) 5 years or Single Pay
Policy Term 10, 12 or 15 years
Premium Payment Frequency Annual, half-yearly, monthly
Premium Minimum annual premium: Rs.60,000 Minimum Half-yearly premium: Rs.30,000 Minimum monthly premium: Rs,5,000 Maximum premium: No limit
Life Cover 5 years
  • For entry age up to 45 years: 10X the annualised premium
  • For entry age above 45 years: 7 or 10X the annualised premium
Single Pay
  • For entry age up to 45 years: 1.25 times the annualised premium
  • For entry age above 45 years: 1.1 times the annualised premium

For monthly mode, 3 monthly premiums have to be paid on policy commencement.

Plan Coverage - What Exide Life Assured Gain Plus covers?

This is how Exide Life Assured Gain Plus works:

Choose the Sum Assured on Maturity, policy term, PPT, and premium payment frequency. Based on age and the other chosen parameters, the premium and Sum Assured will be determined. Under this plan, you can enjoy the following benefits:

  • Maturity Benefit will not be below 101% of the base premium excluding Service Tax, rider premium, and extra premium. If the Life Cover is 10 times the annualised premium, you get tax-free maturity benefits.
  • Guaranteed tax-free returns: Once the policy reaches its maturity date, you will receive a lump sum amount plus bonuses accumulated over the policy term. The guaranteed lump sum amount is calculated based on the chosen policy term.
Policy Term Guaranteed Lump Sum on Maturity
10 years 130% of Sum Assured
12 years 136% of Sum Assured
15 years 145% of Sum Assured

Every year, your policy is eligible for a bonus based on the performance of the funds. Bonus equals a percentage of the Sum Assured.

  • Pay for a short period of time: Exide Life Assured Gain Plus is for those who want to commit only for a short time period. In this insurance cum investment plan, you have to pay only for 5 years. However, the benefits will continue for the full policy term for 10, 12 or 15 years. Under the Single Pay option, you can choose to pay the premium as a lump sum amount.
  • Discounts for higher premiums: Get discounts for higher premium payments.
    • For Limited PPT:
      Annualised premium Discount rate
      First Rs.96,000 0%
      Next Rs.96,000 2.5%
      Premium payment more than the above 3.5%
    • For Single Premium:
      Single Premium Discount rate
      First Rs.3,60,000 0%
      Next Rs.1,20,000 5.5%
      Premium payment more than the above 6.5%
  • Life Cover for full policy term: In the unfortunate event of demise of the policyholder, your family will be paid death benefit immediately. Death benefit is a lump sum amount, 10 times the annualised premium plus bonuses and guaranteed terminal additions, if any. Guaranteed terminal additions depend on the policy year:
End of policy year Guaranteed terminal additions
5th year 7.5% of Sum Assured on maturity
6th year 9% of Sum Assured on maturity
7th year 10.5% of Sum Assured on maturity
8th year 12% of Sum Assured on maturity
9th year 13.5% of Sum Assured on maturity
10th year 30% of Sum Assured on maturity
11th year 33% of Sum Assured on maturity
12th year 36% of Sum Assured on maturity
13th year 39% of Sum Assured on maturity
14th year 42% of Sum Assured on maturity
15th year 45% of Sum Assured on maturity

Life Cover will not be below 105% of the premiums paid excluding Service Tax and extra premiums paid. Policyholders above 45 years old at the time of policy commencement can choose the lump sum amount to be 7 times the annualised premium.

Riders / Add-On Plans – Additional coverage under the Exide Life Assured Gain Plus:

You can get enhanced protection by attaching a rider to your base policy. With Exide Life Assured Gain Plus, you can attach any of the following riders:

Riders can be attached at the time of policy inception or anniversary. Riders can be bought for an additional premium. On policy anniversary, riders can be cancelled with a written request. Upon the demise of policyholder, the rider Sum Assured payable cannot be more than the Sum Assured of the base policy. Likewise, the total rider premium cannot be more than the total base premium. Riders aren't available for Single Premium policy.

Exclusions - What Exide Life Assured Gain Plus doesn’t cover?

Exide Life Assured Gain Plus doesn’t cover death caused by suicide within a year from the policy commencement or reinstatement date. In such a case, the company will not pay the policy benefits except the following:

  • 80% of the premium paid (excluding Service Tax) for death within a year from the policy commencement date.
  • Higher of 80% of the premium paid (excluding Service Tax) or Surrender Value for death within a year from the policy reinstatement date.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Listed below are few other important features of Exide Life Assured Gain Plus plan:

  • Free Look Period: After receiving the policy document, you have 15 days to review the terms and conditions of the policy. If you find the terms and conditions objectionable then you can return the policy and claim refund. The refund amount will be paid after some deductions. For policies purchased through distance marketing, you have 30 days to review the terms and conditions.
  • Grace Period: If you failed to pay the premium within the due date, you are given a grace period of 30 days (for annual or half-yearly mode) to pay the premium without interest. For monthly payment mode, you are given a grace period of 15 days. If the premium is not paid within the grace period, then the policy will lapse.
  • Policy Lapse: In the case of Single Pay, policy doesn't lapse. For limited PPT, minimum 1 full year's premiums have to be paid or else the policy will lapse at the end of grace period. Once policy lapses, all benefits will cease until policy reinstatement.
  • Reduced Paid-Up Benefit: If you fail to pay premium within grace period, the policy will acquire Reduced Paid-Up status, provided minimum 2 full years' premiums are already paid for Limited PPT and the policy has not been surrendered.
  • Policy Reinstatement: Once the policy lapses due to non-payment of premium, you have the option to revive it within 2 years from the date of first unpaid premium. You are required to:
    • Submit a written request for policy reinstatement within 2 years from the date of the unpaid premium.
    • Provide proof of insurability.
    • Pay all due premiums along with the applicable reinstatement charge (9% of the due premiums) till the date of reinstatement.
  • Surrender: Single Premium policies can be surrendered anytime during the policy term. For Limited PPT, policy can be surrendered if minimum 1 full year’s premiums are paid. Surrender benefit is higher of SSV or GSV minus any outstanding loan payment dues. For Single Premium policies, Guaranteed Surrender Value and Special Surrender Value are attained at policy inception. For Single Premium policies:
    • Guaranteed Surrender Value is attained if minimum 1 full year’s premiums are paid.
    • Special Surrender Value is attained if minimum 2 full years’ premiums are paid.

Once the surrender benefit is paid, the policy is terminated immediately.

  • Policy loan: You can avail a loan under this policy:
    • For Single Premium policy, loan can be availed once the policy acquires Surrender Value
    • For Limited Premium policy, loan can be availed once 2 full years’ premiums are paid and after completion of 2nd policy year.

Maximum loan amount is up to 60% of the Special Surrender Value. Loan interest will be determined by the company. Outstanding loan repayments will be deducted from policy benefits.

Tax Benefits – How you can save with Exide Life Assured Gain Plus?

Under Exide Life Assured Gain Plus plan, you get tax benefits on the following:

  • Premiums paid under Section 80C of the Income Tax Act, 1961 for investments up to Rs.1.5 lakhs.
  • Maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.
  • Premiums paid towards critical illness rider under Section 80D of the Income Tax Act, 1961.

Other Benefits – How you can save with Exide Life Assured Gain Plus?

In addition to guaranteed tax-free returns and life cover for full policy term, following are reasons why buying life insurance plans from Exide Life Insurance is beneficial:

My Life Register for My Life and enjoy the benefits of various online features such as:
  • Online premium payment.
  • View Policy Value.
  • Switch funds.
  • Revive an insurance policy.
  • Update your contact details.
  • Make enquiries through E-box.
  • Print policy fund statements, tax certificates, and portfolio statements.
Check your policy status To check your policy status, do one of the following:
  • Log into ‘My Life’ account on the company website.
  • Send an enquiry via email.
  • Call Exide Life customer care at 1800 419 8228 toll-free number.
Policy notifications Get policy alerts via email notifications or SMS on your registered mobile number.
Premium payment channels Online payment methods include:
  • E-wallet.
  • Net banking.
  • Credit card or debit card.
Other payment channels include:
  • Auto-Debit Arrangement.
  • NEFT or RTGS.
  • Cheque, DD or cash deposit at Exide Life Insurance, South Indian Bank, and Axis Bank branches.
  • Cheque, DD or cash deposit at Karnataka One Counter, Bangalore One Counter or HD One Counter.
Life Cover and Premium calculator You can determine how much life cover you need and calculate how much premium you have to pay using online life cover and premium calculators, available on the company website.
Complaints and feedback
  • Fill up an online form on the company website to register your complaints and feedback.
  • For grievance redressal, visit the nearest Exide Life Insurance branch or write to care@exidelife.in.
  • You can also call toll-free number 1800 419 8228.

Why should you buy Exide Life Assured Gain Plus plan from Exide Life Insurance Company Limited?

  • Exide Life Insurance Company Limited was voted one of the most reliable insurance providers in South India.
  • More than 50,000 agents spread across 200 cities serve over 15 lakh customers across the country.
  • Claims Settlement Ratio of Exide Life Insurance for FY 2015-16 was 89%.
  • During FY 2015-16, the company managed assets worth Rs.9,530 crores and gained a total of Rs.2,047 crores in Premium Income.
  • It boasts a strong traditional insurance product portfolio, distributed via Banc Assurance, Agency, and Corporate Agency & Broking.