Exide Life Child Insurance Plans

• Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
• Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
• Do more with plans that offer pure protection, retirement planning and investment options

Secure your child's future by investing in a child plan offered by Exide Life Insurance. By planning ahead, you can ensure your child's dreams are realised even in your absence. The child plans offered by Exide Life Insurance Company Limited are designed to provide for your child's education, wedding, and other lifestyle requirements.

Benefits of Exide Life Child Plans:

Following are the benefits of choosing Exide Life Child Plans:

• Life Cover and premium funding benefits: The beneficiary of an Exide Life Child Plan will be paid an amount equal to the Life Cover in the event of the policyholder’s death. All future premiums will be funded by Exide Life Insurance until the policy term. Under the Exide Life New Creating Life Insurance Plans, you can opt for the Family Income Benefit option. In the event of death, a part of your Life Cover is paid as regular income to your family over a period of 60 months.
• Maturity benefit: The fund value will be paid as the maturity amount to the beneficiary when the policy term reaches maturity. Under the Exide Life Mera Aashirvad Plan, you can choose to receive the maturity amount in periodic payouts or a lump sum amount.
• Multiple investment options: You can choose from 6 investment fund options to invest your money in. The investment options range from growth with low risk to high risk. This way, you can invest in funds based on your requirements.
• Top-up benefit: You can invest surplus money in an Exide Life Child Plan before the last 5 years of the policy term.
• Loyalty benefit: Under the Exide Life Wealth Maxima - Maxima Child Plan, you can get loyalty benefits in the 10th, 15th, and 20th policy years, provided the Annualized Premium paid is Rs.72,000.
• Tax benefit: Under Section 80C you get tax benefits on the premiums paid and under Section 10(10D) on the maturity amounts.

List of Child Plans Provided by Exide Life Insurance Company Limited:

Exide Life Insurance offers 3 types of child plans:

Exide Life Wealth Maxima - Maxima Child:

This is a non-participating Unit Linked Insurance Plan offering 3 variants for you to choose from depending on your life stage. You can invest in funds of your choice, get loyalty benefits, and enjoy tax-free maturity benefit.

Benefits and features of Exide Life Wealth Maxima - Maxima Child:

Following are the benefits and features of Exide Life Wealth Maxima - Maxima Child:

• Multiple variants: This plan offers 3 variants to choose from:
  • Maxima Invest is deal if you are looking to grow your investment in a most efficient manner.
  • Maxima Family is ideal if you are looking for investment returns and life cover protection.
  • Maxima Child is ideal if you want to make sure your child's dreams are realised even in your absence.
• Maturity Benefit: Your beneficiary can get the fund value as a lump sum amount on maturity or get a part of the fund value in the form of periodic payouts.
• Life Cover: In the case of unfortunate events, the beneficiary will be paid the Sum Assured, 105% of the premiums paid or fund value, whichever is higher.
• Variant switching: You have the option to switch between the 3 variants depending on your life stage.
• Loyalty Benefits: Your loyalty to Exide Life Insurance will be rewarded in the form of loyalty additions to your fund value at the end of 5th policy year.
• You can choose from 3 investment options:
  • Self-managed option: You are offered 6 different investment funds (Exide Life Secure Fund, Growth Fund, Balanced Fund, Active Asset Allocation Fund, Preserver Fund, Prime Equity Fund, and Active Asset Allocation Fund) to invest in. The investment funds are a combination of debt and equity to suit your investment style and risk appetite.
  • Automatic Asset Rebalancing Strategy: This investment is ideal for those who may expect their investment objectives and risk appetite to change over time. This strategy ensures your maturity amount is not affected by the market volatility as your equity proportion reduces as the policy nears maturity date.
  • Systematic Transfer Plan: If you wish to invest 100% of your money in equities in a systematic manner to safeguard your wealth against volatile market conditions, then opt for this investment option.
• Top-up option: You have the option to invest surplus money in your chosen investment fund by paying top-up premiums.
• Partial Withdrawal Benefit: After completion of 5 years, partial withdrawals from your fund are allowed at any point.
• Fund switching: During the policy term, you are allowed unlimited fund switching.
• Settlement Payout: You have the option of getting paid a part of the maturity amount in lump sum and a part in annual installments of units over a period of 5 years.
• Surrender: If the policy is surrendered after the lock-in period of 5 years, the policy is terminated immediately and the fund value will be paid as on the surrender date.
• Tax benefit: You can get tax benefits on premiums paid under Section 80C. You also get tax benefits on the maturity amounts under Section 10(10D).
• Policy term: 10, 15 to 20 years
• Premium Paying Term (PPT): Same as Policy term
• Premium payment frequency: Annual (Rs.36,000), half-yearly (Rs.24,000), and monthly (Rs.4,000)
• Top-up premium: Rs.6,000 to Rs.7,80,000
• Sum assured: 7 or 10 times the annualized premium
• Top-up sum assured: 1.1 to 1.25 times the top-up premium

Exide Life Mera Aashirvad:

This is a non-linked, non-participating life insurance plan. If you are looking for a savings cum protection child insurance plan, then this is it. You can ensure your child’s future is secured with the guaranteed benefits offered under this plan.

Benefits and features of Exide Life Mera Aashirvad:

Following are the benefits and features of Exide Life Mera Aashirvad:

• This plan offers 3 guaranteed benefits:
  • Guaranteed Sum Assured will be paid on maturity or periodic payout dates.
  • Guaranteed Sum Assured will be paid in the event of the parent's demise.
  • Guaranteed of policy continuance in the event of the parent's demise.
• Death benefit: In the event of the life assured's demise, 100% of Sum Assured is paid as lump sum and future premiums are waived.
• Staggered payout benefit: A part of the Sum Assured can be paid as staggered payouts rather than a lump sum amount on maturity date.
• Riders: You can get enhanced protection by paying additional nominal cost for a health or accident rider.
• Maturity Benefit: The maturity benefit is paid as a single lump sum amount plus 5% of Sum Assured on the maturity date.
• Policy term: PPT plus 5 years
• Minimum Sum Assured: Rs.3,50,000 for PPT 10 to 14 years and Rs.4,50,000 for PPT 15 to 20 years
• Guaranteed Life Cover: 105% of premium paid, sum assured or 10 times the annualized premium, whichever is higher.
• Tax benefit: You can get tax benefits on premiums paid under Section 80C, maturity amounts under Section 10(10D), and premiums paid towards critical illness rider under Section 80D.
• Surrender Value benefit: The policy acquires Guaranteed Surrender Value after 1 full year’s premium is paid.
• Loan facility: You are eligible for loan facility if you have paid 3 full years’ premium.

Exide Life New Creating Life Insurance Plans:

These child plans are suitable for those who want to secure their child’s future by building savings and providing financial help in the case of an unfortunate event.

• Exide Life New Creating Life Insurance Plus: This is a non-linked participating life insurance child plan offering Life Cover with Family Income Benefit in the event of death. All future premiums are waived in the case of an unfortunate event. Pay for just a few years and enjoy life cover for full policy term.
• Exide Life New Creating Life Insurance Regular Pay: Under this plan, you will have to pay regularly over the full policy term. This is a non-linked participating life insurance child plan offering Life Cover with Family Income Benefit in the event of death. All future premiums are waived in the case of an unfortunate event. This plan is good for regular savings, guarantees safe returns, and offers protection in the case of unfortunate events.

Benefits and features of Exide Life New Creating Life Insurance Plans:

Following are the benefits and features of Exide Life New Creating Life Insurance Plans:

• Life Cover with Family Income Benefit: In the event of death, your family will be paid the Sum Assured in a lump sum amount or a part of your Life Cover is paid as regular income to your family over a period of 60 months.
• Future premiums are waived for both Exide Life New Creating Life Insurance Plus and Regular Pay plans in the event of death of the life assured.
• Maturity Benefit: Your family will get 10% of the Sum Assured as guaranteed addition on maturity date under the Exide Life New Creating Life Insurance Plus plan.
• Bonus: You are eligible for bonus based on the profits of the company's participating fund. Bonus rate is paid as a percentage of the Sum Assured.
• Premium Paying Term: 5, 7 or 10 years for Exide Life New Creating Life Insurance Plus and 15 to 25 years for Exide Life New Creating Life Insurance Regular Pay.
• Policy term: 10 to 20 years for Exide Life New Creating Life Insurance Plus and same as PPT for Exide Life New Creating Life Insurance Regular Pay.
• Premium payment frequency: Annual and monthly.
• Riders: You can get enhanced protection by adding any of the 3 riders, critical illness, accident, and additional life cover.
• Tax benefit: You can get tax benefits on premiums paid under Section 80C, maturity amounts under Section 10(10D), and premiums paid towards critical illness rider under Section 80D.
• Loan benefit: You are eligible for loan facility once the policy attains Special Surrender Value.
• Get premium discount for paying higher premiums under the Exide Life New Creating Life Insurance Plus Plan.

Why one needs Exide Life Child Plan?

In the case of unfortunate events, your family will get immediate payout under Exide Life Child Plans. Also, all future premiums are waived or funded by Exide Life Insurance under the above said circumstance. You are also guaranteed tax-free maturity benefit under Exide Life Child Plans.

In the case of unfortunate events, all future premiums are waived. You can choose to pay premiums regularly or over a limited period depending on your income and financial plans. You can get discount for higher premiums paid under the Exide Life New Creating Life Insurance Plans. You can enhance life cover protection by paying additional nominal cost for an accident or health rider from Exide Life Insurance.