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Exide Life Golden Years Retirement Plan

With Exide Life Golden Years Retirement Plan, you can save up for your retirement and lead a comfortable life without compromising on your lifestyle. Plan well for you retirement years, with the pension plan offered by Exide Life Insurance Company Limited. It is a traditional long-term pension plan under which:

  • All premiums paid will be compounded at minimum 1% p.a.
  • You can alter the PPT by choosing Regular, Limited or Single Pay.
  • The plan also offers loyalty benefit to the policyholder in the form of refunded premium allocation charges on reaching retirement age.
  • You can get 5% p.a. interest guarantee on your gross premiums and Individual Pension Account (IPA) for the first 5 years.
  • If you want to increase the growth rate of your retirement fund, you have the option to pay top-up premiums in addition to your regular premium 2 years before the vesting date.

Eligibility - Who is the Exide Life Golden Years Retirement Plan for?

Listed below are the various eligibility factors that you must meet to purchase Exide Life Golden Years Retirement Plan:

Entry age (minimum to maximum) 18 to 65 years old
Vesting age (minimum to maximum) 55 to 75 years old

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

The Policy Term, PPT, and Sum Assured for Exide Life Golden Years Retirement Plan are as follows:

Premium Payment Term (PPT) Single Pay Limited Pay: 5 to 9 years Limited Pay (10 to 41 Years) and Regular Pay
Vesting Term 10 to 42 years 10 years 15 to 42 years
Premium
  • Minimum Annual Premium is Rs.48,000 and Minimum Monthly Premium is Rs.4,000 for PPT of 5 to 9 years
  • Minimum Annual Premium is Rs.24,000 and Minimum Monthly Premium is Rs.2,000 for PPT of 10 to 42 years
  • Minimum Single Premium is Rs.2,40,000
Premium Payment Frequency Annual and monthly modes
Annuity Guaranteed for life

*Premiums vary based on age, location, plan term, and other factors.

Plan Coverage - What the Exide Life Golden Years Retirement Plan covers?

This is how Exide Life Golden Years Retirement Plan works:

Choose the vesting term and date, the premium amount, and the premium payment term before filling up the application form for Exide Life Golden Years Retirement Plan. Enjoy the following benefits under this policy:

  • Minimum guaranteed growth: Your IPA has a minimum interest rate of 5% p.a. for the first 5 years and 1.5% p.a. for the rest of the policy years.
  • PPT flexibility: You can pay an additional premium called the top-up premium to ensure your pension fund grows faster. You can choose between annual or monthly premium payment modes. You can also choose to increase or decrease your PPT by retaining the same premium amount.
  • Guaranteed vesting benefit: Upon completion of vesting term, you can get the total premiums paid including the top-up premium compounded at 1% p.a. or the balance in the IPA. 1/3rd of the vesting benefit can be obtained tax-free and the rest can be used to purchase life annuity.
  • Savings: You can build a desirable retirement corpus with as little as Rs.2,000 per month.
  • Loyalty benefit: All the premium allocation charges will be refunded to your IPA as loyalty benefit once you have reached the retirement age and paid total premium of Rs.4,80,000 excluding top-up premium.
  • Life Cover: Upon the demise of the policyholder, the nominee will be paid the higher of 105% of the gross premiums including top-up premium and excluding Service Tax, total premiums (gross premium and top-up premium) compounded at 1%p.a. excluding Service Tax or IPA.
  • Premium allocation charge:
    Policy year Annual mode Monthly mode Single Premium
    1st year 9% of annual premium 6% of annual premium 3% of annual premium
    2nd year to 5th year 2.5% of annual premium 2% of annual premium Nil
    6th year onwards 2% of annual premium 2% of annual premium Nil
  • Policy administration charge:
    Policy year Allocation charge
    1st year 0% of annual premium
    2nd year onwards 4% of annual premium
  • Single Premium:
Policy year Allocation charge
1st year 0% of annual premium
2nd year to 5th year 2.2% of annual premium
6th year onwards 0% of annual premium
  • Annual Management Fee is 1.35% p.a. of the pension account value.

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

Following are other key features of Exide Life Golden Years Retirement Plan:

  • Free look period: From the date of receipt of the policy document, you are given 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy. You will receive refund of the premium paid after certain deductions. The Free Look Period is 30 days for policies that are purchased through Distance Marketing. If you had purchased this policy as QROPS by transferring your pension amount from one of the UK registered pension schemes, the refund amount will be transferred back to the same pension scheme.
  • Grace period: If you fail to pay premium on the due date, Exide Life Insurance offers a grace period of 15 days for monthly payment mode and 30 days for annual payment mode to pay the premium due without interest. If the premium is not paid within the grace period, your policy will lapse.
  • Policy discontinuance: The company will send a notice within 15 days from the expiry of grace period and the policyholder will have to choose between the below mentioned options within 30 days of receipt of notice:
    • Policy discontinuance before completion of 5-year lock-in period:
      • You can revive the policy within 2 years from the date of first unpaid premium.
      • The Individual Pension Account and Policy Discontinuance Charges will be transferred to Discounted Pension Policy Account with a minimum guaranteed interest rate. Fund Management Charge of 0.50% is applicable on the balance in your IPA.
      • If the policy is not revived, then the proceeds from the Discounted Pension Policy Account will be paid at the end of the lock-in or revival period, whichever is later.
      • Upon the life assured’s demise before the lock-in period, the proceeds shall be paid to the nominee under the guaranteed death benefit.
    • Policy discontinuance after completion of 5-year lock-in period:
      • You can revive the policy within 2 years from the date of first unpaid premium.
      • Policy proceeds will be paid like that of the surrender benefit.
      • The policy will be converted into paid-up policy.
  • Policy surrender:
    • Policy surrender before completion of 5-year lock-in period:
      • The Individual Pension Account and Policy Discontinuance Charges will be transferred to Discounted Pension Policy Account with a minimum guaranteed interest rate. Fund Management Charge of 0.50% is applicable on the balance in your IPA.
      • Surrender benefit is the proceeds from the Discounted Pension Policy Account which will be paid at the end of the lock-in period.
      • Upon the life assured’s demise before the lock-in period, the proceeds shall be paid to the nominee under the guaranteed death benefit.
      • For QROPS policyholders, the surrender benefit shall be paid at the age 55 years or after the 5-year lock-in period.
    • Policy surrender after completion of 5-year lock-in period:
      • 1/3rd of the vesting benefit can be obtained tax-free and the rest can be used to purchase life annuity from Exide Life Insurance.
      • You can use the full proceeds to buy a pension plan from Exide Life Insurance with a minimum Single Premium of Rs.24,000.
      • For QROPS policyholders, the surrender benefit shall be paid at the age 55 years or after the 5-year lock-in period.
      • For QROPS policyholders, the surrender benefit shall be paid at the age 55 years or after the 5-year lock-in period.

Tax Benefits – How you can save with Exide Life Golden Years Retirement Plan?

With Exide Life Golden Years Retirement Plan, you can get guaranteed tax deductions on premiums paid under Section 80C of the Income Tax Act, 1961.

Other Benefits – How you can save with Exide Life Golden Years Retirement Plan?

There are several other benefits of purchasing retirement or pension plans from Exide Life Insurance such as:

  • My Life: As an Exide Life policyholder, you can register for My Life and easily manage your policy. With this feature, you can make premium payments online, update contact details, check policy status, view Policy Value, revive your insurance policy, make enquiries through E-box, print policy fund statements, tax certificates, and portfolio statements.
  • Policy notifications: Get policy related notifications via email or SMS alerts on your registered mobile number.
  • Premium payment channels: Online premium payment channels include e-wallet, net banking, credit card, and debit card. Other premium payment channels include Auto-Debit Arrangement, NEFT or RTGS, cheque, DD or cash deposit at Exide Life Insurance branch, South Indian Bank branch, Axis Bank branch, Karnataka One Counter, Bangalore One Counter, and HD One Counter.
  • Complaints and feedback: Fill up an online form on the Exide Life Insurance website to register your complaint or 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 Golden Years Retirement Plan from Exide Life Insurance?

Following are the reasons why you should buy Exide Life Golden Years Retirement Plan from Exide Life Insurance:

  • Exide Life Insurance Company Limited was voted as one of the most reliable life insurance providers in India.
  • Exide Life Golden Years Retirement Plan is declared a Qualifying Recognized Overseas Pension Scheme (QROPS). The company manages a retirement corpus of over Rs.1,000 crores.
  • Over 15 lakh customers are served by more than 50,000 agents spread across 200 cities across India.
  • The company offers a strong traditional insurance portfolio. The insurance products are distributed via Banc Assurance, Agency, and Corporate Agency & Broking.
  • Exide Life Insurance has experience managing assets worth Rs.9,530 crores and gained Rs.2,047 crores in Premium Income during FY 2015-16.