If you are looking for an insurance plan that guarantees regular income and help you save more, look no further than Exide Life Guaranteed Income Insurance Plan. A policyholder under this plan will have to pay the premium amount for few years to receive the guaranteed benefits like regular income at attractive interest rate of 11% to 13% p.a, lump sum amount, and a < a href="/insurance/life-insurance.html">comprehensive life cover throughout the policy term. A policyholder who pays the premium promptly during the first half of the term of the policy will reap the benefits during the second half of the policy term. The insured person also gets maturity benefit which is tax-free. Anyone who is looking for a guaranteed payout can purchase the Exide Life Guaranteed Income Insurance Plan.
To be eligible to purchase the Exide Life Guaranteed Income Insurance Plan, individuals will have to meet the below mentioned eligibility criteria:
|Plan Type||Guaranteed Income Insurance Plan|
|Minimum Entry Age||
|Maximum Entry Age||55 years|
|Minimum Age at Maturity||
|Maximum Age at Maturity||
|Policy Term||15,20,24, and 30 years|
The sum assured amount should be decided by the policyholder while purchasing the Exide Life Guaranteed Income Insurance Plan. Refer to the table below for more information on the sum assured and the premium range under the Exide Life Guaranteed Income Insurance Plan:
|Sum Assured||The minimum sum assured under the Exide Life Guaranteed Income Insurance Plan is Rs.90,978 and there is no maximum limit.|
|Premium Payment Term||
|Minimum Annualised Premium||
|Maximum Annualised Premium||No limit|
|Premium Payment Frequency||Monthly/Annual|
Following are the benefits offered by the Exide Life Guaranteed Income Insurance Plan:
|Survival Benefit (Regular Guaranteed Income)||After the policyholder completes the premium payment period, they will be eligible to receive the regular guaranteed income for the remaining term of the policy. Please note that this is a survival benefit which will not be applicable after the insured person dies. The payouts are expressed as a percentage of the sum assured amount. The payouts depend on the annual premium paid and premium payment period.|
|Maturity Benefit||The Exide Life Guaranteed Income Insurance Plan also offers maturity benefit. The maturity benefit is equal to the sum assured amount which is opted by the policyholder at the inception of the policy. It is paid at the end of the policy term along with the last GI payout.|
|Guaranteed Death Benefit||In the event of death of the policyholder, guaranteed death benefit is given. This benefit is 10 times higher than the annual premium or the sum assured amount or 105% of the premiums already paid less unpaid premiums, if any. It is applicable throughout the life of the policy and will not be reduced by the guaranteed income which is already paid. The nominee can avail the guaranteed death benefit as a lump sum amount or as a Family Income Benefit (FIB) under which 110% of the GDB is paid in 60 monthly installments.|
|Reduced Paid-up Benefit||The policy is also eligible to receive a reduced paid-up benefit if first 2 years’ premiums are paid on time in case of a 7 year premium payment term and at least 3 full year’s premium is paid for in case of policies with 10, 12, and 15 years premium payment period. There are three types of reduced paid-up benefit that policyholders can get, namely reduced paid-up death benefit, reduced paid-up maturity benefit, and reduced paid-up survival benefit. Reduced paid-up death benefit is payable immediately after insured person dies within the policy term. Reduced paid-up maturity benefit is payable in lump sum on the date of the maturity. Reduced paid-up survival benefits is payable on survival at the end of each policy year immediately succeeding the final year of premium payment term till the end of policy term.|
Under the Exide Life Guaranteed Income Insurance Plan, policyholders are allowed to customise their protective cover by attaching riders to their policy by paying a small amount extra. Please note that the riders can be added during the inception of the policy or at policy anniversary. Some of the add-on plans that are available with the Exide Life Guaranteed Income Insurance Plan are:
Please note that under any circumstances, rider sum assured for each rider shall not exceed the base policy sum assured on death.
Following are some of the other key features of the Exide Life Guaranteed Income Insurance Plan:
|Guaranteed Surrender Value||Under the Exide Life Guaranteed Income Insurance Plan, a guaranteed surrender value will be given to policyholders. The policy attains surrender value if at least one full year’s premium is paid and the guaranteed surrender value payable is 20% of the premiums paid excluding service tax.|
|Special Surrender Value||Special Surrender Value will not be less than the guaranteed surrender value at any point of time. Special surrender value is dependent on the performance of the plan.|
|Lien||For minor lives aged below 12 years, the life cover will start only after 2 years from the date the policy was issued. In case the minor dies before the risk cover becomes active, the death benefit will be restricted to refund of all premiums paid without interest.|
|Grace Period||The Exide Life Guaranteed Income Insurance Plan has a grace period of 15 days and 30 days for other modes of premium payment.|
|Lapse||If the policyholder has opted for 7 years premium payment term, the policy will lapse if the 2nd years’ premium is not paid within the grace period. For other premium payment terms, the policy will lapse if the insured person does not pay the 3rd years’ premium within the grace period.|
|Revival / Renewal||A lapsed policy can be reinstated for full benefits by reviving it within two years from the date of the first unpaid premium.|
|Free Look Period||The Exide Life Guaranteed Income Insurance Plan has a free look period of 15 days within which the policyholder can cancel the policy and and get the premiums paid refunded. For policies purchased through distance marketing, the free look period is 30 days from the receipt of the policy document.|
|Policy Loan Facility||Under the Exide Life Guaranteed Income Insurance Plan, policyholders are eligible to avail a loan if the policy has attained the surrender value. The minimum loan amount shall be Rs.1,000 and the maximum loan amount shall not exceed 80% of the available special surrender value. The interest rate on the loan will be decided by the insurer.|
|Assignment||Assignments are allowed under the Exide Life Guaranteed Income Insurance Plan. It should comply with provisions of Section 38 of the Insurance Act, 1938.|
|Nomination||Nominations are allowed under the Exide Life Guaranteed Income Insurance Plan. It should comply with the provisions of Section 39 of the Insurance Act, 1938.|
There is one exclusion under the Exide Life Guaranteed Income Insurance Plan which is the suicide exclusion.
Suicide exclusion: If the life insured commits suicide within one year from the date of issue of the insurance policy, 80% of the premiums paid excluding service tax will be payable. If the insured commits suicide within one year from the date of revival of the policy, higher of 80% of premium paid, excluding service tax till the date of death or the surrender value as available on the date of death will be payable.
Policyholders who have purchased the Exide Life Guaranteed Income Insurance Plan will enjoy tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961.
If you are planning on retiring with regular income or you want to stay financially safe and well-funded during emergencies, this is the right product for you. Moreover, Exide Life Insurance Company Limited is a well-established and reputed insurance provider in the country. The company is focused on designing customised insurance products for each sector. Whether you’re looking for protection plans and retirement schemes or group business insurance products or savings and investment plans, Exide Life Insurance Company Limited offers it all. So, if you are looking for a perfect insurance plan which will make sure that you and your loved ones have regular income, look no further than Exide Life Guaranteed Income Insurance Plan.
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