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Exide Life Income Advantage Plan

The Income Advantage Plan from Exide Life is a non-linked, non-participating life insurance policy that can help in creating a corpus for the policyholder, thereby helping him/her provide for his/her family whilst ensuring that there is an alternate source to supplement their primary income. The plan is distinctive protection cum savings instruments that enables the policyholder to ensure his/her family’s well-being.

The Exide Life Income Advantage Plan offers a guaranteed annual income as well as a payout during the first half of the policy term as well as income during the second half. The options through which customers can avail payouts is relatively flexible and life insurance coverage is guaranteed for the entirety of the policy term.

The Exide Life Income Advantage Plan offers a survival benefit which can be availed via two different options. The plan also offers a death benefit in case of the unfortunate and untimely demise of the policyholder. It also has a reversionary bonus, special additional bonuses and terminal bonus to increase the benefits on offer. Premium payments can be made on an annual basis and the plan also offers tax benefits. One of the unique features of the Exide Life Income Advantage Plan is that it allows customers to take a loan against the policy.

Eligibility Criteria – Who is the Exide Life Income Advantage Plan for?

Customers who wish to purchase the Exide Life Income Advantage Plan are required to adhere to certain age restrictions. The minimum and maximum entry age for this plan varies depending upon the policy term. Following are the eligibility criteria for the Exide Life Income Advantage Plan:

Policy Term 16 years 24 years 30 years
Minimum Entry Age 9 years 5 years 2 years
Maximum Entry Age 55 years 55 years 50 years
Minimum Maturity Age 25 years 29 years 32 years
Maximum Maturity Age 71 years 79 years 80 years

Premium Term and Premium Range – What you get and what it costs?

Following are some of the important details regarding the premium payments under the Exide Life Income Advantage Plan:

Policy Term 16 years 24 years 30 years
Premium Payment Term 8 years 12 years 15 years
Minimum Premium Rs.30,000 per annum or Rs.2,724 per month Rs.18,000 per annum or Rs.1,635 per month Rs.12,000 per annum or Rs.1,090 per month
Benefit Payout Term 8 years 12 years 15 years
Maximum Premium No limit, subject to board approved underwriting
Premium Payment Modes Monthly / Annual

Plan Coverage – What does the Exide Life Income Advantage Plan cover?

Following are some of the key features of the Exide Life Income Advantage Plan:

Survival Benefit The Exide Life Income Advantage Plan allows customers to select the manner in which they would like to receive their survival benefits over the course of the benefit payout term based on their unique financial requirements. The two options include Pure Income Benefit and Income with Maturity Benefit. In case of the Pure Income Benefit, the policyholder shall be eligible for the annual guarantee income plus simple reversionary bonus plus special additional bonus upon surviving the benefit payout term. In case of the Income with Maturity Benefit, the customer shall be eligible for the annual guaranteed income at maturity, along with terminal bonus, if any, and simple reversionary bonus.
Death Benefit In case of the demise of the life assured during the policy term, the nominees shall be eligible for the sum assured on death plus vested simple reversionary bonuses plus terminal bonus, if any. The death benefit shall be paid as a lump sum upon the death of the life assured and shall terminate once the payment has been made. The sum assured on death shall be the higher of 10 x annualised premium or absolute amount to be paid on death or sum assured on maturity or 105% of all premiums paid towards the base policy until the date of death.

Other Key Features of the Exide Life Income Advantage Plan:

Following are some of the other key features of the Exide Life Income Advantage Plan:

Loan Facility The Exide Life Income Advantage Plan allows customers who purchase the policy to take a loan against the same. The minimum amount of money that can be borrowed against such a loan is Rs.1000.
Grace Period In case a policyholder fails to make a premium payment on time, he/she will receive an additional period of 30 days to do the same if the premium payment mode is annual. Customers who choose the monthly premium payment mode will receive a grace period of 15 days to ensure that all due premiums have been paid.
Lapsation In case a minimum of two full years’ premiums have been paid for a 8-year policy term, and a minimum of three full years’ premiums have been paid for a 12- and 15-year policy term, and further premiums remain unpaid and the policy is not surrendered, the policy shall acquire a reduced paid-up status on the date when the grace period expires until it is reinstated or revived.
Reinstatement / Revival The Exide Life Income Advantage Plan can be reinstated or revived during the policy term. However, it can only be revived within two years from the date of the first unpaid premium.
Surrender Customers can surrender the Exide Life Income Advantage Plan if they require funds at a short notice. The policy may be surrendered in case a minimum of two full years’ premiums have been paid for 8-year premium payment term and a minimum of three full years’ premiums have been paid for 12- and 15-year terms. The surrender benefit of the plan is the higher of the special surrender value, if any, or the guaranteed surrender value, post the subtraction of any loans availed against the policy.
Free Look Period Customers who are not satisfied with the terms and conditions of the Exide Life Income Advantage Plan can return the same to the company within a period of 15 days from the date on which they receive the policy. In case the plan was purchased through distance marketing mode, the free look period will extend to 30 days.
Suicide In case the life assured commits suicide within 12 months from the date on which coverage starts, the nominees shall receive 80% of premiums paid. In case the life assured commits suicide within 12 months from the date of reinstatement or revival, the nominee shall receive the higher of 80% of premiums paid or the surrender value as on the date of death.
Assignment Assignment is allowed as per the provisions of Section 38 of the Insurance Act, 1938.
Nomination Nomination is allowed as per the provisions of Section 39 of the Insurance Act, 1938.

Riders – Add-on covers that can be attached to the Exide Life Income Advantage Plan:

The Exide Life Income Advantage Plan allows customers to attach riders in order to increase the level of protection offered to them. The riders can be added either at the start of the policy term or at any policy anniversary. The riders that are offered by the company for this plan include the Exide Life Critical Illness (4) Regular Pay Rider, the Exide Life Critical Illness (25) Regular Pay Rider, the Exide Life Accidental Death Disability and Dismemberment Rider, and the Exide Life Term Rider.

Tax Benefits – How you can save with the Exide Life Income Advantage Plan?

Customers who purchase the Exide Life Income Advantage Plan can claim tax benefits under Section 80C of the Income Tax Act, 1961, for the premiums paid, under Section 10(10D) of the Income Tax Act, 1961, on the maturity and survival proceeds of the plan, and under Section 80D of the Income Tax Act, 1961, on the premiums paid towards the critical illness rider, if any.

Why choose the Exide Life Income Advantage Plan?

The Income Advantage Plan from Exide Life is a great option for anyone who wishes to avail the dual benefits of savings and protection. The plan can be purchased to save for the future and also to ensure that your family is financially secure in case of your unfortunate and untimely demise. Moreover, Exide Life Insurance Company Limited has established itself as one of India’s most prominent insurance providers. It currently serves more than 15 lakh customers across the country and continues to grow in stature thanks to its provision of top quality products and services. The company employs over 50,000 advisors who have the experience and expertise to help customers find the policies that will best suit their unique requirements. With more than 200 offices across India in addition to a 24/7 customer service team, you can rest assured that you will have no concerns whatsoever with your Exide Life Income Advantage Plan.