Exide Life Jeevan Uday Plan is a savings plan offered by Exide Life Insurance Company Limited. This plan offers guaranteed benefits such as life cover for full policy term, tax-free maturity benefits, extended life cover, and loan policy option. No medical records are required to purchase this plan.
Eligibility - Who is the Exide Life Jeevan Uday Plan for?
Listed below are the eligibility factors that you must meet to purchase Exide Life Jeevan Uday Plan:
|Entry age (minimum to maximum)
||0 to 50 years
|Maturity age (minimum to maximum)
||18 to 70 years
Sum Assured and Premium Range - What you get and what it costs?
Listed below are the required Policy Term, PPT, and Sum Assured for Exide Life Jeevan Uday Plan:
|Premium Payment Term (PPT)
||10, 15, 20 years
||Annual: Rs.6,000, Rs.7,000, Rs.8,000, Rs.9,000, and Rs.9,600
Half-yearly: Rs.4,000 and Rs.4,800
||Minimum Sum Assured on Maturity: Rs.37,734
Minimum Sum Assured on Death: Rs.42,000
|Premium Payment Frequency
||Annual, half-yearly mode
*Premiums vary based on age, location, plan term and other factors.
Plan Coverage - What the Exide Life Jeevan Uday Plan covers?
This is how Exide Life Jeevan Uday Plan works:
Choose the policy term, PPT, and premium amount. The sum assured and maturity benefit will be determined based on the above mentioned parameters and your age. Fill up the application form for Exide Life Jeevan Uday Plan. Enjoy the following benefits under this policy:
Maturity benefit: It is a combination of sum assured plus bonus earned during the policy term plus terminal bonus, if any.
- Sum assured on maturity: This amount is guaranteed to you policy commencement.
- Bonus: Your policy earns an annual bonus each year which will be paid on policy maturity.
- Terminal Bonus: A terminal bonus will be declared after completion of 10 policy years which will be paid on policy maturity.
Life Cover: It equals sum assured on death plus reversionary bonus plus terminal bonus, if any. Sum assured on death is higher of sum assured on maturity or multiple of annualised premium minus Service Tax and extra premiums. If your entry age is below 45 years, the sum assured is 10 times the annualised premium. If your entry age is above 45 years, the sum assured is 7 times the annualised premium. Life Cover is never less than 105% of total premiums paid excluding Service Tax and extra premiums paid.
Extended Life Cover: Usually the policy lapses if you fail to pay the premium within the grace period. However, under this plan, you will receive full life cover for 1 year from the date of the first unpaid premium payment date, provided minimum 1 full year's premium has been paid.
Exclusions - What the Exide Life Jeevan Uday Plan doesn’t cover?
Exide Life Jeevan Uday Plan doesn’t cover death caused by suicide within a year from the policy commencement or reinstatement date. In such a scenario, 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 after which the policy ceases.
- If the policy is reinstated after expiry of the Extended Life Cover, higher of 80% of the premium paid or Surrender Value (excluding Service Tax) as available on death is paid.
- Full life cover, if the policy is reinstated within expiry of the Extended Life Cover and the life assured commits suicide within the remaining period of the Extended Life Cover.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
Following are other key features of Exide Life Jeevan Uday 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.
Grace period: If you have failed to pay the premium on the due date, Exide Life Insurance offers you a grace period of 30 days to pay the premium due without interest. If the premium is not paid within the grace period, your policy will lapse.
Policy Lapse: If you have failed to pay the premium within the grace period, your policy will lapse and all benefits under this policy will cease until it is reinstated or revived. If at the least 1 full year’s premium is paid and less than 3 full years’ premiums are paid then you will receive life cover which is equal to Surrender Value. A lapsed policy will not be a participant of the participatory fund.
Reduced Paid-Up: If minimum 3 full years’ premiums have been paid and further premiums are unpaid, the policy will attain Reduced Paid-Up status, provided the policy hasn’t been surrendered. This status will remain until the policy is revived or reinstated. During the Reduced Paid-Up status, the life cover will decrease. Once the Reduced Paid-Up benefit is paid, the policy will cease.
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 premium dues along with the applicable reinstatement charge till the date of reinstatement.
Surrender Benefit: The policy can be surrendered after 1 full year’s premiums are paid. The benefits will be paid immediately or after the 2nd policy year, whichever is later. The surrender benefit is higher of the Guaranteed Surrender Value or Special Surrender Value after loan deductions, if any. Once the surrender benefit is paid, the policy ceases. If minimum 1 full year’s premiums are paid, the policy acquires GSV. If minimum 3 full years’ premiums are paid, the policy acquired SSV.
Loan: The life assured can apply for a loan under this plan after paying 3 full years’ premiums and acquiring Special Surrender Value. The loan amount shall not be above 90% of the SSV. The outstanding loan and interest dues will be deducted from the policy benefits. The interest charged for loans obtained under this plan are determined by the company.
Tax Benefits – How you can save with Exide Life Jeevan Uday Plan?
Under Exide Life Jeevan Uday Plan, you can get tax benefits on:
- Premiums paid under Section 80C of the Income Tax Act, 1961.
- Maturity proceeds under Section 10(10D) of the Income Tax Act, 1961, till the age of 44 years.
Other Benefits – How you can save with Exide Life Jeevan Uday Plan?
There are several other benefits of purchasing a savings plan from Exide Life Insurance such as:
||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.
||Receive policy 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 or 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 complaints or feedback. For grievance redressal, visit the nearest Exide Life Insurance branch or write to firstname.lastname@example.org. You can also call toll-free number 1800 419 8228.
Why should you buy Exide Life Jeevan Uday Plan from Exide Life Insurance?
Following are the reasons why you should buy a savings plan from Exide Life Insurance:
Exide Life Insurance Company Limited was voted as one of the most reliable life insurance providers in India.
The Claims Settlement Ratio of Exide Life Insurance for FY 2015-16 was 89%.
- Over 50,000 Exide Life Insurance agents serve more than 15 lakh customers in 200 cities across India.
- The company boasts a strong traditional insurance portfolio, distributed via Banc Assurance, Agency, and Corporate Agency & Broking.
- Exide Life Insurance has experience managing assets worth Rs.9,530 crores. The company gained Rs.2,047 crores in Premium Income during FY 2015-16.