Exide Life Mera Aashirvad - Child Insurance Plan

Exide Life Mera Aashirvad is a child insurance plan offered by Exide Life Insurance Company Limited. This plan offers guaranteed benefits such as life cover, tax-free maturity benefits, periodic payouts, and premium waiver. In the unfortunate event of demise of the life insured, the policy will continue till maturity as the premiums are waived off so that the family is not burdened with making premium payments.

Whether it is education or wedding, this child insurance plan by Exide Life Insurance can ensure your child has the financial support to fulfil his or her dreams even in your absence. This is a life insurance cum savings plan that provides periodic payouts to your child at milestones such as higher education, wedding, start a business, etc. Upon policy maturity, your child will be paid the pre-determined sum assured without any tax deductions. The maturity benefits can be paid in 2 ways:

• Option A: Part of the maturity benefits in staggered payouts and part in lump sum amount.
• Option B: A single lump sum amount.

Get enhanced protection with add-ons in the form of Exide Life Term Rider, Exide Life Critical Illness Rider, and Exide Life Accidental Death, Disability and Dismemberment Rider.

Eligibility - Who is the Exide Life Mera Aashirvad for?

Individuals with a minimum age of 21 years and maximum of 50 years with a child below 16 years of age can apply for this insurance plan. Listed below are the various eligibility factors that you must meet to purchase Exide Life Mera Aashirvad:

Entry age of the life insured (minimum to maximum)	21 to 50 years old
Entry age of the child (minimum to maximum)	0 to 15 years old
Maturity age of the parent (minimum to maximum)	36 to 65 years old

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

As per Exide Life Mera Aashirvad, the child has to be minimum 18 years old on the maturity date. Listed below are the required Policy Term, PPT, and Sum Assured:

Premium Payment Term (PPT) with regards to the child’s age	For 0 year old - 13 to 20 years For 1 year old - 12 to 20 years For 2 year old - 11 to 20 years For 3 to 15 year old - 10 to 20 years
Policy Term	PPT plus 5 years
Sum Assured	Minimum Sum Assured for PPT 10 to 14 years - Rs.3,50,000 Minimum Sum Assured for PPT 15 to 20 years - Rs.4,50,000 Maximum Sum Assured - Unlimited
Premium Payment Frequency	Annually or monthly mode

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

Plan Coverage - What the Exide Life Mera Aashirvad covers?

This is how Exide Life Mera Aashirvad works:

Choose the policy term, the sum assured, and the maturity benefit payout option before filling up the application form for Exide Life Mera Aashirvad. Enjoy the following benefits under this policy:

• Death benefit: In the unfortunate event of the demise of the life assured, 100% of the Sum Assured will be paid. Unpaid premiums in the death year will be deducted from the death benefits. Future premiums will be waived. Previous Staggered Payout Benefits will not be deducted from the death benefit. Sum Assured equals at least:
  • 10 times the annualised premium (excluding Service Tax, rider premiums, and extra premiums, if any)
  • Or, 105% of all the premiums payable (excluding Service Tax, rider premiums, and extra premiums, if any)
• Maturity benefit: At the policy inception, you can choose how you want the policy benefits to be paid. The Sum Assured can be paid in a single lump sum amount upon reaching maturity date or in guaranteed staggered payouts. The maturity benefit payout options are as follows:

Option A	65% of the Sum Assured
Option B	105% of the Sum Assured

Under Option B, you get additional 5% of the Sum Assured, provided all premiums are paid or waived. The chosen payout option can’t be changed during the policy term.

• Guaranteed staggered payout benefit: The Sum Assured can be paid in the form of staggered payouts or a lump sum amount upon reaching maturity date. In the case of guaranteed staggered payout, the company will pay a percentage of the Sum Assured over a period of last 5 years.

  Payment date	Staggered payout amount in percentage of Sum Assured
  1st policy anniversary after PPT	7.5%
  2nd policy anniversary after PPT	7.5%
  3rd policy anniversary after PPT	10%
  4th policy anniversary after PPT	10%

• Enhanced protection benefit: Enjoy enhanced protection by paying a nominal premium for any of the 3 available Exide Life Riders - Critical Illness Rider, Term Rider, and Accidental Death, Disability, and Dismemberment Rider.

Riders / Add-On Plans – Additional Coverage under Exide Life Mera Aashirvad:

Get enhanced protection by adding an Exide Life Rider to your base policy, Exide Life Mera Aashirvad plan. Exide Life offers the following riders:

Exide Life Term Rider	Get up to double the life cover against death caused due to natural or accidental causes.
Exide Life Critical Illness Rider	Get enhanced life cover against critical illness. This rider covers 25 major critical illnesses.
Exide Life Accidental Death, Disability and Dismemberment Rider	Get additional protection against accidental death, disability or dismemberment for a nominal premium payment.

Riders can be added at the inception of the policy or policy anniversary. The rider sum assured can’t be more than the sum assured of the base policy.

Exclusions - What Exide Life Mera Aashirvad doesn’t cover?

Exide Life Mera Aashirvad 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 benefits except the following:

• Get 80% of the premium paid (excluding Service Tax) for death within a year from the policy commencement date.
• Get 80% of the premium paid or Surrender Value (excluding Service Tax) for death within a year from the policy reinstatement date.

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

Following are other key features of Exide Life Mera Aashirvad:

• 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 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.
• Non-forfeiture options: If you have failed to pay the premium within the grace period, your policy will lapse and be subject to non-forfeiture options such as Reduced paid-up Value and Guaranteed Surrender Value (GSV). If you have made premium payments for at the least 1 full year and have failed to make subsequent premium payment, then you will be eligible for surrender benefit. The Surrender Value will be paid immediately upon death before acquiring reduced paid-up benefit.
• Policy Reinstatement: Once the policy lapses due to non-payment of premium, you have the option to revive it if the life insured is still alive by doing the following:
  • Submit a written request for policy reinstatement within 2 years from the date of the unpaid premium.
  • Provide proof of insurability.
  • Paid all premium dues with interest till the date of reinstatement.
• Surrender Benefit: After the death of the life assured, the child is not eligible for Surrender Policy. If at the least 1 full year’s premiums have been paid, then the policy will acquire Guaranteed Surrender Value excluding any loan payment dues. If 3 years’ premiums have been paid, then the amount payable on surrender is higher of Special Surrender Value or GSV. All policy benefits will cease once the SSV or GSV is paid.
• 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 below Rs.1,000 or 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 is 9% p.a. (compounded semi-annually).

Tax Benefits – How you can save with Exide Life Mera Aashirvad?

Under Exide Life Mera Aashirvad, you can get guaranteed tax benefits on premiums paid and maturity proceeds:

• Get tax benefits on premiums paid under Section 80C of the Income Tax Act, 1961.
• Get tax benefits on maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.
• Get tax benefits on premiums paid towards Critical Illness Rider under Section 80D of the Income Tax Act, 1961.

Other Benefits – How you can save with Exide Life Mera Aashirvad?

There are several other benefits of purchasing life insurance plans from Exide Life Insurance such as:

My Life	By registering for My Life, you can easily manage and track your policy. With My Life, you can make online premium payments, 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 alerts	Get policy notifications via email or SMS on your registered mobile number.
Premium payment channels	Online premium payment methods 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.
Life Cover and Premium calculator	Determine how much life cover you need and how much premium you have to pay using the online life cover and premium calculators, available on the Exide Life Insurance website.
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 care@exidelife.in. You can also call toll-free number 1800 419 8228.

Why should you buy Exide Life Mera Aashirvad from Exide Life Insurance?

Following are the reasons why you should buy Exide Life Mera Aashirvad from Exide Life Insurance:

• Exide Life Insurance Company Limited was voted as one of the most trustworthy life insurance providers in India.
• The Claims Settlement Ratio of Exide Life Insurance for FY 2015-16 was 89%.
• The company serves over 15 lakh customers in more than 200 cities across India.
• It offers a strong traditional insurance portfolio, distributed via Bancassurance, Agency, and Corporate Agency & Broking.
• Over 50,000 agents spread across 200 offices are dedicated to serving Exide Life Insurance customers.
• 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.