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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:
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.
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 |
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.
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:
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.
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% |
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.
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:
Following are other key features of Exide Life Mera Aashirvad:
Under Exide Life Mera Aashirvad, you can get guaranteed tax benefits on premiums paid and maturity proceeds:
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. |
Following are the reasons why you should buy Exide Life Mera Aashirvad from Exide Life Insurance:
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