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Exide Life New Immediate Annuity with Return of Purchase Price Plan

Exide Life New Immediate Annuity with Return of Purchase Price is a pension plan offered by Exide Life Insurance Company Limited. You have to pay premium just once and receive pension for life. You can decide at what frequency you want to receive the pension; monthly, quarterly, half-yearly, and yearly.

If you have saved funds for your retirement period and want to ensure a regular income for the rest of your life, then this pension plan is suitable for you. Under this plan, you get the following benefits:

  • Invest a lump sum amount in this pension scheme and get lifelong annuity payments for the rest of your life.
  • You can choose the annuity payout frequency which is yearly, half-yearly, quarterly or monthly.
  • The total purchase price of the policy will be paid to the nominee upon the demise of the policyholder.
  • You don't need to submit medical records to purchase this pension plan. You only have to pay a lump sum amount and get ready to receive regular guaranteed income at pre-decided payout frequency.
  • The annuity rates vary depending on the purchase price bands which ranges from Rs.1 lakh to Rs.25 lakhs.

In the unfortunate event of death of the policyholder, you can get guaranteed return of full purchase price of the policy.

Eligibility - Who is the Exide Life New Immediate Annuity with Return of Purchase Price for?

Listed below are the eligibility factors that you must meet to purchase Exide Life New Immediate Annuity with Return of Purchase Price:

Minimum entry age of existing customers 0 years
Minimum entry age of new customers 45 years
Minimum entry age of QROPS customers 55 years
Maximum entry age 75 years

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

Listed below are the required PPT, purchase price, annuity payout frequency, and annuity amount for Exide Life New Immediate Annuity with Return of Purchase Price:

Premium Payment Term (PPT) Single Premium
Annuity Payout Frequency Monthly, quarterly, half-yearly or yearly
Minimum Annuity Amount Rs.1,000 per month

Minimum purchase price depends on the minimum annuity amount and there is no limit on maximum purchase price.

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

Plan Coverage - What the Exide Life New Immediate Annuity with Return of Purchase Price covers?

This is how Exide Life New Immediate Annuity with Return of Purchase Price works:

Choose the premium payment term, annuity amount, and the annuity payout option before filling up the application form for Exide Life New Immediate Annuity with Return of Purchase Price. Enjoy the following benefits under this pension plan

  • Death benefit: In the unfortunate event of the demise of the policyholder, total purchase price of the policy will be refunded to the nominee or the legal heir.
  • Annuity Benefit: You will get a higher annuity rate if you purchase the annuity product using proceeds from an existing Exide Life pension plan. The annuity rate depends on purchase price, entry age, and the payout mode.
  • Annuity Payout Frequency: The annuity payout modes are monthly, quarterly, half-yearly, and yearly. Annuity payout mode for monthly, quarterly, and half-yearly are as follows:
Mode Annuity Installment
Half-yearly 48.5% of yearly annuity
Quarterly 23.75% of yearly annuity
Monthly 7.75% of yearly annuity
  • Large volume discounts: The annuity rates vary depending on the purchase price bands as specified below:
Band Purchase Price
Band 1 Less than Rs.1,00,000
Band 2 Rs.1,00,000 to less than Rs.2,50,000
Band 3 Rs.2,50,000 to less than Rs.5,00,000
Band 4 Rs.5,00,000 to less than Rs.25,00,000
Band 5 Rs.25,00,000 and above

Other key features – Freelook Period, Surrender Values, Grace Period etc.

Following are other key features of Exide Life New Immediate Annuity with Return of Purchase Price:

  • Free look period: From the date of receipt of the annuity 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 purchase price under the following conditions:
    • If the annuity product was purchased with proceeds from another pension plan from the Open Market Option, the purchase price will be transferred to that pension plan provider.
    • The refund will be paid to the policyholder if the annuity product wasn’t purchased using proceeds from any other pension plan.

The Free Look Period is 30 days for policies that are purchased through Distance Marketing such as Phone, SMS, e-mail, internet, DTH, postal mail, newspaper, and magazine inserts.

  • Survivorship: You may have to submit proof of survival to get annuity payouts.

Other Benefits – How you can save with Exide Life New Immediate Annuity with Return of Purchase Price?

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

My Life Register for My Life and easily manage your pension plan online. With My Life, 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
Policy notifications 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
  • 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 or 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 care@exidelife.in. You can also call toll-free number 1800 419 8228 for policy related queries.

Why should you buy Exide Life New Immediate Annuity with Return of Purchase Price from Exide Life Insurance?

Following are the reasons why you should buy pension plans from Exide Life Insurance:

  • Exide Life Insurance Company Limited was voted as one of the most reliable life insurance providers in India.
  • The company manages over Rs.1,000 crores in retirement corpus.
  • Over 15 lakh customers in more than 200 cities are served by over 50,000 Exide Life Insurance agents.
  • The company boasts a strong traditional insurance portfolio, distributed via Bancassurance, Agency, and Corporate Agency & Broking.
  • 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.