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  • Exide Life Nirmal Jeevan Insurance Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Exide Life Nirmal Jeevan is a non-participating insurance plan which offers you an unbeatable dual benefit of not only providing life insurance cover but also allowing you to save. The other key benefit that this plan offers is that also offers guaranteed returns on your investment. This is a highly affordable plan under which annual premiums are as low as Rs.6,000. The plan also makes you eligible for tax savings under Section 80C and 10(D) of the Income Tax Act.

    Eligibility - Who is the Exide Life Nirmal Jeevan Insurance Plan For?

    If you wish to purchase the Exide Life Nirmal Jeevan Insurance Plan, there is an eligibility criteria which you must adhere to.

    Minimum age at entry For 15 years policy term - 3 years For 12 years policy term - 6 years For 10 years policy term - 8 years
    Maximum age at entry 55 years
    Minimum age at maturity 18 years
    Maximum age at Maturity 70 years

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

    Sum Assured

    Under an insurance policy, sum assured is defined as the money which the insurer guarantees to pay to the insured, ahead of any bonus that is part of the policy. This is a guaranteed coverage amount which is also complete amount for which the insured is covered. Under the Exide Life Nirmal Jeevan Plan, the sum assured is dependent on the policy term, and annual premium paid. Sum assured will increase as the policy term and the annual premium goes higher. For example, please refer to the table below.

    Age at Entry Policy Term (years) Annual Premium* Sum Assured
    40 10 6,000 69,965
    40 12 8,000 1,18,519
    40 15 10,000 1,98,216

    *premiums mentioned above are excluding service tax and cess

    Premium

    The Exide Life Nirmal Jeevan is a very affordable plan for which the annual premium is as low as Rs.6,000. If the policyholder has made as many as 2 or 3 premium payments during the term of the policy and are unable to pay any more premiums, they will be eligible for coverage for the following 2-3 years. The annual premium will be payable in multiples of Rs.1,000.

    Minimum Annual Premium Rs.6,000
    Maximum Annual Premium Rs.12,000
    Premium Payment Term Equal to duration of policy
    Premium Payment Mode Premiums will be made on an annual basis.
    Policy term 10, 12 and 15 years

    Plan Coverage - What the Exide Life Nirmal Jeevan Plan Covers?

    The Exide Life Nirmal Jeevan Insurance Plan comes with a lot of benefits and features, all offered to allow you to not only save but also be covered under a competent insurance plan. In addition to this, the plan also provides a guaranteed maturity benefit. The working of this plan is as follows:

    Step 1 - Customer chooses the policy term and the annual premium that they wish to pay towards the policy.

    Step 2 - Depending on the chosen preferences for policy term, annual premium and the customer’s age, the insurer will arrive at the amount of the guaranteed benefit.

    Following this, in case the insured passes away before the end of the policy term or if the policy matures, the insured will receive the sum assured amount. The benefits provided under the Exide Life Nirmal Jeevan Insurance are as follows:

    Guaranteed Death Benefit The Guaranteed Death Benefit is provided if the life assured unfortunately has passed away before the expiry of the policy term. In this case, the Guaranteed Death Benefit is provided to the beneficiary named in the policy.
    Guaranteed Maturity Benefit Under this plan, the sum assured amount is? guaranteed payable ?and is provided once the plan reaches maturity.
    Automatic Life cover Several policies will either cease to provide benefits or reduce them if you are unable to pay one or more premiums. However, you no longer have to carry that worry if you are covered under the Exide Life Nirmal Jeevan Insurance Plan. What’s special under the policy is that even if you are not able to pay the premiums after 2 or 3 times, the Guaranteed Death Benefit will remain for another 2 or 3 years.
    • In case premiums for a minimum of 2 years have been paid while future premiums have not yet been paid, the Guaranteed Death Benefit payable under the policy will cover you for a further period of 2 years, starting from the date of the first unpaid premium.
    • In case premiums for a minimum of 3 years have been paid while future premiums have not yet been paid, the Guaranteed Death Benefit payable under the policy will cover you for a further period of 3 years, starting from the date of the first unpaid premium.
    • If the life assured passes away during the automatic life cover period, their beneficiary will receive the full amount of the death benefit.

    Exclusions - What the Exide Life Nirmal Jeevan Insurance Plan doesn’t cover?

    In case the life assured individual commits suicide in a sane or insane state of mind, before the end of one year starting from date of policy commencement or date of policy reinstatement, the policy will terminate immediately. In this case, Exide Life will only be liable to pay the following:

    • If death has taken place within a year from date of policy commencement, insurer will be liable to pay back 80% of the premium (excluding service tax).
    • If death has taken place within a year from date or policy reinstatement, then the insurer will be liable to pay the either 80% of premiums paid until death or the Surrender Value acquired by the policy until the date of death, whichever is higher.

    Other Key Features – Free Look Period, Surrender Values, Grace Period etc.

    Medical test Customers do not need to undergo any medical tests or examinations to take this policy.
    Loan Benefit The requirement for funds can arise at any time in one’s life, and often when one may not be in possession of such much needed funds. Exide Life has designed the Nirmal Jeevan plan to go one step further and be of assistance to you, in case you do need funds in an emergency. Under this policy, the life assured policyholder is eligible to avail a loan after they have paid policy premiums for 3 years.
    Grace Period Policyholders will be allowed a grace period of 30 days after the date of the first unpaid premium, to make their premium payments and avoid policy from lapsing.
    Policy Lapse If the policyholder has not paid policy premiums for a minimum of 3 years, the policy shall lapse on the date when the allowed grace period comes to an end. If the policy has lapsed, all benefits (except guaranteed death benefit) that are offered under the policy will be withdrawn.
    Reduced Paid-up
    • If the policyholder has made premium payments for 3 years but has not paid any further premiums or surrendered the policy, then the policy will acquire a Reduced Paid-up status on the date when the allowed grace period expires.
    • When the policy becomes Reduced Paid-up, the sum assured will also go down according to the following formula:
    Reduced Paid-up (minus) Sum Assured = No. of premiums paid / total no. Of premiums payable x (sum assured of basic policy).
    • While the policy is in the Reduced Paid-up state, and after the automatic life cover period is over, the resultant sum assured shall be payable either on maturity or policy or death of policyholder, whichever occurs before.
    Policy Reinstatement
    • If the policy has lapsed, it can be revived under a period of 2 years, starting from the date of first outstanding premium.
    • To revive the policy, proof of good health must be submitted along with payments for all unpaid premiums (including premiums for the ALC duration), along with interest or reinstatement charges as applicable.
    Surrender Value
    • If the policyholder has paid a minimum of 3 years’ premiums, they may surrender the policy. Following this, the policy will acquire a Surrender Value which will be fixed by Exide Life.
    • The surrender value payable at the time of surrendering the policy will either be the special surrender value fixed by the insurer or the guaranteed surrender value (whichever is higher).
    • Any loans taken under the policy will be deducted from the final surrender value.
    Free Look Period Exide Life provides policy takers Free Look period of 15 days (30 days if policy has been received via distance marketing channels) starting from the day of policy receipt. If the policyholder is dissatisfied with the terms and coverage of the policy, they have the option to cancel it. Cancellation of the policy must be communicated to the insurer in writing case, along with the reason for cancellation. Policyholder is also required to send the original policy document back to the insurer within the Free Look period. In the event of a cancellation, premiums paid by the policy taker will be returned after deduction of charges like stamp duty and other related charges like insurance risk cover.
    Assignment Assignment is permitted under this policy and must be done as per the provisions of Sec 38 of the Insurance Act 1938.
    Nomination Nomination is allowed under this policy and must be done as per the provisions of Sec 39 of the Insurance Act 1938.

    Tax Benefits – How you can save with the Exide Life Nirmal Jeevan Insurance Plan?

    Under the Exide Life Nirmal Jeevan Plan, policyholders are eligible for tax benefits under Sec 80C and Section 10(D) of the Income Tax Act, 1961. Tax benefits provided are subject to changes in tax laws.

    Other Benefits – How you can save with the Exide Life Nirmal Jeevan Insurance Plan?

    In their constant endeavor to not only provide the best insurance products but also offer convenience to their customers, Exide Life Insurance offers a number of other benefits to enhance customer experience. These benefits are:

    • Self-service Online - Via The insurer’s online self-service portal, customers can carry out various policy related tasks themselves. These include top up of premiums, getting a premium certificate, update one’s details with the insurer or viewing the unclaimed policy amount.
    • Easy Premium Payment - Customers can choose from multiple options to make premium payments. These include online payments, direct debit, at an Exide Life branch, at Axis Bank branches and more.
    • Direct Debit Facility - Customers can sign up for the direct debit facility from the Exide Life website itself for making premium payments.
    • Claim Related Information - The website has a dedicated section about policy claims where customers can find all information regarding each kind of claim, the settlement process, documents to be provided etc.
    • SMS Service - Customers an easily sign up for receiving SMS and email alerts for various details relating to their policy. They can access information such as policy details, premium details, fund value, NAV details etc. via SMS.

    Why you should buy the Nirmal Jeevan Plan from Exide Life Insurance?

    Established in 2001, Exide Life Insurance Company Limited is among India’s established and popular life insurance providers. Wholly owned by Exide Industries Limited, Exide Life caters to a vast customer base of more than 15 lakh customers, managing assets well over Rs.9,500 crores. The company has adopted several proven channels such as corporate agencies, broking, bancassurance and direct channels for marketing of its products. Under life insurance, the company offer several plans such as protection plans, savings & investment plans, retirement plans, pension plans and group life insurance solutions as well.