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.
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|
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|
*premiums mentioned above are excluding service tax and cess
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|
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 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:
|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.|
|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.|
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.
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:
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.
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