Exide Life Secured Income Insurance Plus Plan

Exide Life Secured Income Insurance Plus is a protection plan that also provides limited income for the family of the insured for a brief period of time. The plan provides for an additional 10% over the Sum Assured plus bonuses on plan maturity.

With this plan policyholders can choose between two premium payment modes, monthly or annually, and flexible premium payment term periods. A unique feature of this plan is that it comes with discount benefit if high premium amounts to be paid by the policyholder. The discount can be as high as 7% for amounts more than Rs.72,000.

Eligibility - Who is the Secured Income Insurance Plus Plan for?

Individuals with a maximum entry age of 50 years can apply for this insurance plan. There’s no lower limit of age for getting this policy. As per Exide Life Secured Income Insurance Plus Plan, a minor insurance holder has to be minimum 18 years old on maturity date of the policy. Listed below are the various eligibility factors that you must meet to purchase Exide Life Secured Income Insurance Plus Plan:

Minimum age at entry	0 years
Maximum age at entry	50 years
Minimum age at maturity	18 years
Maximum age at maturity	70 years
Minimum policy term	For PPT 5 years: 10 years For PPT 7 years: 12 years For PPT 10 years: 15 years
Maximum policy term	20 years

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

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 Secured Income Insurance Plus covers?

This is how Exide Life Secured Income Insurance Plus works:

• Death benefit: Death benefit is equal to the no. of premiums paid, divided by total no. of premiums, multiplied by 110% of Sum Assured (Basic), along with any accumulated bonus.
• Maturity benefit:

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

Riders - Additional coverage under the Plan:

Get enhanced protection by adding an Exide Life Rider to your base policy, Exide Life Secured Income Insurance Plus with 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 (4) Regular Pay	Get enhanced life cover against 4 major critical illness.
Exide Life Critical Illness (25) Regular Pay	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.

 

Exclusions - What the Exide Life Secured Income Insurance Plus doesn’t cover?

Suicide:

If the policyholder commits suicide for any reason within a year of commencement of the policy, the following would occur:

• If the policyholder dies within a year from policy commencement date: Nominee gets 80% of all premiums paid.
• If the policyholder dies within a year from policy reinstatement date: Nominee gets 80% of all Premiums paid minus service tax or the Surrender Value as on death date, whichever is higher.

Other key Features of Exide Life Secured Income Insurance Plus:

Following are other key features of Exide Life Secured Income Insurance Plus:

• Free look period: A free look period of 15 days allows the policyholder to cancel the plan if they disagree with any of the terms and conditions stated in the policy.
• Grace period: Exide Life offers policyholders extra time to pay the premium after the due date. This grace period is of 30 days for annual premium payers and 15 days for monthly payers.
• Policy Reinstatement: This policy can be reinstated within 2 years from the day the last payment has been missed, if the date of reinstatement falls within the policy term.
• Loan: This policy allows policyholders to get a policy loan for any financial emergencies when the policy reaches surrender value.

Tax Benefits of Exide Life Secured Income Insurance Plus:

Under Exide Life Secured Income Insurance Plus, 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 of Exide Life Secured Income Insurance Plus:

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 branch of Exide Life Insurance or write to care@exidelife.in. You can also call toll-free number 1800 419 8228.

Why should you buy Exide Life Secured Income Insurance Plus Plan?

Following are the reasons why you should buy Secured Income Insurance Plus Plan 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.