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Exide Life Secured Income Insurance Plans - Endowment Plan

Exide Life Insurance Company Limited offers couple of endowment plans called the Exide Life Secured Income Insurance Plans. This type of plan will help you grow your savings in the form of long-term benefits and provide a regular income for your family in your absence. The 2 types of Exide Life Secured Income Insurance Plans are:

  • Exide Life Secured Income Insurance Plus: This is a limited pay plan, offering life cover in part as a lump sum amount and part as income for your family for 60 months. On policy maturity, you will get sum assured with 10% guaranteed addition plus accrued bonuses.
  • Exide Life Secured Income Insurance Regular Pay: This is a limited pay plan, offering life cover in part as a lump sum amount and part as income for your family for 60 months. On policy maturity, you will get sum assured plus accrued bonuses. This type of plan is suitable if you want to take minimum risk with your investments.

Benefits of Exide Life Secured Income Insurance Plans:

Following are the benefits of choosing Exide Life Secured Income Insurance Plans:

  • Enhanced protection: You can get enhanced protection by adding riders for life, accident, and health.
  • Premium discount: Get a premium discount for paying higher premiums.
Discount rate Secured Income Insurance Plus Secured Income Insurance RP
0% Less than Rs.48,000 Less than Rs.24,000
3% Rs.48,000 to less than Rs.60,000 Rs.24,000 to less than Rs.48,000
5% Rs.60,000 to less than Rs.72,000 Rs.48,000 to less than Rs.60,000
7% Rs.72,000 and above Rs.60,000 and above
  • Limited and regular pay option: Depending on your income and financial requirements, you can choose to pay for 5, 7 or 10 years while the plan continues for the chosen policy term.
  • Tax-free returns: With Exide Life Secured Income Insurance Plus, you can get attractive tax-free returns on policy maturity. The tax-free amount is equal to Sum Assured plus accumulated bonuses over the policy term.
  • Life Cover: In the case of an unfortunate event, your family will be paid Guaranteed Death Benefit plus accumulated bonuses in lump sum. GDB is 10 times the annual premium or sum assured, whichever is higher. Life Cover is not less than 105% of the premiums paid.
  • Family Income Benefit: In the event of demise of the life assured, your family will be paid 60% of Guaranteed Death Benefit in equal installments for 60 months.

List of Secured Income Insurance Plans Provided by Exide Life Insurance Company Limited:

Exide Life Insurance offers 2 types of secured income insurance plans:

Exide Life Secured Income Insurance Plus:

This is a non-linked participating insurance plan, offering systematic savings opportunity, tax-free returns, and protection against unforeseen circumstances. Enjoy life cover with family income benefit. This plan is suitable if you want to save up for long-term financial goals. As this is a participating endowment insurance plan, you will be given a share in the profits of the company's participatory fund in the form of bonuses.

Benefits and features of Exide Life Secured Income Insurance Plus:

Following are the benefits and features of Exide Life Secured Income Insurance Plus:

  • Maturity Benefit: Your loyalty to the company is rewarded in the form of 10% additional guaranteed upon policy maturity. The total maturity benefit equals Sum Assured upon policy maturity. Sum Assured (guaranteed) plus 10% of Sum Assured (guaranteed) plus Vested Bonus (non-guaranteed) plus Terminal Bonus (non-guaranteed). Maturity Benefit will not be less than 105% of the premiums paid.
  • Death Benefit: In the case of demise of the life assured, your family is paid Guaranteed Death Benefit plus Vested Bonus plus Terminal Bonus. Death Benefit will not be less than 105% of total premiums paid till date of death excluding service tax and extra premiums paid.
  • Guaranteed Death Benefit: You can choose to get the GDB in the form of a lump sum amount or Family Income Benefit (regular monthly income over a period of 5 years).
  • Limited Payment Term: You can choose to pay premium for 5, 7 or 10 years while enjoying benefits for longer duration.
  • Bonuses: Exide Life Secured Income Insurance Plus provides 2 kinds of bonuses.
    • Simple Reversionary Bonus: The company may declare bonus as a % of Sum Assured which will be paid at death or maturity of the policy, whichever is earlier.
    • Terminal Bonus: Exide Life Insurance may declare a terminal bonus from 10th policy year which is payable at maturity of policy or demise of the life assured.
  • Policy term: 10, 12 and 15 years
  • Premium Paying Term (PPT): 5, 7 and 10 years to 20 years.
  • Premium Payment Frequency: Annual or monthly.
  • Riders: You can get enhanced protection by adding any of the 3 riders, critical illness rider, accidental death disability and dismemberment benefit rider, and term rider. Rider can be added at policy inception or anniversary.
  • Tax benefit: You can get tax benefits on premiums paid under Section 80C, maturity amounts under Section 10(10D), and premiums paid towards critical illness rider under Section 80D.
  • Loan benefit: You are eligible for loan facility once the policy attains Surrender Value.
  • Premium discount: Get premium discount for paying higher premiums.

Exide Life Secured Income Insurance Regular Pay:

This is a non-linked participating insurance plan, offering life cover with family income benefit, enhanced protection for health, and attractive tax-free returns. This plan is designed to provide a combination of savings and protection. If you want guaranteed returns with minimum risk in investments, then this plan is best suited for your financial needs.

Benefits and features of Exide Life Secured Income Insurance Regular Pay:

Following are the benefits and features of Exide Life Secured Income Insurance Regular Pay:

  • Maturity Benefit: Upon policy maturity, you will be paid Sum Assured plus Vested Bonus plus Terminal Bonus as the maturity benefit. Maturity amount will not be less than 105% of the premiums paid.
  • Death Benefit: In the case of demise of the life assured, the death benefit paid is Guaranteed Death Benefit plus Vested Bonus plus Terminal Bonus. Death Benefit will not be less than 105% of total premiums paid till date of death excluding service tax and extra premiums paid.
  • Guaranteed Death Benefit: GDB is higher of Sum Assured or 10 times the annualized premium excluding service tax and extra premiums paid. You can choose to get GDB in the form of a lump sum amount or Family Income Benefit.
  • Bonuses: Exide Life Secured Income Insurance Plus provides 2 kinds of bonuses.
    • Simple Reversionary Bonus: The company may declare bonus as a % of Sum Assured which will be paid at death or maturity of the policy, whichever is earlier.
    • Terminal Bonus: Exide Life Insurance may declare a terminal bonus from 10th policy year which is payable at maturity of policy or demise of the life assured.
  • Policy term: 15 to 25 years.
  • Premium Paying Term (PPT): Same as policy term.
  • Premium Payment Frequency: Annual or monthly. If you choose monthly payment mode, then you will have to pay 3 monthly premiums on the commencement of the policy.
  • Riders: You can get enhanced protection by adding any of the 3 riders, critical illness rider, accidental death disability and dismemberment benefit rider, and term rider.
  • Tax benefit: You can get tax benefits on premiums paid under Section 80C, maturity amounts under Section 10(10D), and premiums paid towards critical illness rider under Section 80D.
  • Loan benefit: You are eligible for loan facility under this policy.
  • Premium discount: Get premium discount for paying higher premiums.
Plan Name Entry Age Maturity Age Premium
Exide Life Secured Income Insurance Plus 0 years to 50 years 18 years to 70 years Minimum Annual Premium:
  • Rs.18,000 for PPT 10 years
  • Rs.24,000 for PPT 7 years
  • Rs.36,000 for PPT 5 years
Minimum Monthly Premium:
  • Rs.1,500 for PPT 10 years
  • Rs.2,000 for PPT 7 years
  • Rs.3,000 for PPT 5 years
Maximum Premium: No limit
Exide Life Secured Income Insurance Regular Pay 0 years to 55 years 18 years to 70 years Minimum Annual Premium: Rs.12,000 Minimum Monthly Premium: Rs.1,000 Maximum Premium: No limit

Why one needs Exide Life Secured Income Insurance Plans?

Exide Life Insurance Company Limited offers 2 types of secured income insurance plans that are designed to help you financially protect your family in the case of an unfortunate event. Your family will be paid Guaranteed Death Benefit in the form of a lump sum amount or regular income over a period of 60 months. You also get tax-free maturity benefits and tax savings on premiums paid under Section 10(10D) and Section 80C, respectively.