Exide Life Insurance is a popular insurance company in India that offers extensive insurance plans for various purposes. This plan can be used to enhance your savings efficiently. You will get comprehensive protection and maturity benefit which is tax-free with this plan. If you meet with an accident, you will receive a double life cover. You will be required to pay premium only for 5 years and you will get life cover.
The Exide Life Star Saver Plan is great for anyone who wants to receive definite tax-free benefits with a life cover. This plan provides you with sum assured on maturity, loyalty benefit, and accrued guaranteed additions. Let us take a look at the eligibility criteria for this plan:
|Minimum entry age||For policy period of 10 years : 8 years For policy period of 12 years : 6 years For policy period of 15 years: 3 years|
|Maximum entry age||60 years|
|Minimum maturity age||18 years|
|Maximum maturity age||75 years|
|Policy period||10 years, 12 years, and 15 years|
|Premium Paying Term (PPT)||5 years|
With the Exide Life Star Saver Plan, you will get a basic sum assured and a sum assured on maturity. The basic sum assured will be determined by your policy period, age, and annual premium paid. You will receive the sum assured on maturity when the policy period gets over and after you make all your premium payments. These are the details regarding the sum assured and premium range:
|Minimum sum assured||Rs.76,220|
|Maximum sum assured||There is no maximum limit. It depends on the underwriting policy.|
|Maximum premium||There is no maximum limit. It depends on the underwriting policy.|
Premiums vary based on age, location, plan term and other factors.
The Exide Life Star Saver Plan offers guaranteed maturity benefit and life cover. Let us take a look at the detailed information about the benefits provided by this plan.
|Benefit option||Features of the benefit|
|Guaranteed maturity benefit||This benefit will provide you with sum assured on maturity, loyalty benefit, and accrued guaranteed additions. The sum assured is equivalent to the basic sum assured.|
|Life cover||This plan will give you a sum assured on death, additional accident death benefit when the policyholder dies because of an accident, and accrued guaranteed additions. Under this cover, the sum assured on death will be the multiple of annualised premium or sum assured, whichever is higher. Here, annualised premium refers to the premium that needs to be paid annually and this does not include loadings for modal premiums and underwriting additional premiums.|
This plan provides you with additional protection by offering riders. If you want extra life cover, you can select the Exide Life Term Rider. If you want protection for critical illnesses, you can go for the Exide Life Critical Illness Rider.
Insurance plans generally come with certain exclusions. Under the Exide Life Star Saver Plan, the accidental death benefit will not be provided to the nominee if the death occurs due to the following reasons:
The Exide Life Star Saver Plan has several other important features. Let us take a look at these features:
|Policy loan||The Exide Life Star Saver Plan provides you with a loan if the policy that you have taken has received the surrender value. This is applicable if you have paid your premiums for 2 years.|
|Grace period||This is an additional period during which you can pay your premiums in case you miss your premium payment deadlines. This particular plan offers a grace period of 30 days.|
|Reduced paid-up||If you have paid your premiums for at least 2 years and when you do not pay your premium for the remaining period and if the policy is not surrendered, you will receive a reduced paid up.|
|Free look period||During the free look period, you will be given the opportunity to cancel your policy. This period lasts for 15 days after you obtain the policy document. You will have to provide valid reasons when you are returning the policy.|
|Nomination||This policy enables you to make nominations as per Section 39 of the Insurance Act 1938 which will be amended frequently.|
|Surrender value||When you pay your premiums for at least 2 years, your policy will get a guaranteed surrender value (GSV). You will receive the surrender benefits right after you surrender the policy|
|Assignment||This policy offers you with assignment provisions. You will need to follow the regulations of Section 38 of the Insurance Act 1938 which will be amended regularly.|
According to the different sections of the Income Tax Act, 1961, you will be able to enjoy tax benefits as per Exide Life Star Saver Plan. When you pay your premiums, you will enjoy tax benefits under section 80C of the Income Tax Act 1961. When you pay your premiums for the critical illness rider, you will get benefits under section 80 D of Income Tax Act 1961. When you get maturity proceeds with this policy, you will receive tax benefits under section 10(10D) of the Income Tax Act 1961.
These are some of the other benefits of the Exide Life Star Saver Plan:
Exide Life Insurance is extremely committed to resolving claims very promptly. The company is transparent and accurate when it comes to settling claims of policyholders. You can get tailor-made solutions when you choose Exide Life Insurance. When you take the Star Saver Plan from Exide, you will receive first-class coverage along with immense savings. You can trust Exide to give you top-notch service as the company has been identified for its hard work over the years. The company has been awarded with an accolade from IDC Insights Award-2016 for the ‘Excellence in Omni-Experience’ category.