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Exide Life Star Saver – Tax Saving Investment Plan

Life Insurance
  • Premiums as low as Rs.18/day for sum assured of Rs.1 crore
  • Paperless process available
  • Choose between lump sum and monthly payout options

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.

Eligibility - Who is the Exide Life Star Saver Plan for?

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

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

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.
Minimum premium Rs.24,000
Maximum premium There is no maximum limit. It depends on the underwriting policy.

Premiums vary based on age, location, plan term and other factors.

Plan Coverage - What Exide Life Star Saver Plan covers?

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.

Riders or Add-on Plans:

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.

Exclusions - What the Exide Life Star Saver Plan doesn’t cover?

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:

  • Deliberate self-inflicted injury
  • Suicide
  • Substance abuse
  • Infections
  • Involvement in flying activity
  • War, rebellion, hostilities, invasion
  • Criminal or unlawful activities
  • Dangerous activities
  • Poison
  • Nuclear contamination

Other Key Features of Exide Life Star Saver Plan:

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.

Tax Benefits – How you can save with the Exide Life Star Saver Plan?

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.

Other Benefits – How you can save with the Exide Life Star Saver Plan?

These are some of the other benefits of the Exide Life Star Saver Plan:

  • You can get excellent security tips on the official website of Exide Life Insurance. These tips will help you in safeguarding your insurance policy efficiently.
  • The company has a life insurance advisor known as Birbal who will provide you with the necessary support required to apply for an appropriate insurance policy. You will get the right information regarding income tax benefits, savings, and more.
  • Exide Life Insurance has splendid planning tools and calculators that will enable you to evaluate the life cover that you require and assess the risks that you may face. You can also calculate your medical costs and investments with these calculators.
  • This company offers an exclusive e-insurance account which will allow you to maintain your insurance policies in the digital format.

Why should you buy the Star Saver Plan from Exide Life Insurance?

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.