Exide Life Wealth Maxima Plan - Child Plan

If your goal is to maximise your wealth so that you can provide for your child's future then Exide Life Wealth Maxima - Maxima Child is a suitable insurance plan for you. It is a non-participating Unit Linked Insurance Plan offered by Exide Life Insurance Company Limited. Exide Life Wealth Maxima offers:

• A comprehensive life cover.
• 3 product variants: Maxima Invest, Maxima Family, and Maxima Child to suit your financial requirements at different stages of your life.
• Depending on your risk appetite, you can choose from 3 different investment strategies: Self-managed option, automatic asset rebalancing strategy, and systematic transfer plan. The investment risk in the investment portfolio is borne by you, the policyholder.

Eligibility - Who is Exide Life Wealth Maxima - Maxima Child for?

To purchase Exide Life Wealth Maxima - Maxima Child, you have to meet the following eligibility criteria:

Plan Name	Entry Age	Maturity Age
Exide Life Wealth Maxima - Maxima Child	18 to 50 years	65 years

The nominee must be a minor child with entry age of 0 to 17 years. The life assured and proposer should be the same person. If your entry age is 45 years or above, you have the option to choose your Basic Sum Assured as 7 or 10 times the annualised premium.

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

Plan Name	Policy Term	Premium Paying Term (PPT)	Premium Payment Frequency	Premium	Sum Assured
Exide Life Wealth Maxima - Maxima Child	10, 15 to 20 years	Same as Policy Term	Annual, half-yearly, and monthly (For the monthly payment mode, you will have to pay 3 months’ premiums in advance on the policy commencement date)	Minimum annual premium: Rs.36,000 Minimum semi-annual premium: Rs.24,000 Minimum monthly premium: Rs.4,000 Top-premium: Minimum Rs.6,000 to maximum Rs.7,80,000	For age till 44 years: Basic Sum Assured is 10 times the annualised premium. For age 44 years and above: Basic Sum Assured is 7 or 10 times the annualised premium. Additional sum assured For age below 45 years: 1.25 times the top-premium For age above 45 years: 1.1 times the top-up premium

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

Charges

Listed below are the various charges associated with Exide Life Wealth Maxima - Maxima Child

• Premium Allocation Charge:

  Year	Annual	Half-yearly and Monthly
  1st year	6% of the premium	4.25% of the premium
  2nd to 5th year	4% of the premium	3.25% of the premium
  6th year onwards	2.5% of the premium	2.5% of the premium

• Policy Administration Charge: The maximum policy administration charge is capped at Rs.500 per month.

  Year	Charge
  1st to 5th year	0.20% of the annualised premium per month
  6th year onwards	0.30% of the annualised premium per month

• Fund Management Charge

  Year	Charge (% per annum)
  Exide Life Prime Equity Fund	1.35% of Fund Value
  Exide Life Growth Fund	1.25% of Fund Value
  Exide Life Balanced Fund	1.25% of Fund Value
  Exide Life Secure Fund	1.00% of Fund Value
  Exide Life Preserver Fund	1.00% of Fund Value
  Exide Life Active Asset Allocation Fund	1.35% of Fund Value

• There are no charges levied for Partial Withdrawal, Fund Switching, and Premium Re-direction.

Plan Coverage - What Exide Life Wealth Maxima - Maxima Child covers?

Listed below are the various benefits covered by Exide Life Wealth Maxima - Maxima Child

• Maturity benefit: Upon reaching the maturity date, you can choose to receive the maturity benefit (Fund Value) in the form of:
  • One lump sum amount or
  • Settlement payout: Get part of the fund value as a lump sum amount and the rest in equal monthly, quarterly, half-yearly or annual installments of units over a period of 5 years

    Option	On Maturity	Settlement Payout
    1	0% of Fund Value	100% of Fund Value
    2	20% of Fund Value	80% of Fund Value
    3	40% of Fund Value	60% of Fund Value
    4	60% of Fund Value	40% of Fund Value
    5	80% of Fund Value	20% of Fund Value

• Life Cover: In the event of demise of the life assured during the policy term, the eligible person will be paid a life cover amount which equals the higher of Sum Assured or 105% of all the premiums paid, including top-up premiums. Exide Life Insurance will fund all future outstanding premiums. Fund Value will be paid on maturity.
• Switch between variants: With Exide Life Wealth Maxima, you have the option to switch between variants (Maxima Invest, Maxima Family, and Maxima Child) depending on your life circumstances such as marriage or childbirth. To switch from other variants to Maxima Child, you should have a minor child as nominee. In the unfortunate event of demise of child nominee within the first 2 policy years, you can nominate another minor child of yours or switch to Maxima Family variant. Listed below are the rules for switching between variants:
  • Switch can be made only after completing 2 policy years.
  • There should be a gap of 2 policy years between each switch.
  • Only 2 switches can be made during a policy term.
  • You have to intimate the company 2 months in advance to make a switch.
• Investment options: You are given 3 different investment options:
  • Self-managed option where you can choose from 6 investment funds which range from 100% debt to 100% equity depending on your risk appetite.

    Fund	Investment pattern	Risk
    Exide Life Secure Fund	Equity: 10-20% Debt: 0-90% Money Market: 0-20%	Low
    Exide Life Preserver Fund	Debt: 75-100% Money Market: 0-25%	Low
    Exide Life Growth Fund	Equity: 40-60% Debt: 0-60% Money Market: 0-20%	Medium
    Exide Life Balanced Fund	Equity: 20-40% Debt: 0-80% Money Market: 0-20%	Medium
    Exide Life Active Asset Allocation Fund	Equity: 20-100 Debt: 0-80% Money Market: 0-80%	High
    Exide Life Prime Equity Fund	Equity: 90-100% Debt: 0-10% Money Market: 0-10%	High

  • Automatic asset rebalancing strategy wherein you can allocate your money in a pre-decided ratio between Exide Life Prime Equity Fund and Exide Life Preserver Fund. The ratio depends on the number of years to the maturity of the policy.

    Number of years to maturity	Exide Life Prime Equity Fund	Exide Life Preserver Fund
    20 years	90	10
    15 to 19 years	80	20
    10 to 14 years	60	40
    5 to 9 years	40	60
    0 to 4 years	20	80

  • Systematic transfer plan wherein you can invest in 100% equity funds in a systematic manner. Partial withdrawal is not permitted under this investment option. This plan is applicable only to policies with annual premium payment mode.
• Loyalty additions: Your loyalty to the company is rewarded in the form of loyalty additions to your Fund Value. Extra returns will be allocated at the end of every 5th year starting from the end of 10th policy year. Policies paying Rs.72,000 or more in annualised premium are eligible for loyalty additions.

Additional Coverage under Exide Life Wealth Maxima - Maxima Child:

Following are the additional coverage provided under Exide Life Wealth Maxima - Maxima Child:

• Top-up premium: You can invest extra money in your chosen funds by paying top-up premiums under the same policy. Top-ups are not allowed during the last 5 years of your policy term.
• Partial withdrawals: Keeping in mind your financial requirements, this plan allows you to make unlimited partial withdrawals after completion of 5 policy years. The partial withdrawal limit is minimum Rs.5,000 to maximum 25% of the Fund Value. If the life assured is a minor, partial withdrawal benefit is not applicable.
• Fund Switching: You can make unlimited fund switches depending on the performance of the equity market.
• Premium Re-direction: You can make unlimited premium directions free of charge, wherein you can make different future premium allocations than your current fund composition.

Exclusions - What Exide Life Wealth Maxima - Maxima Child doesn’t cover?

Suicide: The policy will be terminated immediately, if the life assured commits suicide within a year from date of policy commencement or revival of the discontinued policy. The Fund Value as on the date of death will be paid to the nominee or beneficiary.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Listed below are few other important features of Exide Life Wealth Maxima - Maxima Child:

• Grace Period: You are given a grace period of 30 days for paying the policy premium if your chosen premium payment mode is annual or half-yearly. For monthly payment mode, you are given a grace period of 15 days starting from the premium payment due date to pay your premium.
• Surrender: If you surrender the policy after completion of the lock in period of 5 years, you will be paid the Fund value as on the date of Surrender and the policy will be terminated soon after. If you surrender the policy before the lock in period, then the life cover will cease and the fund value with policy discontinuance charge will be transferred to the discontinued fund. The discontinued fund will earn minimum guaranteed return and you will be charged a fund management charge of 0.50% p.a. During the lock in period, you can revive the policy within 2 years from the date of discontinuance.
• Discontinuance provision: If you discontinue the policy within the lock in period of 5 years, you are given the following options:
  • Revive the policy within 2 years of the lock in period by paying unpaid premiums.
  • Full withdrawal or discontinuance of the policy without the risk cover.

  If you discontinue the policy after 5 policy years, then you can opt for:

  • Policy revival within 2 years
  • Convert to paid-up policy
  • Get surrender value as per the surrender policy
• Free look Period: After buying the policy, you are given 15 days from the date of receipt of the policy document to review the terms and conditions of the policy. If you find the terms and conditions objectionable then you can return the policy and claim premium refund. The refunded amount equals the non-allocated premium plus fund value as on the date of cancellation plus charges levied by cancellation of units minus stamp duty charges and medical examination fees. If you have purchased the policy through distance marketing, you will be given 30 days to review the terms and conditions. Once the policy is cancelled, all benefits under the policy will cease.

Tax Benefits – How you can save with Exide Life Wealth Maxima - Maxima Child?

With Exide Life Wealth Maxima - Maxima Child, you can get tax benefits on premiums paid under section 80C and on maturity benefits under section 10(10D) of the Income Tax Act, 1961. Tax benefits under Section 10(10D) are not applicable if your life cover is lesser than 10 times the annualised premium.

Other Benefits – How you can save with Exide Life Wealth Maxima - Maxima Child?

Following are reasons why buying life insurance plans from Exide Life Insurance Company Limited is made easy and convenient:

• My Life: As a policyholder, you can register for My Life and enjoy the benefits of various online features such as online premium payment, check policy status, view Policy Value, switch funds, revive an insurance policy, update your contact details, make enquiries through E-box, print policy fund statements, tax certificates, and portfolio statements.
• Policy alerts: You can get policy related information via SMS on your registered mobile number or email notifications.
• Easy premium payments: Online premium payment methods include e-wallet, net banking, credit card or debit card. Other premium payment modes 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: You can determine how much life cover you need and premium you have to pay using online life cover and premium calculators, available on the Exide Life Insurance website.
• Complaints and feedback: Fill up a simple form on the Exide Life Insurance website to register your complaints or feedback. For grievance redressal, visit the nearest Exide Life Insurance branch or write to care@exidelife.in. You can also call toll-free number 1800 419 8228.

Why should you buy Exide Life Wealth Maxima - Maxima Child from Exide Life Insurance?

Exide Life Insurance Company Limited was voted one of the top most reliable insurance providers in India. The company serves more than 15 lakh customers in over 200 cities across the country. It boasts a strong traditional insurance portfolio that is distributed through multi-channels such as Banc Assurance, Agency, and Corporate Agency & Broking. More than 50,000 agents spread across 200 offices are dedicated to serving customers of Exide Life Insurance. The company manages assets worth Rs.9,530 crores and gained Rs.2,047 crores in Premium Income during FY 2015-16. The Claims Settlement Ratio of Exide Life Insurance for FY 2015-16 was 89%.