Exide Life Child Plans
Exide Life Insurance Company sells child plans in three varieties. While two of the plans are traditional plans which offer guaranteed benefits, one plan is a unit linked plan which has an option of utilizing the plan as a child plan. Let us take a look at the plans sold by the company
Exide Life MeraAshirvad Plan
It is a traditional insurance plan to provide a stable future of the child even after the death of the parent.
The premiums under the plan are supposed to be paid for a limited period only
The term for which premiums are to be paid depends on the age of the child
The Maturity Benefit can be availed in two options of Option A and Option B.
Under Option A, after the completion of the Premium Payment Tenure, the Sum Assured is paid as money backs in Staggered Payouts @ 7.5% in the first two years after the Premium Paying Term and 10% in the next two years. On Maturity, 65% of Sum Assured is paid
Under Option B, a Guaranteed Addition of 5% is added to the Sum Assured. Thus, on maturity, 105% of the Sum Assured is paid to the policyholder.
In case of death of the insured during the tenure of the plan, all future premiums are waived off and the plan continues. If Option A is chosen then the Staggered Payouts are paid as and when they fall due and the remaining Sum Assured is paid on maturity or else under Option B, 105% of the Sum Assured is paid on maturity.
On death, the benefit payable is highest of either 10 times the annualized premium or 105% of premiums paid until death.
Loan is available under the plan if three full years premiums have been paid
Discounts are allowed in the premium payable if the Sum Assured chosen is Rs.6 lakhs and above.
Exide Life New Creating Life Plan
Another traditional child plan which has the following features:
Bonus is declared under the plan as it participates in the companys profits
The plan calls for regular payment of premiums
The Death Benefit can be availed in two options of Option A and Option B
On insureds death, the benefit payable is defined as higher of 10 times the annualized premium or the base Sum Assured with a minimum benefit of 105% of premiums paid until death
Under Option A, the entire death benefit is paid in lump sum to the nominee.
Under Option B, 50% of the death benefit is paid in lump sum and the remaining is paid in instalments under the Family Income Benefit. Under the Family Income Benefit, 1% of the remaining benefit is paid as equated monthly instalments over a period of 5 years.
Under both the death benefit options, all future premiums are waived off on death and the plan continues. The maturity benefit is paid when the plan reaches maturity
The maturity benefit is defined as the aggregate of Sum Assured, vested bonuses and any Terminal Bonus subject to a minimum of 101% of premiums paid.
The plan provides loan facility
Discounts in premiums are allowed for higher levels of coverages
There is a provision of adding two riders to the plan for a more comprehensive coverage namely Accidental Death Disability & Dismemberment Benefit Rider and ING Critical Illness Rider.
Exide Life Wealth Maxima Plan
A unit linked insurance plan where there is a feature of Maxima Child which provides for the welfare of the child in the event of the insureds death. On maturity, the Fund Value is payable. In case of insureds death, higher of Sum Assured including top-up Sum Assured or 105% of premiums paid including top-up premiums paid is paid immediately on death of the insured. Furthermore, all future premiums are waived off and are paid for by the insurer and on maturity, the Fund Value is paid.
Applying for a Child Plan from the company:
The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Applying For Child Plans through PolicyBazaar
On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
Click New Quotes to compare and choose from top insurance providers.
Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
Fill in your name, email address, city, country code, and mobile number. Click Continue.
You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
This will take you to the insurers website. Fill in the necessary details to buy the plan.