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Exide life Insurance
Exide life Insurance Company Limited (previously known as ING Vysya Insurance Company Limited) started its operation from 2001-02 onwards and its headquarters is in Bengaluru. It has a customer base of over 10 lakh customers. Its distribution channel comprises of multi channels like Agency, Bancassurance, Alliances and Direct Channels. Exide Life Insurance is one of the leading life insurance companies in South India and is growing in other parts of the country. The main focus of the company is to provide long term protection and savings solution with a strong traditional product portfolio with a bonus track record.
Exide Life Traditional / Investment Plans
Exide Life Insurance Company offers a range of traditional / Investment plans to its customers to meet all their savings and protection related needs. Let us take a look at the different types of traditional / investment plans offered by Exide Life and the features and benefits of each of them in details. Exide Life Guaranteed Income Insurance Plan – A traditional savings plan which also provides regular payouts after the completion of the Premium Paying Tenure. The features and benefits of the plan are as follows: Premium under the plan is to be paid for a limited tenure only which is half of the entire policy term. Regular Guaranteed Income is paid after the completion of the Premium Paying Tenure till the end of the term @11% – 13% of the Sum Assured depending on the premium amount paid and the premium paying term chosen. The income can be availed either annually or monthly. On maturity, the Sum Assured and the last instalment of the Regular Guaranteed Income is paid to the policyholder In case of death of the insured during the tenure of the plan, a Guaranteed Death Benefit is paid which is higher of the Sum Assured or 10 times the annual premium paid or 105% of total premiums paid till the date of death The nominee has an option to receive the death benefit either in lump sum or in installments. Under the instalment option, 50% of the benefit is paid in lump sum immediately on death and 60% of the benefit is paid as a Family Income Benefit wherein 1% of the benefit is paid every month following the month of death for up to 60 months. Loans can be availed on the Surrender Value of a minimum amount of Rs.1000 If the insured is aged less than 12 years, the risk cover will start 2 years after the commencement of the plan. In case of death during that period, the premiums paid are returned to the nominee Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Exide Life Secured Income Insurance Plan – A traditional savings plan where the death benefit can be availed in instalments. The features and benefits of the plan are as follows: The plan participates in the profits of the company by way of earning bonuses The premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay option of premium payment. On maturity, the Sum Assured along with the vested reversionary bonuses and any Terminal Bonus is paid to the policyholder subject to a minimum of 105% of all premiums paid In case of death of the insured during the tenure of the plan, a Guaranteed Death Benefit is paid which is higher of the Sum Assured or 10 times the annual premium paid subject to a minimum of 105% of total premiums paid till the date of death. Vested reversionary bonuses and any Terminal Bonus is also paid with the death benefit. The nominee has an option to receive the death benefit either in lump sum or in installments. Under the instalment option, 50% of the benefit is paid in lump sum immediately on death and 60% of the benefit is paid as a Family Income Benefit wherein 1% of the benefit is paid every month following the month of death for up to 60 months. Loans can be availed on the Surrender Value acquired by the plan Discounts are allowed if higher levels of premiums are paid by the policyholder Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Exide Life Jeevan Uday Plan – A traditional savings insurance plan with the following features: The plan participates in the profits of the company by way of earning bonuses Premiums under the plan are payable for a fixed tenure of 10 years There is an Extended Life Cover option under which if the premium for one year is completely paid, the plan will run for one year if the subsequent premiums are unpaid. The death benefit will be paid in full if the insured dies during that one year even if his premiums are unpaid. On maturity, the Sum Assured on maturity is paid along with the vested reversionary bonuses and any Terminal Bonus In case of death of the insured during the plan tenure, the Sum Assured on death is payable which is higher of the Sum Assured on maturity or 10/7 times the annual premium depending on the age of the insured subject to a minimum of 105% of all premiums paid till the date of death. Vested reversionary bonuses and any Terminal Bonus is also paid along with the Sum Assured on death. Loans can be availed up to a maximum of 90% of the Special Surrender Value Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Exide Life Nirmal Jeevan Insurance Plan – A traditional savings plan where premium rates are lower. The features and benefits of the plan are as follows: Premiums under the plan are required to be paid for the entire duration of the plan There is an Automatic Life Cover option under which if the premium for 2 years or 3 years is completely paid, the plan will run for 2 years and 3 years respectively if the subsequent premiums are unpaid. The death benefit will be paid in full if the insured dies during that 2 or 3 year period even if his premiums are unpaid. No medical tests are required to avail of the plan The plan pays a guaranteed amount of Sum Assured either on maturity or on death of the insured. Loans can be availed under the plan provided at least 3 years full premiums have been paid Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Exide Life New Fulfilling Life Plan – A traditional Money back plan which provides regular cash flows. The features and benefits of the plan are as follows: The plan participates in the profits of the company by way of earning bonuses Premiums under the plan can be paid for a limited tenure under the Limited Pay option or at one lump sum under the Single Pay option of premium payment. Survival Benefits are paid during the Premium Paying Tenure in case of a limited pay plan. Three benefits @20% of the Sum Assured are paid at regular intervals and at the end of the premium paying tenure 40% of the Sum Assured is paid. The policyholder is covered till 85 years of age and on maturity, the Sum Assured is paid to the policyholder irrespective of the survival benefits already paid. In case of death of the insured during the plan tenure, Guaranteed Death Benefit is payable which is higher of the Sum Assured or 10 times the annual premium subject to a minimum of 105% of all premiums paid till the date of death. Vested reversionary bonuses and any Terminal Bonus are also paid along with the Sum Assured on death. Loans are available under the plan after the completion of the Premium Paying Term Discounts are allowed for paying higher premium amounts Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Exide Life Assured Gain Plus Plan – A traditional plan which facilitates savings and has the following features: The plan participates in the profits of the company by way of earning bonuses Premiums under the plan can be paid for a limited tenure under the Limited Pay option or at one lump sum under the Single Pay option of premium payment. In case of the limited premium paying option, the tenure of premium payment is fixed at 5 years After the plan completes 5 years, a Guaranteed Terminal Addition calculated as a percentage of the Sum Assured is paid on maturity or death of the insured. The rate of the addition depends on the plan tenure chosen On maturity, the Sum Assured on maturity along with the Guaranteed Terminal Additions and vested simple reversionary bonuses is paid subject to a minimum of 101% of all premiums paid In case of death of the insured during the plan tenure, the Sum Assured on death is payable which is higher of the Sum Assured on maturity or 10/7 times the annual premium depending on the age of the policyholder subject to a minimum of 105% of all premiums paid till the date of death for limited payment plans or higher of the Sum Assured on maturity or 1.25/1.10 times the single premium paid depending on the age of the policyholder subject to a minimum of 125% of the single premium paid for single pay plans . Vested simple reversionary bonuses and any Guaranteed Terminal Additions are also paid along with the Sum Assured on death. Loan is available under the plan @60% of the Special Surrender Value Discounts are allowed for paying higher premium amounts The plan can be customized by availing two optional riders which are Exide Life Critical Illness (4) Regular Pay Rider or Exide Life Critical Illness (25) Regular Pay Rider. Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Other plans Child Plans Exide Life MeraAshirwad Plan -A traditional child insurance plan where the maturity benefit is available under two Options of A and B. while Option A provides money back benefits, Option B provides an additional 5% of the Sum Assured on maturity. On death of the parent, all future premiums are waived off and the benefits promised under the respective options continue to accrue thus taking care of the childs future even in the absence of the parent. Exide Life New Creating Life Plan – Another traditional child insurance plan where the death benefit is available under two Options of A and B. Under Option A, the entire death benefit is paid in lump sum to the nominee and under Option B, 50% of the death benefit is paid in lump sum and the remaining is paid @1% every month for a period of 5 years post death as a Family Income Benefit. Applying for a Traditional / Investment Plan from the company: Online 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 Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process. Applying For Traditional Insurance through PolicyBazaar On the PolicyBazaar homepage, click on Traditional Insurance 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.
What are Traditional / Investment Plans?
Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below: These plans are issued for a longer term perspective and money cannot be withdrawn from the plans. In case of stopping the premium payment, the plan becomes paid-up if at least three full years premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan. The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the companys profits and earn bonuses which are not true for non-participating plans. The plans may be issued either as Endowment Plans or Money Back Plans