This product is oriented towards a combination of savings as well as protection. This is a participating endowment assurance plan which means that Exide Life will invest money on the customers behalf and they will have a share in the profits of company's participating fund which comes to them through bonus declared by the Company. This plan is best suited for anyone who wants moderate but steady and guaranteed benefits and is generally of risk averse nature.
Eligibility Criteria |
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Minimum |
Maximum |
Entry Age at Entry (Parent) |
18 Years |
45 Years |
Entry Age at Entry ( Child )* |
0 |
17 Years |
Maximum Maturity age (Parent) |
60 years |
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Premium Paying Term |
5, 7 or 10 Years |
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Premium paying Frequency |
Annual and Monthly |
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Minimum Policy Term |
Premium Payment Term |
Minimum Policy Term |
5 Years |
10 Years |
|
7 Years |
12 Years |
|
10 Years |
15 Years |
|
Maximum Policy Term |
20 years |
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Maximum Premium (Rs.) |
No limit (subject to board approved underwriting policy) |
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Minimum Sum Assured (Rs.) |
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Premium Paying Term |
Monthly |
Annual |
5 Years |
Rs. 1,22,249 |
Rs. 1,33,242 |
7 Years |
Rs. 1,05,263 |
Rs. 1,14,728 |
5 Years |
Rs. 1,07,759 |
Rs. 1,17,448 |
Minimum Premium (Rs.) |
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Premium Paying Term |
Monthly |
Annual |
10 Years |
Rs. 18,000 |
Rs. 1,500 |
7 Years |
Rs. 24,000 |
Rs. 2,000 |
5 Years |
Rs. 36,000 |
Rs. 3,000 |
Notes: **For monthly mode, 3 monthly premiums will be required to be paid on the commencement of the policy. *The product is only offered when the proposer/life assured has a child who should be the nominee under the plan. |
Feature |
Description |
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Exide Life Assured Gain Plus provides a Maturity Benefit as described below :- |
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Policy Term |
Total Maturity Benefit |
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10 Years |
130% of ‘Sum Assured on Maturity’ (Guaranteed) plus vested bonuses |
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12 Years |
136% of ‘Sum Assured on Maturity’ (Guaranteed) plus vested bonuses |
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15 Years |
145% of ‘Sum Assured on Maturity’ (Guaranteed) plus vested bonuses |
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Notes:- The above table includes Sum Assured on Maturity and Guaranteed Terminal Additions as guaranteed benefits. |
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Bonus: |
Simple reversionary bonus: This may be declared on yearly basis and the bonus amount is attached to the policy. All accumulated bonuses will be paid on maturity of the policy. |
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Terminal bonus: Exide Life may also declare a terminal bonus and is payable at maturity of policy. |
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Discount for High Premiums |
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Annualised Premium |
Discount rate |
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First Rs. 48,000 |
0% |
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Next Rs. 24,000 |
3.00% |
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Next Rs. 12,000 |
4.00% |
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Any excess over the above |
6.00% |
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Lapse |
At least one full year's premium has been paid and less than two full years' premiums have been paid for policies |
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Premium payment term of 5 or 7 years and less than three full years' premiums have been paid for policies |
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Nominee will be eligible for Life Cover which will be equal to surrender value as applicable and the Policy terminates |
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Reduced Paid up |
In case of policy maturity : |
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Reduced Paid-Up Sum Assured = (Number of premiums paid / Total Number of premiums payable ) x (110% Sum Assured of basic policy) + Vested Bonuses, if any |
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In case of unfortunate event of demise of life assured: |
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Reduced paid-up Sum Assured = (Number of premiums paid / Total number of premiums payable) x (Sum Assured on death Present value of outstanding premiums) + Vested Bonuses, if any |
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Notes :- A reduced paid up policy will not be eligible for bonuses declared after premium discontinuance. |
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Reinstatement |
Policy can be reinstated during the policy term but within a period of two years from the date of first unpaid premium |
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reinstatement charge is a percentage of the due premiums and the current reinstatement charge is 9% per annum compounded semiannually |
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Surrender |
This policy can be surrendered if at least one full year's premium is paid |
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The surrender benefits are payable immediately on surrender or at the end of the second policy year, whichever is later. |
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All benefits under the policy shall automatically terminate upon payment of surrender benefit. |
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Guaranteed Surrender Value |
GSV factor 1 multiplied by the total amount of premiums paid excluding the applicable taxes and premium for extra mortality rating, if any. |
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GSV factor 2 multiplied by the total vested bonus accrued to the policy, if any. |
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For Limited Premium Payment Term (5 Years) |
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Policy Year |
GSV Factor 1 (As a % of premiums paid |
GSV Factor 2 (As a % of loyalty bonus) |
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|
PPT = 5 or 7 years |
PPT = 10 years |
PPT = 5 or 7 years |
PPT = 10 years |
1 |
20%* |
20%* |
0%* |
0%* |
2 |
30%* |
20%* |
10%* |
0%* |
3 |
30.00% |
10.00% |
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4 |
50.00% |
15.00% |
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5 |
50.00% |
15.00% |
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6 |
50.00% |
15.00% |
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7 |
50.00% |
15.00% |
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8 |
55.00% |
15.00% |
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9 |
55.00% |
15.00% |
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10 |
55.00% |
15.00% |
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11 |
60.00% |
20.00% |
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12 |
60.00% |
20.00% |
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13 |
60.00% |
20.00% |
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14 |
65.00% |
20.00% |
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15 Onwards |
70.00% |
30.00% |
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Notes :- *If at least one full year's premium has been paid and less than two full years premium has been paid, then the applicable GSV Factor 1 would be fixed 10% and GSV Factor 2 would be fixed 0%; irrespective of the policy year in which the policy is surrendered |
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Special Surrender Value (SSV) |
If at least two full years' premiums have been paid for policies with premium payment term of 5 and 7 years and if at least three full years' Premiums have been paid for policies with premium payment term of 10 years,the policy may acquire a special surrender value. |
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SSV, at no point of time, will be lesser than the GSV. SSV will be declared by company from time to time |
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Modal Factor |
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Mode of Premium |
Multiplicative Factor |
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Monthly |
1 |
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Yearly |
11.01 |
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Know Claim Process Of Exide Life New Creating Life Insurance Plus
Exide Life Insurance Company Limited (formerly ING Vysya Life Insurance Company Limited) commenced operations in 2001-02 and is headquartered in Bengaluru. The company is 100% owned by Exide Industries Limited and is proud to be part of a 100 year old brand heritage in India.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.