Robinhood Insurance Broker Private Limited

Product Info

UIN

114N073V01

Status

Active

Launch Date

14/08/2014

Withdrawn Date

Product Overview

This product is oriented towards combination of savings as well as protection. This is a participating endowment assurance plan which means that Exide Life will invest money on your behalf and you will have a share in the profits of company’s participating fund which comes to you through simple reversionary bonuses declared by the Company.

Product Description

  • The plan has a fixed PPT of 5 years.
  • Enjoy life cover for the full policy term.
  • Attractive tax free returns with your capital guaranteed.

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Unique Features

  • Exide Life Assured Gain Plus is a traditional endowment plan with bonus facility and limited/single premium paying option.
  • Apart from the bonus, from the end of the fifth policy year, you become eligible for a Guaranteed terminal addition either on maturity or on death.

Eligibility Criteria

Eligibility Criteria

Minimum age at entry

3 Years (15 Year Policy Term)

6 Years (12 Year Policy Term)

8 Years (10 Year Policy Term)

Maximum age at entry

60 Years (Limited Premium Payment Term 5 Years)

65 Years (Single Premium)

Minimum Maturity age

18 years

Maximum Maturity age

70 Years (Limited Premium Payment Term 5 Years)

Max age of Maturity

80 Years (Single Premium)

Policy Term 

10yrs, 12yrs or 15 years

Premium Paying Term 

Limited (5 years) or Single

Premium paying Frequency

Annual / Semi Annual / Monthly /Single

Minimum Premium (Rs.)

Limited Premium Payment Term (5 Years):

Annual:

Rs. 60,000

Semi Annual:

Rs. 30,000

Monthly:

Rs. 5,000

Single Premium:

Rs. 2,40,000

Maximum Premium (Rs.)

No limit (Subject to board approved underwriting policy)

Minimum Sum Assured (Rs.)

Limited Premium Payment Term (5 years):  Rs. 1,93,000

Single Premium: Rs. 2,19,000

Notes: For monthly mode, 3 monthly premiums will be required to be paid on the commencement of the policy.

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Product Benefit

Maturity Benefit:- Sum Assured on Maturity +  Guaranteed Terminal Additions + Simple Reversionary Bonus, (if any)

Death Benefit:- Sum Assured on death, plus Vested bonuses, (if any), plus Applicable Guaranteed Terminal Additions, (if any)

Other Policy Features

Feature

Description

Exide Life Assured Gain Plus Provides a Maturity Benefit as described below :

Policy Term

Total Maturity Benefit

10 Years

130% of ‘Sum Assured on Maturity’ (Guaranteed) plus vested bonuses

12 Years

136% of ‘Sum Assured on Maturity’ (Guaranteed) plus vested bonuses

15 Years

145% of ‘Sum Assured on Maturity’ (Guaranteed) plus vested bonuses

Notes: The above table includes Sum Assured on Maturity and Guaranteed Terminal Additions as guaranteed benefits.

 

Following riders are available with Exide Life Assured Gain Plus

Exide Life Critical Illness (4) Regular Pay (UIN: 114B009V02)

Exide Life Critical Illness (25) Regular Pay (UIN: 114B009V02)

 

Discount for High Premiums

Limited Premium Payment Term (5 Years):

Annualised Premium

Discount rate

First Rs. 96,000

0%

Next Rs. 96,000

2.50%

Any excess over the above

3.50%

 

Limited Premium Payment Term (5 Years): Single Premium

Single  Premium

Discount rate

First Rs. 3,60,000

0%

Next Rs. 1,20,000

5.50%

Any excess over the above

6.50%

 

Lapse

A single premium policy doesn’t lapse.

Limited Premium Payment Term (5 years), if at least 1 full year’s premium is not being paid, the policy will lapse on the date of expiry of grace period

A lapse policy will cease to participate in the participatory fund until the policy is reinstated for full benefits.

Reduced Paid-up

For Limited Premium Payment Term (5 years), if at least 2 full years’ premium has been paid and further premiums are unpaid and the policy is not surrendered

Is = t/n  x  { Sum Assured on Death  +  Applicable Guaranteed Terminal Additions at the time of death, if any } + Vested Bonuses, if any

Notes :- This is Life Cover Formula

Is = t/n  x  { Sum Assured on Death  +  Applicable Guaranteed Terminal Additions at the time of Maturity, if any } + Vested Bonuses, if any

Notes :- This is Maturity Formula

Notes: t = Number of installments of premiums paid, n = Total number of installments of premiums payable under the Policy

 

Reinstatement

Policy can be reinstated during the policy term but within a period of two years from the date of first unpaid premium.

Reinstatement charge is a percentage of the due premiums and the current reinstatement charge is 9% per annum compounded semiannually.

Surrender

premium payment term of 5 years, this policy can be surrendered if at least one full year’s premium is paid.

The surrender benefits are payable immediately on surrender or at the end of the second policy year, whichever is later.

All benefits under the policy shall automatically terminate upon payment of surrender benefit.

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.

GSV Factor 2 multiplied by the vested bonus, if any.

 

For Limited Premium Payment Term (5 Years)

Policy Year

GSV Factor 1 (As a % of premiums paid

GSV Factor 2 (As a % of loyalty bonus)

1

10.00%

0.00%

2

30.00%

10.00%

3

30.00%

10.00%

4

50.00%

15.00%

5

50.00%

15.00%

6

50.00%

15.00%

7

50.00%

20.00%

8

55.00%

20.00%

9

55.00%

20.00%

10

55.00%

25.00%

11

60.00%

25.00%

12

60.00%

25.00%

13

60.00%

30.00%

14

65.00%

30.00%

15

65.00%

35.00%

Notes: If at least two full years’ premiums are not paid, the applicable GSV Factor 1 would be fixed 10% and GSV Factor 2
would be fixed 00%; irrespective of the policy year in which the policy is surrendered

 

For Limited Premium Payment Term (5 Years) (For Single Premium)

Policy Year

GSV Factor 1 (As a % of premiums paid

GSV Factor 2 (As a % of loyalty bonus)

1

70.00%

10.00%

2

70.00%

10.00%

3

70.00%

10.00%

4

90.00%

15.00%

5

90.00%

15.00%

6

90.00%

15.00%

7

90.00%

15.00%

8

90.00%

15.00%

9

90.00%

15.00%

10

90.00%

15.00%

11

90.00%

20.00%

12

90.00%

20.00%

13

90.00%

20.00%

14

90.00%

20.00%

15

90.00%

20.00%

Notes:- For Limited Premium Payment Term (5 years), if at least 1 full year’s premium has been paid and less than 2 full years’ premium is been paid, the policy will be eligible for GSV and Life Cover which will be equal to GSV and policy terminates.

 

Special Surrender Value (SSV)

Limited Premium Payment Term (5 years), if at least two full years’ Premiums have been paid, the policy will acquire a Special Surrender Value. SSV will be declared by Company from time to time

 

Modal Factor

Mode of Premium

Multiplicative Factor

Monthly

1

Half Yearly

5.68

Yearly

11.01

Add-ons

  • Critical Illness (4) Regular Pay :
    The rider Sum Assured is paid to the Life Assured on the first diagnosis of any of the specified Critical Illness. There is no death or maturity benefit.
  • Critical Illness (25) RegulaCritical Illness (25) Regular Pay :
    The rider Sum Assured is paid to the Life Assured on the first diagnosis of any of the specified Critical Illness. There is no death or maturity benefit.

Exclusions

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.

Claim Process

Know Claim Process Of Exide Life Assured Gain Plus

Claim Process

Company Overview

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.

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