Robinhood Insurance Broker Private Limited

Product Info

UIN

114N065V01

Status

Active

Launch Date

30/04/2013

Withdrawn Date

Product Overview

Exide Life Golden years Retirement is your ideal savings tool for long term financial goals. In addition to ensuring systematic savings, it also ensures a financial protection for your family in case of any unfortunate and unforeseeable event. The policyholder opts for the Sum Assured, Policy Term and Premium Paying Term. The company may declare bonuses which get added to the Sum Assured and are paid at death of the life assured or maturity of the policy.

Product Description

  • All premiums including top-up premiums paid are guaranteed to grow at minimum 1% compounded per annual.
  • Minimum Interest Guarantee of 5% per annum compounding applicable on IPA during the first 5 policy years.

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Unique Features

  • Exide Life Golden years Retirement Plan is a unit linked pension plan with single/limited/regular premium pay option.
  • The plan offers the following guarantees-1)Min floor rate interest-1% compounding 2)Additional Interest Rate of 4% p.a. compounded for the first 5 years and 0.5% p.a. compounded for the remaining years 3)Residual Addition of Interest from the end of the 5th policy year.
  • The plan offers Loyalty Benefit for total premiums paid for Rs 4,80,000 or more, including Top Up Premiums such that the Allocation Charges collected throughout the Policy Tenure is credited to the policy, provided all due premiums are paid.

Eligibility Criteria

Eligibility Criteria

 

Minimum

Maximum

Entry Age 

18 Years

65  Years

Vesting Age

45 Years

75 Years 

Policy Term

10 Years 

30 Years

Vesting Term / Premium Paying Term

Vesting term

Premium paying term

10 - 42 years

Single

10 years

Limited 5 - 9 years

10 years

Limited (10 - 41 Years) & regular

Minimum Single Premium

Rs. 2,40,000*

Minimum Premium

Premium payment term

Minimum Annual Premium

Minimum Monthly Premium

5 - 9 years

Rs. 48,000

Rs. 4,000

10 - 42 years

Rs. 24,000

Rs. 2,000

Premium Payment Frequency

Annual and monthly modes available

Notes: *If the policyholder wants to purchase Single Premium Exide Life Golden Years Retirement Plan from the proceeds of the surrender/ vesting benefit, the minimum premium for such policy shall be Rs. 24,000.

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Product Benefit

  • Maturity Benefit:- 
  1. Defer the Vesting date till the maximum Vesting Age of 75 years of age of the policyholder
  2. Withdraw 1/3rd of the Guaranteed Vesting Benefit as Tax Free under section 10(10)A and then purchase an Immediate Annuity from the remaining 2/3rd at the prevailing Annuity Rates from ING Life.
  3. The higher of Gross Premiums paid, including Top Up Premiums, compounded at 1% p.a.
  • Guaranteed Death Benefit:- 
  1. 105% of gross premiums paid including top-up premiums till the date of death.
  2. Total premiums including top-up premiums compounded at 1% p.a. till the date of intimation of death.
  3. Balance in the Individual Pension Account + prorated interest from last policy anniversary till the date of intimation of death.

Other Policy Features

Feature

Description

Surrender 

A lock-in period of five years is applicable for Exide Life Golden Years Retirement Plan and no payouts will be available during the first five years except guaranteed death benefit

I) Policies surrendered before completion of 5 year lock-in-period:

A minimum guaranteed interest rate shall be applicable to the Discontinued Pension Policy Account as per IRDAI from time to time

Fund Management Charge of 0.50% will be levied on the balance in the IPA.

The Surrender Value shall be the balance in the Discounted Policy Account as on the date of payment of the Surrender Value.

Discounted Pension Policy Account shall be paid to the Eligible Person and in the manner as detailed under guaranteed death benefit

II) Policies surrendered on or after completion of the 5 year lock-in-period:

The policyholder also has the option to use the entire proceeds to buy a Single premium deferred pension plan from Exide Life insurance company subject to minimum single premium of Rs. 24,000.

Portion of the vesting benefit can be taken as a tax-free commuted value

This portion is currently defined as 1/3rd

 

Policy discontinuance

I) For policies discontinued before completion of 5 year lock-in period:

The policyholder can revive the policy within a period of two years from the date of discontinuance.

A Fund Management Charge of 0.50% will be levied on the balance in the IPA.

In the event of the death of the Life Assured during the lock-in period the proceeds from the Discounted Policy IPA shall be paid to the Eligible Person and in the manner as detailed under guaranteed death benefit.

II) For policies Discontinued after completion of first 5 policy years:

Revive the policy within a period of two years, or

 Policy proceeds may be taken to Surrender Value and are paid as per the provisions applicable for surrender of the policy.

The company shall send a notice within a period of fifteen days from the date of expiry of grace period to such a policyholder to exercise the said options within a period of thirty days of receipt of such notice:

 

Loyalty benefit:

Policies where total premium payable is greater than or equal to Rs. 4,80,000 are eligible to receive a Loyalty Benefit at vesting

The Loyalty Benefit is equal to 100% of the allocation charges collected on premium.

In case the policyholder opts for extension of vesting age, Loyalty Benefit will be credited in the IPA at the extended vesting date.

Notes: Excluding top-up premiums throughout the policy term and is credited in the IPA at vesting provided all due premiums are paid.

 

Top-up premiums

First 15 policy years: Unlimited top-up premiums are allowed

Limited and regular pay: 5 times the annual premium is allowed for the remaining policy duration.

Single pay: No Top-Up premiums allowed

Kindly note that no Top-Up premiums will be allowed during the last two year of the policy.

Add-ons

Not Available

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 Golden years Retirement Plan

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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