Robinhood Insurance Broker Private Limited

Product Info

UIN

114N072V01

Status

Active

Launch Date

14/02/2014

Withdrawn Date

Product Overview

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 your behalf and you will have a share in the profits of company's participating fund which comes to you through bonuses 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.

Product Description

  • Life cover with family income benefit
  • Waiver of premium
  • Attractive tax free returns

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Unique Features

  • Exide Life New Creating Life Insurance Plus is a traditional endowment plan with bonus and regular premium paying option.
  • In case of death of the life assured, this plan provides an option to take 50% of sum assured as a lumpsum + 1% of sum assured every month for next 60 months as Family Income Benefit. All the future premiums are waived off.

Eligibility Criteria

Eligibility Criteria

 

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

Policy Term

15-25 years

Premium Paying Term (PPT)

Same as Policy Term

Premium paying Frequency

Annual and Monthly

Minimum Sum Assured (Rs)

Monthly

Annual

Rs. 1,13,766

Rs. 1,23,995

Minimum Premium (Rs)

Monthly

Annual

Rs. 1,000

Rs. 12,000

Maximum Premium (Rs)

No limit, subject to board approved underwriting policy

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.

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Product Benefit

  • Maturity Benefit:
    sum assured with vested bonus, if any and terminal bonus, if any.
  • Death Benefit:
    10 times the annualized premium for base policy or Base Sum Assured.

Other Policy Features

Feature

Description

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

Terminal bonus: Exide Life may also declare a terminal bonus and is payable at maturity of policy.

 

Discount for High Premiums

Annualised Premium

Discount rate

First Rs. 24,000

0%

Next Rs. 24,000

3.00%

Next Rs. 12,000

4.00%

Any excess over the above

6.00%

 

Lapse

If at least one full year's premium has been paid and less than three full years' premiums have been paid.

The nominee will be eligible for Life Cover which will be equal to surrender value as applicable and the Policy terminates.

Reduced Paid up

In case of policy maturity :

Reduced Paid-Up Sum Assured =  (Number of premiums paid /  Total Number of premiums payable ) x (Sum Assured of basic policy) + Vested Bonuses, if any

In case of unfortunate event of demise of life assured:

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

Notes: A reduced paid up policy will not be eligible for bonuses declared after premium discontinuance.

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

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 third 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 total vested bonus accrued to the policy, 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%*

0%*

2

20%*

0%*

3

30.00%

10.00%

4

50.00%

15.00%

5

50.00%

15.00%

6

50.00%

15.00%

7

50.00%

15.00%

8

55.00%

15.00%

9

55.00%

15.00%

10

55.00%

15.00%

11

60.00%

20.00%

12

60.00%

20.00%

13

60.00%

20.00%

14

65.00%

20.00%

15 Onwards

70.00%

30.00%

Notes: *If at least two full years' premiums have not 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
*If at least two full year's premiums have been paid but three full years' premiums have not been paid then the applicable GSV Factor 1 would be fixed 20% and GSV Factor 2 would be fixed 0%; irrespective of the policy year in which the policy is surrendered.

 

Special Surrender Value (SSV)

If at least three full years' premiums have been paid the policy may acquire a Special Surrender Value. SSV, at no point of time, will be lesser than the GSV. SSV will be declared by Company from time to time

All benefits under the policy shall automatically terminate upon payment of Surrender Value

 

Modal Factor

Mode of Premium

Multiplicative Factor

Monthly

1

Yearly

11.01

Add-ons

  • Protection against accident :
    In the event of unfortunate event of demise, disability or dismemberment of life assured due to accident, additional Sum Assured is paid
  • Protection against critical illness :
    This benefit provides a lump sum in an unfortunate event of life assured on contracting any major critical illnesses like heart attack or cancer etc.

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 New Creating Life Insurance Regular Pay

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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