Robinhood Insurance Broker Private Limited

Product Info

UIN

114L055V01

Status

Withdrawn

Launch Date

24/09/2010

Withdrawn Date

01/06/2011

Product Overview

The Exide Life Prospering Life Plus is a unit linked life insurance plan (ULIP) that allows you the opportunity to invest in the debt and equity markets today so that you can enjoy the luxuries which are provided at the later stage. The plan offers the choice of 6 different funds that offer low, medium and high risk investment opportunities. It also offers loyalty bonuses and income tax benefits. You can also choose to pay the premiums for a limited period or for the duration of the policy. You can even pay the premium for this policy as a single lump sum.

Product Description

  • Automatic asset re-balancing strategy.
  • 6 fund options to choose from
  • Loyalty Benefit
  • Unlimited free switches and redirections.

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Unique Features

  • Exide Life Prospering Life Plus is unit-linked endowment plan with regular and limited premium paying options.
  • The plan provides a Guaranteed Loyalty addition at maturity which is annual premium dependent. It ranges from 0-0.75% of the fund value at maturity.
  • The plan provides auto asset re-balancing option which once opted will re-adjust your portfolio based on the years left for maturity.

Eligibility Criteria

Eligibility Criteria
Entry Age Minimum 0
Maximum 55 Years
Max age of Maturity 75 years
Minimum Premium
Premium Paying Term Yearly Monthly
5 Year Rs. 48,000 Rs. 5,000
10 Year Rs. 36,000 Rs. 4,000
15 or more Year Rs. 24,000 Rs. 3,000
Maximum Premium No Limit
Top-Up Premium Minimum - Rs 6,000 Maximum - Rs. 7,80,000 per life
Basic Sum Assured 
For age at entry below 45 years: 10 times annual premium
For age at entry of 45 years or above 7 times annual premium
Additional Sum Assured
For age at time of top-up premium payment below 45 years 1.25 times top-up premium
For age at time of top-up premium payment of 45 years or above: 1.1 times top-up premium
Mode Available Annual or monthly
Note: For monthly mode: Min 3 monthly premiums to be paid at the time of submitting the proposal
Premium Paying Term ( In Years ) 10,  15,  20 Years
Policy Term  ( In Years ) 5, 10 or Regular
Policy Term / Premium Term Combinations
5 Years 10, 15 to 20 Years
10 Years 15 to 20 Years
15 Years and more Equal to Premium Payment Term

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Product Benefit

Benefit Description
Maturity Benefit Get the fund value as on the date of the maturity as a lump sum payment.
Get part of the fund value as on the date of maturity as a lump sum amount and part in equal installments of units over a period of 5 years (referred as structured payout period) after the maturity date.
Notes: Fund value as on the date of maturity is the Unit Price at maturity times the units at maturity plus
loyalty benefit and claw-back addition where applicable.
Death Benefit Subject to the policy being in force and in the unfortunate event of the death of the life assured during the policy term, higher of the Sum Assured or 105% of the premiums paid, including top up premiums (if any) or fund value shall be payable to the eligible person.
Notes: The Sum Assured payable is the Basic Sum Assured and the additional Sum Assured on top-up premium if any.

Other Policy Features

Feature Description
Loyality Benefit
Annual premium ( Rs ) % of fund value
Below Rs. 96,000 0%
Rs.96,000 - Rs.1,43,999 0.50%
Rs.1,44,000 or above 0.75%
Investment Funds
Fund Name & Objective Asset Allocation Risk Profile
Exide Life Prime Equity Equity 90 – 100% High
Debt Securities 0 – 10%
Money Market 0 – 10%
Growth Fund Equity 40 – 60% Medium   
Debt Securities 0 – 60%
Money Market 0 – 20%
Balanced Fund Equity 20 – 40% Medium   
Debt Securities 0 – 80%
Money Market 0 – 20%
Secure Fund Equity 10 – 20% Low   
Debt Securities 0 – 90%
Money Market 0 – 20%
Exide Life Preserver Equity 100% in debt and debt related investments with no more than 25% of the fund invested in instruments of maturities less than 12 months Low   
Debt Securities
Money Market
Exide Life Active Asset Allocation Equity 20 – 100% High
Debt Securities 0 – 80%
Money Market 0 – 80%
Notes :- Debt Securities under Liquid Fund will comprise short-term securities only.
The pre decided ratio (as a percentage of fund value) will be as under:
No. of years to maturity Exide life prime equity Exide life preserver
16-20 90 10
11-15 80 20
6-10 60 40
3-5 40 60
0-2 20 80
Top-up premium No top-up premiums will be accepted where regular premiums are due including premiums due in grace period.
The minimum top-up amount is Rs. 6,000/- at one time
The maximum amount of top-up premiums allowable is Rs.7.8 Lacs per life throughout the policy term.
Top-ups will not be allowed during the last 5 years of the policy term
Top-up premium cannot be withdrawn for a period of five years from the date of payment of the respective top-up premium
At anytime during the term of the contract, the total top-up premium shall not exceed the total of regular premiums paid till date
Partial Withdrawal Benefit Partial Withdrawal Benefit is only allowed if policy is in-force.
Partial Withdrawal Benefit shall not be allowed in case where the Life Assured is a minor.
The Partial Withdrawal Benefit is available for a minimum amount of Rs. 6,000 and a maximum amount equal to 25% of the Fund Value, subject to Fund Value after each such withdrawal not being less than 1.5 times the one full years' annual regular premium
Surrender In case the Policy is surrendered during the initial 5 years
The life cover on the policy ceases on the date of surrender.
The fund value net of Policy Discontinuance Charges will be transferred to Discontinued Fund
During the lock-in period the policyholder can revive the policy within a period of two years from the date of discontinuance
Discontinuance Premium If the premium due is not received within the Grace Period, the Company shall send a notice within a period of fifteen days from the date of expiry of Grace Period
Options for policies surrendered/discontinued before completion of first 5 policy years
Revive the policy within two years by paying the arrears of the unpaid premiums
Complete withdrawal or Discontinuance of the policy without any risk cover
Options 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 akin to Surrender Value and are paid as per the provisions applicable for surrender of the policy
Convert the policy into paid-up policy, with reduced paid-up sum assured.
Discontinued Policy Fund Fund name Investment pattern Risk
Discontinued Policy Fund (SFIN: TBD) Money market: 0% to 40%;
Government securities: 60% to 100%
Low
Revival For policies discontinued before completion of first 5 policy years
The policyholder shall have the right to revive the policy within two years from the date of discontinuance and not later than the expiry of lock in period of 5 years or end of revival period whichever is later.
In case the policyholder opted to revive the policy within such period the balance in Discontinued Policy Fund together with policy discontinuance charges deducted earlier after applying the premium allocation and policy administration charges on due premiums will be used to purchase the units of the segregated fund as per NAV as on date of revival
For policies discontinued after completion of first 5 policy years
The policyholder shall have the right to revive the policy within two years from the date of discontinuance
In case the policyholder opted to revive the policy within such period, the due premiums collected after applying the premium allocation charge will be used to purchase the units of the segregated fund as per NAV as on date of revival

Add-ons

Not Available

Charges

Charges
Fund Management Charges
Fund Name % of Fund Value 
Exide Life Prime Equity 1.35%
Exide Life Active Asset Allocation 1.35%
Growth Fund 1.25%
Balanced Fund 1.25%
Secure Fund 1.00%
Exide Life Preserver 1.00%
Notes :-  The daily unit price includes the Fund Management Charges. Fund Management Charges
on Discontinued Policy Fund: 0.5% per annum
Premium Allocation Charges
Regular Premium Premium Allocation Charge
Annual Mode Monthly Mode
Base Premium ( 1 st Year ) 6.50% 5.00%
Base Premium (2nd Year onwards) 3.50% 2.50%
Top-Up Premium  2%
Notes :- This charge is deducted from the Premium Paid by you
 
Premium Administration Charges
Charges are 0.25% of annual premium per month for the first 5 years
0.30% of annual premium per month thereafter
the maximum Policy administration charge is Rs. 500 per month
Surrender Charge
Policy discontinuance year annual premium up to           Rs. 25,000 p.a annual premium  more than Rs.25,000 p.a
1 Lower of 20% of (RP* or FV** )
subject to max Rs 3,000
Lower of 6% of (RP* or FV**)
subject to max Rs.6,000
2 Lower of 15% of (RP* or FV**)
subject to max Rs.2,000
Lower of 4% of (RP* or FV**)
subject to max Rs.5,000
3 Lower of 10% of (RP* or FV**)
subject to max Rs.1,500
Lower of 3% of (RP* or FV**)
subject to max Rs.4,000
4 Lower of 5% of (RP* or FV**)
subject to max Rs.1,000
Lower of 2% of (RP* or FV**)
subject to max Rs.2,000
5th  onwards Nil
Notes : *RP means Regular Premium ,  FV means Fund Value
 
Mortality Charge Mortality rates applicable in this plan are mentioned below(Rs per 1000)
Age Years  20 30 40 50
Male 1.06 1.26 2.14 5.89
Female 0.88 1.19 1.72 4.24
Notes :- The mortality charges are applicable throughout the contract period of the policy
Switching  There are no charges for switches, premium redirection and partial withdrawals made during the Policy Term.

Exclusions

During this period, if the Life Assured dies then the death benefit, shall be paid only the Fund Value prevailing as on the Relevant Date. Any Charges recovered subsequent to the date of death shall be paid back to the nominee along with Death Benefit.

Tax Benefits

Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961

Claim Process

Know Claim Process Of Exide Life Prospering Life 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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