Exide Life Secured Income Insurance Plus

Exide Life Secured Income Insurance Plus is a participating and non linked life insurance Policy. A participating Policy that entitles the Policyholder to a share in the surplus (profits) of participating fund of the Company.

• Family income benefit
• 10% guaranteed addition on maturity
• Flexibility to choose the number of years you want to pay premiums

• Exide Life Secured Income Insurance Plus is a traditional endowment plan with bonus facility.
• The plan provides "Family Income Benefit" which ensures guaranteed monthly payout of 2% of sum assured for 5 years in case of death if life assured was a major or 100% of additional sum assured if the life assured is a minor.
• 10% of the additional sum assured on the maturity.

• Maturity Benefit :
  Sum Assured (Guaranteed) +  10% of Sum Assured (Guaranteed) + Vested Bonus, if any (Non Guaranteed) + Terminal Bonus, if any (Non Guaranteed)
• Survival Benefit : NA
• Death Benefit :
  Guaranteed Death Benefit + Vested Bonus, if any + Terminal Bonus, if any

• Bonus :-

1. Simple reversionary bonus: Exide Life may declare bonus as a percentage of Sum Assured which will be attached to your policy and will be paid at death or maturity of the policy whichever is earlier.
2. Terminal Bonus: Exide Life may also declare a terminal bonus from 10th policy year and is payable at maturity of policy or death of the life assured

• Discount for High Premiums :-

• Lapse :-

1. If the Regular Premium is not paid within the grace period, the Policy shall lapse and have no further value except:
2. If at least one full year's premium has been paid and less than two full years' premiums have been paid for policies with premium payment term of 5 or 7 years and less than three full years' premiums have been paid for policies with premium payment term of 10 years,nominee will be eligible for death benefit which will be equal to surrender value.

• Reduced Paid-up :-

1. If at least two full years' premiums have been paid for policies with Premium Payment Term of 5yrs or 7yrs and if at least three full years premiums have been paid for policies with Premium Payment Term of 10 years.
2. For Maturity Benefit
3. Reduced Paid-Up Sum Assured =  (Number of premiums paid /  Total Number of premiums payable ) x  (110% Sum Assured of basic policy) + Vested Bonus, if any
4. For Death Benefit
5. Reduced Paid-Up Sum Assured =  (Number of premiums paid /  Total Number of premiums payable ) x  ( Sum Assured of basic policy) + Accumulated Bonus, if any

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

• Reinstatement :-

1. Policy can be reinstated during the policy term, but within a period of two years from the date of first unpaid premium.
2. If needed the company may refer it to its medical examiner in deciding on reinstatement of lapsed policy.

• Surrender :-

1. This policy can be surrendered if at least one full year's premium is paid.
2. The surrender benefits are payable immediately on surrender or at the end of the second policy year, whichever is later.
3. All benefits under the policy shall automatically terminate upon payment of surrender benefit.

• Guaranteed Surrender Value :-

1. GSV Factor 1 multiplied by the total amount of premiums paid excluding the applicable taxes and premium for extra mortality rating, if any
2. GSV Factor 2 multiplied by the total vested bonus accrued to the policy, if any.

Notes: *If at least two full years' premiums have not been paid for Policies with Premium Payment Term of 5 or 7 years and if at least three full year's premiums have not been paid for Policies with Premium Payment Term of 10 years, then the applicable GSV Factor 1 would be fixed at 20% and GSV Factor 2 it would be fixed at 0%; irrespective of the policy year in which the policy is surrendered.

• Special Surrender Value (SSV) :-

1. 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'
2. Premiums have been paid for policies with Premium Payment Term of 10 years, the policy may acquire a Special Surrender Value

Not Available

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.

Tax Benefits

Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.

Know Claim Process of Exide Life Secured Income Insurance Plus

Claim Process

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.