Exide Life Smart Future Insurance Plan
Product Info
UIN
114L066V01
Status
Active
Launch Date
13/05/2013
Withdrawn Date
Product Overview
Exide Life Smart Future Insurance Plan is a Unit-Linked Insurance Plan that yields good returns through market participation and also provides life insurance coverage.
Product Description
- There are 3 variants under the life cover option – Smart Invest, Smart Family, Smart Kid.
- This plan variants can be changed in case of marriage or child birth.
- 6 funds are available for investment
- The spouse can also be covered under the plan under joint life option either at the inception or during the term under the Life Partner Benefit.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Exide Life Smart Future Insurance Plan is a Unit-linked endowment plan.
- Plan provides loyalty additions which is added to the maturity value and is equal to total allocation charge in the policy term (provided all premiums are paid and annual premium is greater than 96000).
- This plan has 3 life cover options hence 3 different death benefits will be applicable: 1) Smart Invest-higher of the sum assured and the fund value 2) Smart Family-Death benefit is higher of sum assured or 105% of premiums paid plus fund value 3) Smart Kid-Death benefit is higher of the sum assured and 105% of the premiums paid.
- There is another unique option called "Life partner Benefit" which ensures death benefit on the demise of either of the partner, available only with smart family and smart kid options.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age | Minimum | Maximum | |||
| Smart Invest | 3 Years | 55 Years | |||
| Smart Family & Kid | 18 Years | 50 Years | |||
| Max age of Maturity | 70 years | ||||
| Policy Term | 15 Years | 30 Years | |||
| Premium Paying Term | 5 pay, 10 pay or Regular pay | ||||
| Premium paying Frequency | Annual, half-yearly, quarterly, monthly | ||||
| Premium | Rs. 48,000 | No Limit | |||
| Sum Assured | Higher of 10*annual premium or 0.5*term*annual premium for ages<45 yrs | ||||
| higher of 7*annual premium or 0.25*term*annual premium for ages>=45 years | |||||
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Product Benefit
- Maturity Benefit: Maturity benefit options-Fund Value as on the date of maturity, Loyalty and Claw-back Additions where applicable as a lump sum or as a structured payout over a period of 5 years from maturity.
- Death Benefit: The three life cover variants available are Smart Invest, Smart Family and Smart Kid and respective death benefits are as follows:
- Smart Invest - Death benefit is Higher of Sum Assured less partial withdrawals, if any, made during the 24 months immediately preceding the date of death or Fund Value.
- Smart Family - In Smart Family the policyholder has an option to avail Life Partner benefit. Death benefit is higher of Sum Assured or 105% of the premiums paid plus Fund Value.
- Smart Kid - In Smart Kid the policyholder has an option to avail Life Partner benefit. Death benefit is higher of Sum Assured or 105% of the premiums paid and the company shall contribute future premiums in to the policy till maturity benefit is paid.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Premium Redirection Charge | There are no charges for premium redirection | |||||
| Automatic Asset Allocation Strategy | ||||||
| No. of years to maturity | Exide Life Prime Equity | Exide Life Preserver | ||||
| 20 and above | 90% | 10% | ||||
| 15-19 | 80% | 20% | ||||
| 10-14 | 60% | 40% | ||||
| 5-9 | 40% | 60% | ||||
| 0-4 | 20% | 80% | ||||
| Notes: The allocation in to Unit Linked Funds should be in multiples of 1% and the total of all the proportions should add up to 100%. | ||||||
| Top-up Premium: | Top-ups will not be allowed in the last Five (5) years of the Policy Term/last five years before Policy Maturity Date | |||||
| Every Top-up premium shall have an Additional Sum Assured which will be 1.25 times of the Top-up premium paid. This Additional Sum Assured on Top-up will be in addition to the Basic Sum Assured. | ||||||
| Top-up Premium will not be allowed while the Policy is in paid-up state. | ||||||
| Minimum top-up amount of Rs. 5,000/- at one time with an overall limit being higher of total Annual Premiums paid till the time of top-up. | ||||||
| Partial Withdrawals | There are no charges for Partial Withdrawals | |||||
| Loyalty Additions: | The product offers Loyalty Addition if the annual premium is greater than or equal to Rs. 96,000. |
|||||
| The Loyalty Addition is equal to the allocation charges collected on premium (excluding the Top-ups) throughout the policy term and is payable at maturity provided all due premiums are paid. | ||||||
Add-ons
Not Available
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Fund Management Charges | |||||
| Fund Name | % of Fund Value | ||||
| Exide Life Prime Equity | 1.35% | ||||
| Growth Fund | 1.25% | ||||
| Balanced Fund | 1.25% | ||||
| Secure Fund | 1.00% | ||||
| Exide Life Preserver | 1.00% | ||||
| Exide Life Active Asset Allocation | 1.35% | ||||
| Notes: Fund Management Charge applicable for Discontinued Policy Fund is 0.5% per annum | |||||
| Premium Allocation Charges | |||||
| Regular/Limited Premium | Allocation Charges as a percentage of premium | ||||
| Year 1 | 5% | ||||
| Year 2 onwards | 2.50% | ||||
| Top-up Premium | Allocation Charges as a percentage of premium | ||||
| Any Year | 2% | ||||
| Policy Administration Charges | |||||
| Year | Charges as a percentage of Annual Premium | ||||
| 1 - 5 | 0.25% per month | ||||
| 6 Onwards | 0.19% per month | ||||
| Notes: The maximum Policy administration charge is subject to a maximum limit of Rs. 500 per month. | |||||
| Surrender Charge | |||||
| Policy discontinuance year | Policy Discontinuance Charges | ||||
| 1 | Lower of 6% of (AP or FV)* subject to max Rs 6000 | ||||
| 2 | Lower of 4% of (AP or FV) subject to max Rs 5000 | ||||
| 3 | Lower of 3% of (AP or FV) subject to max Rs 4000 | ||||
| 4 | Lower of 2% of (AP or FV) subject to max Rs 2000 | ||||
| 5th onwards | Nil | ||||
| Notes: *AP means Annual Premium, FV means Fund Value | |||||
| Switches Charge | There are no charges for switches made during the Policy Term. | ||||
| Partial Withdrawal Charge | There are no charges for Partial Withdrawals | ||||
| Mortality Charges | Mortality Charge is the charge levied at the beginning of each policy month, for providing the Death Benefit | ||||
| The Mortality Charges will vary based on age, gender of Life Assured, level of life cover, choice of Variant and other factors as the Company may consider appropriate | |||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
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 Smart Future Insurance Plan
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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