Robinhood Insurance Broker Private Limited

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Withdrawn Date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.

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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:
  1. 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.
  2. 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.
  3. 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

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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