Exide Life Insurance Co. Ltd.

What is Exide Life Elite Term Insurance Plan?

You strive, work hard and aim to protect your family from unfortunate scenarios in life. Here is a plan which helps you build a strong financial foundation to protect your family’s future even if you are not around.

Presenting Exide Life Elite Term Insurance Plan – a unique Term Insurance Plan that not only offers large sum assured at a reasonable premium amount, but also rewards you for leading a healthy life during the policy term.

4 Reasons to Buy this Plan

  • 1Substantial Life Cover at affordable premiums
  • 2Increased sum assured on maintaining healthy lifestyle at no extra cost
  • 3Option for Family Income Benefit of 5 or 10 years
  • 4Option for term extension by 5 or 10 years

Who should buy?

The plan is a must for all bread winners to make sure your family’s financial future always remain protected. It is recommended that at any given time, you should have life insurance coverage equivalent to 5 to 20 times your annual income.

 

Key Benefits

 

Substantial Life Cover at affordable premiums

Under this plan, you can benefit from lower premiums if you are leading a healthier lifestyle. You will have to undergo a medical examination to purchase this plan.

  • If you do not smoke or consume tobacco, you are offered preferential premium rates.
  • If your medical evaluation turns out to be favorable as per our underwriting guidelines, you may be eligible for our Super Elite Premium Rates.
  • We offer further premium discounts when you choose a sum assured of Rs.5 Crores and above.
  • Lower Premium rates are applicable for females.

 

Increased Sum Assured on maintaining healthy lifestyle

During the policy term, we will offer you another chance to avail our Super Elite Premium Rates, in case you were eligible for these rates while applying for this policy.

On successful completion of 25 months of your policy, you can undergo medical tests at our cost. If your medical evaluation turns out to be favorable as per our underwriting guidelines, we will increase your policy sum assured. This increase will come to you at no addition premium amount and will be applicable from your 4th policy year onwards.

Let’s understand this with a simple example.

  • Ramesh who is 40 years old works with a private firm. Ramesh doesn’t smoke or chew tobacco. He decides to buy Exide Life Elite Term Insurance Plan for a sum assured of Rs.2 Crores with a Policy and Premium Payment term of 30 years.
  • After undergoing a medical examination, the annual premium that he is required to pay is Rs.35,518 for 30 years. If the tests were favorable, he would have been eligible for our Super Elite Premium Rate of Rs.32,678
  • After completing 25 months, Ramesh avails of the opportunity to undergo another medical examination and this time his medical reports make him eligible for our Super Elite Rates. As a result his sum assured is increased to Rs. 2.18 crores while he continues to pay an annual premium of Rs.35,518.

#Premium mentioned above is exclusive of GST. This option is only available for Non-Smokers and is offered between 25th and 37th policy month subject to policy being in force.

Option for Family Income Benefit of 5 or 10 years

While applying for this plan, you can choose how you would like your nominee to receive policy payouts. There are 3 flexible pay-out options to choose from:

Payout Option How is the pay-out made? Illustration:
Sum Assured = Rs.2 Crore
Option A:
Lumpsum Payout
100% Sum Assured is paid in a
single pay-out
Rs.2 Crore is paid as lump sum
Option B:
Lumpsum Payout
50% of Sum Assured is paid as
lumpsum and
0.95% of Sum Assured is paid every month for 60 months (5 years)
Rs.1 crore as Lump sum
+
Rs.1.9 lakhs every month for 60 months (5 years)
Option C:
Family Income Benefit (FIB)
1.07% of Sum Assured is paid every
month for 120 months (10 years)
Rs.2.14 lakhs every month
for 120 months(10 years)

Option for policy term extension by 5 or 10 years

You can choose to increase your policy term by 5 or 10 years by agreeing to pay a higher premium without any change in the premium payment term. This option is only availableto regular pay policies at inception only

Enhanced protection through Riders:

Enhance the protection cover by adding the following riders to your policy at a nominal additional premium.

  • Exide Life Accidental Death Disability and Dismemberment Rider
  • Exide Life Critical Illness Rider covering 25 critical illnesses