Introduction to Exide Life Term Insurance plan:

Exide Life Insurance My Term Insurance Plan is a pure protection term plan designed to secure your family’s financial future at an affordable cost. This plan offers a high sum assured with low premiums, ensuring that your loved ones are financially protected in case of any unfortunate event. Unlike traditional life insurance policies, Exide Life Term Plan does not offer survival or maturity benefits, as it focuses entirely on providing a financial safety net in the event of death. You can opt for premium payments either for the entire policy term or a limited period, giving you flexibility based on your needs. Additionally, the plan includes a terminal illness benefit to provide support during critical times. The policy also allows you to enhance your coverage with three valuable riders: Accidental Death Benefit, Accidental Death, Disability and Dismemberment, and Critical Illness Riders, making it a comprehensive protection solution for you and your family.

What are the characteristics of Exide Term Insurance plan?

Flexible Premium Payment Options

The Exide Life My Term Insurance Plan offers flexibility in premium payments, allowing policyholders to choose between two options. You can either pay premiums throughout the policy term or opt for the limited pay option, which provides the convenience of paying premiums for a fixed period of 5, 7, or 10 years. This gives you the flexibility to manage your financial commitments according to your preferences.

Death Benefit Options

This plan offers two death benefit options to provide financial security to your family:

• Option A: A lump sum payment of the entire sum assured to your beneficiaries in the event of your demise.
• Option B: A combination of a lump sum payment and a family income benefit, ensuring ongoing financial support. You can choose from four different payment options based on how you want your family to receive the sum assured and income.

Terminal Illness Benefit

If diagnosed with a terminal illness during the policy term, the Exide Life My Term Insurance Plan offers a 25% lump sum payment of the sum assured (up to ₹50 lakhs), and all future premiums will be waived by the insurer. This benefit ensures that you receive financial support when you need it the most, while keeping the policy active throughout the term.

Discounts and Tax Benefits

Women policyholders enjoy special discounts, while non-smokers are also eligible for premium rebates, making the plan more affordable. Additionally, the plan provides tax benefits under Section 80C of the Income Tax Act 1961, further enhancing its appeal as a tax-efficient investment.

No Survival or Maturity Benefits

As a pure protection term plan, the Exide Life My Term Insurance Plan does not offer survival or maturity benefits, focusing solely on providing financial protection in case of death. However, it offers substantial coverage for your family’s future financial well-being.

Grace Period and Free-Look Period

The policy offers a 15-day grace period for premium payments and a 15-day free-look period. During the free-look period, you can cancel the policy if it does not meet your expectations, ensuring you have the flexibility to make an informed decision.

What is the eligibility Conditions for Exide Life My Term Insurance Plan?

1. Age Requirements:
   • Minimum entry age: 18 years
   • Maximum entry age: 65 years
   • Maximum maturity age: 75 years
2. Policy Term:
   • The policy can be taken for a term ranging from 10 to 35 years, offering flexibility based on your financial planning needs.
3. Premium Payment Options:
   • Regular Pay: Pay premiums for the entire term of the policy.
   • Limited Pay Option: Pay premiums for 5, 7, or 10 years, making it more manageable for policyholders.
4. Sum Assured:
   • Minimum sum assured: ₹25 lakhs
   • Maximum sum assured: ₹25 crores, allowing you to choose the level of coverage based on your requirements.
5. Premium Payment Frequency:
   • Premium payments can be made either annually or monthly, giving you flexibility in managing your finances.

Conclusion:

The Exide Life My Term Insurance Plan is an excellent choice for individuals seeking affordable, pure protection coverage for their loved ones. With flexible premium payment options, customizable death benefits, and terminal illness benefits, this plan provides comprehensive protection. It offers significant tax benefits under Section 80C of the Income Tax Act and includes discounts for women and non-smokers. The policy’s flexible eligibility conditions and sum assured options make it a suitable choice for a wide range of individuals. Overall, the plan ensures robust financial security for your family while offering unmatched flexibility and affordability.

Key Takeaways:

1. Flexible Premium Payment: Choose between regular pay or limited pay options (5, 7, or 10 years) based on your financial convenience.
2. Customizable Death Benefits: Opt for either a lump sum death benefit or family income benefit with varied percentage options to suit your family’s needs.
3. Terminal Illness Benefit: Receive up to 25% of the sum assured if diagnosed with a terminal illness, along with waiver of future premiums.
4. Discounts for Women & Non-Smokers: Special discounts to women and non-smokers to make protection more affordable.
5. Tax Benefits: Enjoy tax deductions under Section 80C of the Income Tax Act, enhancing your savings.
6. Wide Coverage Options: Choose sum assured between ₹25 lakhs to ₹25 crores for extensive protection.
7. Grace & Free-Look Period: 15-day grace period for premium payment and a 15-day free-look period to cancel the policy if unsatisfied.
8. Eligibility Flexibility: Available for individuals between 18-65 years, with a maximum maturity age of 75 years.