Exide Life Insurance Plan: Guaranteed Wealth Plus
In this article, we will discuss about policy details, premium & benefits of Guaranteed Income Life Insurance Plan by Exide Life Insurance Company Limited.
If you are planning to buy Life Insurance policy and want to make an additional source of income to meet various life goals like child education or marriage, then you must check out Exide Life Insurance Company’s new product Exide Life Guaranteed Wealth Plus once.
An Indian based life insurance company, owned by the Exide Industries, Exide Life Insurance Company Limited has just launched Guaranteed Income Life Insurance Plan.
According to the information, This plan is a non-linked and non-participating individual life insurance savings plan.
Exide Life Insurance Company has launched Life Insurance Savings Plan “Guaranteed Wealth Plus” which gives you guaranteed income.
This will help customers with different levels of life to meet their financial goals.It has the option to choose from two variants. This insurance plan is a comprehensive life insurance plan that offers guaranteed returns.
This plan is good for customers who want an additional source of income or regular cash flow to meet various life goals like children’s education and marriage.
It is a non-linked and non-participating life insurance savings plan. In plan, customers can get fixed income for 30 years by paying premium for 6 years. With this, the customers will get the full amount of the premium paid on maturity.
In its “lump sum” option, customers can pay a lump sum amount at maturity by paying a premium for 6 years.
Along with this, they will also get life insurance cover during the entire duration of the policy. The maximum age to purchase it is 60 years. The minimum age for lump sum option is 3 years and for income option is 11 years.
This guaranteed income life insurance plan is a separate product in this category. In this, emphasis has also been laid on protection as well as returns. Depending on certain age groups and the duration of the policy, the maturity benefit remains the same irrespective of the age of the customer.
What is Exide Life Guaranteed Wealth Plus?
This plan provides long term guaranteed returns to help you fulfill your dreams and also provide financial security to your family in your absence.
The plan offers two policy variants – Income Variant and Lump Sum Variant, to be chosen at the time of policy inception. Policyholder can avail lump sum at maturity, regular income for 30 years or guaranteed benefit as lump sum at maturity.
Policy Features of Exide Life Guaranteed Wealth Plus Plan
- Premium Paying Term: 6 years
- Minimum Age at Entry: Lump Sum Variant- 3 years (15 year Policy Term)/ 6 years (12 year Policy Term)
- Income Variant: 11 years
- Maximum Age at Entry: 60 years
- Maximum Age at Maturity: Lump Sum Variant:75 years
- Income Variant: 97 years
- Policy Term: Lump Sum Variant: 12 & 15 years
- Income Variant: 37 years
- Minimum Premium: 10,000 (Monthly), 60,000 (Half-Yearly), 1,00,000 (Annual)
- Premium Payment Mode: Monthly, Half yearly, Annual
- Maximum Premium: No Limit subject to board approved underwriting policy
- Minimum Age at Maturity: Lump Sum Variant: 18 years
- Income Variant: 48 years
- Income Payout Mode: Annual
Key Benefits of Exide Life Guaranteed Wealth Plus Plan:
Survival Benefit:
Survival benefit will be received, during the policy term, on survival of life assured. Under income variant, policyholder receive survival benefit in form of annual guaranteed income in equal amount, for a fixed term of 30 years.
Lump sum variant – No survival benefit is applicable under this variant.
Death Benefit
In case of an unfortunate death of Life Assured during the policy term, Sum Assured on Death is payable and is defined as higher of 105% of the Total Premiums Paid or X times the annualized premium.
For Lump sum Variant & Income variant, the multiple of ‘X’ times depends on the age at entry of Life Assured on date of inception of policy.
Maturity Benefit
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On survival till the end of policy term, the maturity benefit is payable depending upon the variant chosen at inception of the policy.