My Term Insurance Plan by Exide Life Insurance is a LIC insurance term plan which provides pure protection. This plan strengthens the financial base of your family at a nominal plan. It features an assured high amount at a low premium. You can pay the premiums either throughout the policy’s tenure or for a limited tenure. Terminal illness benefit is offered, however, it being a complete protection plan, survival or maturity benefits are not provided. The additional riders namely, disability and dismemberment, accidental death benefits and critical illness riders are offered.
The salient features of Exide Insurance Online Term Plan are:
Option 1 – Death benefit is given for the total assured amount paid in a huge sum.
Option 2 – Death benefit is given to your family. Under the family income benefit the assured amount percentage and income is paid.
Death benefit’s second option features 4 different payment options to choose from. It also features the percentage which your family will receive as a near about amount and as an income per month.
|Option||% of the lump sum||% of monthly Income||EMI is equal to (110 percent of the remaining balance)/60|
|One||Eighty||Twenty||= (110% of 20% of assured sum )/60|
|Two||Fifty||Fifty||= (110% of 50% of the assured sum)/60|
|Three||Forty||Sixty||= (110% of 60% of the assured sum)/60|
|Four||Thirty||Seventy||= (110% of 70% of the assured sum)/60|
Chronic Illness benefit is also provided such that if a terminal disease has been diagnosed within the policy term, then 25% of the assured amount will be paid in the form of a huge amount which goes to a maximum of fifty lakh, moreover, the insurer will pay the future premiums. Policy will be continued for the whole period.
Suppose that a 35 years aged man named Mahesh opts for this plan, assured amount being fifty lakh. The tenure is twenty years and Mahesh plans to pay premiums throughout the tenure. On a yearly basis, the premium stands to be 8,643 INR. He has opted for option B of the death benefit so that his family gets an income too. Hence, 50% of the assured amount will be paid as a huge amount and 50% in form of EMIs.
If Mahesh has been diagnosed with a chronic disease, then he receives 25% of the assured amount, opting for option B he receives 6.25 lakh INR
Now if Mahesh dies during the policy tenure, then 50% of fifty lakh is given to his family and remaining 50% is given in the form of EMIs i.e. 45,833 INR monthly for the next sixty months.
Note: This example is exclusive of service tax and is meant for a non-smoking, healthy person. Further information can be obtained on Loanbaba.com.