Exide Insurance Online Term Plan India

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:

  • The option of Premium payment is offered. The payment can be done either for the entire tenure or for a limited period.  Under limited pay option, tenure of five, seven, ten years can be chosen.
  • Death benefits with two options are also featured.

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.

  1. The non- smoking women opting for this plan are offered discount.
  2. As stated by Income Tax Act of 1961 under section 80C, tax benefits are offered.
  3. Premium rebates are offered to those insurers who wish for higher assured sum amounts.
  4. No survival/maturity benefits are provided in this pure term plan.
  5. For the premium payments, fifteen days’ grace period is provided.
  6. A fifteen days free-look period is given, such that if you do not like the policy you can opt out of it.

The way this plan works:

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.

Eligibility criteria of this policy:

  • 18 is the minimum entry age whereas 65 is the maximum entry age.
  • 75 is the maximum age of maturity of the insured.
  • The policy can be taken for a period of 10 - 35 years. The tenure of policy lies in between
  • The premium can either be paid throughout the tenure or they can avail the limited option pay, where premiums can be paid in either five, seven or ten years.
  • The minimum assured amount is of twenty five lakh rupees whereas the maximum assured amount is twenty five crore rupees.
  • The premium payments can be done either monthly or annually