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What is Exide Life Smart Term Plan?

Building a solid foundation for your family’s financial future is important before you embark on your journey to fulfill your and your family’s dreams. That is where Protection plans or Term Insurance plans step in to provide you and your family a safety net at a nominal annual premium.

In today’s day and age, when you are being smart about everything around you, how about a Term Plan that’s also smart ? Presenting Exide Life Smart Term Plan, a unique plan that offers you comprehensive protection options and returns the premiums paid by you on completion of policy term.

4 Reasons to buy this term insurance plan

1 3 plan options - Classic, Step-up and Comprehensive
2 Guaranteed Return of Premium on completion of Policy Term
3 Flexible Premium paying options
4 Enhanced protection through Critical Illness and Accident Riders

Key Benefits of Term Insurance Plan

1. 3 plan option to suit your protection needs.

You can choose from 3 plan options to suit the desired protection

a. Classic Protection with return of premium

Under this option, you pay for a chosen Life Cover and on completion of policy term an amount equal to 100% of annual premiums paid by you is returned. In the event of demise, the chosen life cover is paid to your family.

b. Step-up: Protection with higher return of premium

Under this option, you pay for a chosen Life Cover and on completion of policy term an amount up to 150% of annual premiums paid by you is returned. This payout depends on the policy term chosen by you (See Table below). In the event of demise, the chosen life cover is paid to your family.

Policy Term
(Years)
10 - 14 years 15 - 19 years 20 - 24 years 25 - 29 years 30 years
Return of Premium 110% 120% 130% 140% 150%

c. Comprehensive: Enhanced protection with return of premium.

Under this option, you choose a Life cover under Classic variant for which you pay an annual premium over the chosen policy term. In addition, you can add a higher Life Cover to the base cover by paying a nominal additional annual premium. On completion of policy term, an amount equal to 100% of annual premiums paid by you under Classic variant is returned to you.
In the event of demise, the total life cover chosen under the classic variant plus the additional life cover is paid to your family.

Under this plan you have to choose the option at policy inception. Once chosen, option cannot be changed during the policy term.
2. Flexible Premium Paying Options

You have the flexibility to choose your premium payment term. You can choose to pay over the entire policy term (Regular Pay) or pay for a shorter duration (Single / 5 Pay) while being covered for the full policy term.

Variant Regular Pay 5 Pay Single Pay
clasic
Step-up Not Available
Comprehensive Not Available
3. Enhanced protection through Riders
You can enhance the overall protection by adding riders at a nominal additional premium. You can choose from the following riders:
  • Exide Life Accidental Death, Disability and Dismemberment Rider gives you protection not only in case of any eventuality caused by an accident, but also in case of accidental disability or dismemberment.
  • Exide Life Critical Illness Rider gives you an option to cover up to 25 critical illnesses like Heart Attack, Cancer, Paralysis, etc. It pays a lump sum benefit equal to rider sum assured in case the life assured is diagnosed with any of these illnesses.
4. Save Tax

Under this plan you save Tax# on

- Premiums paid under section 80C

- Life Insurance Cover amount and premium refund under section 10 (10D)

- Premiums paid towards Critical Illness Rider under section 80D

# Tax benefits are subject to change in income tax laws as amended from time to time

How this plan works?

Illustration 1- Classic Variant

Sudhakar, a 35 year old business man chooses Exide Life Smart Term Plan – Classic variant. He chooses 50 Lacs life cover under the plan for a term of 20 years.

Policy term premium classic
*Premium mentioned is exclusive of service tax.Premium is illustrated for a Male aged 35 years,non-smoker & Non-medical category.

Illustration 2- Step- Up Variant

Ashok, a 40 year old Provision store owner chooses Exide Life Smart Term Plan – Step-up variant. He chooses 50 Lacs cover under the plan for a policy term of 20 years.

Policy term premium step up
*Premium mentioned is exclusive of service tax.Premium is illustrated for a Male aged 40 years,non-smoker & Non-medical category.Return of premium calculator @ 130% of premium paid for the policy term of 20 years.

Illustration 3 – Comprehensive Variant

Rohan, a 35 year old businessman chooses Exide Life Smart Term Plan - Comprehensive variant. He chooses 25 Lacs under Classic cover & 25 Lacs under Extra Protection cover under the plan for 25 years.

Policy term premium comprehensive
*Premium mentioned is exclusive of service tax.Premium is illustrated for a Male aged 35 years,non-smoker & Non-medical category.Premium for Classic = ₹ 9,003 p.a & Extra Protection = ₹ 2,541 p.a.

Key Features of Term Insurance Plan

Product Features Classic Step-up Comprehensive
Age at Entry (as on last birthday) Single Pay 18 - 65 Years - 18 to 65 Years
5 Pay 18 - 65 Years 18 - 60 Years Not Available
Regular Pay 18 - 60 Years 18 - 58 Years 18 to 60 Years
Policy Term Single Pay 10 - 30 Years - 10 to 30 Years
5 Pay 10 - 30 Years 10 - 30 Years NA
Regular Pay 12 - 30 Years 12 - 30 Years 12 to 30 Years
Minimum Sum Assured* Single Pay 5 Lakhs - 10 Lakhs
5 Pay 10 Lakhs 10 Lakhs Not available
Regular Pay 5 Lakhs 10 Lakhs 10 Lakhs
Premium Paying Mode Monthly**, Half Yearly and Annual

* Sum Assured chosen should derive a Minimum Annual Premium of Rs.4063/- (excluding Service Tax and other extra premiums).

** For monthly mode, 3 monthly premiums are collected in advance on the date of commencement of the policy.

Exide Life Term Plan in India
Who should buy a term insurance policy
Who should buy?
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Who should buy?

This plan is suitable to you, if you are looking for a life insurance cover for protecting your family and also receive return of premiums on policy maturity.
Key Features of term insurance plan
Key Features
What is Exide Life Smart Term Plan?

Building a solid foundation for your family’s financial future is important before you embark on your journey to fulfill >>

(UIN:114N083V01)
Key Benefits of term insurance policy
Key Benefits
How does Exide Life My Term Plan work
How this plan works?
4 Reasons
to buy this plan
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