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What is Exide Life Income Advantage Plan?

Get what you always wanted with the advantage of a second income. The possibilities are endless, be it a long planned vacation, fulfill the dreams of your loved ones or plan for a stress free retired life. That’s why you need Exide Life Income Advantage Plan.

Exide Life Income Advantage Plan is a unique savings cum insurance plan which works to your advantage by providing a regular income and life insurance cover.

Key Features

Product Category Type A traditional participating plan with life insurance cover
Policy Term 16 Years 24 Years 30 Years
Premium Payment Term 8 Years 12 Years 15 Years
Benefit Payout Term 8 Years 12 Years 15 Years
Minimum Age at Entry
(as on last birthday)
9 Years 5 Years 2 Years
Maximum Age at Entry
(as on last birthday)
55 Years 55 Years 50 Years
Minimum Premium (₹) Annual : ₹30,000
Monthly : ₹2,724
Annual : ₹18,000
Monthly : ₹1,635
Annual : ₹12,000
Monthly : ₹1,090
Maximum Premium (₹) No Limit(subject to board approved underwriting policy)
Premium Payment Modes Annual, Monthly#
#For monthly mode, 3 monthly premiums are collected in advance on the date of commencement of the policy.

Key Benefits

1. Guaranteed Income

On paying all due premiums during the first half of the policy term, this plan provides you with regular income during the second half of the policy term on annual basis. You have the flexibility to choose how you want to receive your income.

Option A: Pure Income Benefit

Under this option, a lump sum amount is paid to you once every year as guaranteed income. In addition, you benefit from additional income every year that is paid to you on account of applicable bonuses announced from time to time.

Your Annual Income = Guaranteed Income + Accrued Bonuses

Option B: Income with Maturity Benefit

Under this option, a guaranteed income as lump sum amount is paid to you once in a year. Apart from this, all bonuses accrued during the policy term are paid to you on policy maturity as Maturity Benefit along with the last income payout.

Maturity benefit = Last Guaranteed Income Payout + Applicable Bonuses

Bonus will be announced from time to time and are not guaranteed. Income Payout option has to be chosen at the inception of policy. Once chosen, option cannot be changed during the policy term.

How Your Guaranteed Income is calculated?

Guaranteed Income is calculated as a fixed percentage of Basic Sum Assured for a chosen premium payment term.

Policy Term Premium Payment Term Benefit Payout Term % age of Basic Sum
Assured paid as
Guaranteed Income
16 years 8 years 8 years 25.00%
24 years 12 years 12 years 16.67%
30 years 15 years 15 years 13.35%

In total, 200% of Basic Sum Assured will be paid out as equal Guaranteed Income installments annually, during the Benefit Payout Term.

2. Life Insurance Cover for full policy term

While you pay premium only during the first half, you enjoy Life Insurance Cover over the entire policy term. This ensures financial protection for your family in case of demise where a lump sum amount is paid to your family.

Life Insurance Cover Amount
=
Higher of
(10 times the Annualized Premium* or Basic Sum Assured or 105% of premiums paid)
+
Applicable bonuses
*Annualized Premium shall be the premium payable in a year, excluding service tax, extra premiums and loadings for modal premiums, if any.
3. Enhanced protection through Riders
You can enhance the protection under this plan 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 a demise caused by 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.
  • Exide Life Term Rider provides for additional protection in case of demise.
4. Tax Savings

You save tax# on premiums paid under section 80C; on income payout and maturity amount under section 10(10D); premiums paid towards critical illness rider under section 80D of Income Tax Act 1961.

#Tax benefits are subject to change in income tax laws as amended from time to time.
5. Get a discount if you pay higher premiums.
This plan rewards you with a premium discount of up to 6%, if you choose to pay higher premium amount. This also results in an increase in the Basic Sum Assured which in turn increases your annual income payouts.
Premium Payment Term Discount as a % of  Annualized Premium
Upto ₹47,999 ₹48,000 to ₹95,999 ₹96,000 & Above
8 Years NIL 1% 2%
12 years NIL 1% 4%
15 years NIL 2% 6%
6. Our Bonus Track record

The bonus track record over the last 5 years to our policy holders on some of our existing plans are as stated below:

Product Bonus* Rates (p.a.) as % of Sum Assured
2015 2014 2013 2012 2011
Exide Life New Fulfilling Life
Anticipated Whole Life Plan
(UIN:114N024V01, 114N024V02)
7.50% 7.50% 7.50% 7.50% 7.50%
Exide Life Secured Income Insurance Plus
(UIN:114N061V01, 114N061V02)
7% 7% 7% 7% NA
* Simple Reversionary Bonus

How does the Plan Work?

Illustration - Pure Income Benefit

Suresh, a 45 year old businessman lives with his wife and 2 children. Suresh wants to supplement his seasonal income with a steady additional income. So he invests ₹1 Lac every year for 15 years in Exide Life Income Advantage Plan with Pure Income benefit option. Following are the benefits he will get.

*Premium mentioned is exclusive of service tax

Illustration - Income with Maturity Benefit

Ravi, a 35 year old working professional has a 1 year old child. Ravi wants to ensure that his family’s growing needs are taken care of and also wants to save sufficiently for his child’s future. So, he invests ₹50,000/- every year for 12 years in Exide Life Income Advantage Plan and selects Income with Maturity benefit to get following benefits:

*Premium mentioned is exclusive of service tax

4 Reasons to buy this plan

1 Guaranteed Income
2 Pay during first half, get Income during second half of the Policy Term
3 Flexible options to receive Income Payouts
4 Life Insurance Cover for Full Policy Term
Exide Life Income Advantage Plan UIN: 114N082V01. Exide Life Critical Illness Rider UIN: 114B009V02; Exide Life Accidental Death, Disability and Dismemberment Rider UIN: 114B002V02 and Exide Life Term rider UIN: 114B007V02 are optional riders which provide add on benefits and can be added at both at inception as well as on each policy anniversary. Exide Life New Fulfilling Life UIN:114N024V01, 114N024V02. Exide Life Secured Income Insurance Plus UIN:114N061V01, 114N061V02. The bonus rates shown are only for the years mentioned above and are not indicative of the bonus rates that may be declared in the future. Bonus rates for future years is not guaranteed and may vary depending on the fund performance. For more details on risk factors, terms and conditions, please read the sales brochure of the product carefully before concluding a sale. Tax benefits are subject to change in tax laws from time to time. Exide Life Insurance Company Limited is a wholly owned subsidiary of Exide Industries Limited. The trademark “Exide” is owned by Exide Industries Limited and licensed to Exide Life Insurance vide Trademark license agreement dated 30th October 2014. Exide Life Insurance Company Limited (Formerly known as ING Vysya Life Insurance Company Limited). IRDAI Registration number: 114, CIN: U66010KA2000PLC028273, Registered Office: 3rd Floor, JP Techno Park, No.3/1, Millers Road, Bengaluru - 560 001; Toll Free: 1800 419 8228; Visit: exidelife.in.
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Who should buy?
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Who should buy?

This plan is suitable if you are looking for a second income. It is also an ideal solution if you are planning for your retirement years.
What is Exide Life Income Advantage Plan?

Get what you always wanted with the advantage of a second income. The possibilities are endless, >>

(UIN:114N082V01)
Key Benefits
Key Benefits
How this plan works
How this plan works?
4 Reasons
to buy this plan
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