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Exide Life Star Saver – Tax Saving Investment Plan

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What is Exide Life Star Saver?

You have always wanted to reach for the stars and provide the best to your family. Wouldn’t it be easier for you to fulfill your dreams if you are backed with a guarantee?

Presenting Exide Life Star Saver, a limited payment savings cum insurance plan designed to do just that. Exide Life Star Saver offers guaranteed tax free maturity benefit along with comprehensive protection over the entire policy term.

Key Features

Minimum / Maximum Age at Entry For Policy Term 10 years: 8 years – 60 years
For Policy Term 12 years: 6 years – 60 years
For Policy Term 15 years: 3 years – 60 years
(age last birthday)
Minimum / Maximum Maturity Age 18 Years - 75 years (age last birthday)
Policy Term 10, 12 and 15 years
Premium Paying Term (PPT) 5 Years
Minimum / Maximum Premium () Minimum - 24,000
Maximum – No Limit (subject to Board approved Underwriting Policy)
Minimum / Maximum Basic Sum Assured () Minimum 76,220
Maximum – No Limit (subject to Board approved Underwriting policy)
Premium Payment Modes Annual

Key Benefits

1. Guaranteed Tax-Free Maturity Benefit*

On staying invested for a chosen policy term, you get a tax free guaranteed lump sum amount on maturity, which is paid to you as a combination of:

Sum Assured on Maturity + Accrued Guaranteed Additions + Loyalty Benefit

Sum Assured on Maturity is a guaranteed amount equal to basic sum assured, which is paid to you at the end of a chosen policy term after you have completely paid the required premium amount as and when due. Basic sum assured is calculated based on your age, policy term and the annual premium paid.

Guaranteed Additions are credited to your policy at the end of each policy year and are calculated as a percentage of Sum Assured on Maturity (see table below). These are accrued over the entire policy term and paid to you at the end of the policy term.

If you pay an Annual Premium of You get Guaranteed Additions (as % of Sum Assured on Maturity)
24,000 to 59,999 7.00%
60,000 to 1,79,999 7.50%
1,80,000 and above 8.00%

Loyalty Benefit is a special benefit paid to you as a percentage of sum assured on maturity if you have paid all applicable premium amounts and stay till the end of your policy term.

If your Policy Term (in years) is You get a Loyalty Benefit of (as % of Sum Assured on Maturity)
10 10%
12 12%
15 15%
* As per applicable income tax laws
2. Pay only for 5 years and enjoy Life Cover over Full Policy Term

While you pay premium only for 5 years, you enjoy Life Cover over the entire policy term. This ensures financial protection for your family in case of an unfortunate event where a lump sum amount is paid to your family.

Life Cover
=
Higher of
(Sum Assured on Maturity or 10 times* the annual premium or 105% of the total premiums paid)
+
Accrued Guaranteed Additions


* For entry age of 51 years and above, 7 times the annual premium applicable
3. Double Life Cover in event of an accident

In addition to Life Cover amount, you also get additional life cover of an equivalent amount in case of an unforeseen event due to an accident. (Conditions apply)

4. Enhanced protection through Riders

You can increase your protection levels under this plan by opting for riders by paying a nominal additional premium. You can attach the following riders at time of purchase:

  • 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 an unfortunate event.
5. Tax Benefits

You enjoy tax benefits# on premiums paid under section 80C, on maturity benefit under section 10(10D) and premiums paid towards critical illness rider under section 80D of the Income Tax Act, 1961.

#For entry age of 51 years and above, certain tax benefits may be limited

How does the Plan Work?

Suresh is a 30-year-old working individual who has a 3 year old daughter Kavita. Suresh is planning to save money for her higher education. So he invests 60,000 every year for 5 years in Exide Life Star Saver with policy term of 15 years and gets following benefits:

Exide Life Star Saver How does the Plan Work
Premium shown is exclusive of service tax.
Guaranteed Maturity Benefit shown above is the sum of Sum Assured on Maturity, accrued Guaranteed Additions and Loyalty Benefit.
Values shown above have been rounded off to two decimal points

3 Reasons to buy this plan

1 Guaranteed Tax-Free Maturity Benefit*
2 Pay only for 5 years and enjoy Life Cover over Full Policy Term.
3 Double Life Cover in event of an accident.
*As per applicable income tax laws
Exide Life Star Saver UIN:114N080V01. Exide Life Term Critical Illness Rider UIN: 114B009V02 and Exide Life Term rider UIN: 114B007V02 are optional riders which provide add on benefits and can be added at the inception of the policy only. 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. For more details on tax benefits, please consult your tax advisor .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.
Tax Saving Investment Plan
Who should buy?
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Who should buy?

This plan is suitable if you are looking for guaranteed tax free benefits along with a comprehensive life cover.
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What is Exide Life Star Saver?

You have always wanted to reach for the stars and provide the best to your family. Wouldn’t it be easier >>

(UIN:114N080V01)
Key Benefits
Key Benefits
How this plan works
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