Name: Exide Life Income Advantage Plan
Brand: Exide Life Insurance
Rating: 2.4 (100 reviews)

Exide Life Income Advantage Plan

2.6/5 based on 287 votes

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

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UIN: 114N082V03

What is Exide Life Income Advantage Plan?

Exide Life Income Advantage Plan’ is a unique savings cum protection Life Insurance plan which works to your advantage and provides a regular income. This plan not only helps you fulfill your family’s growing needs but also ensures that they enjoy a happy life at all times.

4 Reasons to Buy this Plan

#Guaranteed Income is paid on survival during the benefit payout term, provided all due premiums are paid during the premium payment term. Tax on income payable will be applicable as per prevailing income tax laws.

Who should buy Exide Life Income Advantage Plan ?

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.

I'm Interested Calculate Benefits

Life Insurance Cover +-

Exide Life Income Advantage Plan ensures that your family is financially protected in your absence by paying them

Sum Assured on Death

Vested Simple Reversionary Bonuses (SRB), as applicable excluding SRB already paid, if declared

Terminal Bonus, if declared

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 Minimum Guaranteed Sum Assured on Maturity or 105% of total premiums paid) + Applicable bonuses, if declared

*Annualized Premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any

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, if declared

Option B: Income with Maturity Benefit

On survival during the benefit payout term, provided all due premiums are paid, you will get:

Guaranteed Income (GI)
Guaranteed Income under this option is paid annually or monthly, as per the income Payout Mode chosen by you, at inception of policy. Income payout mode can be changed at any time, before the end of the premium payment term.

* Survival benefit option has to be chosen at the inception of policy. Once chosen, option cannot be changed during the policy term

How Guaranteed Income (GI) for the two survival benefit options is calculated?
Guaranteed Income for the two survival benefit options is calculated as a fixed percentage of Basic Sum Assured for a chosen premium payment term and chosen Income payout mode, and is payable during benefit payout term.

Policy Term	Premium Payment Term	Benefit Payout Term	Annual Income Payout Mode		Monthly Income Payout Mode (applicable for Option B only)
Policy Term	Premium Payment Term	Benefit Payout Term	GI Starts from the end of Policy Year	% age of Basic Sum Assured paid as guaranteed Income	GI Starts from the end of Policy Month	% age of Basic Sum Assured paid as guaranteed Income
16 Years	8 years	8 years	9th	25.00%	97th	2.00%
24 Years	12 years	12 years	13th	16.67%	145th	1.33%
30 Years	15 years	15 years	16th	13.35%	181st	1.06%

Comprehensive Protection through optional 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 (4) Regular Pay & Exide Life Critical Illness (25) Regular Pay^# This 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.

#Either of Exide Life Critical Illness (4) Regular Pay or Exide Life Critical Illness (25) Regular Pay can be chosen.

Receive bonuses + -

Bonuses, if declared represent your share in profits of the company’s participating fund. Bonuses are, therefore, not guaranteed and are based on performance of the participating fund. Bonus rate, if declared is paid as a percentage of the ‘Basic Sum Assured’ in the policy and once declared becomes guaranteed.

1. Simple Reversionary Bonus (SRB)

Option A : Pure Income Benefit

These are non-guaranteed bonuses vested annually,if declared from the end of first policy year till the end of chosen premium payment term. Vested Simple Reversionary Bonuses, if declared are payable on survival during the benefit payout term as explained in the table below

Simple Reversionary Bonus accrued at the end of the Policy Year (during the Premium Payment Term)	Simple Reversionary Bonus payable at the end of Policy Year* (during the Benefit Payout Term)
Policy Year	Policy Year (for a Premium Payment Term of 8 years)	Policy Year (for a Premium Payment Term of 12 years)	Policy Year (for a Premium Payment Term of 15 years)
1	9	13	16
2	10	14	17
3	11	15	18
4	12	16	19
5	13	17	20
6	14	18	21
7	15	19	22
8	16	20	23
9	NA	21	24
10	NA	22	25
11	NA	23	26
12	NA	24	27
13	NA	24	28
14	NA	24	29
15	NA	24	30

*The above table is indicative and is provided for illustration purposes as bonus is not guaranteed.

Option B: Income with Maturity Benefit
These are non-guaranteed bonuses vested annually,if declared from the end of first policy year till the end of chosen policy term. The vested SRB, if declared, are payable on maturity of the policy or death of life assured, whichever is earlier, subject to the policy being in force.

2. Special Additional Bonus^$
These are non-guaranteed bonuses declared every year during the benefit payout term and are payable at the end of that policy year, if declared.

$Applicable for Option A - Pure Income Benefit only

3. Terminal Bonus (TB)
Terminal bonus, if declared, will be paid on policy maturity or on death of the life assured, whichever is earlier.

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
Premium Payment Term	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%

Tax Benefit +-

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

Option A – Pure Income Benefit
Mr. Rao is a 45 year old businessman living with his wife and 2 children He wants to invest in a retirement solution that assures him a steady stream of high regular income during his golden years. He also wants to financially protect his family in case of his demise, not only during the earning years but later as well.

He opts for Exide Life Income Advantage Plan (Option A – Pure Income Benefit) with Annual Income Payout Mode and chooses to pay Rs. 1,00,000 annually for 15 years with policy term of 30 years.

Option B – Income with Maturity Benefit
Ravi is 35 years old professional living with his family including his wife and daughter. Although he is earning sufficiently to take care of his family’s current needs, he understands the need of additional but guaranteed source of income to meet regularly growing expenses. He plans to buy Exide Life Income Advantage Plan and opts for Option B – Income with Maturity Benefit, pays Rs. 1,00,000 annually for 12 years with policy term of 24 years.

a) If he chooses Annual Income Payout Mode

b) If he chooses Monthly Income Payout Mode

Eligibility Parameters	Policy Term (Years)
Eligibility Parameters	16	24	30
Premium Payment Term (Years)	8	12	15
Benefit Payout Term (Years)	8	12	15
Minimum Age at Entry (as on last b’day)	10 years	6 years	3 years
Maximum Age at Entry (as on last b’day)	55 years	55 years	50 years
Minimum Age at Maturity	26 Years	30 Years	33 Years
Maximum Age at Maturity	71 Years	79 Years	80 Years
Minimum Premium (₹)	Annual : ₹30,000 Monthly : ₹2,724 Half-Yearly : ₹15,470	Annual : ₹18,000 Monthly : ₹1,635 Half-Yearly : ₹9,300	Annual : ₹12,000 Monthly : ₹1,090 Half-Yearly : ₹6,190
Maximum Premium (₹)	No Limit (subject to board approved underwriting policy)
Premium Payment Frequency	Annual, Half-Yearly, Monthly^#
Income Payout Mode^##	Option A: Annual only Option B: Annual, Monthly

#For monthly mode, 3 monthly premiums are collected in advance on the date of commencement of the policy.
## Income Payout Mode chosen can be changed at any time, before the end of the Premium Payment Term.

Simple Reversionary Bonus accrued at the end of the Policy Year (during the Premium Payment Term)

Simple Reversionary Bonus payable at the end of Policy Year* (during the Benefit Payout Term)

Policy Year

Policy Year (for a Premium Payment Term of 8 years)

Policy Year (for a Premium Payment Term of 12 years)

Policy Year (for a Premium Payment Term of 15 years)

Premium Payment Term

Discount as a % of Annualized Premium

Upto ₹47,999

₹48,000 to ₹95,999

₹96,000 & Above

8 years

NIL

12 years

NIL

15 years

NIL

Eligibility Parameters

Policy Term (Years)

Premium Payment Term (Years)

Benefit Payout Term (Years)

Minimum Age at Entry
(as on last b’day)

10 years

6 years

3 years

Maximum Age at Entry
(as on last b’day)

55 years

50 years

Minimum Age at Maturity

26 Years

30 Years

33 Years

Maximum Age at Maturity

71 Years

79 Years

80 Years

Minimum Premium (₹)

Annual : ₹30,000
Monthly : ₹2,724
Half-Yearly : ₹15,470

Annual : ₹18,000
Monthly : ₹1,635
Half-Yearly : ₹9,300

Annual : ₹12,000
Monthly : ₹1,090
Half-Yearly : ₹6,190

Maximum Premium (₹)

No Limit (subject to board approved underwriting policy)

Premium Payment Frequency

Annual, Half-Yearly, Monthly^#

Income Payout Mode^##

Option A: Annual only
Option B: Annual, Monthly