Mr. Rahul, aged 35 years chooses to pay a premium of Rs.10,000 p.a. (exclusive of GST) in Exide Life Saral Jeevan for 10 years with a policy term of 20 years. He gets a Life Cover of Rs. 1 lakh (10 times Annualized Premium) at the inception of the policy. Let’s look at the benefits offered to him under the 2 variants of this plan:
If he selects Variant 1 – Lump sum Variant
#Premium is exclusive of GST
X In case of death of Life Assured during the Policy Term, Sum Assured on Death will be paid to the nominee and the policy will terminate.
Sum Assured on Death will be 1,00,000 till 9th Policy year and 1,05,000 from the 10th Policy year till the 20th Policy year.
If he selects Variant 2 – Income variant
#Premium is exclusive of GST
X In case of death of Life Assured during the Policy Term, Sum Assured on Death will be paid to the nominee and the policy will terminate.
* For Annual Income Payout Mode: Guaranteed Income payable is ₹14,890 every year, from end of 11th year till the end of 20th year.
* For Monthly Income Payout Mode: Guaranteed Income payable is ₹1,191 every month from end of 121st month till the end of 240th month.
Sum Assured on Death will be 1,00,000 till 9th Policy year and 1,05,000 in the 10th Policy year.