The Best Gift given to the Child by their Parents is just a strong Foundation which will protect them throughout their life. So that the children can lead their life within Good Environment which is free from Financial Problems. In a similar manner, the Exide Life offers some Child Plans for the sake of the Children who are dreaming their well Settled Future. Therefore, all Parents can buy the Exide Life Child plans after knowing the complete Review, Key Features, Benefits.
Exide Life Child Plans Review
Nowadays, both Mother and Father significantly plays the equal role in designing the life of their Children. It is the most positive sign in the present situations. The parents are giving the best of everyone to their kids. Today children are blessed in receiving everything they want. Because the parents are showing their Interest towards Life Insurance Policies. Exide Life is Child Plans offers one such policy.
The Exide Insurance company is one of the India’s leading company in South India. It is now expanding the Branches in other parts of the country. The Exide Life Insurance Company is now offering a huge number of products to all the customers who are dreaming their future ahead. Every individual can purchase the plan for their need. But in a primary, the Exide Life Insurance is offering a beneficial Child Plans to secure the future of the Rising Stars of the Society.
Various Exide Life Child Plans
The Exide Life company is offering three different Child Plans out which two are Traditional, and one is unit linked plan. All these three programs offer an enormous number of Benefits, Key Features. The following are the list of the Exide Life Child Plans:
- Exide Life Wealth Maxima – Maxima Child
- Mera Aashirvad Plan
- Exide Life New Creating Life Insurance Plans
Exide Life Wealth Maxima – Maxima Child Plan Details
The Exide Life Wealth Maxima is a unit linked insurance plan that offers the most beneficial feature Maxima Child. It is mainly proposed for the welfare of the children. In the case of any sudden death of the Policyholder, the children will receive the higher of Sum Assured. Otherwise, the child will receive the 105% of the Premiums Paid.
Key Features of the Exide Life Wealth Maxima – Maxima Child
Exide Life Wealth Maxima is an investment strategy which helps the Policyholder to maximise the Returns. It also provides financial protection to the Policyholder family in the case of any unexpected events like the sudden death of the Life Assured. This plan also offers options to upgrade the security level also provides some key Features.
- Firstly, the Maxima Child offers 3 product variants to choose the basis for life stages.
- Provides Opportunity to invest in the choice of the own.
- Also, it also offers Guaranteed Loyalty Additions.
- Finally, Maxima child Plan provides Maturity Benefits and Tax-free features.
Benefits
Maturity Benefit:
If the Life Assured survives until the end of the policy term, the Annuity Amount under the base plan will be refundable to the Policyholder.
Death Benefit:
The Death benefit applies to the Policyholder/ Nominee in the event of the death of the Insured due to any cause, natural or accidental. Death benefit paid is the higher of the following amounts
- Sum assured.
- Fund value in your investment account.
- 105% of the total premiums paid till that date.
Guaranteed Loyalty Additions:
Through the Guaranteed Loyalty Additions, the Policyholder can get some additional Amount on the Basic investment at the end of the 10th Policy year. In a similar manner, the Additional Increment will continue after that by every five years.
Life Cover:
The Exide Life Maxima Child ultimately takes care of changing financial needs at different stages of life during the policy term, like marriage and childbirth. Maxima Child Policy offers three features such as:
Maxima Invest:
Higher of Sum Assured or 105% of the premiums paid shall be payable to the Eligible person.
Maxima Family:
Higher of Sum Assured or 105% of the premiums paid, including top-up premiums plus Fund Value shall be payable to the Eligible person.
Maxima Child:
Higher of Sum Assured or 105% of the premiums paid, including top-up premiums, shall be payable immediately on the death of Life Assured (parent) to the Eligible person.
Eligibility Conditions:
| Eligibility conditions to buy Exide Life Wealth Maxima – Maxima Child | ||
| Maximum Maturity Age | 65 Years | |
|---|---|---|
| Policy term | 10, 15 to 20 Years | |
| Premium Payment Term | Same as policy term | |
| Premium payment frequency | Annual, Half-Yearly, monthly | |
| Minimum Premium | Annual: ₹36,000 Semi-Annual: ₹24,000 Monthly: ₹4,000 |
|
| Top Up Premium | Minimum: ₹6,000 per transaction Maximum : ₹7,80,000 |
|
| Sum Assured | Forage till 44 years: Annualized premium x 10 For age above 44 years: Annualized Premium x (7 or 10) |
|
| Top-Up Sum Assured | For age# below 45 years:1.25 times top-up premium For age 45 years or above: 1.1 times the top-up premium. | |
Exide Life Wealth Maxima – Maxima Child Brochure
Exide Life Mera Aashirvad Plan
The Exide Life Mera Aashirvad is a child insurance plan that guarantees the Financial Support to fulfil the dreams of their children. The premiums under this scheme are supposed to be paid for particular period. The time for which the premiums are to be paid depends on the age of the child. Discounts are also allowed in the premium payable if the Sum Assured chosen is above Rs.6 Lakhs.
Key Features of Mera Aashirvad Plan
- Premiums under Mera Aashirvad plan will be payable for the particular period.
- The time for which the premiums paid depends on the Children age.
- Discounts are allowed on the Payable premium if the Sum Assured chosen above is Rs.6 Lakhs.
- In the case of sudden death of the Life Assured, all premiums are waived off, but the plan continues.
Benefits:
Death Benefit:
The Death benefit applies to the Policyholder / Nominee in the event of the death of the Insured due to any cause, natural or accidental. Death benefit paid is the higher of the following amounts
- Sum assured
- Fund value in your investment account
- 105% of the total premiums paid till that date.
Guaranteed Loyalty Additions:
Through the Guaranteed Loyalty Additions, the Policyholder can get some additional Amount on the Basic investment at the end of the 10th Policy year. In a similar manner, the Additional Increment will continue after that by every five years.
Guaranteed Life Cover:
In case of an unexpected event such as Death/ Accident of the Policyholder, the family gets a guaranteed Financial Support immediately which will be highest of following:
- Ten times the annual premium
- 105% of the premiums paid.
- Sum Assured
Eligibility Conditions:
| Min/Max entry age of life assured | 21 – 50 Years | ||||||||||
| Min/Max entry Age of Child | 0 – 15 Years | ||||||||||
| Max age of the parent | 65 Years | ||||||||||
| Min age of the Child | 36 Years | ||||||||||
| Premium Paying Term (PPT) |
|
||||||||||
| Policy term | PPT + 5 Years | ||||||||||
| Min-sum Assured | For PPT (10-14) years :- `350,000
For PPT (15-20) years :- `450,000 |
||||||||||
| Max Sum Assured | No limit | ||||||||||
| Death Benefit | 100% of sum assured |
Exide Life New Creating Life Insurance Plans
The Exide Life New Creating Life Insurance plan for regular payment of premiums.
Key features of New Creating Life Insurance Plan
- New Creating Life Insurance Plan OffersLife cover with family income benefit.
- It is a Waiver of premium.
- This plan mainly provides Tax-free returns
- Finally, Limited pay option is available.
Benefits
Death Benefit / Family Income Benefit:
The Death benefit applies to the Policyholder/Nominee in the event of the death of the Insured due to any cause, natural or accidental. Death benefit paid is the higher of the following amounts
- Sum assured
- Fund value in your investment account
- 105% of the total premiums paid till that date.
Maturity Benefit:
If the Life Assured survives until the end of the policy term, the Annuity Amount under the base plan will be refundable to the Policyholder.
Bonus:
The Policyholder is eligible for bonuses during the policy term. Bonuses represent Policyholder share in the Company profits. The Bonus rate is paid as a percentage of the Sum Assured in the policy. Exide Life New Creating Life Insurance Plus provides two kinds of bonusesSimple reversionary bonus.
Simple Reversionary Bonus:
This may be declared on a yearly basis, and the bonus amount is attached to the policy. All accumulated bonuses will be paid on maturity of the policy.
Terminal Bonus:
Exide Life may also declare a terminal bonus and is payable at maturity period of the policy.
Eligibility Conditions
| Feature | Exide Life New Creating Life Insurance Plus | Exide Life New Creating Life Insurance Regular Pay |
|---|---|---|
| Min / Max Age at Entry (Parent) | 18 years – 45 years | 18 years – 45 years |
| Max Age at Maturity (Parent) | 60 years | 60 years |
| Min / MaxAge at Entry (Child) | 0 years – 17 years | 0 years – 17 years |
| Premium Paying Term (PPT) | 5, 7 or 10 years | 15-25 years |
| Policy Term (years) | For PPT 5 yrs: 10 – 20 years 7: 12 – 20 years 10: 15 – 20 years |
Equal to PPT |
| Minimum Annual Premium (₹) | For PPT 5 yrs: ₹36,000 p.a. For PPT 7 yrs: ₹24,000 p.a. For PPT 10 yrs: ₹18,000 p.a. |
₹12000 p.a. |
| Waiver of Premium | Yes | Yes |
| Modes of Premium payment | Annual, Monthly | Annual, Monthly |
| Guaranteed addition of 10% of Sum Assured on maturity | Yes | No |
Exide Life Child Plans Premium Calculator
You can calculate the Minimum Premium to adopt the Policy by using the Exide Life Child Plans Premium Calculator. The Premium Amount to be paid will always depend on the Sum Assured, Policy Terms and conditions, Premium Payment Options and Policyholder Age. To calculate the Premium Value, you need to enter Some Basic personal details such as Name of the Insured, E-mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured.
Exide Life Child Plans Buying Process
Exide Life Child Plans are available at the Nearest Branch Office, or you can buy from the Agent of Exide Life Insurance Company. The Proposal Forms are also available at the Exide Life Official website. The individuals can directly download them from the homepage. Some Exide Life Child Plans can also be available at online at Exide Life Official page. The Documents required for buying Exide Life Child Plans are below.
- Application form / Proposal form with the proper photo.
- Address Proof for validation.
- Age Proof.
- Medical Reports (if Mandatory).
Exide Life Child Plans Claim Process
The Policyholder / Nominee can apply for the Claim in the case of Sudden Death or Disability Occurred due to the Sudden Accident of the Policyholder within the Policy Term or if your Policy Maturity Period completed. The respective individual can apply for Claim process through online at the Exide Life official website, i.e., www.exidelife.in or through the alternative modes such as at Branch Office, Helpline Number, Mail Id services. The Documents required in Exide Life Insurance Claim Process are
- Original Policy Document.
- Death Certificate Original from Municipal / Local Authorities.
- Claimant’s Statement and Claim Forms.
- Hospital Records including Discharge Summary.
- NEFT Form.
- Date of Birth Proof.
- Address Proof of Nominee.
- A copy of Pass Book.
- Additional documents, in the case of death, occurred due to unnatural or accidental death.
More Details about Exide Life Child Plans
Surrender Value:
The Policyholders can Surrender their Exide Life Child Plans before the Maturity within three years of the policy period. Otherwise, the Insured have to wait for five years.
Free Look Period:
If the Policy Holder does not satisfied with the Terms and Conditions of the Policy, then the Policyholder can raise the objections about the Exide Life Child Plans within 15 Days from the date of receipt of the Policy Document.
Grace Period: The Grace Period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for the Monthly Mode of Premium Payment. Grace Period is a Term when you can Pay the Due Premiums to Continue your Policy.