As your date of retirement is approaching, you need to arrange for guaranteed regular income for the rest of your life. The Exide Life Pension Plans help you to enjoy your Life with early savings after Retirement. After Retirement, Life is not only about Medicine, Money and health but also to live their dreams. Exide Life Insurance understands this need and has come up with a plan that lasts for a lifetime. The Exide Life Insurance proposed a Pension Plans called Exide Life Golden Years Retirement & Annuity Plan to invest and live a better life after retirement.
Exide Life Pension Plans Review
The Exide Life Retirement Plans are necessary to plan today so that you can enjoy a better life tomorrow. This Exide Life Insurance provides 2 Retirement & Pension Plans. The Exide Life Golden Years & Exide Life New Immediate Annuity with Return of Purchase Price Plan are the two Pension Plans. These Plans helps you financially after retirement. The Exide Life Insurance Pension Plans assures you a regular guaranteed tax-free annual income and also gives you all your premiums back at the end of the policy term. It provides Death Benefit for the Beneficiary in the case of unfortunate death during the Policy period. So check all the details regarding the Exide Life Pension Plans provided below.
Exide Life Golden Years Retirement Plan Benefits and Features
The Exide Life Golden Years Retirement Plan is a unique Plan that helps you to make your retirement years as Golden years. Check Exide Life Insurance Golden Years Retirement Plan Benefits and Features.
Exide Life Golden Years Retirement Policy Benefits
Death Benefit:
- In the case of unfortunate death of the Policyholder during the policy term, the higher of 105% gross premiums paid including top-up premiums till the date of death payable as a Death Benefit to the Nominee benefits.
- Gross premiums including top-up premiums compounded at 1% p.a. are paid till the date of intimation of death.
Guaranteed Vesting Benefit:
- The Gross premiums including top-up premiums compounded at 1% p.a will be paid as a Guaranteed Vesting Benefit.
- Guaranteed Vesting Benefit also applicable based on the Balance in the IPA.
Loyalty Benefit:
- Under this Plan, where total premiums payable (excluding top-up premiums) is greater than or equal to Rs. 4,80,000/- are eligible to receive a Loyalty Benefit at vesting.
- The Loyalty Benefit is equal to 100% of the allocation charges collected on premium (excluding top-up premiums) throughout the policy term and is credited in the IPA at vesting provided all due premiums are paid.
Exide Life Golden years Retirement Insurance Plan Features
- All premiums including top-up premiums paid are guaranteed to grow at minimum 1% compounded per annum.
- During the first 5 policy years, minimum Interest Guarantee of 5% per annum compounding applicable on IPA.
- Flexibility to alter the premium payment term.
- Loyalty Benefit.
- 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.
Exide Life Golden Year Retirement Plan Eligibility Criteria
| Entry Age of Life Assured | Minimum: 18 years
Maximum: 65 years (Last Birthday). |
| Vesting Age | Minimum: 55 years.
Maximum: 75 years. (Last Birthday) |
| Minimum Single Premium | Rs. 2,40,000/- |
| Modes of Premium Payment | Annual and Monthly modes are Available. |
| Annuity Options | Guaranteed for life. |
Vesting Term/ Premium Paying Term:
| Vesting Term | Premium Paying Term |
| 10 – 42 years | Single |
| 10 years | Limited 5 – 9 years |
| 15 – 42 years | Limited (10 – 41 Years) & regular |
Minimum Premium:
| Premium payment term | Minimum annual premium | Minimum monthly premium |
| 5 – 9 years | Rs. 48,000/- | Rs. 4,000/- |
| 10 – 42 years | Rs. 24,000/- | Rs. 2,000/- |
Surrender Value:
During the Policy Term, you can surrender your Policy by advising the Company in writing.
- Surrender the Policy within Five years: In case you have surrendered the Policy within the Lock-in-Period (5 years), the Company will credit the Fund Value by the creation of units into the Discontinued Policy Fund after deducting applicable Surrender / Discontinuance Charges.
- Surrender the Policy after Five years: After completion of the Look in-period, as on date of receipt of a surrender request the company will close the unit account and Pay the Fund Value of the Units in the Segregated Fund.
For more information regarding Exide Life Golden Years Retirement Plan, check Broucher
Exide Life New Immediate Annuity with Return of Purchase Price Plan
The Exide Life New Immediate Annuity pension plan in which you pay once and you start receiving pensions at a pre-decided frequency for life with a guarantee of return of full purchase price in case of death of policy holder. Check Exide Life Insurance Annuity Pension Plan Benefits and Features.
Exide Life New Immediate Annuity Pension Plan Benefits
Death Benefit:
On the death of the annuitant/ Policyholder during the Policy term, the entire Purchase Price will be paid to the nominee or legal heirs as a death benefit.
- Annuity Benefit: The Annuity rates will depend on the Purchase Price, the age at entry and the Annuity payout mode. And your regular income for life will start after the end of the Annuity payout mode chosen by you. In this Benefit, they will consider some factors as follows.
- Existing and Other than Existing Customers.
- Other than Existing Customer.
- Existing Customer.
- Annuity Payout Mode.
Exide Life New Immediate Annuity with Return Plan Features
- Single (One-time Payment) Premium Payment Term.
- Minimum Purchase Price for this Plan is Rs. 1,000/- per month.
- No Limit for Maximum Purchase Price.
- Different Annual Payouts like Yearly, Half-yearly, Quarterly, Monthly available under this Plan.
- If you have not Satisfied with the Terms and Conditions of the Policy, you can Return your Policy before Completion of Free-look Period.
Exide Life New Immediate Annuity with Return of Purchase Price Policy Eligibility Criteria
| Minimum Entry Age of Life Assured | o years age last birthday (for Existing Customers).
45 years age last birthday (for Customers other than Existing Customers). 55 years age last birthday for clients (Customers other than Existing Customers) who were members of a United Kingdom (UK) Registered Pension Scheme wanting to transfer their pension corpus from the UK into this scheme. |
| Maximum Entry Age of Life Assured | 75 years age last birthday for all. |
| Maturity Age | Not Applicable. |
| Premium Payment Term | Single (One-time Payment). |
| Minimum Purchase Price | As per the minimum Annuity amount of Rs.1,000/- per month |
| Maximum Purchase Price | No Limit |
| Minimum Annuity Amount (per month) | Rs. 1,000/- |
| Annuity Payment out Mode | Yearly, Half-Yearly, Quarterly & Monthly. |
Surrender Value: No Surrender Value is Applicable under this Plan.
Policy Loan: No Loan is available under this Plan.
For more information regarding Exide Life New Immediate Annuity with Return of Purchase Price Plan, Check Broucher.
Exide Life Insurance Retirement Plan Premium Calculator
With the help of Exide Life Insurance Premium Calculator, you can quickly calculate the Premium amount, Death Benefit and also other factors of Exide Life Pension Plans. To calculate the premium amount, you need to enter some values such as Policy period, Age and Sum assured, etc.
Exide Life Pension Plans Buying Procedure
To buy this Exide Life Insurance Pension Plans, you need to visit the nearest Exidelife Branch or the official website. Buying or paying premium through online is as easier than doing it in offline. The documents required to buy a new Exidelife Insurance Pension Plan are
- Application form/ Proposal form along with the photo.
- Address proof.
- Date of Birth certificate.
- Medical reports (if required).
Exidelife Insurance Retirement Policy Claim Procedure
For claiming the Exide Life Retirement Plan, you may visit the nearest Exide Life Branch. And can also visit the Exide Life Insurance official website. Claiming for a benefit through online is as easier than doing it in offline. The documents required for the Claim Process given below.
- NEFT Form.
- Discharge Form.
- Cancel check or Bank Passbook xerox.
- Policy bond.
- Death certificate.
Additional Information on Exidelife Retirement/ Pension Plans
Riders: No Riders are available under this Plan.
Policy Loan: No Policy Loan is available under this Plan.
Free Look Period:
You may return the policy to the corporation within 15 days from the date of the receipt of the policy in case of dissatisfaction with policy conditions and terms.
Policy Revival:
If you have not paid any premiums within the grace period, then the policy will lapse. That lapsed policy may revive during the lifetime of the policyholder, but within a period of 2 consecutive years from the date of first unpaid premium and before the maturity date.
Prohibition of Rebates:
In this Policy, No Other person is allowed indirectly or directly to renew the Policy or to continue the Policy.
Grace Period
In case you have missed paying your premium by the due date, the Grace Period will allow in one month but not less than 30 days for yearly, half-yearly, quarterly modes and 15 days for the Monthly Mode of Premium Payment.
In the case of Policyholder death during the Policy grace period, your policy will be in force and will pay the Death Benefit as defined in the benefits section.
Nomination:
The nomination should be under the provisions of Section 39 of the Insurance Act 1938 as amended from time to time.
FAQs on Exide Life Pension Plans?
1. Is Loan Facility available under this Exide Life Insurance Retirement Plans?
Ans: No Loan Facility is available under this Plan.
2. What is Cooling-off Period/ Free Look Period for Exide Life Pension Plans?
Ans: You have the Cooling-off Period of 15 Days to return the Sud Life Assured Income Policy. If you are not satisfied with the Terms and Conditions of the Policy you can return your Plan within Free-look Period.
3. Are any Riders available under this Pension Plan?
Ans: No Special Riders are available under this Plan.
4. Are any Rebates available under this Pension Plan?
Ans: No, Rebates available under this Exide Life Pension Plans. In this Plan, no person is directly or indirectly allowed to renew or continue the Policy.