Exide Life Return of Premium Term Plan

Exide Life Return of Premium Term Plan

Exide Life insurance is one of the well-known insurance providers in the insurance sector. The term plans by Exide Life have their own benefits, features and offer comprehensive coverage to the policyholders’ family in case of untimely demise of the policyholder. It acts as a financial backup during uncertain times such as in absence of the insured. Exide Life term insurance plans also offer other benefits like additional riders, affordable premiums, tax benefit, high coverage and more. Exide Life Return of Premium plan provides life cover at affordable premiums along with maturity benefit by returning the premiums paid.

This term insurance offers life cover at affordable premiums while returning the premiums paid by at the end of the policy period. One of the alluring aspects is that you get life cover without undergoing medical tests.

Exide Life Return of Premium Features

• Exide Life Return of Premium is an affordable term plan offering death benefit as well as maturity benefit.
• Exide Life Term with Return of Premium Plan is a Non-Linked, Non-Participating Individual Savings Life Insurance
• This plan offers life cover without undergoing any medical tests.
• Under Exide Life Return of Premium term plan, if the policyholder outlives the policy term, then he or she receives the premiums paid.
• It comes with flexible premium payment options wherein the insured can opt to pay premium for 5 years (limited premium) or for the entire policy term (regular premium) as per their convenience.
• The insurer offers a discount for females on premiums payable. Premiums payable by female policyholders are equivalent to the premium for a three-year younger male.
• Tax benefits are applicable on Exide Life term plans. The premiums paid are eligible for tax deduction under Section 80C; and the premium returned back is exempted from tax under Section 10 (10D) as per the prevailing Income Tax Laws.
• Exide Life Insurance offers speedy and hassle-free policy issuance.

 Exide Life Return of Premium Term Plan Benefits

• Death benefit: This term plan provides life cover for the entire policy term. In case of the unfortunate demise of the policyholder, an amount equal to sum assured on death of the policyholder is paid to the policy nominee.

Sum Assured on Death is defined as higher of

1. a) Absolute amount assured to be paid on death; or
2. b) 105% of total premiums paid till the date of death
3. c) ‘X’ times the Annualized premium for base policy; or

• Maturity benefit: If the policyholder survives the policy term, then all the premiums paid are returned as maturity benefit.
• Grace Period: Exide Life Insurance term plans offer 30 days of grace period which is available for premium payment for yearly or half-yearly and 15 days in case of monthly. If the premium is not paid before the expiry of the days of grace period, then the policy lapses.

Exide Life Return of Premium Term Plan Exclusions

Exide Life Return of Premium Term Plan does not cover death due to suicide

• Suicide within 12 months
• Breach of law with criminal intent
• Participation in any illegal or unlawful act
• Use of drugs, alcohol, solvent, etc.

Exide Life Return of Premium Term Plan Review

Exide Life Saral Jeevan Bima is a comprehensive term plan which offers financial assistance to the insured family in case of his or her sudden demise within the policy period. Along with death benefit it also offers maturity benefit by returning back premiums paid at the end of the policy term. The policy offers a flexible premium payment option which the policyholders can opt for based on their preference.