In this article you get the information about Exide Life Guaranteed Income Insurance Plan. It is good if you know what kind of insurance plan it is. If you don’t know, it’s okay. In this article I am going to tell you all about Exide Life Guaranteed Income Insurance Plan.
We will discuss about what is Exide Life Guaranteed Income Insurance Plan?, Features of Exide Life Guaranteed Income Insurance Plan, Benefits of Exide Life Guaranteed Income Insurance Plan, Eligibility of Exide Life Guaranteed Income Insurance Plan, Exide Life Guaranteed Income Insurance Plan. We are going to talk about premium etc.
Exide Life Insurance is a very good and profitable Life Insurance Company. It was started in the year 2002 and Exide Life Insurance is headquartered in Bengaluru, India. Exide Life is a leader in providing long-term security as well as savings plans.
Exide insurance plans are very flexible due to which you get a lot of benefits under it.
What is Exide Life Guaranteed Income Insurance plan 2023?
Exide Life Guaranteed Income Insurance Plan 2023 is a comprehensive insurance plan designed to provide policyholders with a guaranteed stream of income. It offers a combination of income benefit, death benefit and maturity benefit, making it an ideal option for individuals looking for financial security and stability.
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How Exide Life Guaranteed Income Insurance Plan 2023 Works?
Eligibility and Entry Age
To be eligible for the scheme, individuals must satisfy certain criteria regarding their age. The minimum age to join the plan is 18 years, and the maximum age varies based on the policy term chosen.
Premium Payment Options
Exide Life offers policyholders flexible premium payment options. They can choose between regular salary, limited salary or single salary options depending on their financial situation and convenience.
Policy Term and Guaranteed Income Term
The policy term refers to the period for which the plan will remain in force. In case of Exide Life Guaranteed Income Insurance Plan 2023, the policy term ranges from minimum 5 years to maximum 40 years. During this term, policyholders are assured of guaranteed income benefits.
Guaranteed income benefit
The plan ensures that the policyholders receive a regular flow of income during the guaranteed income period, irrespective of whether the policyholder survives the policy term. This benefit provides a stable financial foundation and helps individuals meet their financial goals.
Death benefit
In the unfortunate event of the death of the policyholder during the policy term, the plan offers a death benefit. This benefit provides a lump sum payout to the policyholder’s beneficiaries, thereby ensuring their financial security and stability even in challenging times.
Survival advantage
The plan also includes survival benefits, which provide policyholders with periodic payments during the policy term. These payments provide policyholders with financial support and stability, allowing them to meet their financial obligations and goals.
Maturity benefit
On completion of the policy term, policyholders are entitled to receive the maturity benefit. This benefit ensures that individuals have enough money to secure their financial future and meet their long-term financial goals.
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Additional Features of Exide Life Guaranteed Income Insurance Plan 2023
Flexibility to choose payment options
Exide Life understands that different individuals have different financial needs and goals. To accomplish this, the plan offers various payment options. Policyholders can choose whether they want to receive the payout as a lump sum or as regular income depending on their preferences and needs.
Loan facility
In times of financial crisis, policyholders can avail the loan facility provided by Exide Life Guaranteed Income Insurance Plan 2023. This facility allows individuals to access funds quickly, giving them the financial support they need when they need it.
Tax benefits
An important advantage of the scheme is the tax benefits it offers. Policyholders can avail tax deduction on the premium paid under Section 80C of the Income Tax Act, 1961. Further, maturity and death benefits are also exempt from tax under Section 10(10D) of the Act.
Enhanced security with riders
Exide Life understands that individuals may have specific additional coverage needs. To meet these requirements, policyholders have the option of increasing their coverage by adding riders to the plan. These riders provide additional benefits like critical illness coverage, accidental death benefit and waiver of premium while providing comprehensive protection.
Who Should Opt for Exide Life Guaranteed Income Insurance Plan in 2023?
Exide Life Guaranteed Income Insurance Plan 2023 is suitable for individuals who prioritize financial security and stability. It is an ideal option for those who want to secure a regular source of income, financially secure their loved ones and build a strong financial foundation for the future. Whether you are a young professional, a parent planning for your child’s future or someone approaching retirement, this plan can meet your specific financial needs.
How to Apply for Exide Life Guaranteed Income Insurance Plan 2023
Applying for Exide Life Guaranteed Income Insurance Plan 2023 is quick and convenient. Here are the steps to apply online or offline for this scheme:
- Research and choose the policy term, premium payment option and coverage amount that best suits your needs.
- Collect necessary documents like identity proof, address proof and age proof.
- Calculate the premium based on your selected options using the online premium calculator available on Exide Life’s website or contact a financial advisor for assistance.
- Fill the application form giving accurate information.
- Attach the required documents and submit the application online or visit the nearest Exide Life branch to apply offline.
- Pay the premium as per your chosen payment option.
What documents are required for claim settlement?
If you need to claim your Exide Life Insurance policy, it’s important to know what documents you’ll need for the claim process. Here’s a list of necessary documents required for settling your claim under this insurance plan.
- The claim intimation form should be duly filled.
- Must have original death certificate.
- Medical records (outpatient consultation notes, test results, discharge/death summary, admission notes etc.) along with medical cause of death certificate.
- Must have proof of age and identity document.
- There should be a photograph of the policy holder.
- Proof of Bank Account of Policyholder (Self Audit Copy of Bank Passbook/Claimant’s Account Statement).
Conclusion
In an unpredictable world, securing our financial future is paramount. Exide Life Guaranteed Income Insurance Plan 2023 provides the right solution for individuals to achieve financial security and stability and meet their financial goals. With its attractive features, flexible options and comprehensive benefits, this plan offers a reliable hedge against financial uncertainties. Consider Exide Life Guaranteed Income Insurance Plan 2023 and start the journey towards a financially stable future.
Frequently Asked Questions (FAQs)
What are the key terms and conditions of the Exide Life Guaranteed Income Insurance Plan 2023?
The plan’s terms and conditions encompass details about premium payments, policy tenure, payout structure, and any additional benefits or riders. It’s essential to thoroughly review the policy documents to understand these terms in depth.
Can I modify my policy’s coverage during the policy tenure?
Certain modifications to the policy, such as adding riders or increasing coverage, may be allowed. It’s advisable to consult with Exide Life Insurance representatives to understand the options available and the associated terms.
What are the available premium payment frequencies?
The Exide Life Guaranteed Income Insurance Plan 2023 typically offers flexible premium payment frequencies such as monthly, quarterly, half-yearly, or annually. Policyholders can choose a frequency that aligns with their financial preferences.
How are payouts made under this plan?
Payouts under this plan are made at regular intervals as per the chosen payout frequency. The predetermined sum assured is disbursed to the policyholder, providing a stable income stream.
Is there a grace period for premium payments?
Yes, most insurance plans, including the Exide Life Guaranteed Income Insurance Plan 2023, offer a grace period during which policyholders can pay their premiums even after the due date. It’s crucial to understand the duration of the grace period to avoid policy lapse.
