Bangalore, Karnataka, India
Pay during first half, get Income during the second half of the Policy Term
Flexible options to receive Income Payouts
Life Insurance Cover for Full Policy Term
Exide Life Insurance today announced launch of “Exide Life Income Advantage Plan” a unique savings cum insurance plan which works to your advantage by providing regular guaranteed income and life cover. Under this plan, you can choose from two income payout options as per your life stage needs, helping you benefit from the bonus payouts. The plan is affordable and caters to every individual’s need for a second income.
Under Exide Life Income Advantage Plan, you are required to pay premiums only during the first half of the policy term. During the second half of the policy term you receive regular guaranteed income on an annual basis. In Addition, you benefit from additional income every year that is paid to you on account of applicable bonuses. A choice of 3 policy terms offered under the plan is 16, 24 and 30 years during which the customer enjoys life insurance cover.
You can enhance protection under this plan by opting for riders by paying a nominal additional premium. You can choose from Exide Life Critical Illness Rider, Exide Life Accidental Death, Disability and Dismemberment Rider or Exide Life Term Rider to increase your life cover.
How does the plan work?
The plan offers flexibility of two options to receive the annual guaranteed income. Once you select your chosen policy term from a choice of 16, 24 and 30 years, you pay premium for first half and receive income during the second half of the policy term. You can receive the regular guaranteed income along with applicable bonuses every year during the benefit payout period under Pure Income Benefit option. Under Income with Maturity Benefit option, you avail income during the benefit payout period and all applicable bonuses accumulated over the period of time are paid as maturity benefit. Based on your life stage need, you can choose between the two options.
Commenting on the launch of Exide Life Income Advantage Plan, Sanjay Tiwari, Executive Vice President – Product Management, Exide Life Insurance, said, “It is an affordable plan designed to cater to every individual’s need for a second income to achieve long term financial goals, thereby ensuring that your dreams for your loved ones are taken care of. The uniqueness of this plan lies in providing long term, tax-free second income offering reasonable returns to our customers powered by guaranteed benefits and upside of bonuses. An added value proposition is that Exide Life Income Advantage Plan comes with options of riders as well, to enhance protection levels.”
Product Category Type A traditional participating plan with life insurance cover
Policy Term 16 years 24 years 30 years
Premium Payment Term 8 years 12 years 15 years
Benefit Payout Term 8 years 12 years 15 years
Min Age at Entry
(as on last birthday) 9 years 5 years 2 years
Maximum Age at Entry
(as on last birthday) 55 years 55 years 50 years
Minimum Premium Annual: Rs. 30,000
Monthly: Rs. 2,724 Annual: Rs. 18,000
Monthly: Rs. 1,635 Annual: Rs. 12,000
Monthly: Rs. 1,090
Maximum Premium No Limit
Premium Payment Modes Annual, Monthly#
#For monthly mode, 3 monthly premiums are collected in advance on the date of commencement of the policy.
About Exide Life Insurance Company Limited
Exide Life Insurance Company Limited commenced operations in 2001 and is head quartered in Bangalore. The company is profitable and serves over 10 lakh customers across India and manages over INR 8,800 crores in assets. The company is 100% owned by Exide Industries Limited and is proud to be part of a 100 year old brand heritage in India. (*As on 31st March 2015)
Exide Life Insurance distributes its products through multi-channels viz. Agency, Banc assurance, Alliances and Direct Channels. The Agency channel comprises of over 35,000 advisors who are attached to over 200 company offices and customer care centers across the country. The Alliances business includes distribution relationships with banks, Corporate Agents, Brokers & Referral Partners.
Exide Life Insurance, one of the leading life insurance companies in South India, is now growing its franchise in East and other parts of the country. The company is focused on providing long term protection and savings solutions and has a strong traditional product portfolio with a consistent bonus track record. Exide Life Insurance has the ISO 9001:2008 quality certification for all Customer Service processes.
About Exide Industries Limited:
Exide is India’s largest manufacturer of electric storage batteries and its biggest power-storage solutions provider with a market capitalization of over INR 15,000 crores*. Since its introduction in India more than a hundred years ago, Exide remains the foremost and the most trusted battery brand in India. The century old brand equity is backed by a robust nation-wide network of 18000-plus dealers. (*As on 31st March 2015)
With 7 world-class battery manufacturing factories across India, the range of products offered by the company covers everything from the smallest batteries required in motorcycles to the giant batteries powering submarines. After all, India moves on Exide.