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The insurance plan is vital in keeping one safe in difficult times of life. With Exide Life Smart Term Pro you can have peace of mind and start rebuilding your life in case of any adversity. Exide Life Smart Term Pro is the term assurance plan, which provides life insurance coverage for a policy term.
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In case the life assured survives at maturity, the plan guarantees the returns of the complete premium paid during the policy tenure.
Note: Know more about what is term insurance first before reading this article.
Term Plans
The table below shows the eligibility criteria of Exide Life Smart Term Pro:
|
Parameters |
Details |
|
Entry Age (Years) |
18 years - 60 years |
|
Maximum Maturity Age |
80 years |
|
Policy Term |
5-Pay/8-Pay/10-Pay/12-Pay: 15-40 years |
|
Minimum Sum Assured |
5-Pay: Rs 50 lakh 8-Pay: Rs 15 lakh 10-Pay: Rs 15 lakh 12-Pay: Rs 15 lakh |
|
Premium Paying Mode |
Monthly (with 3 advance payments on policy commencement), Semi-annual and Annual |
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
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The Exide Life Smart Term Pro has the following benefits:
On the policyholder's selection of death benefit payout option, the nominee gets the Death Sum Assured on the policyholder's untimely death within the policy term.
Sum Assured on Death is higher of these – 7 X Annualized Premium, Basic Sum Assured, or it will be 105 % times all Premiums Paid. The policyholder shall be paid the premium amount in the selected year as an Annualized Premium. Any rider premiums, taxes, underwriting extra premiums, and loading for modal premiums will be deducted.
In case of the sudden death of the policyholder, the nominee can avail of Death Benefit Payouts which depends on the options the policyholder had selected initially.
Lump-sum payout
In this Payout option, the nominee shall be paid the entire Death Benefit as a lump sum.
Or
Lump-sum with Family Income Payout
50% of the Death Sum Assured is paid as an immediate single, fixed payment or a lump sum amount, and,
0.95% of the Death Sum Assured is paid every month over consecutive 60 months from the date of death, at every month-end.
Or
Family Income Payout
Here, the Insurer will pay the nominee 1.07% of the Death Sum Assured monthly over consecutive 120 months or 10 years from the date of death at the month-end.
If the policyholder survives till the date of maturity, the Guaranteed Sum Assured on Maturity shall be paid, and the policy will be terminated.
The policyholder has options to choose Premium Paying Term while covered for the entire policy term. Options for Premium payment terms are 5 years (5 Pay), 8 years (8 Pay), 10 years (10 Pay), or 12 years (12 Pay).
The policyholder may avail of the tax benefit as per prevailing tax laws on the premiums paid, on the payment after the maturity of the policy, on the premiums paid towards riders.
Note: Tax benefit is subject to changes in tax laws. Standard T&C apply.
For the policyholders to have additional protection, Exide Life Smart Term Pro offers additional riders. A small amount of extra premium needs to be paid. More than one rider can be bought, and they can be removed from the policy at any policy anniversary by submitting a written request. These are the Riders available with this plan:
This Rider includes death, dismemberment, and permanent disability as per the table of benefits.
|
Event |
The benefit payable as a percentage of Sum Assured |
Time of payment |
|
Death |
100% |
Immediately on the admission of a claim |
|
Dismemberment of |
||
|
Thumb & Index figure on the same hand |
25% |
Immediately on the claim admission |
|
Anyone limb |
50% |
Immediately on the claim admission |
|
Two limbs or more |
100% |
Immediately on claim admission |
|
Total and Permanent |
||
|
Loss of Speech |
25% |
As specified in the table of payments |
|
Loss of hearing in both ears |
50% |
As specified in the table of payments |
|
Loss of use of any one limb |
50% |
As specified in the table of payments |
|
Loss of use of two limbs or more |
100% |
As specified in the table of payments |
|
Total and Permanent Disability |
100% |
As specified in the table of payments |
On the occurrence of these events, payments would be made according to this schedule:
|
Payable on |
Percentage of benefit payable |
|
Date of claim admission |
10% |
|
Date of claim admission OR 180 days after being permanently disabled, whichever is later |
30% |
|
Date of claim admission of claim OR one year after being permanently disabled, whichever is later |
30% |
|
Date of claim admission of claim OR two years after being permanently disabled |
30% |
In case the Sum Assured dies before receiving the last instalment of the benefit, the beneficiary shall receive the due balance amount in a lump sum. The total amount of benefits payable during the term of this Rider shall not exceed 100% of the Sum Assured of this Rider.
In the event of the diagnosis or occurrence of any covered critical illnesses, the lump sum of the Rider Sum Assured shall be paid. The rider option benefits applicable will be payable as per prescribed terms and conditions of respective Riders when the event occurs.
These officially valid documents are required for your Address proof and Identity proof at the time of buying the Policy:
Follow the steps below to buy the Exide Life Smart Term Pro online:
Suppose Life Insured commits suicide during one year from the risk commencement date or the policy revival date, as applicable. In that case, the Insurer will pay the policyholder’s beneficiary or nominee an amount that is higher of:
It is to be noted that policy needs to be active.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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