Exide Life Smart Term Pro

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.

Eligibility Criteria of Exide Life Smart Term Pro

The table below shows the eligibility criteria of Exide Life Smart Term Pro:

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

Benefits of Exide Life Smart Term Pro

The Exide Life Smart Term Pro has the following benefits:

1. Death Benefit 

   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.

2. Payout Options

   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.

   1. Payout Option A

      Lump-sum payout

      In this Payout option, the nominee shall be paid the entire Death Benefit as a lump sum. 

      Or

   2. Payout Option B

      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

   3. Payout Option C

      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.

3. Maturity Benefit        

   If the policyholder survives till the date of maturity, the Guaranteed Sum Assured on Maturity shall be paid, and the policy will be terminated.

4. Flexibility to Choose Premium Payment Term

   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).

5. Tax Benefits

   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.

Additional Rider Benefit Options of Exide Life Smart Term Pro

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:

1. Exide Life Accidental Death, Disability and Dismemberment Rider

   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.

2. Exide Life Critical Illness or Regular Pay 

   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. 

Documents Required to Buy Exide Life Smart Term Pro

These officially valid documents are required for your Address proof and Identity proof at the time of buying the Policy:

• Address proof
• Identity proof
• Passport size photographs

How to Buy Exide Life Smart Term Pro Online?

Follow the steps below to buy the Exide Life Smart Term Pro online:

• Visit the official website of the company. Click on the 'Buy Now' option.
• The page will appear where you have to fill in your Name, Email, and Mobile number, tick the box to agree with terms and conditions, then, Click 'Continue.'
• On the next page, you need to fill in sections- Occupation, Education Annual Income, and Date of Birth. Click 'Continue.'
• On the next page, you have to fill in Sum Assured and some personal questions such as Gender and habit, whether you smoke or chew tobacco, click 'Continue.'
• This page will show the result- monthly/yearly pay and maturity benefit based on the Sum Assured. Click on ‘Pay Now.'
• The next page will show your details and ask few more details- PAN card number and city.
• You need to give consent for receiving any information on Whatsapp. Then proceed to buy.

Exclusion Under Exide Life Smart Term Pro

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:

• A minimum of 80% of all premiums paid till the death date, or, 
• The existing Policy Surrender Value

It is to be noted that policy needs to be active.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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