Exide Life Insurance launches Smart Income Plan with guaranteed income and life cover

4 Feb 2022 , 03:00 PM

Exide Life Insurance has recently launched Exide Life Smart Income Plan, a non-linked, participating individual life insurance-cum-savings plan that provides regular income during the income payout term and guaranteed life cover throughout the term of the policy.

The Smart Income Plan offers two survival benefit options — Enhanced Maturity and Enhanced Income — to choose from at the start of the policy. This feature empowers the policyholder to choose the way he or she wants to receive survival benefits during the income payout term, as per his or her financial needs.
– Enhanced Maturity option: In this option, customers can enjoy annual guaranteed income benefit during the income payout term and get accumulated bonus (if any) and Terminal Bonus (if any) at policy maturity.
– Enhanced Income option. In this option, customers will get annual guaranteed income benefit at maturity, along with applicable policyholder bonus (if any) during the income payout term and also receive Terminal Bonus (if any).
Guaranteed Income Benefit (GIB) is calculated as 10% of basic sum assured and is paid annually during the Income Payout Term.
Exide Life has consistently been delivering policyholder bonuses as illustrated at the time of policy purchase. Exide Life Smart Income Plan is a participating plan, hence our policyholders will be eligible to receive applicable bonuses (as declared) in this plan. (Please note, policyholder bonuses are non-guaranteed and bonus rate for future years is not guaranteed and may vary depending on the fund performance. Bonus payout will depend on the investment period.)

Policyholder may be eligible for tax benefits as per prevailing tax laws:
– On the base premiums paid*u/s 80C
– On proceeds of the policy* u/s 10(10D)
– On the premium paid towards riders*, if any (tax section will depend on the chosen rider)

*The aforesaid tax benefits are subject to change in tax laws.

The Exide Life Smart Income Plan also offers enhanced protection through riders. Policyholders can choose one or more riders from those available under the product.

Commenting on the benefits of the product, Exide Life Insurance Chief Strategy Officer Sanjay Tiwari said, “We are delighted to launch the Exide Life Smart Income Plan, one of the most unique and competitive savings insurance plans in the market today. In the current times, as the world around us changes rapidly and we adapt to the new normal, it is imperative that we plan well to achieve our financial goals. Given the importance and need of a regular income, this product offers a unique life insurance solution that not only provides cover against unfortunate events but also facilitates savings in form of regular income depending on the option chosen. The launch of the Smart Income Plan further strengthens our brand promise of Lamba Saath, Bharose Ki Baat.”