HomeMoney & FinanceExide Life Insurance launches Smart Income Plan

Exide Life Insurance launches Smart Income Plan

NEW DELHI: Exide Life Insurance has launched Exide Life Smart Income Plan, a non-linked, participating individual life insurance-cum-savings plan that provides regular income during 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,” the insurer said in a press statement.

Enhanced Maturity: In this, 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. 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 is calculated as 10% of basic sum assured and is paid annually during the income payout term.

Exide Life Smart Income Plan is a participating plan, hence 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 fund performance. Bonus payouts will depend on the investment period.

Policyholders may be eligible for tax benefits as per prevailing tax laws:

On the base premiums paid, under section 80C

On proceeds of the policy, under section 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 changes in tax laws.

The plan also offers enhanced protection through riders. Policyholders can choose one or more riders from those available under the product, it said.

Sanjay Tiwari, Chief Strategy Officer, Exide Life Insurance, said, “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.”

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