An insurance plan is a tool that helps in financially securing the future of your dependents in case something happens to you. But apart from insurance you also need future savings for yourself and your family. To fulfil this need, one can opt for Exide Life Nirmal Jeevan Insurance Plan, an endowment insurance with the benefit of both protection and savings.
Exide Life Insurance started its operations in the year 2001-02. It has almost 15 lakh customers, and it ensures the management of assets worth Rs 11,000 crore. Exide Life offers various traditional plans and long-term protection and savings plans.
What is Exide Life Nirmal Jeevan Insurance Plan?
Exide Life Nirmal Jeevan Insurance Plan is a savings-cum-insurance non-participating endowment assurance plan. The plan offers guaranteed returns for you and your dependents. The plan makes sure that the small savings that you make from time to time bring you greater gains as well as financial security. The plan that can be purchased online does not need any medical examination. The premium limits of this plan are also very low, the minimum limit of the same is Rs 6,000 a year. This feature makes the plan a pocket-friendly purchase. Also, it makes sure that the reach of the plan is the maximum disregard of the socio-economic background of the policyholder. The key features of this plan are:
- There is a guaranteed life cover for the policyholder.
- There are maturity benefits also guaranteed for the end of the term.
- The plan is very easy to purchase as online signup is possible.
- There is no need for medical tests, and therefore the hassle involved in plan purchase is largely reduced.
- The premium commitment for the plan is low,making it an affordable purchase.
- In case the policyholder fails to pay the premiums after 2-3 years of paying the premium regularly, then he/she will still be offered life cover for the next 2-3 years without any premiums.
Working of Exide Life Nirmal Jeevan Insurance Plan
Exide Life Nirmal Jeevan Insurance Plan is not a complicated plan, whether it is the structure, purchase or the claims. The plan structure is quite simple, and it works in the following way:
| Step 1 | Select the premium and term of the policy as per your insurance needs. |
| Step 2 | Exide Life Insurance will suggest the maturity benefit on the basis of your selection of premium and policy term. |
| Step 3 | The benefits of this plan can be received at the time of maturity or in case of the unfortunate demise of the policyholder within the policy term. |
Eligibility and Terms and Conditions for Exide Life Nirmal Jeevan Insurance Plan
The plan cannot be accessible by all the individuals, so as to offer quality services to the customers. There are restrictions when it comes to the eligibility for the plan and the respective benefits. These terms and conditions are:
| Particulars | Details |
| Minimum Premium to be Paid | 6,000 INR |
| Maximum Premium to be Paid | 6,000 INR |
| Minimum Age of Entry |
|
| Maximum Age of Entry | 55 Years (Age as on Last Birthday) |
| Minimum Age of maturity | 18 Years (Age as on Last Birthday) |
| Maximum Age of maturity | 70 Years (Age as on Last Birthday) |
| Minimum Policy term | 10 Years |
| Maximum Policy term | 15 Years |
| Policy Premium Payment Term | Equal to Policy Term |
| Policy Premium Payment Frequency | Annual |
Also Read: Exide Life New Creating Life Plus Plan
Benefits Involved in the Plan
Exide Life Nirmal Jeevan Insurance Plan involves many features that make it not only an affordable but also a quality purchase for the Indian customers. The benefits are listed below:
- The beneficiaries of a policyholder are paid with the sum assured in case he/she passes away during the policy term.
- The guaranteed sum assured will be paid out to the policyholder at the time of the maturity of the policy.
- The automatic life cover continues to provide benefits even if the policyholder fails to pay the premium amount after continuing the policy for a while. Exide Life Insurance completely understands if the policyholder is unable to pay the premiums due to any financial constraints.
- In case the policyholder has paid out the premiums for 2 years regularly before being unable to pay further premiums. Then, he/she has access to the automatic life cover for the next two years. The automatic life cover starts from the date of first unpaid premium.
- In case the policyholder has paid out the premiums for three years regularly before being unable to pay further premiums, he/she has access to the automatic life cover for the next three years. The automatic life cover starts from the date of first unpaid premium.
- If the policyholder, unfortunately, passes away during the period of automatic life cover his/her beneficiaries will be entitled to the complete death benefit in terms of sum assured.
- The automatic life cover is available for a maximum of three years, but the policy cannot be revived after two years of lapse.
- If the policy is revived, the automatic life cover will also get revived and will be duly offered to the policyholder.
- The rules of discontinuance will be applied to the plan once the automatic life cover period is complete.
- The feature of automatic life cover is available for as many times as the policy gets lapsed during its tenure. The only condition to avail this benefit is that at least two premiums should be paid before the discontinuance of payments.
- Once you have paid the premium regularly for three years, you are eligible for a loan against the policy — this way the company ensures maximum support in case of financial adversities.
- The policyholder is eligible for the tax benefits under the plan. The premiums fall under section 80 C of the Income Tax Act, and the claims fall under the section 10D of the same.
- The grace period of 30 days is offered under the policy for paying the premiums in case it gets delayed from the due date.
- The policy will get lapsed if the premiums aren’t paid in the grace period. If the benefits are paid for a minimum of two years, all other benefits cease apart from the death benefit as the automatic life cover period begins.
Also Check: Exide Life Mera Ashirvad Plan: Features & Review
FAQs
Q1. What is the entry age for Exide Life Nirmal Jeevan Insurance Plan?
In Exide Life Nirmal Jeevan Insurance Plan the age of entry can be between 3-55 years (subject to policy term).
Q2. What is the maximum age of maturity in Exide Life Nirmal Jeevan Insurance Plan?
The maximum age of maturity in Exide Life Nirmal Jeevan Insurance Plan is 70 years as per last birthday.
Q3. what is the policy term for Exide Life Nirmal Jeevan Insurance Plan?
The policy term for the plan can be 10 years, 12 years or 15 years.
Q4. What is the frequency of premium payment in Exide Life Nirmal Jeevan Insurance Plan?
The plan offers an option of only annual payment of premiums.
Q5. What is the premium payment term of the policy?
The premium payment term of the policy is equal to the policy term.