All About Exide Life New Creating Life Insurance

Exide Life New Creating Life Insurance Plan is a non-linked, participating individual child savings plan which provides financial protection to your child in your absence while providing corpus at maturity to assist your child’s education. The plan provides the option to receive death benefit as a family income payout for a period of maximum 60 months. In unfortunate events, the company takes initiative to pay the future due premiums. 

To maximise your savings up to its full potential, 2 types of bonuses namely simple reversionary bonus and terminal bonus are added to the corpus of the life assured. To further increase your savings, discounts are available for policies having a high premium. The plan can be made more comprehensive via 4 rider options to safeguard during most unfortunate times. 

Best Features of Exide Life New Creating Life Insurance Plan

The list of the best features of Exide Life New Creating Life Insurance Plan is below- mentioned- 

• Family Income Payout- The death benefit can be payable as 1% of sum assured as family income payout every month over 60 months following the unfortunate event. 

• Waiver of Premium- All the due future premium payments are paid by the insurance company in case of the death of the life assured. 

• Bonus- The plan provides 2 types of bonuses namely simple reversionary bonus and terminal bonus to increase the corpus of the life assured. 

• Rider options- The plan comes with 4rider options namely Critical Illness (4) Regular Pay, Critical Illness (25) Pay, Accidental Death and Dismemberment Rider, and Term Rider. 

• Policy Loans- After attaining surrender value, the policy can be used to avail loans to meet emergency requirements. 

• Discount-  The plan provides a premium discount if you pay higher premiums. 

• Surrender Benefit - In case you require to discontinue the policy in between the policy term, surrender benefit is available as higher of special surrender value or guaranteed surrender value. 

• Reduced Paid-Up Benefit- If you fail to pay the premium after the payment of the first 3 years’ premiums, then the policy will get converted into a reduced paid-up policy with reduced benefits. 
  
  
• Revival- The lapsed or paid-up policies can be revived within 2 years starting from the first due premium payment. 

 Benefits of Exide Life New Creating Life Insurance Plan

Exide Life New Creating Life Insurance Plan provides the following key benefits to its policyholders- 

• Death Benefit

In case of the death of the life assured, the death benefit is payable to the nominee as an amount higher of the sum assured on death or 105% of all the premiums paid till the date of the death. 

After the payment of death benefit, the future premiums are waived and the policy continues till the maturity date. 

• Maturity Benefit

In case of the survival of the life assured till the maturity of the policy, the maturity benefit is payable as an aggregate of the following- 

1. Sum assured
2. 10% of sum assured ( guaranteed additions) 
3. Vested bonus
4. Terminal bonus 
5. 101% of all the premiums paid till date

Conclusion

Exide Life New Creating Life Insurance Plan is a child savings plan which provides substantial corpus at the maturity of the policy which can be used efficiently for the education of your child. The plan provides 4 rider options to further enhance your coverage. Another salient feature of the plan is the discount available on the high premium policies. Exide Life New Creating Life Insurance Plan is suitable for the individuals who are looking for a regular income payout option along with various bonuses and discounts. 

Also read 

5 Best Child Life Insurance Plans To Buy In 2021

5 Reasons To Purchase A Child Plan

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.