Key Features of Unit-Linked Insurance Plans Offered By Exide Life

Exide Life unit-linked insurance plan (ULIP) is created for a special base of investors in mind. This plan is ideal for people who wish to build money quickly and provide more financial security for their families as their obligations expand. In this article, we have compiled the key features and exclusions of Exide Life ULIPs.

Exide Life offers Three ULIPs, namely - 

• Exide Life Sampoorna Jeevan
• Exide Life Wealth Builder
• Exide Life Wealth Elite

Benefits of ULIPs offered by Exide Life 

Given below are the benefits offered by Exide life ULIP 

• Life Cover

Because ULIPs combine the benefits of insurance and investing, they pay out money to the policyholder's nominee in the event of a tragic occurrence involving the policyholder's life.

It assists policyholders in securing their future and present by growing an investment component while depending on insurance coverage in the event of a disaster.

• Investment Strategies To Suit Your Investment Style

ULIPs offered by Exide Life Insurance provide a range of different fund options to the investors to invest in according to their needs and risk appetite.

The investors can also opt for switching funds as per their convenience.

• Maturity Benefit

You'll obtain an amount equivalent to the fund's value when it matures. The plan provides liquidity by permitting partial withdrawals once the 5th policy year has ended.

Even if the investor survives the maturity term, they will receive the fund value under this policy. The complete risk coverage, however, stops when the policy term expires.

• Comprehensive Death Benefit

A lump sum payment is made to the family in the event of the policyholder's untimely death:

For entrance age 45 and above, you can pick a life cover of (7 or 10) times Annualized Premium.

• Tax Benefits

The premiums paid under section 80C and the maturity payments paid under section 10(10D) of this plan provide tax benefits. As per the existing income tax regulations, which are subject to change at any time. If the chosen life insurance is 7 times the yearly premium, the tax advantage may be limited for people aged 45 and over.

Suicide Exclusion

The insurance will be cancelled immediately if the life assured commits suicide within one year of the policy's initiation or within one year of the revival date, regardless of the life assured's sanity. Only the fund value (including the top-up fund value) will be paid in this situation.

Endnotes

ULIPs offered by Exide Life can be utilized as multipurpose plans because of the assortment of advantages they offer. As the above article proposes, these plans are famous among the financial backers and capacity in relationship with the market to benefit in general great returns.

Also read 

ULIP or Term Plan: Which One Should You Buy?

Difference Between Money Back Plans and ULIPs

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.