Income Advantage Plan is a customizable savings plan which offers you with Guaranteed
Income and Insurance cover under the same plan. The plan primarily aims at
providing additional income option to meet future financial requirements. It is
a Traditional Participating Insurance Plan which will provide you with regular
payouts in the latter half of the policy tenure while you need to pay the
premium only during the 1st half of the policy tenure.
It is an
ideal plan for individuals who are looking for an Insurance cover along with an
additional income to meet future goals such as Child Education expenses or to
take better care of your loved ones. The Cost of Living is always on the rise
and the meager annual increments are just not enough to meet your expenses and
allow you live a life you deserve. In such a situation if one is burdened with
additional cost involved in supporting your family, providing your child with
the best of education and improving your social status, it becomes very
difficult to manage. Thus additional income does help to meet such needs and
provide oneself and your loved ones with a comfortable living.
Individuals may find their present income to be sufficient. But things quickly
change when they are faced with additional responsibility of starting their
family, taking care of their ageing parents and at the same time improvising on
their standard of living. Thus, in order to take care of such scenarios one
needs to plan early and properly. It is always advisable to have an additional
source of income which will supplement your regular income. Planning for future
not only helps you mitigate your burden but also allow your dreams to take
shape and get fulfilled. Exide Life Income Advantage Plan requires you to pay
only during the first half, ideally when you don’t have much of financial
obligations and pays you Guaranteed Income during the later half when you are
in much need of funds to accomplish your goals.
with flexible payout options which Policyholders are free to chose based on
never be predicted and it always advisable to prepare for unforeseen
circumstances. Life is uncertain and there is nothing much we can do about it
but we should never ignore the things which we can do. We can always safeguard
the future of loved ones by providing them financial security just in case
anything untoward happens to us. Therefore, Life Insurance cover is essential
and in my opinion a must for every individual. This will not only help the ones
we leave behind to sustain themselves but also accomplish unfulfilled dreams.
With Exide Life Income Advantage Plan we are not only assured of additional
income but also get a life cover for the entire policy term.
advantage with this plan is you get the benefit of 3 in 1. First, when we start
paying the premium towards the policy it teaches us the importance of saving
for the future and we develop a habit to save. In the later half, the
Guaranteed Income ensures you are able to meet your financial goals while the
Life cover for the entire tenure ensures that your loved ones are financial
comprehensive plan which ensures Policyholders future financial needs are taken
due care along with complete cover.
not only designed to meet the needs of working individuals, but is also aimed
at ones looking for an income plan post retirement. Most retirees have to be
dependent on the paltry pension or at the most can go for Annuity Plans, which
do provide regular payouts but are not tax efficient and also don’t come with
life cover. However, with Life Income Plan you are assured of guaranteed payout
which is tax free along with the life cover.
can plan for their retirement with this plan as it is very affordable and
offers flexible payouts along with life cover.
tenures of 16 years, 24 years and 30 years and two income payout options are
available to the individuals. Insurance cover will continue for the entire
tenure opted under the plan.
premiums, Annual Guaranteed Income (GI) is paid with Simple Revisionary Bonus
and Special Additional Bonus announced annually based on certain parameters and
performance of the plan.
may chose from any of the two following payout option;
Benefit Option: Under this plan, One
is entitled to receive the regular guaranteed income along with applicable
bonuses every year during the benefit payout period.
Maturity Benefit Option: Individual
avail guaranteed income during the benefit payout period and all applicable
bonuses accumulated over the period of time are paid as maturity benefit.
In case of unfortunate demise of policy holder,Life insurance cover
amount will be paid as lump sum during the policy term and the policy will
terminate .Life insurance cover amount will be higher of the following;
- 10 times the Annualized Premium
- Absolute Amount to be paid on Death
- Sum Assured on Maturity
- 105% of all the premiums paid towards base policy till the date of
is also available against the Policy subject to provisions laid out in the
terms and conditions.
is also available for Individuals opting for on High Premium amount.
Enhanced Protection Riders
choice to enhance the protection cover by opting for riders against the payment
of slightly higher premiums. Following Riders are available to the
Exide Life Critical Illness Rider
Exide Life Term Rider
Sum Assured will be less than or Equal to the Base Policy Sum Assured on Death.
the policy is eligible for Tax Deduction U/S 80C.
are exempted from Tax U/S 10 (10) provided Sum Assured on Death is 10 times or
more than the annual premium. Thus it is a tax efficient plan. If you consider
Annuity Plans, payouts are fully taxable and no insurance cover is provided.
Traditional Participating Insurance Plans and offers guaranteed income. The
return may not be at par with other Investment product available in the market
as it is not a pure investment plan. As it needs to make provision for
mortality charges and guaranteed payouts to the policyholders.
Individuals looking for a risk free plan offering additional income stream
along with insurance cover.
Plan refer to the link below:
brochure in details and consult your Financial Advisor before investing.
the claim settlement record of the company before investing. However, with
recent amendments to Insurance Act it is not very important.