It is a non-linked, non-participating individual life insurance savings plan that will offer individuals the option to choose between two variants - income variant and lump sum variant.
Exide Life Insurance today launched Exide Life Guaranteed Wealth Plus, a comprehensive life insurance plan that offers guaranteed returns, to help individuals fulfil their financial needs along various life stages.
It is a non-linked, non-participating individual life insurance savings plan that will offer individuals the option to choose between two variants – income variant and lump sum variant.
Under the income variant, one can pay a premium for 6 years and avail guaranteed fixed income payout for 30 years. Additionally, on maturity, the policyholder will receive 100 per cent of the premiums paid. The company claims, this is an ideal payout option for individuals who want an additional stream of income or a regular cash flow to meet various life stage financial goals such as a child’s education, marriage and so on.
Under the ‘Lump sum’ variant, one can pay the premium for 6 years and avail of the maturity benefit as a lump sum while enjoying life cover for the entire policy term.
The product offers life cover during the entire income payout period, under the protection-cum-returns proposition. Within certain age bands and depending on the policy term, the maturity benefit also remains the same irrespective of the entry age.
The company further claims, the Exide Life Guaranteed Wealth Plus is designed to cushion policyholders against volatile markets, changing tax laws and reinvestment risk which is high over the long term. The product also offers protection through two Rider options – Exide Life Critical Illness and Exide Life Term Rider.
Sanjay Tiwari, Director- Strategy, Exide Life Insurance says, “The Exide Life Guaranteed Wealth Plus product not only caters to the diverse financial needs of our customers but also offers individuals with a lucrative option to build wealth.”
The maximum entry age is capped at 60 years whereas the minimum age is at 3 years and 11 years for the lump sum and income variants respectively.
Here are some of the key product features;
- Choose from the Regular Income or Lumpsum Payout option
- Avail Guaranteed Fixed Income for 30 Years
- Offers life cover throughout the Income Period
- Up to 350 per cent guaranteed Returns