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The Exide Life Insurance Company (formerly ING Vysya Insurance Company) has been providing excellent insurance products to tens of thousands of policyholders all over India for years now.
The Exide Life Child Plans are among the top products provided by the Exide Life Insurance Company. There are mainly 3 varieties of the Exide Life Child Plans.
There are 3 types of Exide Life Child Plans available for consumers in India. Out of these, Exide Life Insurance Company offers a unit-linked plan which can also be integrated with a conventional child insurance plan, while the remaining two plans are similar to traditional child insurance plans, with guaranteed benefits for the nominee and policyholder.
Check out the 3 types of Exide Life Child Plans by Exide Life Insurance Company in India:
The Exide Life Wealth Maxima - Maxima Child plan is a unit-linked insurance plan with a primary benefit of providing welfare to the child in the event of the policyholder’s demise. The nominee also enjoys the benefits and payouts promised at the time of maturity of the policy.
Under this plan, in event of the insurer’s death, the nominee child is eligible to receive not only the Sum Assured, but also the top-up Sum Assured, which is significant.
Also, in event of the policyholder’s demise, the nominee is also not required to make any future premium payments, Exide Life pays all the applicable premiums till the policy matures, and on maturity, the fund value is available to the nominee/policyholder.
Features and benefits
These are the features of the Exide Life Wealth Maxima – Maxima Child plan:
Maturity benefits – The nominee receives fund value as a lumpsum amount when the policy matures.
Cover – This life insurance plan covers payment for the total agreed Sum Assured.
Flexibility – You can also choose to switch to the Maxima Invest or Maxima Family variant of this plan.
Additional benefits – Exide Life pays 2% of fund value as loyalty benefit to your fund value, at the end of 10th, 15th and 20th policy years, if base annualized premium paid is ₹72,000 or more.
To be able to qualify for the Exide Life Wealth Maxima – Maxima Child plan, these are the eligibility criteria:
Age of Entry (Parent) – Min 18 years – Max 50 years
Maximum Age of Maturity – 65 years
Term of policy –10 years, 15 to 20 years
Terms of Premium Payment – Regular
Frequency of Premium Payment – INR 36,000 (Annual)/INR 24,000 (Bi-Yearly)/INR 4,000 (Monthly)
Top Up Premium – Min INR 6,000 – Max INR 7,80,000
Sum Assured –7 x (Annualized Premium) For entry age of 45 years and above –10 x (Annualized Premium)
Top Up Sum Assured – Min 1.1 x (Top-up Premium) – Max 1.25 x (Top-up Premium)
The Exide Life New Creating Life Insurance Plans are designed for those who seek to strengthen their child’s future by increasing savings and providing financial aid in case of an unfortunate event.
There are two types of Exide Life New Creating Life Insurance Plans available for you:
Exide Life New Creating Life Insurance Plus – A non-linked life insurance child plan, it offers extensive benefits, including Family Income Benefit in Life Cover, in case of unfortunate demise of the policyholder. All future premium payments are then waived.
Exide Life New Creating Life Insurance Regular Pay** – Also a non-linked participating life insurance child plan, this plan requires regular premium payments for the complete policy term. It offers Life Cover which has Family Income Benefit included in case the policyholder meets an untimely death, as well as waiving off any future premiums. This is an excellent way to ensure regular savings, get insurance protection and guarantee significant returns.
Features and Benefits
These are the excellent features which makes the Exide Life New Creating Life Plans one of the most popular child insurance plans in India:
Integrated Family Income Benefit – This policy continues to provide monthly income which is 1% of the sum assured to your family, in case the policyholder meets with an untimely demise, which is paid for a period of 5 years.
Maturity benefits – A guaranteed additional 10% of the Sum Assured is also paid when the policy reaches maturity date.
Bonus benefits – Additional bonus is also paid, dependent on the performance of the company’s participating fund, and is a significant percentage of the total Sum Assured.
These are the eligibility criteria to buy an Exide Life New Creating Life Insurance Plans:
Age of Entry (Parent) – Min 18 years – Max 45 years
Age of Entry (Child) – Min 0 years – Max 17 years
Age of Maturity – 60 years
Term period – Min 10 years – Max 20 years
Premium sum – Min INR 12,000 – Max (No Limit)
Frequency of Premium Payment – Monthly/Annual
The Exide Life Mera Aashirvad plan is a non-linked participating form of child insurance plan from Exide Life Insurance Company. It is an excellent method to receive child insurance protection and increase your savings portfolio simultaneously. There are guaranteed benefits for the child (nominee) under this insurance plan.
Features and Benefits
These are the top features and benefits of the Exide Life Mera Aashirvad plan:
Benefits guaranteed – This plan provides guaranteed benefits as it pays total Sum Assured on maturity of the policy as a lumpsum, or annual payout. It will also pay the total Sum Assured in case the policyholder (parent) meets with an untimely demise and the policy continues. The maturity benefit will also be paid at the end of the policy term.
Staggered payouts – The nominee can choose to receive the Sum Assured in smaller, regular payouts, as opposed to choosing to receive complete Sum Assured as a lumpsum, when the policy reaches maturity.
Additional benefits – There are several riders which can be integrated into your existing child insurance plan, and with a nominal additional sum with your premium, you can easily get insurance cover against accidents and for healthcare.
These are the eligibility criteria that you must pass in order to get an Exide Life Mera Aashirvad plan for child insurance:
Age of Entry (Parent) – Min 21 years – Max 50 years
Age of Entry (Child) – Min 0 years – Max 15 years
Term of Policy – (Term of Premium Payment) + 60 months
Total Sum Assured – Min INR 3,50,000 – Max (No Limit)
Term of Premium Payment – Min 10 years – Max 20 years
Frequency of Premium Payment – Monthly/Annual
The Exide Life Child Plans are aimed to providing regular income to your family, and to help secure their future financially, in case you (policyholder) meet with an unfortunate incident which results in loss of income or life. The plan ensures that your child (nominee) gets the complete benefits of the Sum Assured, and the premiums remaining till maturity date of the policy are also waived.
Apart from securing your child’s future financially, you are also eligible for significant tax cuts on the premium paid (as per Indian Income Tax Act – 1981 under Section 80C) and on benefits/Sum Assured (as per Indian Income Tax Act – 1981 under Section 10D).
The Exide Life Child Plans work in two ways –
1) provides effective life insurance coverage, and
2) provides financial security through payment of Sum Assured to the beneficiary (child).
This way, you can rest assured knowing that you have acquired an excellent life insurance cover for you and your loved one, and they are secure against financial hardships in case you are no more.
What should I do if I want to change my premium payment?
All you need to do is to send in a written request to the customer service team, through post or email, to the company and instruct to change the desired amount from the premium amount. If the chosen plan allows for any change, then the request will be taken forward.
Why you should opt for Exide Life Child Plans?
Exide Life Child Plans are ideal to increase your wealth portfolio and ensure financial security of your loved ones in case of your untimely demise.
How to pay a premium? What are the modes of premium payment available?
There are numerous ways to make a premium payment, including cash payment at branch/Axis bank/ING bank, online/internet banking, ECS, NEFT, auto debit, credit card, debit card, Demand Draft (DD) or cheque.
How can I check the policy status for Exide Life Child Plans?
Once you are registered with Exide Life online, you need to simply log-in to the company’s official website using your policy number and date of birth. Roll your mouse to the MY LIFE tab and check the policy status.
What is the policy renewal process for Exide Life Child Plans?
Online policy renewal requires you to:
What is the company’s process to settle claim for Exide Life Child Plans?
After logging on to your account at the company’s website, you can register your claims at the ‘Register Your Claim’ column. Provide the required details in the relevant fields. You can also choose to visit the nearest Exide Life Insurance Company branch, request for a claim intimation form and submit it at the branch after having filled all the mandatory details required with it. The company usually takes about 7 business days to settle claims.
What is the policy cancellation process for Exide Life Child Plans?
You need to visit the closest Exide Life Insurance Company branch with your policy documents and fill the surrender form accurately. Once your surrender form and policy documents are verified, the company transfers the refund to your bank account within 7 working days from filing the claim.
What are the different Exide Life Child Plans in India?
These are three types of Exide Life Child Plans in India. They are-
Exide Life Wealth Maxima – Maxima Child Plan
Exide Life New Creating Life Insurance Plan
Exide Life Mera Aashirvad