One can choose between regular income or lump sum payout option with life cover throughout the income period
Exide Life Insurance Company Limited announced today the launch of Exide Life Guaranteed Wealth Plus, a life insurance product with guaranteed returns to help customers meet their financial needs at all phases of life. It's a non-linked, non-participating individual life insurance savings plan that lets clients pick between two different options.
Under the ‘Income’ variant, customers can pay premiums for six years and avail guaranteed fixed income payout for 30 years. Additionally, on maturity, the customer receives 100 per cent of the premiums paid. Under the ‘Lump sum’ variant, customers can pay premiums for six years and avail the maturity benefit as a lump sum while life cover for the entire policy term is in force. It is designed to cushion customers against volatile markets, changing tax laws, and reinvestment risk which is high over the long term. Further, the product also offers enhanced protection through two Rider options – Exide Life Critical Illness and Exide Life Term Rider. The maximum entry age is capped at 60 years whereas the minimum age is at three years and 11 years for the lump sum and income variants respectively.
Sanjay Tiwari, Director (Strategy), Exide Life Insurance said, “The product not only caters to the diverse financial needs of our customers but also offers them a lucrative option to build wealth. The category-first product feature of continuous life cover throughout the income payout period along with up to 350 per cent guaranteed returns, sets this product apart. The launch of this product further strengthens our brand promise.”