Exide Life Wealth Builder - a single premium Unit Linked Insurance Plan that offers you an option to pay a onetime lump-sum amount and flexibility to choose a maximum life insurance cover of 10 times the single premium. The plan offers benefit from market linked returns over a period of 5 or 10 years and also gives you an option to self -manage your savings with choice of unit linked funds and different investment strategies to suit your risk.
Key Reasons to buy this Plan:
*Life Insurance Cover for full policy term
*Single Pay plan with an opportunity to earn market linked returns
*Choice of 8 unit linked funds with unlimited free switches
*Return of 50% of Mortality Charges on maturity for 10 year Policy Term
The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The Policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.
Minimum Maturity Age: 18 years. Maximum Maturity Age depends on the Premium Payment Term(PPT)
.
Exide Life Wealth Builder protects you and your loved ones financially, against an unfortunate event. After commencement of risk, higher of Sum Assured (including additional sum assured for top-up premiums) or 105% of the premiums paid (including top-up premium) or fund value (Number of units multiplied by the NAV prevailing on date of receipt of written intimation of death, by the company, on any business day before 3 p.m.)*, shall be payable to the beneficiary in case of unfortunate event of death of life assured during the policy term.
A. Maturity Benefit :
A.1 Maturity Benefit for Policy Term of 5 years
Subject to policy being in force, you will receive the fund value as on policy maturity date as the maturity benefit. Fund Value as on the date of maturity is: (NAV at maturity X no. of units at maturity)
A.2 Maturity Benefit for Policy Term of 10 years
Subject to policy being in force, you will receive the following as maturity benefit on policy maturity date:
*Fund Value as on the date of maturity,
which will be calculated as (NAV at maturity X no. of units at maturity) and
* 10 year loyalty benefit - An amount equal to 50% of all the mortality charges deducted (excluding applicable GST) during the policy term will be added to the fund value.
You have two options to utilize the Maturity Benefit for any of the two policy terms chosen:
Lump sum: Get the entire maturity benefit as on the date of maturity as a lump sum.
Settlement Payout: Get part of the maturity benefit as a lump sum amount by partial redemption of units as on the date of maturity and balance in equal monthly, quarterly, half yearly or annual installments of units over a period of 5 years (referred to as settlement period) after the maturity date.
Policyholder may be eligible for tax benefits under section 80C and section 10(10D) of the Income Tax Act, 1961, subject to provisions contained therein.
U/S 80C of the Income Tax Act 1961 on your premiums paid
U/S 10(10D) of the Income Tax Act 1961 on the maturity proceeds of your policy
In this product, policyholder with entry age less than 44 years has an option to choose Sum Assured as 1.25 or 10 times the single premium. Income tax benefits under section 10(10D) will be applicable only if the sum assured is not less than 10 times the contractual single premium.
In case you disagree with any of the terms and conditions of the policy, you have the option to cancel the policy by writing to the company stating the reasons for disagreement with the policy terms and conditions and return the original policy document to the company within 15 days (30 days if the Policy is sourced through Distance Marketing) of the receipt of the Policy Document. In case of such cancellation, amount refunded will be equal to non-allocated premium plus charges levied by cancellation of units plus fund value at the date of cancellation less medical examination fees (if any), stamp duty and proportional charges for the period on cover (if any). All benefits and rights under this Policy shall immediately stand terminated on cancellation of the Policy.
(Distance Marketing includes solicitation through all modes other than in person)
Fund Management Charge is a charge levied on a daily basis as a percentage of the value of assets held in the unit fund at the time of computation of the NAV. The Fund Management Charges applicable, at present, are as follows:
Fund Name
% of Fund Value per annum
Exide Life Midcap Fund
1.35%
Exide Life Prime Equity Fund
1.35%
Exide Life Growth Fund
1.25%
Exide Life Balanced Fund
1.25%
Exide
Life Secure Fund
1.00%
The company can review the fund management charge after giving 30 days
notice and with prior approval from IRDAI. The maximum fund management charge cannot exceed the cap as allowed by IRDAI from time to time. Currently the maximum cap allowed by IRDAI is 1.35%.
Mortality Charges will be deducted monthly in advance by cancellation of units from the Fund Value. Mortality Charges will vary based on age and gender of life assured. Sample mortality charges (in Rupees) per annum per 1000 of Sum at risk for a healthy male & female life is shown below:
Age (in years)
20
30
40
50
60
70
Male
0.89
1.06
1.80
4.95
11.53
25.85
Female
0.74
1.00
1.45
3.57
9.23
20.06
Year
Charges as a percentage of single premium
Each policy year during the policy term
0.104% per month
The company can review the Policy administration charge after giving 30 days
notice and with prior approval from IRDAI. The maximum Policy administration charge cannot exceed the cap as allowed by IRDAI from time to time. Currently, the maximum Policy administration charge is Rs.500 per month. These Policy administration charges would be deducted at the beginning of each policy month by way of cancellation of units from the Fund Value.
Year
Policy discontinuance charges
1
Lower of 1% of (SP* or FV*) subject to max Rs.6000
2
Lower of 0.5% of (SP* or FV*) subject to max Rs.5000
3
Lower of 0.25% of (SP* or FV*) subject to max Rs.4000
4
Lower of 0.10% of (SP* or FV*) subject to max Rs.2000
5 and onwards
NIL
*SP - Single Premium, *FV-Fund Value
The company can review the policy discontinuance charge after giving 30 days
notice and with prior approval from IRDAI. The maximum policy discontinuance charge cannot exceed the cap as allowed by IRDAI from time to time. There will be no discontinuance charge levied on top-up premiums.
If the Life Assured commits suicide for any reason whether sane or insane within one year from Date of Inception of the Policy, the policy shall terminate with immediate effect, and only Fund Value, as available on date of death will be payable. All the charges deducted subsequent to date of death will be paid back to the nominee or beneficiary along with the death benefit.
If the Life Assured commits suicide for any reason whether sane or insane within one year from Date of Inception of the Policy, the policy shall terminate with immediate effect, and only Fund Value, as available on date of death will be payable. All the charges deducted subsequent to date of death will be paid back to the nominee or beneficiary along with the death benefit.
| Period | Absolute (%) | Annualised (%) |
|---|---|---|
| 1 Week | -2.3 | 0 |
| 1 Month | -1.8 | -19.3 |
| 3 Months | -2.3 | -8.8 |
| 6 Months | 4.2 | 8.8 |
| 1 Year | 19.4 | 19.4 |
| 2 Years | -67.5 | -43 |
| 3 Years | 83.7 | 22.4 |
| 5 Years | 118.9 | 16.9 |
| Claim Ratio | Solvency Ratio |
|---|---|
| 100% (2023-24) | 2% (March 2024) |
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