Exide Life Wealth Maxima Plan
Exide Life Wealth Maxima Plan is a unit linked insurance and investment cum protection plan, wherein the policyholder gets guaranteed money at the time of maturity and the beneficiary gets sum assured, in case of death of the policyholder. To meet the important milestones like – marriage, childbirth, the plan offers three variants to upgrade the protection level as per an individual need.
Key Features
To suit particular needs and risk appetite
Extra units gets added at the end of every 5th policy year
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets the below benefit:-
- Higher of Sum Assured or 105% of the premiums paid, including top up premiums (if any) or fund value will be paid
- The future premiums will be waived off and the policy will still continue
- Fund Value will be paid on maturity
When the policy matures, the Fund Value is paid to the policyholder as Maturity Benefit. The policyholder has two maturity pay out options as below:-
- Lump sum: Get the fund value as on the date of maturity as a lump sum.
- Settlement Pay-out: Get part of the fund as lump sum amount and part in equal monthly, quarterly, half yearly or annual instalments.
- Below is the percentage of maturity amount policyholder can choose as a lump sum or settlement pay-out-
| Options | % of lump sum fund value | % of settlement pay-out |
| 1 | 0 | 100 |
| 2 | 20 | 80 |
| 3 | 40 | 60 |
| 4 | 60 | 40 |
| 5 | 80 | 20 |
The plan offers switch between the product variants on either marriage or on addition of a child to your family.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
How it works
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
| Policy Year | Annual | Half yearly and Monthly |
| 1st | 6.0% | 4.75% |
| 2nd to 5th | 4.0% | 3.25% |
| 6th year onwards | 2.5% | |
| Top Up Premium | 2% | |
Policy Administration Charge — this is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
| Policy Year | Policy Administration Charge |
| 1-5 | 0.20% per month |
| 6th year onwards | 0.30% per month |
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
| Type | Charge |
| 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% |
| Exide Life Preserver Fund | 1.00% |
| Exide Life Active Asset Allocation Fund | 1.35% |
Discontinuation Charge — this charge is for discontinuing the plan before the end of the Policy Tenure.
| Year of Discontinuation | Policy discontinuance charges |
| 1st | Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000 |
| 2nd | Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000 |
| 3rd | Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000 |
| 4th | Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000 |
| 5th year onwards | NIL |
Mortality Charge — this charge is paid for the Life Coverage provided according to the Sum at Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
Service Tax would be applicable on the charges depending on the applicable rates.
Eligibility
| Parameters | Minimum | Maximum |
| Entry Age ( in years) | Maxima Invest : 0 Years | Maxima Invest : 65 Years |
| Maxima Family & Maxima Child : 18 Years | Maxima Family : 55 Years & Maxima Child : 50 Years | |
| Maturity Age (in years) | - | Maxima Invest : 75 Years |
| Maxima Family : 70 years & Maxima Child : 65 Years | ||
| Policy Term ( in years) | 10,15,20 | |
| Premium Paying Term ( in years) | Equal to policy term | |
| Premium Payment Frequency | Annual, Half-Yearly, Monthly | |
Additional Features and Benefits of Exide Life Wealth Maxima Plan
Investment Fund Options - In this plan, there are 6 funds available:-
- Exide Life Secure Fund
- Exide Life Preserver Fund
- Exide Life Growth Fund
- Exide Life Balanced Fund
- Exide Life Active Asset
- Exide Life Prime Equity Fund
Top-up – Premium can be paid anytime except in the last five policy years. The minimum top-up premium is Rs. 6,000 and the maximum amount of top-up premiums allowed is the total of premium paid at the time of top up subject to maximum limit of Rs. 7.8 lacs. Every Top-up premium shall have an Additional Sum Assured which will be 1.25 times of the Top-up premium paid. This Additional Sum Assured will be in addition to the life cover.
Switching – Unlimited free switches during the policy term
Partial Withdrawal - In this policy, partial withdrawal is allowed after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 5,000 subject to a maximum of 25% of the Fund Value prevailing at that time subject to Fund Value after each such withdrawal not being less than 1.5 times the one full year’s annualized regular premium. Unlimited free withdrawals.
Free look: - If the policyholder is not convinced with the terms and conditions of the policy, s/he can cancel the policy within 15 days from the date of receipt of the policy document.
FAQs
You stop paying the premium before 5 yearsIf the policy holder stops paying the premium, the fund value minus Policy Discontinuance Charges will be transferred to Discontinued Fund and will paid after the completion of lock-in period.
You stop paying the premium after 5 yearsIf the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policyIf the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 4% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policyThere is no loan facility in this product.
