Exide Life launches Income Advantage Plan
Last month, Exide Life Insurance launched the Income Advantage Plan. How good is the Exide Life Income Advantage Plan? What are the key features of Exide Life Income Advantage Insurance plan? Who should invest in such savings cum insurance plans?
Read on to find out.
The plan is a customizable savings cum insurance plan that has flexible payout options. Some of the reasons you should check out the plan are:
- You receive a guaranteed income +bonuses.
- You only need to make payments in the first half of the policy, but enjoy benefits and insurance cover for the second half.
- You choose how to receive the payouts (either annually or as a bulk at the end of the policy)
- Under the pure income benefit option, you would get lump sum every year as a guaranteed income. Additional bonus (if any) would be paid every year. Net summary, your annual income = guaranteed + bonus.
- Under the incomematurity benefit option, you would get lump sum every year as a guaranteed income. Additional bonus (if any) would be accumulated every year and paid along with last guaranteed income.
- Depending on your status in life you can pick the option that works for you.
- You also have the choice to opt from various riders.
- Under Accidental Death, disability and dismemberment rider, one would get sum assured if dies in accident. Beyond this, this rider also protects for accident disability or dismemberment. Under Critical Illness Rider, it provides protection against 25 critical illnesses like Heart Attack, Cancer, Paralalysis etc. One would get a lump sum equal to the rider sum assured in case life insured is diagnosed with any of these critical illnesses. Under Term Rider, you would get additional protection in case of demise of life insured.
- Like any other insurance product, one is eligible for tax savings u/s 80C for life insurance premiums paid + tax benefits for maturity benefits u/s 10 (10D).
- Discounts on higher premiums up to 6%.
- While these incomes are substantial, you should not assume that you will receive wealth beyond your dreams as benefits.
Check out this video Exide Life has released on the “Incomekatopup” aspect of the product
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Exide Life Income Advantage Plan