Exide Life Insurance launches smart income plan

“Smart Income Plan offers two survival benefit options – Extended Maturity and Enhanced Income – to choose from at the inception of the policy. This facility empowers the policyholder to choose the income as per his/her financial needs during the payout term wants to receive survivor benefits or not,” the insurer said in a press statement.

Extended Maturity: In this, the subscriber can enjoy annual guaranteed income benefit during the income payout term and can get accumulated bonus, if any, and terminal bonus, if any, on policy maturity.

increased income. Customers will get Annual Guaranteed Income Benefit on Maturity along with applicable Policyholder Bonus, if any, during the Income Payout Term and Terminal Bonus, if any.

The Guaranteed Income Benefit is calculated as 10% of the Basic Sum Assured and is paid annually during the income payout period.

Exide Life Smart Income Plan is a participatory plan, hence the policyholder will be eligible to get the applicable bonus declared in the plan. Please note, policyholder bonuses are non-guaranteed and the bonus rate for future years is not guaranteed and may vary depending on the performance of the fund. The bonus payout will depend on the tenure of the investment.

Policyholders may be eligible for tax benefits as per the prevailing tax laws:

On Basic Premium Paid, u/s 80C

On policy proceeds, u/s 10(10D)

On premiums paid for riders, if any. Tax section will depend on the rider chosen

The above tax benefits are subject to changes in tax laws.

The scheme also provides better safety through riders. Policyholders can choose from one or more riders available under the product.

Sanjay Tiwari, Chief Strategy Officer, Exide Life Insurance said, “Given the importance and need of regular income, this product offers a unique life insurance solution that not only provides cover against unfortunate events but also in the form of regular income. Also provides the facility of saving on the option chosen.