Everything You Need To Know About Exide Life My Money Back Plan
Published On Mar 26, 2021, Updated On Apr 26, 2021
Table of Contents
Exide Life My Money Back Plan’ is a unique plan that offers life Insurance along a savings opportunity. This plan not only provides financial protection to your family in your absence but also offers guaranteed survival benefit payouts that will help you fulfil your different life stage financial requirements. The survival benefit amount is equal to the predetermined percentage of the sum assured.
Key Features Of Exide Life My Money Back Plan
Following are some key features of Exide Life My Money Back plan:
- Offers Guaranteed Survival Benefit Payouts.
- Availability of 2 Survival Benefit Payout Option
- Limited Premium Payment Plan.
- Offers Maturity Benefit
- Offers Death Benefit
- Availability of Critical Illness Rider
- Availability of Term Rider
Benefits of Exide Life My Money
Following are the benefits you avail under Exide Life My Money Back plan:
1. Survival Benefits
Under this plan the life assured gets lump sum payouts are regular intervals during the policy term after the premium payment term has ended. This plan offers 2 survival benefit payout options namely Uniform MOney Back Option and Increasing Money Back Option. In uniform money back option the life assured will get an equal amount of guaranteed survival benefits at regular intervals. In increasing the money back option the life assured will get guaranteed survival benefits which are equal to increasing percentage of the sum assured.
Also Read:- How to Choose the Right Money Back Plan?
2. Death Benefit
Exide LIfe My Money Back plan offers death benefit, that is the nominee will receive the sum assured in case of an unfortunate demise of the life assured. This plan helps you ensure that your family has enough financial resources to fulfil the financial requirements even in your absence.
3. Maturity Benefit
Under this plan, the life assured receives a maturity benefit if he/she survives the entire policy term. The life assured will receive the remainder of the sum assured left after the payment of the survival benefits at the time of plan maturity.
4. Tax Benefits
The premiums paid towards the Exide Life My Money Back plan qualifies for tax exemption under the Section 80C of the Income Tax Act, 1961. The maturity amount receivable also qualifies for tax exemption under Section 10(10D) of the Income Tax Act, 1961.
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