Everything You Need To Know About Exide Life Term Rider
Updated On May 25, 2021
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Certain circumstances become more of a financial burden than others. It includes such situations as accidental death, critical illness, and more. To keep yourself as well as your family safe from the perils of financial strain, you must take the necessary steps. It becomes important, therefore, to get a rider besides your basic life insurance plan like the Exide Life Term Rider. The Exide Life Term Rider primarily covers death due to natural, accidental, or any other causes.
Benefits of Exide Life Term Rider
The following are the benefits offered by Exide Life Term Rider. There is no maturity or surrender benefits payable under this rider. The benefits are offered in addition to what you will receive from your base life insurance policy at only a fraction of the cost.
1. Death Benefit
If the policyholder dies within the policy term, a death benefit is paid out by this rider. The amount of it is equal to the Rider Sum Assured which is ten times the annual rider premium. Additionally, the cover provided by the rider immediately ceases. The terms and conditions for Exide Life Term Rider also dictate that the death benefit, under any circumstance must not be less than 105% of the Rider premiums paid by the policyholder.
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2. Tax Benefits
The Exide Life Term Rider also gives certain tax benefits to its policyholders. They are to be found under Sections 80C (on the premium amount) and 10D (for the payouts) of the Income Tax Act.
Eligibility for the Exide Life Term Rider
Check out the following parameters to see if you are eligible for the Exide Life Term Rider.
Maximum Coverage Age
Minimum Sum Assured
Minimum- 5 years
Maximum- 40 years
The Exide Life Term Rider is, therefore, a comprehensive rider that provides sufficient protection. You get more benefits and cover at a minimal cost compared to a full-blown insurance plan. Moreover, the rider pays you on top of what you receive from your insurance policy. Therefore, make your policy more robust with the Exide Life Term Rider.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.