Exide Life Wealth Maxima - A Unique Unit Linked Life Insurance Plan
Published On Mar 19, 2021, Updated On Apr 23, 2021
Table of Contents
- Main Reasons Why You Should Invest In Exide Life Wealth Maxima Plan
- Benefits of Exide Life Wealth Maxima Plan
Exide Life Insurance Company Limited, a well-established and profitable life insurance company, offers Exide Life Wealth Maxima plan which is a single premium investment plan. In addition to the ability to optimize the production of capital, the policy offers a rare opportunity to expand the coverage of life at various periods of life.
Main Reasons Why You Should Invest In Exide Life Wealth Maxima Plan
1. Choose From 3 Policy Options To Suit Your Life-Stage Needs
Maxima Investment, Maxima Family, Maxima Child - One key point is that one can expand the coverage of life in the same policy by switching from one alternative to another in accordance with life-stage needs and the risk of appetite.
Comprehensive Life Cover: In the case of an unfortunate event, the family shall be paid according to the choice made by the policyholder:
- Maxima Invest: The family is having more than the amount of life insurance or the cumulative balance of the portfolio.
- Maxima Family: The family earns both the value of the life cover and the amount of the accrued fund.
- Maxima Child: The family gets the sum of the life cover automatically. In addition, this package alternative includes Premium Financing Incentives where all additional payments are financed by Exide Life Insurance up to maturity.
2. Three Investing Strategies To Meet The Appetite For Risk
The plan comes with the following 3 investment strategies -
- Manage Yourself: Choose from 6 fund options and move between funds as per customer's needs.
- Systematic Transition Plan: Guaranteed systematic exposure to equity. Premium is originally deposited in the Debt Fund and then every month a predetermined share is allocated to the Equity Fund.
- Automatic Asset Rebalancing: Dynamically changes the allocation of equity over the policy period. Starts with a high degree of exposure at the outset of the program and steadily reduces the holding of the fund as policy reaches maturity.
3. Loyalty Privileges
The plan provides for loyalty additions at the 10th, 15th, 20th anniversary of the policy.
Benefits of Exide Life Wealth Maxima Plan
Following benefits are payable to the policyholders of the Exide Life Wealth Maxima Plan -
1. Death Benefit
In the event of the death of the life insured during the policy term, the nominee shall receive the following benefit -
- Higher Sum Assured or 105% of the premiums charged, plus top-up premiums (if any) or fund benefit, shall be paid
- Future rates will be waived and the program will proceed.
- The valuation of the Fund will be paid on maturity
2. Maturity Benefit
After the plan has attained maturity, the Fund Value is paid to the policyholder as Maturity Benefit. The policyholder has two options for payment of maturity as set out below -
- Lumpsum Amount: Get the value of the fund as a lump sum on the day of maturity.
- Settlement in Pay-outs: Get part of the budget as a lump sum and part equal to monthly, weekly, half-yearly or annual instalments.
3. Choice to Switch Between Variants
The package allows an option between the variants of the product, either on marriage or on the arrival of the infant to the family.
4. Income Tax Benefit
Life insurance premiums charged up to Rs. 1,50,000 are permitted as a deduction from taxable income per year under section 80C and the maturity income is tax-free under section 10(10)D subject to fulfillment of the terms and conditions.
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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.