Leading life insurer Exide Life Insurance on Friday, May 21, announced the launch of its new life insurance plan - 'Guaranteed Wealth Plus', which aims to provide a life insurance scheme with maturity benefits and in-class guaranteed returns for policyholders. According to a statement shared by the insurer, the new life insurance plan will help customers fulfill their financial requirements across various stages of life, and offer flexibility to choose variants. (Also Read: Aditya Birla Sun Life Launches Vision LifeIncome Plus Plan: Check Features )
According to Exide Life Insurance, some of the major features of the new insurance product are as follows:
- Choosing from the regular income or a lump sum payout option
- Availing guaranteed fixed income for 30 years
- Only product in the market to offer life cover throughout the income period
- Best-in-class returns with up to 350 per cent guaranteed returns
The Guaranteed Wealth Plus plan is a non-linked, non-participating individual life insurance savings plan which provides the option to choose between two variants for policyholders.
As per details shared by the insurer, under the ‘income' variant, customers can pay premiums for six years and avail of the guaranteed fixed income payout for 30 years. Upon maturity, the policyholder receives 100 per cent of the premiums paid.
The 'income' variant is a suitable payout option for those who want an additional stream of income or a regular cash flow, in order to fulfill their financial goals at various stages of life, such as a child's education, household requirements, etc.
Meanwhile, under the ‘lump sum' variant, customers can pay premiums for six years and avail of the maturity benefit as a lump sum while reaping benefits of the life cover for the entire policy term.
This offers life cover during the entire income payout period, empowering the protection-cum-returns proposition. Within specific age bands and depending upon the policy term, the maturity benefit also remains the same, irrespective of the entry age, said the insurer.
The product - 'Exide Life Guaranteed Wealth Plus' provides protection through two rider options, namely, Exide Life Critical Illness and Exide Life Term Rider. The life insurance plan aims to cushion policyholders against changing tax laws, volatile markets, as well as reinvestment risk, which is high over long-term.
According to Exide Life, the maximum entry age is capped at 60 years whereas the minimum age is at three years and 11 years for the lump sum and income variants options, respectively.