Exide Life Wealth Maxima Plan

Exide Life Wealth Maxima Plan is a unit-linked insurance and investment cum protection plan in which the policyholder receives guaranteed money at maturity and the beneficiary receives the sum promised in the event of the policyholder’s death. The plan provides three variations to improve the protection level as needed to meet major milestones such as marriage and delivery.

Features of Exide Life Wealth Maxima Plan:

  • A complete life insurance policy.

  • Maxima Invest, Maxima Family, and Maxima Child are three product types designed to meet your financial needs at various times of your life.

  • Depending on your risk tolerance, you may select one of three investing strategies: self-managed, automated asset rebalancing, or systematic transfer. You, the policyholder, bear the investment risk in the investment portfolio.

Eligibility Criteria

To acquire Exide Life Wealth Maxima – Maxima Child, you must satisfy the following requirements:

Plan NameEntry AgeMaturity Age
Exide Life Wealth Maxima – Maxima Child18 to 50 years65 years

The nominee must be a minor kid aged 0 to 17 years. The proposer and the life guaranteed should be the same individual. If you are 45 years old or older, you can pick a Basic Sum Assured of 7 or 10 times the annualised premium.

Coverage, Key Features and Benefits of Exide Life Wealth Plan

  1. Death Benefit – If the Life Insured dies during the policy term, the nominee receives the following benefit: – The greater of the Sum Assured or 105 percent of the premiums paid, including any top-up premiums, or the fund value will be paid.

  2. Future premiums will be waived, and the insurance will remain in effect.

  3. On maturity, the Fund Value will be paid.

  4. Maturity Benefit — When the insurance matures, the policyholder receives the Fund Value as Maturity Benefit. The policyholder has two maturities pay out choices, which are as follows: – One-time payment: Get the fund’s worth as of the maturity date as a lump amount.

  5. Settlement Pay-out: Receive a portion of the capital as a lump sum payment and the remainder in equal monthly, quarterly, half-yearly, or annual instalments.

  6. Option to swap between variations: The plan allows you to move between product variants upon marriage or the addition of a kid to your household.

  7. Income Tax Benefit: Life insurance premiums paid up to Rs. 1,50,000 are permitted as a deduction from taxable income each year under section 80C, and maturity proceeds are tax free under section 10(10)D, subject to certain circumstances.

  8. Top-up — Premiums can be paid at any time, with the exception of the final five policy years. The lowest top-up premium is Rs. 6,000, and the maximum number of top-up premiums permitted is the whole amount of premium paid at the time of top-up, up to a maximum of Rs. 7.8 lacs. Every top-up premium will be accompanied by an Additional Sum Assured equal to 1.25 times the top-up premium paid. This Additional Sum Assured is in addition to the life insurance.

  9. Switching – Unlimited free switches for the duration of the policy.

  10. Partial Withdrawal – This policy allows for partial withdrawal after 5 full policy years. The lowest amount of partial withdrawal should be Rs. 5,000, with a maximum of 25% of the Fund Value at the time, with the Fund Value after each such withdrawal not being less than 1.5 times the annualised regular premium for one full year. Withdrawals are completely free.

  11. My Life: As a policyholder, you can sign up for My Life and take advantage of various online features such as online premium payment, checking policy status, viewing Policy Value, switching funds, reviving an insurance policy, updating your contact information, making enquiries via E-box, printing policy fund statements, tax certificates, and portfolio statements.

  12. Policy alerts: You can get policy-related information via SMS or email notifications to your registered cell phone number.

  13. Simple premium payments: E-wallets, net banking, credit cards, and debit cards are examples of online premium payment options. Auto-Debit Arrangement NEFT or RTGS Cheque, DD or cash deposit at Exide Life Insurance branch, South Indian Bank branch, Axis Bank branch, Karnataka One Counter, Bangalore One Counter, and HD One Counter are other premium payment options.

  14. Free look: If the policyholder is not satisfied with the policy’s terms and conditions, he or she may cancel the insurance within 15 days of receiving the policy paperwork.

  15. Life Cover and Premium Calculator: You may use the Exide Life Insurance website’s online life insurance and premium calculators to estimate how much life cover you need and how much premium you must pay.

  16. Complaints and suggestions: To submit your concerns or feedback, go to the Exide Life Insurance website and fill out a short form. Visit the local Exide Life Insurance branch or send an email to [email protected] to file a complaint. You may also phone 1800 419 8228, which is a toll-free number.

Why you should invest in Exide Life Wealth Maxima Plan and Investment Plan?

Exide Life Insurance Company Limited was named one of India’s most dependable insurance companies. In over 200 locations throughout the country, the firm services over 15 lakh consumers. It has a robust traditional insurance portfolio that is offered through a variety of channels, including Banc Assurance, Agency, and Corporate Agency & Broking. Exide Life Insurance clients are served by over 50,000 agents dispersed throughout 200 locations. During the fiscal year 2015-16, the business managed assets of Rs.9,530 crores and earned Rs.2,047 crores in Premium Income. Exide Life Insurance’s claims settlement ratio was 89 percent in fiscal year 2015-16.

  1. Exide Life Insurance Business Limited, a well-known and lucrative life insurance company, provides the Exide Life Wealth Maxima plan, a single premium investment plan. In addition to the potential to maximise capital generation, the policy provides a rare chance to enhance life coverage at various stages of life.

  2. Maxima Family, Maxima Child, Maxima Investment – One important factor to remember is that you may increase your life insurance coverage within the same policy by switching from one option to another based on your life stage demands and risk tolerance.

  3. Comprehensive Life Insurance: In the event of an unfortunate incident, the family will be reimbursed according to the policyholder’s selection:

  4. Maxima Invest: The family has more than the amount of life insurance or the portfolio’s cumulative balance.

  5. Maxima Family: The family earns the value of the life insurance as well as the amount of the accumulated fund.

  6. Maxima Child: The family automatically receives the sum of the life insurance. Furthermore, this package option offers Premium Financing Incentives, where Exide Life Insurance will finance any additional payments till maturity.

  7. The plan includes the following three investing strategies:

  8. Manage Yourself: Choose from six fund alternatives and switch between them as needed by the consumer.

  9. Systematic Transition Plan: Ensured systematic equity exposure. The premium is initially put in the Debt Fund, and then a pre-set share is assigned to the Equity Fund each month.

  10. Automatic Asset Rebalancing: Changes the allocation of equity dynamically across the policy term. Starts with a high level of exposure at the start of the programme and gradually decreases the fund’s ownership as the policy matures.

  11. Loyalty Benefits

  12. The plan includes loyalty bonuses on the policy’s 10th, 15th, and 20th anniversaries.

Applying for a Traditional / Investment Plan from the company

Traditional Plans:

Traditional products are low-risk insurance policies that provide policyholders with assured maturity returns. These plans often invest in bonds and other low-risk investment instruments to offer policyholders with guaranteed maturity proceeds. Endowment policies, whole life insurance policies, retirement plans, money back plans, and other typical life insurance products are examples. Term plans, which provide just life insurance coverage, can also be considered typical life insurance products. These are referred to as traditional plans since they are the classic kinds of life insurance that have been in use for a long time.

Traditional life insurance plans are further classified as participating and non-participating. Because of the nature of their assets, participating policies are fraught with uncertainty. However, the risk associated with these policies is smaller than the risk connected with non-traditional plans like as ULIPs. Non-participating plans, on the other hand, are free of ambiguity. This insurance guarantees the maturity funds as well as extra bonuses and profits.

Investment Plans:

The integration of insurance and investing under one policy is one of the most important components of non-traditional life insurance coverage. These plans have both components and are appealing to consumers who want high-risk coverage. These plans invest in the market and have some amount of risk connected with them. Due to the high-risk nature of these programs, there is also the possibility for bigger rewards. ULIPs are the most frequent sort of non-traditional policy, and they are newer than other forms of life insurance products. Most of the market’s biggest businesses provide ULIPs to consumers looking for high-risk, high-return insurance policies.

In comparison to other insurance products, ULIPs provide policyholders with a variety of customizable possibilities. For example, policyholders can choose what sorts of investments they can make with their money based on the degree of risk they are ready to accept. This is not achievable with other existing life insurance plans on the market. Based on the individual needs of policyholders, insurance firms in the market provide several forms of ULIPs.

How you can save with the Exide Life Wealth Maxima Plan?

The following are some of the reasons why purchasing life insurance policies from Exide Life Insurance Company Limited is simple and convenient:

  • My Life: As a policyholder, you can sign up for My Life and take advantage of various online features such as online premium payment, checking policy status, viewing Policy Value, switching funds, reviving an insurance policy, updating your contact information, making enquiries via E-box, printing policy fund statements, tax certificates, and portfolio statements.

  • Policy alerts: You can get policy-related information via SMS or email notifications to your registered cell phone number.

  • Simple premium payments: E-wallets, net banking, credit cards, and debit cards are examples of online premium payment options. Other premium payment methods are as follows:

  • Arrangement for Auto-Debit

  • RTGS or NEFT

How to Apply for Exide Life Wealth Maxima Plan

Certain policies are only available online via Exide. The investor must go to the company’s official website, choose the investment plan he wants to apply for, select the coverage he needs, and then enter his information. The amount of the premium is determined by the coverage and tenure options he selects. If the investor accepts the terms, he can purchase the plan by paying the premium with a credit or debit card or by utilising net banking services. If the investor wishes to acquire a plan that is offered through a broker or an agent, he may fill out the relevant paperwork, present the necessary papers, and pay for the plan in cash.

FAQs-

Q1. What is the policy renewal process for Exide Life Wealth Maxima Plan?

Ans – Make contact with The Life Insurance Company.
The first step toward recovery is contacting the insurance company. Inform them of your desire to renew the life insurance coverage and complete the necessary paperwork to continue. You will be advised of the revival quotation or amount required during this phase. The appropriate amount will include all insurance policy premiums owed.

Pay the Overdue Premium Amounts

As a general rule, life insurance companies provide a grace period of 30 days. If you pay the outstanding dues during this time period, you will most likely avoid paying any penalties. If you make your payment after the grace period but before the six-month deadline, you must pay the outstanding premiums plus interest to reinstate your insurance coverage. If the payment is made after six months, you will most likely be charged a late fee or penalty in addition to the interest and premiums. This is sometimes referred to as the resurrection penalty.

Q2. How can I check policy status for Exide Life Wealth Maxima Plan?

Ans – You may check your policy’s status online. You must first go to the Exide Life Insurance official website and enter your User ID and password. You will be sent to the main page, where you may view your policy status by clicking “Policy Status.”

Q3. What is the policy cancellation process for Exide Life Wealth Maxima Plan?

Ans – In the event that an insurance is surrendered before the 5-year lock-in term has expired, the following requirements apply.

• The policy’s life cover expires on the day of surrender.

• The fund’s value, less Policy Discontinuance Charges, will be transferred to the Discontinued Fund.

• The Discontinued Fund will produce a minimum guaranteed return (net of the Fund Management Charge) as determined by IRDAI from time to time. The current minimum guaranteed rate of interest set by IRDAI is 4% per year. During this time, a 0.50 percent p.a. Fund Management Charge will be charged from the Discontinued Fund.

• During the lock-in period, the Policyholder has two years from the date of discontinuation to renew the policy.

• If the policy is not revived, the revenues from the Discontinued  Fund will be paid to the Policyholder at the conclusion of the lock-in term or the 2 year revival period, whichever comes first.

• If the Life Assured dies within the lock-in term, the profits from the discontinued fund Value will be distributed to the Eligible Person.

• If a policy is surrendered after the 5-year lock-in period has expired, the insurance will be cancelled immediately following payment of the Fund value as of the date of surrender.

Q4. How to pay a premium? What are the modes of payment available?

Ans – The Exide Life Wealth Maxima Premiums can be paid by making a cash or cheque deposit at a recognised branch. To pay the premium, you can utilise the NEFT or ECS system online.

Q5. What is the Invest Protect Option?

Ans – The plan provides three variations to improve the protection level as needed to meet major milestones such as marriage and delivery.