Exide Life Star Saver Plan
Exide Life Star Saver Plan is a non-linked, non-participating individual savings plan which offers guaranteed benefits at maturity. The plan also offers benefits of a life cover along with an additional accidental death benefit. The plan helps you boost your savings by way of guaranteed additions at the end of every policy year along with the loyalty benefit at the end of the policy term.
You can further extend the coverage of the plan with the help of 3 optional riders, out of which 2 provide coverage for critical illnesses and 1 helps you to double your life cover. In case no premiums are paid after the payment of the first 2 years’ premiums and the plan is not surrendered, then the policy will get converted into a reduced paid-up policy and the applicable benefits will be paid to you.
Best Features of Exide Life Star Saver Plan
Exide Life Star Saver Plan comes with the following features -
- Guaranteed Maturity Benefit - The plan provides a guaranteed lump sum on maturity which is equivalent to the aggregate of the maturity sum assured, guaranteed additions and loyalty benefit.
- Guaranteed Additions - The plan makes guaranteed additions to your savings corpus every policy year. The additions are equivalent to 7%-8% of your maturity sum assured basis your policy term and annualised premium amount.
- Loyalty Benefit - In order to reward you for long commitment, the plan provides a loyalty benefit equivalent to 5%-30% of your maturity sum assured at the end of the policy term.
- Premium Payment Term - The plan comes with a short premium payment term of just 5 years.
- Accidental Death Benefit - The plan provides an additional accidental death benefit to your family in case of your unfortunate death in an accident.
- Policy Loan - You can avail a loan of up to 80% of the surrender value subject to a minimum loan amount of INR 1,000 after the payment of full 2 years’ premiums. The loans issued in the financial year 2020-2021 will carry an interest rate of 8% p.a.
- Policy Revival - A lapsed policy can be revived within 5 years of the first unpaid premium at a currently applicable interest rate of 7.5% p.a., subject to underwriting.
- Rider Options - The plan offers 3 optional riders namely Critical Illness (4) Regular Pay, Critical Illness (25) Regular Pay, and Term Rider.
Benefits of Exide Life Star Saver Plan
Following benefits are available with the Exide Life Star Saver Plan -
- Maturity Benefit
In case the life assured survives till the end of the policy term, the aggregate of the following is paid as the maturity benefit -
- Sum assured on maturity
- Guaranteed Additions (GA)
- Loyalty Benefit (LB)
The guaranteed additions rate and loyalty benefit rate are as follows -
|Policy Term/Annualised Premium||INR 25,000 - INR 59,999 p.a.||INR 60,000 - INR 1,19,999 p.a.||INR 1,20,000 - INR 179,999 p.a.||INR 1,80,000 and above|
*equivalent to the percentage of the maturity sum assured.
- Death Benefit
In case of an untimely death of the life assured, the death sum assured equivalent to the highest of the following is paid to the nominee as the death benefit -
- Sum assured on maturity
- 105% of the total premiums paid till the date of death
- Multiple of annualised premium
|Entry Age||Multiple of Annualised Premium|
|Less than or equal to 50 years||10|
|51 years or more||7 or 10 as chosen by the life assured|
In addition to the death sum assured, the accrued guaranteed additions and the additional accidental death benefit are also payable to the nominee. The accidental death benefit is equivalent to the death sum assured plus accrued additions till the date of death due to the accident. The accidental death coverage commences after the life assured attains the age of 18 years.
Please note that in case the life assured is less than 12 years of age at the time of policy issuance, the life cover will commence from the last day of the 2nd policy year and if the death of such a life assured happens before the last day of the 2nd policy year, the death benefit will remain restricted to the refund of the total premiums paid till the date of death.
- Surrender Benefit
If you surrender the policy before the completion of the policy term but after the payment of full 2 years’ premiums, then the policy will acquire a Guaranteed Surrender Value (GSV) and a Special Surrender Value (SSV). The higher of the GSV and the SSV shall be payable as the surrender benefit.
Exide Life Star Saver Plan Eligibility
The Exide Life Star Saver Plan comes with the following eligibility conditions -
Exide Life Star Saver Plan Eligibility Conditions
|Policy Term||10 years||12 years||15 years|
|Minimum Age At Entry||8 years||6 years||3 years|
|Maximum Age At Entry|
|Minimum Age At Maturity|
|Maximum Age At Maturity|
|Premium Payment Term (PPT)|
|Minimum Premium Amount|
Yearly - INR 24,000
Half-yearly - INR 33,000
Monthly - INR 5,500
|Maximum Premium Amount|
No limit, subject to underwriting
|Minimum Basic Sum Assured|
|Maximum Basic Sum Assured|
No limit, subject to underwriting
|Premium Payment Mode|
Yearly, Half-yearly, Monthly*
*In case of monthly premium, 3 monthly premiums are collected in advance at the time of policy commencement.
Exide Life Star Saver Plan Review
Exide Life Star Saver Plan is a savings plan which offers 3 kinds of benefits namely maturity benefit, death benefit, and surrender benefit. Under its death benefit, the plan provides an additional accidental death benefit. The plan helps you appreciate your savings by making guaranteed additions to your premiums at the end of each policy year. The plan also provides a loyalty benefit at the end of policy term to further enhance your savings corpus.
The plan is available with a choice of 3 policy terms of 10, 12, and 15 years to help you plan your savings in line with your financial goals. You can also avail a loan facility under the plan after the payment of 2 years’ premiums to meet sudden financial requirements. You can also extend the plan’s coverage by opting for the 3 available rider plans. This plan can be shortlisted by individuals who are looking for a short premium payment term along with guaranteed additions to their savings.