Child Plans have become important in today’s uncertain time. Exide Life provides a range of savings and investment plans in various segments and one of them is child insurance. Exide Life Mera Ashirvad Plan is one such option that falls under this category. This is a non-participating and non-linked life insurance plan that is designed to secure the future of the policyholder’s child.
This child insurance plan guarantees the necessary money so that the insured can fulfil their child’s aspirations. Exide Life Mera Ashirvad Plan provides the policyholder and their child with the required financial stability at different stages of life to fulfil their dreams even if they are not with them. It is is a savings-oriented and guaranteed protection child insurance plan that provides money throughout the critical milestones of a child’s life such as education, marriage, setting up a business, etc.
Eligibility Criteria Of Exide Life Mera Ashirvad Plan
| Particular | Details | |
| Entry Age of Parent or Life Assured | 21-50 years | |
| Entry Age of the Child | 0-15 years | |
| Maturity Age of Parent or Life Assured | 65 years | |
| Maturity Age | 36 years | |
| Premium Payment Term | Child’s Age | Premium Payment Term |
| 0 year | 13-20 years | |
| 1 year | 12-20 years | |
| 2 years | 11-20 years | |
| 3-15 years | 10-20 years | |
| Policy Term | 5 years + Premium Payment Term | |
| Minimum Sum Assured | For 10-14 Years Premium Payment Term: Rs. 350,000 | For 15-20 Years Premium Payment Term: Rs. 450,000 |
| Death Benefit | 100% Sum Assured | |
Exide Life Mera Ashirvad: Key Benefits
The insurance plan offers an extensive range of benefits to the policyholders. Some of them are elaborated here:
Death Benefit: In case of an unforeseen event, the beneficiary will receive the death benefit. The death benefit of this plan is equal to the sum assured that is paid as lump sum. In addition to this, all upcoming premiums will be waived off and no deduction will be made by Exide Life. On unexpected demise of the policyholder, policy benefits such as guaranteed staggered payouts and maturity benefit will remain the same. The death benefit will be the higher of the following:
- 105% of premiums paid (premium paying term x equal to premium)
- 10 times of annualised premium
Maturity Benefit: On the completion of the policy term chosen, the insurance company will pay the maturity sum assured provided the policy is still in-force.
| Maturity Options (Chosen by the Policyholder) | Payouts as a Percentage of Sum Assured |
| Option A | 65% |
| Option B | 105%* |
Guaranteed Staggered Payouts Benefit: The policyholder has the flexibility to choose their sum assured to receive it in the form of staggered payouts. This guaranteed payout is payable as mentioned here:
| Duration of Receiving the Payment | Paid-Up Value Factor |
| 1st Anniversary of the Policy after Premium Payment Term | 7.5% |
| 2nd Anniversary of the Policy after Premium Payment Term | 7.5% |
| 3rd Anniversary of the Policy after Premium Payment Term | 10% |
| 4th Anniversary of the Policy after Premium Payment Term | 10% |
Enhanced Life Cover Benefit through Riders: This life cum child insurance plan offers the customers to customise their life cover by adding a rider benefit at a nominal cost. The insurance plan has the following options:
- Exide Life Critical Illness (4) Regular Pay
- Exide Life Critical Illness (25) Regular Pay
- Exide Life Accidental Death Disability and Dismemberment Rider
- Exide Life Term Rider
A policyholder can add any of the above-listed riders in their policy at the inception or at the anniversary of the policy throughout the policy term.
Premiums: The premium amount for this insurance plan is decided on the basis of the parent’s age, opted sum assured and premium paying term. The monthly premiums per Rs. 1000 sum assured for 10, 15 and 20 years term are as follows (with sample ages):
| Parent’ Age | Monthly Premium Rate | ||
| Premium Paying Term | |||
| 10 | 15 | 20 | |
| 30 | 6.57 | 3.90 | 2.71 |
| 35 | 6.66 | 4.01 | 2.84 |
| 40 | 6.84 | 4.21 | 3.06 |
| 45 | 7.12 | 4.51 | NA |
| 50 | 7.58 | NA | NA |
To enable the customers to pay less and save more for their child, the insurance company also provides additional discounts on their premiums for higher sum assured. The discount depends on the premium paying term per Rs. 1,000 sum assured. Look at the table below to know more about this:
| Sum Assured (SA) Amount | Deduction per Rs. 1,000 Sum Assured | |
| Premium Payment Term 10-14 Years | Premium Payment Term 15-20 Years | |
| SA < Rs. 6 lakh | 0 | 0 |
| Rs. 6 lakh <= SA < Rs. 8 lakh | 2.5 | 1 |
| Rs. 8 lakh<= SA <Rs. 10 lakh | 3.25 | 2 |
| Rs. 10 lakh <= SA < Rs. 12 lakh | 3.75 | 2.5 |
| SA Rs. 12 lakh and above | 4 | 2.75 |
Income Tax Benefit: This insurance plan by Exide Life also offers certain tax benefits to the policy owner. They may get tax exemptions on premiums as well as on guaranteed maturity value under sections 80C, 80D and 10 (10D) of the Income Tax Act, 1961. One notable point is that income tax laws are subject to amendments. Income tax benefit may also change with any change in the laws.
Calculate Benefits Online
Exide Life provides a handy online tool – benefits calculator for an easy comparison. The results provided by this tool depend on several factors such age policy owner’s age, child’s age, sum assured and premium payment term. Look at the following example to know how these factors have a direct impact on the benefits:
Ram is a 40-year professional while Sam is a 30-year individual engaged in a similar profession.Both of them have opted for Exide Life Mera Ashirvad Plan for their 8-year old son and 4-year old girlrespectively. They choose to pay premiums for 10 years for a Rs. 10 lakh sum assured. In this scenario, both will get adifferent set of benefits due to their own age as well as the child’s entry age.
Their benefits have been tabulated below:
| Ram’s Benefits | Sam’s Benefits |
| · Annual premium will be Rs. 71,559
· Life cover amount of Rs. 10 lakh will be paid by the insurer as the death benefit · Death benefit along with additional 5% of sum assured will be paid in lump sum · Upcoming premiums will be waived off |
· Annual premium will be Rs. 68,586
· Rs. 10 lakh, the life cover amount will be paid as the death benefit · Death benefit will be paid with additional 5% of sum assured will be paid in lump sum · Future premiums will be waived off |
Exclusions Under Exide Life Mera Ashirvad Plan
In case the policyholder commits suicide within one year from the date of issued policy, the insurance company will not be liable to pay any benefits other than what is given below.
- 80% of paid premiums provided the policy is still in force if the death occurs within one year.
- Higher of 80% of Paid premiums as available on the date of death if the death occurs within one year from the date of reinstatement.
How To Buy Exide Life Mera Ashirvad Plan
This plan is available through the offline mode and one needs to visit the centre of Exide Life to get it.
Surrender Benefit
Exide Life Mera Ashrivad Plan acquires Guaranteed Surrender Value after the premium for that year is paid in full. In case the policyholder, have paid premiums for atleast three full years, then the amount payable will be higher of the SSV (Special surrender value) and GSV (Guaranteed Surrender Value). All the benefits will get terminate upon payment.
| Policy Year | Guaranteed Surrender Value (% of the Premiums Paid) |
| 1-2 years | 20%* |
| 3 years | 30% |
| 4-7 years | 50% |
| 8-10 years | 60% |
| 11-13 years | 70% |
| 14-17 years | 80% |
| 18 years and above | 90% |
Contact Details
To know more about the Exide Life Mera Ashirvad Child plan, you can contact the nearest branch office or call them at 18004198228 to get your doubts cleared.
To buy an insurance policy online
- Phone Call: 1800 419 0808 (Toll-Free)
- Email: websales@exidelife.in
For Policy-Related Services
- Phone Call:1800 419 8228 (Toll Free) and +91 80 4134 5444
- Email:care@exidelife.in
Frequently Asked Questions
Some of the frequently asked questions about Exide Life and Exide Life Mera Ashirvad Plan have been answered here:
Q1. What is the duration of the free-look period for this insurance plan?
Exide Life provides a total of 15 days free-look period to thoroughly read and review the policy documents and its terms and conditions. In case the customer has any objection to any of the policy’s terms and conditions, they have the option to return it. However, they will have to state the reason for the objection. After receiving the objection letter, the insurer will refund the premium amount paid after deducting stamp charges, expenses of medical examination (if any), etc.
Q2. How much life cover an individual needs?
The need for life cover may vary from one person to another. To make things simpler, Exide Life provides an online tool – Human Life Value Calculator. This tool will help you to know how much life cover you actually need to protect yourself and your loved ones from uncertainties. This online tool is available on the website of Exide Life. You will just need to provide some of your basic details to get the results. Contact Exide Life or meet their advisor for assistance.