Exide Life Star Saver Plan Review
Exide Life Star Saver Plan is a limited payment savings cum insurance plan. Exide Life Star Saver offers guaranteed tax free maturity benefit along with comprehensive protection over the entire policy term.
| PRODUCT SPECIFICATION | |
| Type Of Plan | Traditional Endowment Non Participating |
| Return Type | Fully Guaranteed |
| Tenure | Medium Term |
| Minimum Term | 10 |
| Maximum Term | 15 |
| Premium Flexibility | Annual |
| Minimum Premium | 24000 |
| Maximum Premium | No Limit |
| Minimum Age at Entry | For Policy Term 10 years: 8 years – 60 years For Policy Term 12 years: 6 years – 60 years For Policy Term 15 years: 3 years – 60 years (age last birthday) |
| Maximum Age at Entry | 18 Years - 75 years (age last birthday) |
| Riders Available | Protection against Critical Illnesses: Exide Life Critical Illness Rider Additional Life Cover : Exide Life Term Rider |
| CHARGE STRUCTURE | |
| Policy Allocation Charge | NA |
| Policy Administration Charge | NA |
| Fund Management Charge | NA |
| Surrender Charge | Reduces With increase of Premium Payment Term |
| Mortality Charge | NA |
| BENEFITS | |
| Life Coverage( Sum assured) | 10 X Annual Premium or Maturity Sum Assured |
| IRR | 5.13% * |
| Life Covered Till(Maximum) | 75 |
| Maturity Benefit | 1.82 Times of Total Premium Paid |
| Death Benefit | 10 Times of Annual Premium |
| Waiver of premium | No |
| Survival Benefit | Lump-sum on Maturity |
| Lapse Benefit | No Benefits |
| INVESTMENT | |
| Loyalty Additions | 10-15% Of Maturity Sum Assured Based on term. Refer Broucher |
| Fund options available | NA |
| Systematic Transfer Plan | NA |
| Automatic Asset Allocation | NA |
| Top -ups in between | NA |
| TAX BENEFITS | |
| Section 80C(On premium paid) | YES |
| Section 10(10d) on Maturity | YES |
| LIQUIDITY OPTIONS | |
| Systematic Partial withdrawal | NA |
| Partial Withdrawal | NA |
| Loans | YES |
| Surrender Before Maturity | YES |
| Money Back In-between | NO |
| PRODUCT BROUCHER | PREMIUM CALCULATOR |
* The IRR is calculated without taking life insurance benefits into consideration.
Exide Life Star Saver Plan Review
Exide Life Star Saver is an Traditional Endowment Non Participating Plan. This plan provides guaranteed returns. All the Benefits under this plan is fully guaranteed. The Guaranteed returns in this plan accrue as Guaranteed Additions and Loyalty Additions. Exide Life saver plan offers an inbuilt Accidental death Benefit Rider. On death the client receives sum assured plus guaranteed Additions accrued till date.
What You Pay and What You get
Example Illustration:
Mr Arun aged 26 is taking Exide Life star saver plan for annual premium of Rs 200000. Premium payment term is 5 years and Policy term is 15 years. Lets understand what benefits he will get if all the premiums are paid.
TOTAL PREMIUMS PAID : Rs.1000000
TOTAL BENEFITS RECEIVABLE ON MATURITY : Rs.1828225
DEATH SUM ASSURED : Rs 2100000
DEATH DUE TO ACCIDENT : Rs 2100000 + Rs 2100000
The Maximum returns can be obtained in this plan if you choose 15 years term and premium above Rs.200000.
The Above returns are calculated basis the premium quote generated through the companies website.
Bonus History/ Fund Performance History
Since this is an guaranteed return product, there is no Bonus history available for this plan. The returns in this plan depends on the guaranteed additions added to the policy every year.
What happens if you discontinue your premiums?
- If you discontinue premium payment term before 2 years policy term, the policy becomes lapse and no benefits are payable
- If atleast 2 years premium is paid, the policy becomes paid up.
Liquidity
The policy offers liquidity through loans. You can avail loan up to 80% of the surrender value if atleast 2 years premiums are paid.
If You want to surrender the policy
You can surrender the policy any time after completion of 2 year premium payment. For surrender value please refer product broucher.
**Disclaimer:
This post on Exide Life Star Saver Plan Review is just a review of what the plan offers to the customers. We aim at educating ins and outs of this plan. We are trying to simplify the product and make it easy to understand. The Returns provided in this post are for Illustrative purpose only. The waytoinsurance score is given by our own metrics of calculation and are no way related to the performance of this plan. All these details are derived from the below links. We are aiming at providing financial literacy for the common man.
