Exide Life Pension Plans – Review, Types, Features, Criteria & more

Dropping your hard earned life at the bay, while you enter a new phase of life is not justified. It is always better to take the right steps and carry forward the same life, the same lifestyle. Exide Life Insurance Company provides you with just the same means, with its Exide Life Pension Plan.

They have utilized their excellence in this arena, and drafted some great Exide Life Retirement Plans. Each of the plans is well defined, and inclined towards the betterment of the people. As per the need, the clients can avail for the plan which well suits them.

The best explanation is given in this article, in context with the Exide Life Pension Plan. The reader will be able to clearly make up an overall view on the company and its plans.

About Exide Life Pension Plans

Incorporation of the company was done in the year 2001, in Bengaluru state of India. This company, which is known by the name of Exide Life Insurance Company Limited presently, was incorporated with the name ING Vysya Insurance Company Limited.

They undertake operations in lots of channels, namely direct channels, Assurance, Agency, and Alliances. They have managed to lay down a pretty precise trace record.

It comprises of quality products and services, oriented to investments and saving schemes, providing a high degree of financial protection.

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Types of Exide Life Pension Plans

The Exide Life Retirement Plans features, and also provides a regular source of income. This way, the holder will have access to funds, in order to meet his/her regular goals.

So, the company provides 2 types of Exide Life National Pension Scheme, to meet distinct need of people. Check out the Exide Life NPS below.

• Golden Years Retirement Plan
• Immediate Annuity Plan

Find out other NPS Scheme in India

Exide Life Golden Years Retirement Plan – By Exide Life Pension Plans

Policy holders, who wish to go the traditional way, can opt for this Exide Life National Pension Scheme. So, this plan will open doors to multiple benefits for the holder.

Here are the same listed in bullet points.

• Premium paid by the holder, are kept in the individual pension account. The funds are then used towards investment in capital guarantee plan for this Exide Life Pension Plan.
• The individual pension account will grow as it is supposed to. Plus, the 5^th year of holding the policy will yield benefits such as 1% minimum floor rate, 4% additional interest rate, and other residual additions.
• Upon death of the holder, amount payable would be as 105% of the all the paid premiums, plus the top up premiums. The contrary is the aggregate premium with the top up premiums, together compounded at the rate of 1%. The final amount will be entitled to the nominee.
• Availing for the amount by the nominee has options for this Exide Life National Pension Funds. That means, the nominee can be paid in cash entirely or annuity, can chosen by the nominee.
• The maturity of the policy, will bear the holder premiums paid, plus the top ups together rounded at 1%. The contrary payment is the individual pension account balance.

More Features of Exide Life Golden Years Retirement Plan

• The way the holder can claim for the benefit are numerous for this Exide Life NPS. The holder can choose to avail for 1/3^rd of the amount in cash, and the rest in annuity payments. The entirely amount payable can also be used to buy a single premium annuity plan, or can push back the vesting age upon the criteria, that the holder is below 55 years of age.
• Top ups options are provided to the holder, where he/she can attempt to add up extra money to premium payments. The least amount a top up would cost is Rs.2,000.
• Total premium paid, if higher that Rs.4.8 Lakhs would lead to payment of loyalty benefits. Such a benefit would be equal to 100% of allocation charges reduced from the premium amount.
• If the terms and conditions of the Exide Life NPS state, the premium term can be changed.
• Tax benefits are as well applicable on premium, 1/3^rd withdrawn part, and death benefits. And the Sections in regulation are 80CCC, 10(10D) and 10(10A).

Eligibility Criteria for Exide Life Golden Years Retirement Plan

• Age criteria: 18 to 65 years
• Period: 10 to 42 years
• Premium to be paid per year: Rs.24,000 with no maximum limit
• Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually.
• Payment term: 5 to 42 years

Exide Life Immediate Annuity Plan – By Exide Life Pension Plans

This featured Exide Life NPS Scheme is as well a traditional plan. As the name suggests, it is an immediate low of cash plan, more inclined towards immediate and lifetime flow of money.

• The frequency of payments you choose will be the next interval from which the payout will start rolling. The options provided are half yearly, quarterly, monthly or even annually. This would happen after the single premium payment is made.
• Upon death of the policy holder, the price of purchase is entirely returned to the nominee, with the condition of policy year of death being less than 30 years. If it is more, the annuity payouts already made will be deducted from the price of purchase and then paid.
• If the holder opts to buy the policy, from the returns as fetched from other policy provided by this company, the annuity payout rate would rise for this Exide Life Pension Plan.
• For higher annuity payout, the holder needs to opt for purchase price equal or higher than Rs.2 lakhs
• Tax exception is provided to the premium paid in this Exide Life National Pension Funds, on account of section 80CCC.

Eligibility Criteria for Exide Life Immediate Annuity Plan

• Age criteria: 0 to 75 years
• Price of purchase: Rs.50,000 with no maximum limit
• Return guaranteed: Minimum amount is Rs.1000, whereas the maximum has no limit
• Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually.

Check out more Pension Plans available for Investment

Exide Life Pension Plans / Retirement Plans – Conclusion

It would be a great idea to choose for one of the Exide Life Retirement Plans. They provide the means to smart investment with their well defined and structured Exide Life Pension Plan. The best of benefits you can avail for have been already pinpointed.

So, the final decision lies upon you. You can weigh in all the factors and needs you want, and they choose from the Exide Life NPS Scheme which best suits you.

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