Happily ever after. Enjoy guaranteed income even after your retirement.

Transcription

1 Happiy ever after. Enjoy guaranteed income even after your retirement. Exide Life New Immediate Annuity with Return of Purchase Price Lifeong Annuity Payouts Guaranteed for Life Fexibe Payout Options to Receive Your Annuity Amount Large Voume Discount on the Annuity Rates Depending on the Purchase Price Range No Medica Examination On Demise, fu Refund of the Purchase Price exideife.in

2 Exide Life New Immediate Annuity with Return of Purchase Price As your date of retirement is approaching, you need to arrange for guaranteed reguar income for the rest of your ife. You need to ensure that nothing disturbs your years of enjoyment, east of a market voatiity. We, at Exide Life Insurance understand this need and have come up with a pan that asts for a ifetime. Invest your retirement savings in the Exide Life New Immediate Annuity with Return of Purchase Price, a Singe Premium pan that gives you a guaranteed income throughout your retired ife and more. Annuity option for the Exide Life New Immediate Annuity with Return of Purchase Price Exide Life Insurance offers this immediate annuity pan with return of purchase price. For years, you have been saving for your retirement and now you can use those savings to get a guaranteed ife time income. A you have to do is invest your savings at one go in this Poicy and choose the mode of receiving the Annuity Payout (monthy/quartery/haf-yeary/yeary) and we wi start paying you a reguar income from the end of your chosen period based on the annuity payout mode seected. Key Benefits Lifeong Annuity payouts guaranteed for ife. Fexibe payout options to receive your Annuity amount. On death the Purchase Price is fuy refunded. Death Benefit: Refund of Purchase Price On death of the annuitant the entire Purchase Price wi be paid to the nominee or ega heirs as death benefit. Annuity Benefits The Annuity rates depend on the Purchase Price, the age at entry and the Annuity payout mode. Your reguar income for ife wi start after the end of the Annuity payout mode chosen by you. If you have an existing Exide Life pension accumuation poicy and you decide to buy annuity from those proceeds, you wi get a higher annuity rate. Sampe annuity rates are given in beow tabe: Age (years) Band 1: Band 2: Band 3: Band 4: Band 5: Less than `1 ac `1 ac to ess than `2.5 acs `2.5 ac to ess than `5 acs `5 ac to ess than `25 acs `25 ac and above The Annuity rates may be reviewed by the company from time to time, but the rates once appied at the time of entry for an Annuitant are guaranteed for the rest of his/her ife on the given Purchase Price. Existing and Other than Existing Customers This pan can be bought by both existing and other than existing customers. Existing Customer: Existing Customers are defined as poicyhoders and nominee/s of the poicyhoders under any of our existing deferred/fund based pension products and subsequent deferred/fund based pension products to be aunched in future with IRDAI s approva. Other than Existing Customer: The Customers other than the Existing Customers. Note: The beneficiaries who want to purchase the Immediate Annuity using the proceeds/benefits of the products other than the Exide Life s Deferred/Fund Based Pension Pans wi not be considered as Existing Customers. Annuity Payout Mode The Annuity Payout Mode aowed is Annua, Haf Yeary, Quartery and Monthy modes. Annuity Payout for modes other than Yeary sha be as specified beow:

3 Mode Haf-yeary Quartery Monthy Annuity Instament (Per Frequency) 48.5% of Yeary Annuity 23.75% of Yeary Annuity 7.75% of Yeary Annuity Large Voume Discounts: The annuity rates vary by purchase price band. The purchase price bands are as specified beow: Band Purchase Price Band 1 Less than `100,000 Band 2 `100,000 to ess than `250,000 Band 3 `250,000 to ess than `500,000 Band 4 Band 5 `500,000 to ess than `2,500,000 `2,500,000 and above For exampe, for a 60-year od annuitant, the appicabe annuity rate for purchase price of Rs. 250,000 may be 6.35%. However, a higher annuity rate of 6.54% may appy if the purchase price is, say, Rs 500,000. Pease note that the annuity rate is subject to change depending on the prevaiing economic conditions; however the rates once appied at the time of entry are guaranteed for the rest of his/her ife on the given Purchase Price. Tax Impact The payment of Annuities and Death Benefit may be subject to taxes as per the prevaiing tax aws on the date of payment and as per the Annuitant s / ega heir s taxabe income sabs. For specific detais on tax impications we woud urge you to contact your tax consutant before you invest in this poicy. Pease note that tax benefits are subject to change in aws from time to time. Goods & Service tax and any other taxes as appicabe woud be evied from time to time. Pan at a gance (Eigibiity Criteria) Minimum Age at Entry 0 years (age as on ast birthday for Existing Customers) 45 years (age as on ast birthday for Customers other than Existing Customers) 55 years (age as on ast birthday for Customers other than Existing Customers who were members of a United Kingdom (UK) Registered Pension Scheme wanting to transfer their pension corpus from UK into this scheme) Maximum Age at Entry Maturity Age Premium Payment Term Minimum Purchase Price Maximum Purchase Price Minimum Annuity Amount (per month) Annuity Payout Mode 80 years (age as on ast birthday for a) Not Appicabe Singe (One-time Payment) As per the minimum Annuity amount of `1,000 per month No Limit `1,000 Yeary, Haf-Yeary, Quartery & Monthy Terms and Conditions Free ook In case you disagree with any of the terms and conditions of this annuity product, you have the option of canceing the annuity by writing to the company stating the reasons for disagreement with the terms and conditions of the annuity and return the origina poicy document to the company within 15 days of the receipt of the poicy document (30 days if the Poicy is sourced through Distance Marketing#). In case of such a canceation the purchase price subject to a deduction of the appicabe stamp duty (if any) incurred by the company sha be Transferred to any other annuity provider as seected by the poicyhoder, in case this annuity product was purchased from the proceeds of a pension pan with Open Market Option (OMO) Returned to the poicyhoder, in case this annuity product was not funded from the proceeds of any pension pan Free ook canceation sha not be appicabe where the poicyhoder has to compusoriy purchase annuity from Exide Life Insurance using the proceeds of a pension pan. However, such poicyhoder/annuitant has an option to change the type of annuity, if any, within 15 days of receipt of poicy document.

4 # Distance marketing incudes every activity of soicitation (incuding ead generation) and sae of insurance products through the foowing modes: a. Voice mode, which incudes teephone-caing; b. Short Messaging service (SMS); c. Eectronic mode which incudes e-mai, internet and interactive teevision (DTH); d. Physica mode which incudes direct posta mai and newspaper & magazine inserts; and, Soicitation through any means of communication other than in person. e. Soicitation through any means of communication other than in person. Surrender Vaue, Poicy oan, Assignment There is no Surrender Vaue in this poicy. Poicy oan and assignment are not aowed under this pan Survivorship Exide Life may at any time request the Annuitant to submit the proof of surviva for payment of Annuity. Nomination Nomination shoud be in accordance with provisions of Section 39 of the Insurance Act 1938 as amended from time to time. [A Leafet containing the simpified version of the provisions of Section 39 is encosed as Annexure - (I) for reference] Other Discosures: Exide Life New Immediate Annuity with Return of Purchase Price is a non-inked and non-participating immediate Annuity pan. This product brochure is indicative of the terms, conditions, warranties and exceptions contained in the insurance poicy. For further detais, pease refer to the poicy document and detaied benefit iustration. In the event of confict (if any) between the terms and conditions contained in this brochure and those contained in the poicy document, the terms and conditions mentioned in the poicy document sha prevai. Section 41: Prohibition of Rebate: Under the provisions of Section 41 of the Insurance Act, 1938 as amended from time to time (1) No person sha aow or offer to aow, either directy or indirecty, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk reating to ives or property in India, any rebate of the whoe or part of the commission payabe or any rebate of the premium shown on the poicy, nor sha any person taking out or renewing or continuing a poicy accept any rebate, except such rebate as may be aowed in accordance with the pubished prospectuses or tabes of the insurer: (2) Any person making defaut in compying with the provisions of this section sha be punishabe with fine which may extend to ten akh rupees. About Exide Life Insurance Company Limited (As on March 2018) Exide Life Insurance Company Limited, an estabished and profitabe ife insurance company, commenced operations in and is head quartered in Bengauru. The company is 100% owned by Exide Industries Limited. The company serves over 15 akh customers and manages assets of over `12,500 Crores. During the financia year , the company achieved Tota Premium Income of over `2,500 crores and deivered `60 crores in Profits (PBT). Exide Life Insurance distributes its products through muti-channes viz. Agency, Banc assurance, Corporate Agency & Broking, Direct Channe and Onine. The Agency channe comprises of 45,000+ advisors who are attached to over 200 company offices across the country. The company aso offers group ife insurance soutions. The company is focused on providing ong term protection and savings soution pans and has a strong traditiona product portfoio with a consistent bonus track record. The company has ISO 9001:2008 quaity certification for a Customer Service processes and the ISO/IEC 27001:2013 for information security management. Our Sharehoders About Exide Industries Limited - Exide is India s argest manufacturer of eectric storage batteries and its biggest power-storage soutions provider with a market capitaization of over `20,000 crores*. Since its introduction in India more than a hundred years ago, Exide remains the foremost and the most trusted battery brand in India. The century od brand equity is backed by a robust nation-wide st network of 48,000 pus outets and 180 pus saes & service touch points (*As on 31 March 2018). With 7 word-cass battery manufacturing factories across India, the range of products offered by the company covers everything from the smaest batteries required in motorcyces to the giant batteries powering submarines. After a, India moves on Exide. Or ca us at or visit exideife.in To know more about this product, pease contact our nearest Branch Office. Exide Life New Immediate Annuity with Return of Purchase Price UIN: 114N081V02. Goods & Services Tax (GST) sha be evied as per prevaiing tax aws which are subject to change from time to time. Exide Life Insurance Company Limited is a whoy owned subsidiary of Exide Industries Limited. The trademark Exide is owned by Exide Industries Limited and icensed to Exide Life Insurance vide Trademark icense agreement dated 30th October Exide Life Insurance Company Limited. IRDAI Registration number: 114, CIN:U66010KA2000PLC028273, Registered Office: 3rd Foor, JP Tencho Park, No.3/1, Miers Road, Bengauru ; To Free: ; Visit: exideife.in; ARN:EXL/ /COLL/112 Beware of Spurious/ Fraud Phone Cas: IRDAI is not invoved in activities ike seing insurance poicies, announcing bonus or investment of premiums. Pubic receiving such phone cas are requested to odge a poice compaint.

5 Section 39 Nomination by Poicyhoder ANNEXURE I Provisions regarding nomination of a Poicy in terms of Section 39 of the Insurance Act, 1938, as amended from time to time are as foows: 01. The Poicyhoder of a ife insurance on his own ife may nominate a person or persons to whom money secured by the Poicy sha be paid in the event of his death. 02. Where the Nominee is a minor, the Poicyhoder may appoint any person to receive the money secured by the Poicy in the event of Poicyhoder s death during the minority of the Nominee. The manner of appointment is to be aid down by the insurer. 03. Nomination can be made at any time before the maturity of the Poicy. 04. Nomination may be incorporated in the text of the Poicy itsef or may be endorsed on the Poicy communicated to the insurer and can be registered by the insurer in the records reating to the Poicy. 05. Nomination can be canceed or changed at any time before Poicy matures, by an endorsement or a further endorsement or a wi as the case may be. 06. A notice in writing of Change or Canceation of nomination must be deivered to the insurer for the insurer to be iabe to such Nominee. Otherwise, insurer wi not be iabe if a bona fide payment is made to the person named in the text of the Poicy or in the registered records of the insurer. 07. Fee to be paid to the insurer for registering change or canceation of a nomination can be specified by the Authority through Reguations. 08. On receipt of notice with fee, the insurer shoud grant a written acknowedgement to the Poicyhoder of having registered a nomination or canceation or change thereof. 09. A transfer or assignment made in accordance with Section 38 sha automaticay cance the nomination except in case of assignment to the insurer or other transferee or assignee for purpose of oan or against security or its reassignment after repayment. In such case, the nomination wi not get canceed to the extent of insurer s or transferee s or assignee s interest in the Poicy. The nomination wi get revived on repayment of the oan. 10. The right of any creditor to be paid out of the proceeds of any Poicy of ife insurance sha not be affected by the nomination. 11. In case of nomination by Poicyhoder whose ife is insured, if the Nominees die before the Poicyhoder, the proceeds are payabe to Poicyhoder or his heirs or ega representatives or hoder of succession certificate. 12. In case Nominee(s) survive the person whose ife is insured, the amount secured by the Poicy sha be paid to such survivor(s). 13. Where the Poicyhoder whose ife is insured nominates his a. Parents, or b. Spouse, or c. Chidren, or d. Spouse, and chidren e. or any of them the Nominees are beneficiay entited to the amount payabe by the insurer to the Poicyhoder uness it is proved that Poicyhoder coud not have conferred such beneficia tite on the Nominee having regard to the nature of his tite. 14. If Nominee(s) die after the Poicyhoder but before his share of the amount secured under the Poicy is paid, the share of the expired Nominee(s) sha be payabe to the heirs or ega representative of the Nominee or hoder of succession certificate of such Nominee(s). 15. The provisions of sub-section 7 and 8 (13 and 14 above) sha appy to a ife insurance poicies maturing for payment after the commencement of Insurance Laws (Amendment) Act, If Poicyhoder dies after maturity but the proceeds and benefit of the Poicy has not been paid to him because of his death, his Nominee(s) sha be entited to the proceeds and benefit of the Poicy. 17. The provisions of Section 39 are not appicabe to any ife insurance Poicy to which Section 6 of Married Women s Property Act, 1874 appies or has at any time appied except where before or after Insurance Laws (Amendment) Act, 2015, a nomination is made in favour of spouse or chidren or spouse and chidren whether or not on the face of the Poicy it is mentioned that it is made under Section 39. Where nomination is intended to be made to spouse or chidren or spouse and chidren under Section 6 of MWP Act, it shoud be specificay mentioned on the Poicy. In such a case ony, the provisions of Section 39 wi not appy. [Discaimer: This is not a comprehensive ist of amendments. Poicyhoders are advised to refer to Section 39 of the Insurance Act, 1938, as amended from time to time for compete and accurate detais].