Exide Life Insurance Company Limited, today announced the launch of Exide Life Guaranteed Wealth Plus, a comprehensive life insurance plan that offers best-in-class guaranteed returns, to help customers fulfill their financial needs comfortably along various life stages. It is a non-linked, non-participating individual life insurance savings plan that offers customers the option to choose between two variants.
a) Under the 'Income' variant, customers can pay premiums for 6 years and avail guaranteed fixed income payout for 30 years. Additionally, on maturity, the customer receives 100% of the premiums paid. This is an ideal payout option for customers who want an additional stream of income or a regular cash flow to meet various life stage financial goals such as child's education, marriage and so on.
b) Under the 'Lump sum' variant, customers can pay premiums for 6 years and avail the maturity benefit as a lump sum while enjoying life cover for the entire policy term.
A first in the category, the product offers life cover during the entire income payout period, further strengthening the "protection-cum-returns" proposition. Within certain age bands and depending on the policy term, the maturity benefit also remains the same irrespective of the entry age.
Exide Life Guaranteed Wealth Plus is designed to cushion customers against volatile markets, changing tax laws and reinvestment risk which is high over the long-term. Further, the product also offers enhanced protection through two Rider options - Exide Life Critical Illness (UIN: 114B009V02) and Exide Life Term Rider (UIN: 114B007V02).
Maximum entry age is capped at 60 years whereas minimum age is at 3 years and 11 years for the lump sum and income variants respectively.
Commenting on the launch of the product, Mr. Sanjay Tiwari, Director- Strategy, Exide Life Insurance said, "We are delighted to launch the Exide Life Guaranteed Wealth Plus, one of the most unique and competitive guaranteed savings insurance plans in the market today. The product not only caters to the diverse financial needs of our customers, but also offers them a lucrative option to build wealth.
The category-first product feature of continuous life cover throughout the income payout period along with up to 350% guaranteed returns, sets this product apart and truly makes it an #UnmatchedGuarantee. The launch of this product further strengthens our brand promise of Lamba Saath, Bharose Ki Baat."
Shares of EXIDE INDUSTRIES LTD. was last trading in BSE at Rs.187.15 as compared to the previous close of Rs. 183.75. The total number of shares traded during the day was 146182 in over 1898 trades.
The stock hit an intraday high of Rs. 187.8 and intraday low of 184.4. The net turnover during the day was Rs. 27234564.