Exide Life Insurance has introduced a new savings cum insurance plan in India to offer regular guaranteed income and life insurance cover.
Under the Exide Life Income Advantage Plan, the individual can choose from two income payout options as per life stage requirements, providing benefit from the bonus payouts.
The individual has to pay premiums only during the first half of the policy term, as part of the plan.
From the second half of the policy term, the policyholder will secure regular guaranteed income on an annual basis.
The plan will also offer additional income for the policyholder every year, which is paid on an account of applicable bonuses.
According to the company, three policy terms are offered under the plan, including 16, 24 and 30.
Exide Life Insurance product management executive vice president Sanjay Tiwari said: "It is an affordable plan designed to cater to every individual’s need for a second income to achieve long term financial goals, thereby ensuring that your dreams for your loved ones are taken care of.
"The uniqueness of this plan lies in providing long term, tax-free second income offering reasonable returns to our customers powered by guaranteed benefits and upside of bonuses."
Based in Bangalore, Exide Life Insurance provides its products to customers through multi-channels, including agency, banc assurance, alliances and direct channels. It serves around ten lakh customers in the country.
Image: Exide Life Insurance introduces new savings cum insurance plan in India. Photo: courtesy of Vichaya Kiatying-Angsulee / FreeDigitalPhotos.net.