Exide Life Insurance

If you are a wage earner in the family, you should purchase life insurance to ensure that your family is provided for even if you are not present. A life insurance policy acts as a financial safety net for your family in the event of your death. It guarantees a certain amount to your family in the event of your death within the policy’s term. Your family can use the money assured to cover both routine and critical needs.

The Regular Premiums must be paid on the due date, but no later than the Grace Period of 30 days after the due date. The Policy will remain in effect for the purpose of receiving the Death Benefit during the Grace Period.

Yes, you can cancel your insurance during the first 15 days of its issue. This is referred to as the “Freelook Period” (15 days from the date of receipt of the Policy Bond).

You can review your original policy paper at this time. If you are dissatisfied with the terms and circumstances of your policy, you may cancel it and receive a refund. The time will be 30 days if it is obtained through distance marketing.

Yes, you can bring your cancelled policy back to life. By paying the necessary premium, reinstatement charges, and completing the Personal Health Declaration Form, you can apply for the policy to be revived within 3 years (from the date of policy cessation) for Unit Linked and 5 years (from the date of policy discontinuance) for all other policies. The renewal of a policy is contingent on underwriting.

In addition to providing life insurance coverage, the My Money Back Plan also provides the insured with guaranteed pay-outs known as Survival Benefit. The insured will get a specified proportion of the basic sum assured if he continues to pay the requisite premium and survives certain pre-determined periods.

When you pay the premiums for your term insurance plans, you can deduct up to 1.5 lakh from your taxable income, lowering your tax liability.

Section 10 of the Internal Revenue Code exempts the proceeds received from a term insurance plan after the policyholder’s death (10D).

You are very much qualified to obtain a term insurance plan in India if you are a Non-Resident Indian. When you apply for a term plan while visiting India, your insurance will be treated the same as any other policy purchased by an Indian once the underwriting is finished.

You can apply for a term plan in India by mailing or phoning a life insurance firm in your native country. A local notary verifies such policies (equivalent to an Indian diplomat or an Indian Embassy official).

Yes, you can obtain term insurance from two different firms at the same time. In the event of the policyholder’s death within the policy period, both insurers from which you acquired term insurance plans are obligated to pay a claim to the nominee. It’s a good idea to get multiple term life insurance policies for better coverage.

Reversionary Bonus means the non-guaranteed bonuses declared, if any, as a percentage of Basic Sum Assured, subject to the availability of surplus and payable on death or during the Benefit Payout Term.

The rule of thumb for determining your term plan’s cover is that it should be at least 10 times your annual income. An individual earning 5 lakh per year, for example, should have a term policy worth roughly 50 lakhs to provide appropriate income to his family after his death. Any long-term plan that pays out up to ten times your annual income or more is a good investment.

A portion of the premium you pay for your ULIP plan is withheld to cover various costs. The remaining money are purchased with the remaining funds. The fund value is calculated by multiplying the number of units by the unit’s Net Asset Value (NAV) on that particular day.

Surrender value of a unit-linked insurance plan is determined by the value of the policy fund at the time of surrender, less surrender charges, GST as per the policy terms and conditions, and TDS* (if applicable).