Exide Life Insurance
Exide Life Insurance Company

Exide Life Insurance

Exide Life Insurance Company Limited, a well-established and lucrative life insurance company based in Bengaluru, began operations in 2001-02. Exide Industries Limited is the sole owner of the company.

The company earned a total premium income of about INR 3,325 crores in the financial year 2020-21. Exide Life Insurance’s products are distributed through a variety of channels, including agency, bancassurance, corporate agency and broking, direct channel, and online. The Agency channel is made up of more than 40,000 advisors that work out of 200 Company locations across the country. The business also provides group life insurance.

Key Highlights Of The Company

Here are the key highlights of the Exide Life Insurance:

Solvency Ratio2.10 (March 2020)
Gross Written PremiumRs. 3,325 crores
Network40,000+ insurance advisors across 200 cities
Email Idcare@exidelife.in
SMS Service+91 80 4134 5444
Contact No.Contact No- 1800 419 8228 (Toll Free)
Awards & Recognition

2021: Great Place to Work Certified

2020: ET Best Brand – BFSI Category

Exide Life Insurance Plans

You may lay a solid financial foundation for your family’s future with Exide Life Insurance protection products. Exide offers the following types of life insurance policies.

1. Exide Term Life Insurance Plans

Term life insurance can be defined as life insurance that offers maximum protection to the policyholder in case of his/her demise. With Exide, you are likely to get a multitude of term insurance policies and choose one as per your budget and needs.

Name of the Plan Eligibility (Min. & Max. Age)Sum Insured (Min & Max.)
Exide Life Elite Term Insurance Plan

Min Age- 21 years

Max. Age- 60 years

Min- Rs. 50 Lakhs

Max- No Limit (Subject to underwriting guidelines)

Exide Life Saral Jeevan Bima

Min Age- 21 years

Max. Age- 60 years

Minimum- ₹ 5 Lakhs

Maximum- ₹ 25 Lakhs (Subject to underwriting guidelines)

Exide Life Smart Term Pro

Min Age- 18 years

Max. Age- 60 years

Minimum- ₹ 50 Lakhs

Maximum- As per the Board Approved Underwriting policy of the company

Exide Life Smart Term Edge

Min Age- 18 years

Max. Age- 60 years

Minimum- ₹ 10 Lakhs

Maximum- As per the Board Approved Underwriting policy of the company

Exide Life Term with Rate of Premium Plan

Min Age- 18 years

Max. Age- 50 years

Minimum-

Limited Premium- 10 Lakhs

Regular Premium- 5 Lakhs

Maximum- Rs. 25 Lakhs

  • Exide Life Elite Term Insurance Plan: This term insurance plan is specifically designed to assist you to create a robust foundation for your finances in case of your income loss. If you are a breadwinner in your family, then you must not overlook this policy. To get maximum protection, make sure you get coverage that is nearly 20 times your annual salary.

  • Exide Life Saral Jeevan Bima: If you are the sole breadwinner in your family and looking to protect your family’s financial future, this policy is here to help. This policy comes with a range of premium payment options, so you don’t need to drain your bank. Some of the affordable payment options include monthly, yearly, and half-yearly premium payments.

  • Exide Life Smart Term Pro: This is a simple yet popular term insurance plan that offers you a complete premium refund. You can make your premium payment (in either 5,8,10, or 12 years) at your convenience. The plan provides coverage for the whole policy period, i.e., up to 80 years.

  • Exide Life Smart Term Edge: If you are looking for an insurance plan that offers maximum protection and helps you in securing your future, look no further than Exide Life Smart Term Edge. This plan is quite popular among the list as it offers three different plan alternatives to cater to your unique requirements. protection needs. And the best part is that the plan includes life insurance at a low cost.

  • Exide Life Term with Rate of Premium Plan: This term insurance plan helps to protect your family’s financial future while catering to immediate financial needs. The plan offers economical life insurance as well as a refund of premiums paid at the end of the policy period.

2. Exide Life Health Plans

Since the technology took the medical industry by storm, the cost of healthcare expenses has risen to an unprecedented scale. And nobody wants to spend their hard-earned money on hospital bills. Here’s the healthcare plan is offered by Exide;

Name of the Plan Eligibility (Min. & Max. Age)Sum Insured (Min & Max.)
Exide Life Sanjeevani

Min Age- 18 years

Max. Age- 65 years

Minimum: ₹5,00,000

Maximum: ₹25,00,000

  • Exide Life Sanjeevani: The first resolved health insurance plan to cover both heart and cancer-related disorders is Exide Life Sanjeevani. Regardless of the severity of your sickness, the plan will cover your health without breaking your bank.

3. Exide Life Child Insurance Plans

  • Exide Life New Creating Life Insurance Plans

Nobody wants their child to go through financial hardships. If you are looking to provide financial security for your kid’s dreams, this Exide life new creating life insurance plan has got you covered!

It is further categorized into two types:

Name of the Plan Eligibility (Min. & Max. Age)Sum Insured (Min & Max.)
Exide Life New Creating Life Plus

Min Age- 18 Years

Max. Age- 45 Years

Guaranteed addition of 10% of Sum Assured on maturity
Exide Life New Creating Life Regular Pay

Min Age- 18 Years

Max. Age- 45 Years

Depending on the minimum premium

4. Exide Life Investment Plans

Here’s the list of the plans offered by Exide to help achieve your life objectives. Let’s discuss them in detail!

Name of the Plan Eligibility (Min. & Max. Age)Sum Insured (Min & Max.)
Exide Life Star Saver

For Policy Term 10 Years: 8 Years– 60 Years

For Policy Term 12 Years: 6 Years– 60 Years

For Policy Term 15 Years: 3 Years– 60 Years

Minimum – ₹67,950

Maximum – No Limit (subject to Board approved Underwriting policy)

Exide Life Saral Jeevan

Min. Age- 8 years for 10 PPT (payment policy term)

10 years for 8 PPT

12 years for 6 PPT

Max. Age- 50 years

Depending on the minimum premium
Exide Life Saral Bachat

Min. Age- 8 years for 10 PPT (payment policy term)

10 years for 8 PPT

12 years for 6 PPT

Max. Age- 50 years

Depending on the minimum premium
Exide Life My Assured Income Plan

Min. Age- 5 years

Max. Age- 60 years

Depending on the minimum premium
Exide Life Income Advantage Plan

Min. Age- 3 years

Max. Age- 55 years

No Limit (subject to board approved underwriting policy)
Exide Life Secured Income Insurance Plus

Min. Age- 0 years

Max. Age- 50 years

Guaranteed addition of 10% of sum assured on maturity
Exide Life Secured Income Insurance RP

Min. Age- 0 years

Max. Age- 55 years

Guaranteed addition of 10% of sum assured on maturity
Exide Life Guaranteed Income Insurance Plans

Min. Age- 10 years

Max. Age- 55 years

Minimum – ₹90,978

Maximum – No Limit (subject to Board approved Underwriting policy)

  • Exide Life Star Saver: Exide Life Star Saver offers a guaranteed tax-free maturity benefit as well as full protection during the policy’s term. This savings life insurance plan offers maximum protection against mishaps and even offer you an extra death benefit. Also, the plan comes with a limited payment schedule.

  • Exide Life Saral Jeevan: This savings life insurance plan helps you to save periodically and obtain a Guaranteed Sum Assured to satisfy your needs at the end of the policy term. One of the biggest benefits of the policy is that you can easily receive the maturity benefit in either of the two options, one-time payment or monthly income.

  • Exide Life Saral Bachat: Exide Life Saral Bachat provides life insurance coverage as well as a Guaranteed Sum Assured on Maturity to assist meet your demands. This non-linked, non-participating life cum Savings insurance plan that maturity benefits as a one-time payout or a monthly income (Annual/ Monthly).

  • Exide Life My Assured Income Plan: If you are looking for a guaranteed monthly income to achieve your pre-defined life goals, look no further than Exide Life’s My Assured Income Plan. This policy is ideal for those who desire to pay a lower premium for a shorter time to achieve a guaranteed future income.

  • Exide Life Income Advantage Plan: This is a simple life insurance plan that pays you the income on a consistent basis and even helps your family to meet their mushrooming needs. This plan ensures to keep your loved one happy and safe.

  • Exide Life Secured Income Insurance Plans: Under the umbrella of “Exide Life Secured Income Insurance Plans,” Exide Life Insurance introduces the Exide life secured income insurance plan that offers long-term security to you and your family in case of an unlucky accident. This plan is further classified into two parts, namely Exide Life Secured Income Insurance Plus and Exide Life Secured Income Insurance RP.

  • Exide Life Guaranteed Income Insurance Plans: If you are looking for a steady flow of income for your lifestyle needs, this income insurance plan is here to assist you! To make the best out of this plan such as recurring income, death benefit, and lumpsum payment, you are entitled to make the premium payment for a few years.

5. Exide Life ULIP Plans

If you are looking to invest your surplus funds, make sure you choose from these plans by Exide that suit your needs and budget. Let’s discuss them in detail!

Name of the Plan Eligibility (Min. & Max. Age)Sum Insured (Min & Max.)
Exide Life Guaranteed Wealth Plus

Min. Age- 3 years (15-year Policy Term)

6 years (12-year Policy Term)

Max- 60 years

Depending on the minimum premium

Max- No Limit

Exide Life Wealth Maxima

Min. Age-

Maxima Invest: 0 Years

Maxima Family & Maxima Child*: 18 Years

Max. Age-

Maxima Invest: 65 Years

Maxima Family: 55 Years, Maxima Child: 50 Years

For age till 44: Annualized premium x 10

For age above 44 years: Annualized Premium x (7 or 10)

Max.- 1.25 times top-up premium

Exide Life Assured Gain Plus

Min. Age- 3 Years (15 Year Policy Term)

6 Years (12 Year Policy Term)

8 Years (10 Year Policy Term)

Max. Age

60 Years (Limited Premium Payment Term 5 Years)

65 Years (Single Premium)

Limited Premium Payment Term (5 years): ₹159,446

Single premium: ₹197,323

Exide Life Wealth Builder

Min. Age- 13 years

Max. Age- 65 years

Min- 1.25 times of Single Premium

Max.- 10 times of Single Premium

 

Exide Life Wealth Elite

Min. Age- 0 years

Max. Age- 65 years

For age up to 44 years

Annualized Premium* x 10

Annualized Premium x 20

For age above 44 years

Annualized premium x (7 only)

Annualized premium x (10 only)

 

Exide Life Secured Income Insurance Plans

Min. Age- 0 years

Max. Age- 50 years

Guaranteed addition of 10% of sum assured on maturity
  • Exide Life Guaranteed Wealth Plus: This is a simple insurance plan that offers maximum financial protection to your loved ones in case of your demise. And not only this, it guarantees long-term assured returns to achieve your goals. The plan comes in two options: a lump amount option and an income option, depending on your needs.

  • Exide Life Wealth Maxima: One of the biggest advantages of the plan is that it automatically adjusts to offer the desired life cover while maximizing your wealth. If you are looking to get maximum financial stability, then you must not overlook this insurance plan.

  • Exide Life Assured Gain Plus: Also known as an insurance-cum-investment plan, this insurance policy allows you to pay for 5 years and receive the amount for the whole period of the policy. In short, if you want to terminate the policy period, it pays you a lump payment.

  • Exide Life Wealth Builder: This policy allows you to make a one-time payment and choose a maximum life insurance cover of 10x the single premium. The plan provides market-linked returns throughout 5- or 10-year and multiple methods of investment to cater to your level of risk accepted.

  • Exide Life Wealth Elite: This kind of insurance plan is specifically designed to provide comprehensive coverage for your policy period and a 100% refund of all premiums paid. The plan doesn’t let the owner withdraw the invested parts until the end of the fifth year.

  • Exide Life Secured Income Insurance Plans: This is a popular form of insurance plan that offers life insurance in the form of lump-sum payment and family income for 60 months. If you are looking to build a secure savings account and provide financial assistance to your loved ones.

6. Exide Life Whole Life Insurance Plan

Name of the Plan Eligibility (Min. & Max. Age)Sum Insured (Min & Max.)
Exide Life Sampoorna Jeevan

Min. Age- 3 years

Max. Age- 60 years

No Limit (subject to Board approved underwriting policy)
Exide Life New Fulfilling Life

Min. Age- 15 years

Max. Age- 50 years

No Limit (subject to Board approved underwriting policy)
  • Exide Life Sampoorna Jeevan: With this insurance plan by Exide, you can easily meet your financial objectives. You can easily make a premium payment for either 6, 8, 10, 12, or 15 years to ensure the plan doesn’t hamper you in monetary terms. Sampoorna Jeevan 75 and Sampoorna Jeevan 100 are the two versions available.

  • Exide Life New Fulfilling Life: If you are looking for long-term financial security with a guaranteed money-back option, choose none other than Exide Life New Fulfilling Life policy! It will help you fulfill all of your commitments by offering regular money back and life coverage for up to 85 years of age.

7. Exide Life Retirement Plans

Exide Life Insurance’s Retirement Solutions allow you to establish a substantial corpus for your retirement, ensuring that you can spend your post-retirement with ease and enjoyment. The following is a list of the retirement plans offered by Exide:

Name of the Plan Eligibility (Min. & Max. Age)Sum Insured (Min & Max.)
Exide Life New Immediate Annuity

Min Age– 0 for existing customers

45 years age last birthday (for Customers other than Existing Customers).

Max. Age

100 years age last birthday (Existing Customers)

80 years age last birthday (Customers other than Existing Customers)

No Limit (subject to Board approved underwriting policy)
Exide Life Smart Pension Plan

Min. Age- 25 years

Max. Age- 70 years

No Limit (subject to Board approved underwriting policy)
Exide Life Saral Pension

Min. Age- 40 years

Max. Age- 80 years

Depending on the minimum policy
  • Exide Life New Immediate Annuity: With Exide Life’s New Immediate Annuity, you can simply turn your savings into a guaranteed lifetime income. This is an ideal option for those looking to save for their post-retirement years.

  • Exide Life Smart Pension Plan: This is a simple pension plan that’s specifically designed to save during job life and develop a retirement corpus to prepare for retirement. Thanks to a variety of options, you can further customize the plan as you progress through your retirement years.

  • Exide Life Saral Pension: This Exide life insurance pension offers you and your partner a lifetime guaranteed annuity payout. When you are availing of the policy, you can even mention the name of your spouse in the plan. In case of your demise, your spouse receives the same amount for the rest of their lives and the nominee/legal heir receives the entire purchase price.

8. Group or Business Plans

Exide Life Insurance can help you protect your staff in the event of a disaster. Here’s the list of the group business plans offered by Exide are:

Name of the Plan Eligibility (Min. & Max. Age)Sum Insured (Min & Max.)
Exide Life Group Term Life

For Employer-Employee Cases:18 years – 79 Years

For other cases: 18 – 69 Years

For Optional Accidental Death Benefit: 18 years – 64 years

₹5,000 per member
Exide Life Group Micro Term Insurance

Variant 1 – 18 years to 65 years (age as on last birthday)

Variant 2 – 18 years to 64 years (age as on last birthday)

Min- ₹ 1,000 per member

 

Max. – ₹ 2,00,000 per member

Exide Life Group Loan Suraksha

For Education Loans: 15 Years

For other than education loans: 18 Years

 

Max. Age- 74 years

Housing Loans and Loans Against Property: ₹ 50,000 per member

 

Other Loans*: ₹ 5,000 per member

 

The Sum Assured on Death at inception cannot be lower than the loan amount sanctioned

Exide Life Group Gratuity Product

Minimum- 18 years

 

Maximum- Shall vary with each scheme-by-Scheme Rules subject to a maximum of 79 years age last birthday

Min- ₹1,000 per member
  • Exide Life Group Term Life: This group term life insurance plan aims to provide complete life insurance coverage to your loved ones without burning a hole in your pocket. This would significantly help in improving the economic security of the employee and consequently, his retention in the company.
  • Exide Life Group Micro Term Insurance: This is a simple yet one-of-a-kind insurance plan that helps to protect your family members from uncertain financial crises. Employees from Co-operatives, Micro Finance Institutions, and Members/Employees of Other Homogenous Groups can avail the policy and get the most out of it.
  • Exide Life Group Loan Suraksha: If you are looking to protect your family in terms of the financial aspect, you can simply choose this single premium insurance plan. This insurance plan is ideal for those who are looking to safeguard their loved ones from the shackles of debt repayment in the event of a disaster.
  • Exide Life Group Gratuity Product: The Exide Life Group Gratuity Product by Exide helps you in saving and collecting substantial cash to manage your employee gratuity liability without any issue. To build up a large enough corpus, you have the option of using any form of investment strategy to cover your employees’ gratuity benefits. The policy helps you to get significant returns on the amount invested. 

9. QROPS

If you are an Indian or an Indian Origin individual who has collected pension funds in the United Kingdom, you can now transfer that money to a Qualifying Recognized Overseas Pension Scheme (QROPS) in India. To qualify as a QROPS, a pension scheme must be located outside of the United Kingdom and fulfil specified HMRC, UK regulations.

Why Go with Exide Life Insurance?

From the variety of plans offered by Exide Life Insurance, it is clear that its loyal customers have access to a wide range of benefits. Let’s discuss them in detail!

1. Manifold Products: With a significant customer base and a range of insurance options, Exide is gaining traction among customers looking to buy an insurance policy as per their needs. Some of the insurance policies offered by Exide are health plans, child plans, term insurance plans, health insurance, retirement, group insurance, and investment products.

2. Customized Premium Payment Options: Exide Life Insurance offers a range of premium payment alternatives to cater to the needs of the clients. It offers single-premium plans, whereas practically all of the goods support monthly payments. This would ultimately allow customers to choose the option and at the same time, maintain their policy’s status quo.

3. Excellent Claim Settlement Ratio: Also known as CSR refers to the fantastic representation of the company’s high level of excellent customer service. Exide Life Insurance has one of the country’s top claim settlement rates. For the fiscal year 2020-21, the figures are 98.54 percent.

4. Customer-Friendly Procedures: One of the biggest USPs of Exide is that it always stands tall when it comes to attending to customers’ queries. The company has a dedicated team of customer support representatives that are always ready to solve their customers’ queries with ease.

5. Taxation Benefits: Policyholders of Exide Life Insurance products are eligible for tax deductions under the Income Tax Act of 1961.

Premium Calculation of Exide Life Insurance Plans

If you are looking to know the exact premium amount of Exide, you need to visit the official website of the company. To give you a proper explanation, let’s take an example to understand it properly!

Rahul who is 35 years old has decided to purchase an “Exide Life Star Saver plan”, “Exide Life Smart Term Edge”, and “Exide Life Smart Term pro” to secure the financial future of their loved ones. Based on the coverage, gender, payment frequency, age, policy term, and sum assured, here is the premium amount that each one has to pay.

Name of the Policy Policy TermPremium Paying TermAnnual premiumSum Assured on MaturitySum Assured on DeathGuaranteed Additions on MaturityLoyalty Benefit on Maturity
Exide Life Star Saver plan15 years5 yearsRs. 72,000Rs. 2,82,608Rs. 7,20,000Rs. 3,17,934Rs. 52,989
Exide Life Smart Term Edge12 years12 yearsRs. 36,503Rs. 4,38,036Rs. 50,00,000Rs. 4,38,036
Exide Life Smart Term pro40 years5 yearsRs. 79,781Rs. 3,98,906Rs. 75,00,000

How To Buy Exide Life Insurance Policy?

If you want to purchase one of Exide’s life insurance products, you must first complete the following steps:

Online Method

1. Go to Exide’s official website.

2. Select either of the two options: “I’m interested in” or “Help me choose a plan”. Under both the tables, you will find a range of plans.

3. You will then be directed to the insurance plans, from which you must select one.

4. Alternatively, you can simply enter your life cover in the section on the “Home Page” and then select “Buy Now”.

5. After that, you will need to enter your gender, date of birth, and then continue.

6. Lastly, you will get two options to choose from: Recommended or Buy Later. Make sure you simply choose one and your insurance information will be mailed to your registered address.

Offline Method

If you want to purchase the policy in person, please visit an Exide branch near you. When you visit the location before purchasing a policy, you will receive all of the insurance information you require.

However, if you continue to have issues, you can contact Probus Insurance for assistance.

Claim Process of Exide Life Insurance

According to the policy terms and circumstances, a life insurance claim can be lodged in the event of the Life Assured’s natural death, accidental death, accidental disability and dismemberment, and so on. The documentation needed in each scenario may differ from case to case.

Who can report a Claim?

A death claim can be reported by the policy owner, nominee, or any relative.

The LA can record survival claims, such as Accidental Disability and Dismemberment claims or Critical Illness claims.

Step 1: Claim Reporting

The initial step is to report the claim. Fill out the claim form for life insurance. According to the claimant’s or whoever wishes to report the claim’s convenience, it can be reported online, in our branches, central office, emailed, or through our call center. Online, SMS, or e-mail claims, on the other hand, will not be considered intimation. To begin the process, physical documentation will be requested.

Step 2: Claim Processing

All needed documentation must be submitted for your claim to be processed further. If additional documents are required, our team will notify the claimant/nominee.

Step 3: Claim Settlement

Send the form to the insurance company. Once we acquire all of the necessary documentation and receive notification of your claim, Exide will analyze it.

Documents Required

Depending on the nature of the Claim, one or more of the documents listed below may be required. On a case-by-case basis, the insurer may seek further papers.

  • Form for filing a life insurance claim that is filled out and signed.

  • Certificate of the insured’s death

  • Beneficiary’s KYC documents (ID proof, bank statement)

  • a copy of the police report (in case of unnatural death)

  • report on an autopsy

  • Medical certifications and hospital records

  • a certificate from the deceased’s employer

It is recommended that you file a Life Insurance Claim as soon as the insured person passes away. You can also call our toll-free number or visit our branch office to learn how to file a claim.

The claim payment will be sent to the policyholder using NEFT (National Electronic Funds Transfer).

Frequently Asked Questions

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).

1. What are the benefits of purchasing 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.

2. What is Exide Life Insurance's grace period?

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.

3. Is it possible to terminate my Exide Life insurance policy during the Freelook 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.

4. Is it feasible for me to resurrect my cancelled Exide Life plan?

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.

5. What is the Exide Life insurance survival benefit?

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.

6. Is term life insurance tax deductible?

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).

7. Is it possible for NRIs to purchase term insurance in India?

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).

8. Is it possible to obtain term insurance from two different companies?

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.

9. What is a reversionary bonus?

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.

10. In a term plan, how much coverage should I get?

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.

11. What is a ULIP's fund value?

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.

12. What is a Unit Linked Insurance Plan's surrender value?

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).

Rate this page