Exide Life Insurance
Established in September 2001 in Bengaluru, Exide Life Insurance Company offers plans that are designed to help strengthen the finances of families and help them meet short-term and long-term goals. It offers plans in various verticals like retirement planning, savings and investment opportunities and life insurance cover.
Furthermore, Exide Life settled over 98% of the claims filed in the year 2019-20, and the company currently manages assets worth Rs. 18,381 Crores.
Awards and Recognition
- ET Best Brands 2020 in the BFSI category
- Exide Life Smart Term Plan voted Product of the Year 2019 in a National Survey conducted by Nielsen.
- Digital Insurer of the Year 2018 (India) at the Insurance Asia News Awards
- Ranked in the '100 Best Companies for women to work in India' in a survey by Working Mother and the AVTAR Group
If you are planning to purchase a life insurance policy, you must evaluate important parameters (detailed below) of the insurer first. Buying a policy is a crucial decision and most of all, a long-term investment. Therefore, it is important to ensure that you have full information about the Insurer & the Insurance policy you choose. For your information, we have enlisted key parameters like annual premium income, claim settlement ratio, solvency ratio and national & regional reach.
The table below presents key features of Exide Life's performance in FY 2019-20.
Highlights Of Exide Life Insurance
|Annual Premium Income||Rs. 888.88 Crores|
|Assets under Management||Rs. 15,795 Crores|
|Claim Settlement Ratio||98.15%|
|No. of Offices||200|
Please continue to read ahead for trends and detailed information on the above mentioned factors.
Annual Premium Income
As per the IRDAI Report 2019-2020, the company has reported the annual premium of 888.88 crores. As per the previous IRDAI reports, the company has shown a decent growth.
In the chart below, we have mentioned the annual premiums generated by the company in the last four fiscal years.
Year-wise Trend of the Annual New-Business Premium Income of Exide Life (2016- 2020)
Claim Settlement Ratio
The ratio is a measure of the claims paid against those filed. It helps you to analyse the claim settling ability of the Insurer. The ultimate goal of buying an insurance policy is ensuring that the dependents receive the benefits intended. Therefore, it is advisable to check the company's CSR to make an informed decision.
The CSR of Exide Life has been on the rise since FY 2016-17. In the current year, the company reported a CSR of 98.15%. The graph below illustrates the CSR of the company for the last four fiscal years.
Year-wise Trend in the Claim Settlement Ratio of Exide Life (2016- 2020)
This ratio helps you to analyse the company's debt or other financial liabilities in the long term. IRDAI has made it mandatory for life insurers to maintain a solvency ratio of 1.5. As per the latest IRDAI Report, Exide Life has a solvency ratio of 2.1.
Exide Life Insurance has established a multi-channel distribution network of agencies, bancassurance partnerships, corporate agents and brokers. The agency channel comprises about 40,000 advisors, spread across 200 offices PAN India. It also has a direct channel and online reach enabling easier access for the buyers.
Exide Life Insurance Plans
Following is the list of plans which are offered by Exide Life:
|Term Protection Plans||Exide Life Saral Jeevan Bima|
Exide Life Elite Term Insurance Plan
Exide Life Smart Term Pro
Exide Life Smart Term Edge
Exide Life Term with Return of Premium Plan
|Savings and Investment Plans||Exide Life New Creating Life Insurance Plan|
Exide Life Star Saver
Exide Life Saral Jeevan
Exide Life Saral Bachat
Exide Life My Assured Income Plan
Exide Life Income Advantage Plan
Exide Life Secured Income Insurance Plans
Exide Life Guaranteed Income Insurance Plan
Exide Life Guaranteed Wealth Plus
Exide Life Wealth Maxima
Exide Life Assured Gain Plus
Exide Life Wealth Builder
Exide Life Wealth Elite
Exide Life Secured Income Insurance Plus
Exide Life Sampoorna Jeevan
Exide Life New Fulfilling Life
|Exide Life Retirement Plans||Exide Life New Immediate Annuity|
Exide Life Smart Pension Plan
Qualifying Recognised Overseas Pension Scheme (QROPS)
|Group Insurance Plan||Exide Life Group Micro Term Insurance|
Exide Life Group Loan Suraksha
Exide Life Group Gratuity Cover
Riders available with Exide Life Insurance Plans
- Exide Life Term Rider Exide Life Term Rider is an add-on product that assists you to enhance the basic life cover at a nominal additional premium. You can easily attach this rider with selective Exide Life Insurance Traditional plans.
- Exide Life Critical Illness Rider Exide Life Critical Illness Rider is a protection cover that the insured can add to his/her traditional Exide Life Insurance Plans. It offers a lump sum benefit, where the life assured is diagnosed with any major illness that includes Cancer, Heart Attack, Paralysis, Kidney failure, Coma, etc.
- Exide Life Group Illness Rider Exide Life Group Illness Rider is an add-on cover that is designed to provide financial protection to employees in case they suffer from a terminal illness or critical illnesses during the policy tenure. It pays a selective percentage of the rider sum assured on the diagnosis of the illness.
- Exide Life Accidental Death Disability and Dismemberment Rider This rider offers enhanced coverage in case of accidental death, disability or dismemberment and can be attached to a traditional Exide Life Insurance Policy.
How To File a Claim at Exide Life?
Exide Life Insurance Company offers a simple process for claim settlement.
- Register claims at their official website.
- Move to 'Customer Service' and click on 'All Claims'.
- Click on 'Register A Claim'.
- Fill the required details.
- Submit form with the required documents.
You could also write to them at firstname.lastname@example.org
Upon completing the registration process, you shall receive an acknowledgement for the same. You can use the policy number to clear all your queries regarding the claim until the declaration of the decision.
If your request is accepted, the money shall be transferred to the claimant's account.
Note - You can also file the claim by visiting the company's branch office.
What Are The Documents Required For Claim Settlement?
Below is the list of documents that you need to submit to file a claim under Exide Life Insurance.
- Duly filled in Claim Intimation form.
- Original Death Certificate.
- Copy of Medical Cause of Death Certificate and Medical Records ( Outpatient consultation notes, Test results, Discharge / Death summary, Admission notes, etc).
- Age Proof & Identification document.
- Photos of the claimant.
- Proof of Bank account of Claimant (Self Attested copy of Bank Passbook / Account statement of Claimant).
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Last updated on October, 2021