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% |
| Solvency Ratio | 2.10 |
| No. of Offices | 200 |
Please continue to read ahead for trends and detailed information on the above mentioned factors.
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)
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.
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1. Is it possible to cancel my Exide Life Insurance policy and have a refund processed?
Generally, Life insurance plans come out with a free look in a period of 15- 30 days. If you cancel Insurance during this period, the total premium amount would be refunded and only the stamp duty fees will be deducted along with the proportional risk charges for the days you are being covered.
2. What modes are available for paying your premium online?
Various modes of payment are available that help in paying your premium online such as Debit card, Credit card, payment wallet, UPI, and Net Banking.
3. How to plan your financial savings with Exide Life Insurance? Is there a proper way to do it?
The website of Exide Insurance company incorporates a lot of planning tools and calculators, which help you in your financial planning. You can simply apply these tools to check how prepared you are. With the help of these, you can put all your relevant details and find out accordingly.
4. How much can I save on tax if I buy term insurance?
One can avail tax benefit of up to Rs.1.5 lakhs (from the taxable income) post paying the premium of term insurance plan. This helps in reducing the tax liability. The amount which is received from a term insurance plan after the death of a policyholder is also entitled to tax exemption under section 10(10D) of the Income Tax Act, 1961.
5. How safe is investing in ULIP? Are there assured returns in a ULIP?
Unit Linked Insurance Plan (ULIP) is a mix of insurance along with investment. However, the returns are never guaranteed in ULIP. Hence, the returns of your investment will largely depend on the market conditions and performance of various funds.
6. How do I get my policy related queries resolved?
For all your scheme/policy related queries, you can check out the following details:-
7. What facilities are available for the NRIs in case they want to avail Exide Life Insurance policies?
Indians who have worked in the UK might have made some regular contributions from their income towards a pension fund. If they plan to move out of the UK, their pension funds can be transferred tax-free to pension schemes in India registered as QROPS.
(Showing latest 5 reviews only)
November 12, 2021
Veena Gehlot
PuneSeptember 30, 2021
Maninder Singh
HyderabadGood work guys. Exide Life Insurance is indeed a superb company. It offers a wide array of insurance products and looks after the investment needs of its customers.
September 30, 2021
Sohail Quresi
DelhiSuper Company. Good customer care with team experience. I happy that I buy this plan for my wife and childrens. Amazing.
September 27, 2021
Dushyant Saini
Coimbatoremy budget was low but the agent that i worked with managed to find me solutions ...they were very patient and actually lstened to what my concerns
September 27, 2021
Faizal
Hyderabadvery good features available with my term plan...i bought from agent who got me the plan under my budget! happy with the help
Last updated on October, 2021
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HI, my name is Veena Gehlot. I am a widow and have 2 children. After my husband s death, Life was very difficult both emotionally and financially. Thanks to my husband s Exide Term Insurance policy, I am able to fulfil my children s education. Thankyou Exide Life Insurance.