Features of Exide Life Insurance
- Claim Settlement Ratio: This ratio measures the claims paid against those filed. It helps you analyze the claim-settling ability of the insurer. The ultimate goal of buying an insurance policy is ensuring that the dependents receive the intended benefits. Therefore, it is advisable to check the company's CSR to make an informed decision. In the current year, the company reported a CSR of 99.09%.
- Solvency Ratio: Exide Life maintains a healthy solvency ratio, indicating its financial strength and ability to meet long-term obligations.
- Annual Premiums: As per the IRDAI report 2022-23, Exide Life Insurance recorded an annual premium of Rs. 2,920.58 crores.
- Operating Network: Exide Life Insurance has a wide operating network, ensuring accessibility and support for its policyholders.
Exclusions of Exide Life Insurance Plans
- Death due to a pandemic such as COVID-19 or Ebola will not be covered by the company.
- Death due to indulging in any type of adventure sports.
- Death due to consumption of any type of drugs and alcohol.
- Death due to any pre-existing disease that was not disclosed at the policy's inception.
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.
Benefits of Exide Life Insurance Plans
There are multiple benefits of Exide Life Insurance Plans. Read below to understand the plethora of advantages provided by the insurer.
A Wide Array of Products
The company offers a wide range of plans including protection plans to strengthen the family's financial foundation, savings, and investment plans to meet various life goals, and retirement plans to secure your golden years.
Wide Premium Payment Network
Exide Life Insurance makes premium payment easier with its multiple premium payment options like online payment, auto-debit from a bank account, cheque, cash, and multiple cash-only centers.
Tax Benefits
With Exide Life Insurance plans, policyholders can avail of tax deductions as allowed under the Income Tax Act, of 1961.
Customer-Friendly Service
Exide Life Insurance has customer satisfaction as its prime endeavor. It offers easy procedures for renewing your insurance policies. By providing one of the most customer-friendly claim procedures, Exide Life Insurance endears itself to its policyholders by providing them peace of mind that the future of their family members is in safe hands.
Riders You Can Avail With Exide Life Insurance Plans
| Name of the Riders |
Benefits |
| Exide Life Accidental Death, Disability and Dismemberment Rider |
Under this rider, upon the unfortunate event of disability or dismemberment to the life insured, a lump sum payout will be given to the nominee. |
| Exide Life Critical Illness Rider |
Under Exide Life Critical Illness rider, a lump sum equal to the rider sum assured will be payable to the nominee, upon diagnosis of a critical illness during the policy term. |
Documents Required to Purchase Exide Life Insurance Plans
Here is the list of documents required to buy Exide Life Insurance Plans:
Photo ID Proof
Photo ID Proof (any one of the following): Passport, Aadhaar card, PAN card, Driving Licence.
Age Proof
Age Proof (any one of the following): Passport, Aadhaar card, PAN card, Driving Licence.
Address Proof
Address Proof (any one of the following): Utility bill, Passport, Voter ID, Ration Card.
Medical Records
Medical records of the policyholder (if requested).
Income Proof
Income Proof (any one of the following): Bank statement, last three months' salary slips (for salaried individuals).
How to File Exide Life Insurance Claims?
Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps throughout the entire process. The life insurance claim settlement process at Exide Life Insurance involves the following three steps:
Online Process
1. Claim Intimation
Inform the company about the incident via various channels: by writing an email to Exide Life at [email protected], calling the toll-free number (1800-103-7766), filling out the online claim form on its website, or visiting the nearest branch. A claim reference number/intimation number will be provided to you upon successful registration of the claim.
2. Document Submission
You have to submit the necessary documents requested by the insurer to process the claim.
In case of natural death: death claim form, death certificate, original policy documents, claimant's identity & residence proof, medical records, and account details of the nominee.
In case of an accidental death: the same documents with two additional ones: FIR and post-mortem report.
3. Claim Settlement
Once Exide Life Insurance receives your claim, they will verify all the details. Moreover, they can ask for any additional documents if required. Exide Life Insurance will process the claim after verifying the submitted documents.
Offline Process
Exide Life Insurance claims settlement procedure can be reported by visiting the local Exide Life Insurance branch office. For details of Exide Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit the essential documents at the branch so that your claim can be processed.
Conclusion
Exide Life Insurance, now rebranded as Exide Life Insurance Company Ltd. after being acquired by HDFC Life Insurance in 2022, is a well-established player in the Indian insurance market. It is known for offering a variety of life insurance products such as term plans, endowment plans, ULIPs (Unit Linked Insurance Plans), retirement solutions, and child plans. For more information related to Exide Life insurance, you can contact PolicyX.com at the toll-free number 1800-4200-269 or email us at [email protected].
ChatGPT
Claude
Perplexity
