Exide Life Insurance

Exide Life Insurance Company Limited is an established and profitable life insurance company in India. The company commenced its operations in 2001-02 and has headquartered in Bengaluru. The company is 100% owned by Exide Industries Limited. It manages assets of over Rs.15,795 Crore. The company distributes its products through multi-channels such as bancassurance, agency, corporate agency, direct channels & broking.

Highlights

**Last Updated on 04-12-2020

What Are The Different Types of Exide Life Insurance Plans?

**Last Updated on 04-12-2020

1. Exide Life Protection Plans

Protection plans are traditional life insurance policies that provide the required financial assistance to your family in case of an eventuality. Such plans help you to secure your family’s future. Below is the list of all such protection plans.

i) Exide Life Term With Return of Premium Plan 

Exide Life Term with Return of Premium Plan is an affordable life insurance plan that offers a life insurance cover and returns on the paid premium at the end of the policy tenure.

Key Features

• Comprehensive Life Insurance Cover: The plan offers a comprehensive life insurance cover for the entire policy tenure. In case of the demise of the insured, the plan will pay a death benefit to the nominee or beneficiary.
• Return of Premium on Completion of The Policy Term: The plan will pay 100% of the total paid premiums at the end of the policy term.
• Flexibility: The plan offers the flexibility to choose the number of years you want to pay the premium. You can opt for 5 years (Limited Premium) or for the entire policy term (Regular Premium).
• Additional Discount: The Premiums payable by female policyholders will be equivalent to the Premium for a three-year younger male.

Eligibility:

**Last Updated on 04-12-2020

ii) Exide Life Elite Term Insurance Plan

A unique term insurance plan that not only offers a large sum assured at a reasonable premium amount but also rewards you for leading a healthy life during the policy tenure. Under this plan, you can benefit from lower premiums if you are leading a healthier lifestyle. You will have to undergo a medical examination to purchase this plan.

Key Features:

• Life Cover at an Affordable Premium: The plan offers a life insurance cover at an affordable premium. You can even benefit from a lower premium if you are living a healthy lifestyle.
• Family Income Payout: The plan provides the facility to choose from 3 different income payout options.
• Term Extension: You are allowed to increase the policy tenure by 5 or 10 years. For the same, you might have to pay a higher premium without any change in the premium payment tenure.

Eligibility:

**Last Updated on 04-12-2020

iii) Exide Life Smart Term Plus 

Exide Life Smart Term Plus is a pure term insurance plan that provides a comprehensive life insurance cover for the entire policy tenure. It also offers 100% returns of the total paid premium on completion of the policy tenure.

Key Features:

• Guaranteed Return: Under this term insurance plan, the plan will offer guaranteed returns at the end of the policy tenure.
• Riders: The plan allows customers to enhance the protection plan by adding riders that are available at a nominal premium.
• Life Insurance Cover: In case of unfortunate death of the life assured during the policy term, the sum assured on death is paid as per the selected death benefit payout option.
• Pay Premiums For a Limited Duration: The plan comes out with the flexibility to pay premiums for a limited duration while offering life insurance cover for the entire policy tenure. You can pay premiums for 5, 8, 10 or 12 years.

Eligibility:

**Last Updated on 04-12-2020

iv) Exide Life Smart Term Plan

Exide Life Smart Term Plan is a unique insurance plan that not only offers a comprehensive protection cover but also provides returns of the total paid premium at the end of the policy term.

Key Features:

• 3 Plan Options: It allows you to choose the desired plan out of three available options which are mentioned below-

• Classic: Protection with the return of premium
• Step-up: Protection with a higher return of premium
• Comprehensive: Enhanced protection with the return of premium

• Flexible Premium Paying Options: The plan offers the flexibility to choose the desired premium payment term options. You can pay for the entire policy tenure (Regular Pay) or pay for a short duration (Single / 5 Pay).
• Tax Benefits: By investing in this plan, the insured becomes liable to avail tax benefits under section 80 C and 10(10)D of Income Tax Act, 1961.

Eligibility:

**Last Updated on 04-12-2020

2. Exide Life Health Insurance Plans

The health insurance plan is basically a general insurance product. Exide Life Insurance offers a specific health plan, which is hard to get anywhere else. Let’s check them below-

i) Exide Life Sanjeevani

Exide Life Sanjeevani is the first unique health insurance plan that offers comprehensive cover against heart and cancer-related conditions.

Key Features:

• Comprehensive Cover: The plan offers comprehensive coverage against all prevalent heart and cancer-related problems. In case of any such diseases, you will get a lump sum amount (% of chosen sum assured).
• 2 Plan Options: Under this, you will get 2 plan options that allow you to choose the desired one as per your needs.
• Double Claim Benefit: The plan will pay a benefit on diagnosis of heart and cancer issues even if the insured has filed a claim under any existing health insurance policy.

Eligibility:

**Last Updated on 04-12-2020

3. Exide Life Savings and Investment

Savings and investment plans are financial tools that help you in securing your future along with wealth creation opportunities. This segment is divided into multiple categories that include child plans, investment plans, money back plans and much more. Details are mentioned below-

i) Exide Life New Creating Life Insurance Plan 

Exide Life New Creating Life Plus is a new class of child insurance plan. Under the same, you will receive two plan options to choose from:

1. Exide Life New Creating Life Plus, where by paying for just a few years, you ensure that on policy maturity, your child gets the sum assured with 10% guaranteed addition along with accrued bonuses (if any).
2. Exide Life New Creating Life Regular Pay, where you have to pay regularly during the policy term and ensure your child gets the sum assured along with accrued bonuses (if any).

Key Features:

• Tax-free Returns: The plan offers tax-free returns that would be equal to sum assured and bonuses (if declared) accumulated over the policy tenure.
• Death Benefit: In case of unfortunate death of the life insured, the plan will offer a part of the death benefit as family income payout.
• Waiver of Premium: The plan will waive off all the future premiums till maturity in case of any unfortunate event (while the policy remains active).

Eligibility:

**Last Updated on 04-12-2020

ii) Exide Life Saral Jeevan 

Exide Life Saral Jeevan is a life insurance cum savings plan that assists you to save your hard-earned money and get guaranteed sum assured at the end of the policy tenure.

Key Features:

• Life Insurance Cover: Along with the saving feature, the plan offers life insurance cover for the entire policy tenure.
• Maturity Benefit: The plan offers maturity benefit in lump sum or as a regular income. You can choose the desired one as per your needs.

Eligibility:

**Last Updated on 04-12-2020

iii) Exide Life Saral Bachat 

Exide Life Saral Bachat is a non-linked and non-participating life cum savings insurance plan that offers a guaranteed sum assured on maturity and life insurance cover during the policy tenure.

Key Features:

• Maturity Choice: The plan offers choice when it comes to maturity benefit. You can avail maturity benefit in a lump sum or as a regular income.
• Comprehensive Life Cover: The plan provides a comprehensive cover. It financially protects your family by paying a sum assured on your death.
• Tax Benefit: The plan offers tax benefits on the paid premiums and the maturity amount as per the Income Tax Act, 1961.

Eligibility:

**Last Updated on 04-12-2020

iv) Exide Life My Assured Income Plan 

Exide Life My Assured Income Plan is a savings life insurance plan that offers assured regular income that helps you to achieve your goals.

Key Features:

• 3 Variants: The plan offers 3 variants to receive income. You have complete flexibility to choose the desired one as per your needs
  • Variant 1 - Uniform Income Benefit
  • Variant 2 - Enhanced Income Benefit
  • Variant 3 - Increasing Income Benefit
• Limited Premium Payment Term: The plan allows you to select a premium payment term of 5 or 8 years and get a life cover of 10 and 16 years.
• Guaranteed Terminal Benefit: The plan offers a guaranteed terminal benefit at the end of the policy tenure. The guaranteed terminal benefit is equal to the basic sum assured (sum of all guaranteed income benefit paid to the policyholder).

Eligibility:

**Last Updated on 04-12-2020

v) Exide Life Income Advantage Plan 

Exide Life Income Advantage Plan is a savings cum protection plan that provides a regular income along with many other benefits. The plan not only assists you to deal with the growing needs of your family but also makes sure they have a happy and secure future.

Key Features:

• Life Insurance Cover: Exide Life Income Advantage Plan makes sure that your family remains financially protected in your absence. In case of the insured demise, the plan will pay Sum Assured on Death + Vested Simple Reversionary Bonuses (SRB) + Terminal Bonus, if declared. By paying the premium for the first half, avail life insurance cover for the entire policy tenure.
• Bonuses: The plan pays bonuses, which are based on performance of the participating fund. It will be a percentage of the basic sum assured and becomes guaranteed (once declared).
• Guaranteed Income: On paying all due premiums during the first half of the policy term, this plan provides you with regular income during the second half of the policy term on an annual basis. You have the flexibility to choose how you want to receive your income. Enhance Cover: You can enhance the protection under this plan by adding riders at a nominal additional premium.

Eligibility:

**Last Updated on 04-12-2020

vi) Exide Life Secured Income Insurance Plans

Exide Life Secured Income Insurance Plans offers security to you and your family as long term benefits. It provides a regular income to your family if anything unfortunate happens. There are two options available under this category- Exide Life Secured Income Insurance Plus & Exide Life Secured Income Insurance RP

Key Features:

• Death Benefit: The plan offers death benefit along with a family income payout option. The plan pays a Guaranteed Death Benefit (GDB) amount along with the accumulated bonus in lump sum.
• Tax-free Returns: At the time of maturity, you will receive a tax-free amount that would be equal to sum assured and bonuses accumulated over the policy tenure.
• Flexibility To Choose The Payment Option: The plan comes out with the flexibility to choose the limited or regular pay options as per your own convenience.

Eligibility:

**Last Updated on 04-12-2020

vii) Exide Life Guaranteed Income Insurance Plan

Exide Life Guaranteed Income Insurance Plan offers a regular income that helps the insured to boost customers’ lifestyle. It also pays a lump sum amount on maturity and death benefits throughout the policy tenure.

Key Features:

• Income Payout: The plan allows you to choose the rate of your income payouts- 11% p.a., 12% p.a. or 13% p.a. The plan pays income as a percentage of your sum assured.
• Maturity Benefit: At the time of maturity, you will receive a lump sum amount that would be equal to the sum assured. The same is paid along with the last income payout.
• Guaranteed Life Cover: The plan provides a guaranteed life cover for the entire policy tenure and in case of any unfortunate event, the nominee will receive the higher of following:

• 10 times the annualized premium

• Sum Assured
• 105% of total premiums paid

Eligibility:

**Last Updated on 04-12-2020

viii) Exide Life Wealth Maxima

Exide Life Wealth Maxima is a unit-linked insurance plan that offers the dual benefit of life insurance cover and wealth creation opportunities. The plans offer higher financial protection to your family.

Key Features:

• 3 Plan Options: Exide Life Wealth Maxima comes out with 3 plan options with different levels of life insurance cover. You are allowed to increase your life cover by moving from one plan option to another.
• Maturity Benefit: On completion of the policy tenure, the plan will pay the fund value in the form of maturity benefit.
• Loyalty Benefit: The plan provides loyalty additions to the life insured at the end of 10th,15th and 20th policy years.

Eligibility:

**Last Updated on 04-12-2020

ix) Exide Life Assured Gain Plus

Exide Life Assured Gain Plus is a traditional insurance-cum-investment plan that offers life insurance cover over the entire policy term. The plan pays a lump sum on survival until maturity that assists you to fulfil your financial goals.

Key Features:

• Guaranteed Sum Assured: At the end of the policy tenure, the plan will pay the guaranteed sum assured that helps to achieve financial goals.
• Bonuses: Under this insurance plan, you will receive a simple reversionary bonus throughout the policy tenure and vested bonus on death or maturity date. You may also receive a terminal bonus and the same will be paid during the policy tenure or maturity date.
• Enhanced Protection: The plan allows customers to enhance the basic cover with the help of riders by paying an additional nominal premium.

Eligibility:

**Last Updated on 04-12-2020

x) Exide Life Wealth Builder - Single Premium Plan

Exide Life Wealth Builder is a single premium unit-linked insurance plan that provides the choice to pay the one-time lump sum amount along with the convenience to choose a life insurance cover of 10 times the single premium. The plan provides market-linked returns over a tenure of 5 to 10 years.

Key Features:

• 8 Funds: The plan comes out with the choice of 8 funds options and multiple investment strategies to cater to the different needs of customers.
• Death Benefit: In case of unfortunate death of the insured, the nominee will become liable to receive the death benefit.
• Maturity Benefit: At the end of the policy tenure or on the maturity date, the insured will receive the fund value in the form of maturity benefit.
• Charges: To keep your plan active and to receive timely returns, you have to pay a few charges such as premium allocation charges, policy administration charge, fund management charge and charges on partial withdrawal/fund switching, among others.

Eligibility:

**Last Updated on 04-12-2020

xi) Exide Life Wealth Elite 

Exide Life Wealth Elite is a unit-linked insurance plan, and is designed for those investors who are looking for efficient wealth creation opportunities and higher financial protection for their loved ones.

Key Features:

• Maturity Benefit: On the maturity date, you will receive an amount equal to the fund value as maturity benefit.
• Partial Withdrawals: The plan comes out with a liquidity facility under which you are free to make partial withdrawals after completion of the 5th policy year.
• Comprehensive Death Benefit: In case of an unfortunate demise of the policyholder, the plan offers a lump sum amount to the family.
• Tax Benefits: The plan provides tax benefits on paid premium under section 80C and on maturity amounts under section 10(10D) of the Income Tax Act, 1961.

Eligibility:

**Last Updated on 04-12-2020

xii) Exide Life Secured Income Insurance Plus

Exide Life Secured Income Insurance Plus is a limited pay plan that provides life insurance cover not only in a lump sum but also offers regular income. At the time of maturity, you will receive a sum assured with a 10% guaranteed addition along with accrued bonuses.

Key Features:

• Death Benefit: In case of your unfortunate demise, the plan will pay a Guaranteed Death Benefit (GDB) amount to your family along with the accumulated bonus in a lump sum.
• Tax-free Returns: At the time of maturity, you will receive a tax-free amount that would be equal to sum assured and bonuses accumulated over the policy tenure.
• Discount: The plan provides a huge discount on paying higher premiums.

Eligibility:

**Last Updated on 04-12-2020

xiii) Exide Life Sampoorna Jeevan

Exide Life Sampoorna Jeevan is a life insurance cum savings plan that covers you till age 75 or 100 years. The plan allows you to customize the payouts as per your changing financial needs.

Key Features:

• Life Insurance Cover: Under this plan, you get two variants of life insurance cover called Sampoorna Jeevan 75 and Sampoorna Jeevan 100.
• Limited Premium Payment Options: You can opt to pay premiums for 6, 8, 10, 12 or 15 years while having the benefits of life cover over chosen policy tenure.
• Guaranteed Benefits: The plan provides guaranteed benefits that will be a fixed percentage of the basic sum assured.
• 5 Bonus Options: At the time of inception, you are free to choose the desired bonus out of 5 available options.

Eligibility:

**Last Updated on 04-12-2020

The values may change as per chosen plan option

xiv) Exide Life New Fulfilling Life

Exide Life New Fulfilling Life is a comprehensive insurance plan that will assist you to fulfil your goals and needs with the help of regular money-back options. It is a tax-free wealth and life insurance plan.

Key Features:

• Life Cover Till 85 Years: Under this, you have to pay a premium for a fixed tenure of 12, 16, 20 or 24 years and get the required coverage till 85 years. In case of unfortunate death of the insured, the plan will pay death benefit to the nominee that will be s sum of the following:

• Higher of sum assured or 10 times of the annualized premium
• Vested bonus
• Terminal bonus

• Survival Benefits: Under this insurance plan, the insured will receive guaranteed money backs within a few years from the inception of the policy. The money backs will be equal to the sum assured that will be paid over 4 instalments.
• Income Tax Benefits: The plan will assist you to save tax on paid premiums under section 80C and on benefit amounts under section 10(10D) of the Income Tax Act, 1961.

Eligibility:

**Last Updated on 04-12-2020

4. Exide Life Retirement Plans

Retirement plan is a form of life insurance plan that is designed to meet your post-retirement needs and help you to live a stable and happy life. Check the Exide Life Retirement Plan below-

i) Exide Life New Immediate Annuity with Return of Purchase Price

Under this pension plan, you have to pay once and get pension at a pre-decided frequency (choice of yearly, quarterly, half yearly & monthly payout options) for life.

Key Features:

• Refund on Demise: In case of demise of the insured, the nominee or legal heirs will receive the entire purchase price.
• Easy To Buy: There is no need for a medical screening to invest in this insurance plan. Under the same, you just pay a lump sum amount and start receiving an annuity.

Eligibility:

**Last Updated on 04-12-2020

The values may change may per chosen plan option

5. Group Insurance Plan

Group Insurance Plan is a life insurance protection cover designed specifically for groups of people. This insurance plan is ideal for associations, employers, societies, etc. Below is the list of Exide Life Group Insurance plans.

i) Exide Life Group Micro Term Insurance

Exide Life Group Micro Term Insurance is a non-participating and non-linked Group Micro Insurance Plan that assists you to safeguard (financially) your loved ones. It is an effective plan that is available at affordable prices.

Key Features:

• Two-year Single Premium Contract: The plan offers the option to select a policy term of two years. However, you have to pay a premium only once.
• Joint Cover: With this plan, you get the option to insure your spouse as well at an affordable price.

Eligibility:

**Last Updated on 04-12-2020

ii) Exide Life Group Loan Suraksha

Exide Life Group Loan Suraksha is a single premium insurance plan that offers a financial cover against the outstanding loan amount in case of an unfortunate demise of the insured.

Key Features

• Single Premium Payment: Here you have to pay the premium once at the start of the tenure and get complete protection over the chosen term.
• Cover Options: The plan comes out with dual cover options- level cover and reducing cover.
• Loan Segments: The plan offers a wide range of loan options such as loan against property, education loan, commercial vehicle loan, car loan, commercial equipment loan, business instalment loan, business loan, business cash credit loan, business overdraft, personal overdraft, credit card loan, cash credit loan, and gold loan.

Eligibility:

**Last Updated on 04-12-2020

iii) Exide Life Group Gratuity Cover

Exide Life Group Gratuity Product is a plan that helps you to grow, save and accumulate funds. It also assists you to manage your employee gratuity liability in an efficient and flexible manner. Key Features:

• Unit-Linked Investment funds: The plan offers multiple investment options across equity and debt funds as per your risk tolerance. The choice of 5 funds offer exposure to debt and equity opportunities.
• Fund Management: The plan comes out with an opportunity to earn higher returns. The funds of the same are being managed by the experts of the industry.

Eligibility:

**Last Updated on 04-12-2020

iv) Employees Deposit Linked Insurance Scheme(EDLI)

EDLI is an insurance cover for private sector salaried employees. Under this plan, the deceased employee’s insurance benefit will depend on the length of service and the PF balance in the account.

Key Features:

• High Sum Assured: Every insured is covered for a sum assured ranging between Rs.5,000 and Rs. 10,00,000. It depends on the current salary and service put in from day one irrespective of the actual balance in the Provident Fund.
• Income Tax Exemption: The claim amount paid under the scheme is exempted from tax under Section 10(10 D) of the Income Tax Act, 1961.

Eligibility:

**Last Updated on 04-12-2020

What Are The Different Types of Exide Life Insurance Riders? 

• Exide Life Term Rider
• Exide Life Critical Illness Rider
• Exide Life Accidental Death Disability and Dismemberment Rider
• Exide Life Group Illness Rider Exide Life Term Rider

1. 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.

2. 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.

3. Exide Life Group Illness Rider

Exide Life Group Illness Rider is an add-on cover that is designed to provide enhanced financial protection to employees in case they suffer from a terminal illness or critical illnesses during the policy tenure. It pays out a selective percentage of the rider sum assured on the diagnosis of the illness.

4. 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.

Why Buy Exide Life Insurance From PolicyX.com?

PolicyX.com is the most reliable insurance buying platform. With the help of multiple partners and a wide range of life insurance products, the company makes sure to offer the best and trusted services. Reasons to choose PolicyX.com over any other platforms are mentioned below.

• Easy, simple and free online comparison process that assists you to compare all available options on the basis of features, premiums, benefits, exclusions and much more.
• Minimal documentation.
• SSL secure portal, which makes sure that all your details are safe and secure.
• 24*7 customer assistance to help you with your queries.

How To File a Claim Under Exide Life Insurance Company?

Exide Life Insurance Company offers a simple process to make sure that your claim is settled with ease and minimal documentation. Below are the steps for the same.

1. Register your claims (as soon as possible) by visiting the official website of Exide Life Insurance Company.
2. Move your cursor to the tab 'Customer Service' and click on 'All Claims'.
3. Click on the tab 'Register A Claim' and fill the required details.
4. After filing the form, submit it with the required documents.
5. Upon completing the registration process, you will receive an acknowledgement for the same. You can use the policy number to clear all your queries regarding the claim until the declaration of decision.
6. If your request is accepted, the money will be transferred to the claimant’s account.

Note- You can file the claim by visiting the company’s branch office.

What Are The Documents Required For The 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).