Exide Life Insurance
Exide Life, an established and profitable life insurance company, commenced its operations in 2001-02. The insurance company is headquartered in Bangalore and is a fully owned subsidiary by HDFC, the Company manages assets of INR 18,381 Crores (as of 31 March 2021).
Exide Life focuses on providing long-term protection and savings plans and has a strong traditional product portfolio. Exide Life insurance plans are diverse and flexible.
Recognized as the Economic Times Best Brand under the BSFI category in 2020, Exide Life Insurance has a constant emphasis on innovation. They have an extensive geographic footprint with a vast client base and steady technology up-gradation, Exide Life Insurance has become a brand that India trusts.
Exide Life Insurance has achieved multiple awards and accolades since its inception:
Exide Life Insurance 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
Benefits of Exide Life Insurance
Exide Life Insurance has a tremendous reach all over India because of its multi-channel approach that includes bancassurance, agency network, direct and online channels, and corporate agency and broking. Exide Life Insurance has been operating for the last 20 years and has gained a wide customer base across 200+ cities. Its excellent claim settlement ratio of 98.54% for the financial year 2020-21 is amongst the best in the industry.
A wide array of products
Exide Life Insurance offers an extraordinary range of insurance products to its customers situated far and wide across the country. Exide Life Insurance provides a rich product mix 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 collection network
Exide life insurance makes premium payment easier with their multiple premium payment options like online payment, auto-debit from a bank account, cheque, cash, and multiple cash-only centers.
Impressive claim settlement ratio
Exide Life Insurance has one of the best claim settlement rates in the country. The figures for the financial year 2020-21 stand at 98.54%. It is a perfect reflection of the excellent customer service rendered by the company.
With Exide Life Insurance plans, the policyholders can avail tax deductions as allowed under the Income Tax Act 1961.
Extensive customer 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.
Key Features of Exide Life Insurance Company
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.
To help you analyze the performance of Exide Life Insurance Company, we have examined a few factors such as claim settlement ratio, solvency ratio, etc that will help you to get an insight into the company's performance:
The table below presents key features of Exide Life's performance in FY 2020-21.
Highlights Of Exide Life Insurance
|Annual Premium Income||Rs. 3,325 crores|
|Assets under Management||Rs. 18,381 Crores|
|Claim Settlement Ratio||98.54%|
|No. of Offices||200|
Please continue to read ahead for trends and detailed information on the above mentioned factors.
Exide Life Insurance Annual Premium Income
As per the IRDAI Report 2020-21, the company has reported an annual premium of Rs. 3,325 crores. As per the previous IRDAI reports, the company has shown exceptional growth.
In the chart below, we have mentioned the annual premiums generated by the company in the last few fiscal years.
Annual Premium Income of Exide Life Insurance
Exide Life Insurance Claim Settlement Ratio
The ratio is a measure of the claims paid against those filed. It helps you to analyze 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.
In the current year, the company reported a CSR of 98.54%. The graph below illustrates the CSR of the company for the last fiscal years.
Claim Settlement Ratio of Exide Life Insurance
Exide Life Insurance Solvency Ratio
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 2.17.
Exide Life Insurance Operating Network
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
Exide Life Insurance Plans are designed to cater to every insurance related needs of an individual. Be it term plan, investment plan or retirement plan, the company has it all. Following is the list of plans which are offered by Exide Life:
|Term Protection Plans||Exide Life Saral Jeevan Bima|
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 Smart Income 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 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)
Exide Life Saral Pension
|Group Insurance Plan||Exide Life Group Term Life|
Exide Life Group Micro Term Insurance
Exide Life Group Loan Suraksha
Exide Life Group Gratuity Product
Exide Life Group Illness Rider
Exide Life Group Service Operations
Riders Available with Exide Life Insurance Plans
To give you enhanced protection, Exide Life Insurance Policy offers several riders that will help the individual to customize their plan as per their needs and requirements.
- 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 Insurance?
Making a claim under Exide Life Insurance Policy is an easy & simple process. Just follow the below mentioned step to make a claim for Exide Life Insurance Company
- 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 email@example.com
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?
For filing a claim for Exide Life Insurance Plans, you need to submit some documents along with the application. 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).