Exide Life Term Insurance Plan
Exide Life Term Insurance Plan
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Exide Term Insurance

Exide Life Insurance Company is one of the most profitable and established life insurance companies in India. It is 100% owned by Exide Industries Limited. The company serves over 15 lakh customers and manages assets over INR 15,000 Crores. The company provides effective long term protection and savings solutions to its customers. It carries a strong traditional product portfolio along with a consistent bonus track record. Exide Life Term insurance plans safeguard your family members even after your death by providing timely coverage.

Types of Exide Term Insurance Plans

1. Exide Life Term with Return of Premium Plan 

Exide Life Term with Return of Premium Plan comes out with a life insurance cover at affordable premiums and also returns the premiums paid at the end of the policy tenure.

Key Features

Life Insurance Cover: The plan offers life insurance cover for the entire policy tenure. No medical tests are required while buying the policy. In case of the unfortunate demise of the insured, an amount equal to the sum assured on death is paid to the nominee.

Return of Premium on Completion of Policy Term: At the end of the policy tenure, you will get an amount equal to 100% of the total paid premiums.

Flexibility To Choose The Number of Years: You can choose to pay the premium for 5 years (Limited Premium) or for the entire policy tenure as per your suitability.

Eligibility Criteria

Entry age

18 to 50 years

Policy Term (Years)

Limited premium- 10 to 30 years

Regular Premium-12 to 30 years

Maximum SA

25 lakhs

Premium Paying mode

Annual

**Last Updated on 05-11-2020

The values may change as per the chosen plan option. 

2. Exide Life Elite Term Insurance Plan

This plan offers a high amount of coverage, flexible terms, lower premiums, and much more. It provides a large sum assured at a reasonable premium amount and also rewards an insured for leading a healthy life during the chosen tenure.

Key Features

Affordable Premiums: You have to pay a lower premium if you are leading a healthier and better lifestyle.

Increased Sum Assured: The company will increase the sum assured from 37th month onwards i.e. starting of 4th policy year. This increase will commensurate with the Super Elite rates, assuming you continue paying the same premiums. 

Death Benefit: In case of your unfortunate death, the nominee will receive the Death Benefit payouts depending on the chosen option.

Eligibility Criteria

Entry age

21 years to 60 years

Maturity age

70 years (Age last birthday)

80 years age (If Extended Term opted for)

Policy Term 

  • Single-Premium (SP): 5 to 35 years (multiples of 5 only)
  • Regular Premium (RP): 10 to 35 years
  • Extended Term: RP + 5 /10 years
    No premium is payable during the extended term.

Premium Paying Term (PPT)

  • Single Pay
  • Regular Pay: Same as Policy Term

Sum Assured 

50 lakhs to no-limit

**Last Updated on 05-11-2020

The values may change as per the chosen plan option. 

3. Exide Life Smart Term Plus

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

Key Features

Life Insurance Cover: In case of unfortunate death of the life assured during the policy tenure, the sum assured is paid as per the selected death benefit payout option.

Pay The Premium For a Limited Tenure: The plan comes out with the flexibility to pay premiums for a limited period while offering life insurance cover for the full policy tenure. You can choose to pay premiums for 5, 8, 10, or 12 years.

Eligibility Criteria

Entry age 

18 years to 60 years

Policy tenure

15 years to 40 years

Minimum SA

15 lacs

Maturity age

80 years

Premium payment mode

Monthly, Half-yearly and Annual

**Last Updated on 05-11-2020

The values may change as per the chosen plan option. 

4. Exide Life Smart Term Plan

Exide Life Smart Term Plan is a unique insurance plan that provides comprehensive protection options and returns the total premiums paid by you on completion of the policy tenure.

Key Features

3 Plan Options: The plan comes out with 3 plan options and allows you to choose from them as per your suitability.

Flexible Premium Payment Options: The plan comes out with the flexibility to choose your premium payment term. The insured can choose to pay over the entire policy term (Regular Pay) or pay for a shorter duration (Single / 5 Pay) while being covered for the full policy term.

Tax Benefits: With this plan, you can save tax on-

  • Premiums paid under section 80C.
  • Life Insurance Cover amount and premium refund under section 10(10D).
  • Premiums paid towards Critical Illness Rider under section 80D.

Eligibility Criteria

Entry age

18 years to 65 years

Policy term 

10 years to 30 years

Minimum sum assured 

5 lakhs

Premium payment mode

Monthly, Half Yearly and Annual

**Last Updated on 05-11-2020

The values may change as per the chosen plan option. 

Types of Exide Term Insurance Riders

Exide Life Insurance Company comes out with multiple riders that allow you to enhance the basic cover by paying an additional premium.

Exide Life Term Rider

It is an add-on that you can attach with any Exide Term Insurance plan for enhanced life cover at the time of policy renewal or while purchasing a new traditional policy respectively.

Exide Life Accidental Death Disability and Dismemberment Rider

Whenever a life assured suffers from accidental death or disability during the policy tenure, the whole sum assured will be paid to the nominee (if this rider is opted). 

Exide Life Critical Illness Rider

This rider will pay out the expenses for the treatment of critical illness if detected by the medical practitioner. 

How To Buy Exide Term Insurance Plans?

There are two ways to invest in the Exide Term insurance plans- through the official website of the company or through PolicyX.com. Let's discuss both in detail.

Buy via Exide Life Insurance Company

  • Visit the official website of the 'Exide Life Insurance Company'.
  • Click on the tab 'I am interested in'.
  • Choose the option 'Buying Term Insurance Plan'.
  • Provide the desired sum assured amount and click on the tab 'Continue'.
  • Submit the required details and click on the tab 'Continue'.
  • Provide some more information and click on the tab 'Get a quote'.
  • Check your premium details and click on the tab 'Pay Now'.
  • Provide a few more details such as your income, qualification, city and Pan Card No.
  • Click on 'No' (if you don't have a medical condition) or on 'Yes' (if you do carry a medical issue).
  • Make the payment.
  • The company will share the policy documents on your registered mail Id.

Note-The company is only selling Exide Life Elite Term Insurance Plan online. You have to visit the nearest Exide Life Insurance Company's branch to invest in others. 

Buy Via PolicyX.com

  • Scroll up to the 'Get Exide Life Term Insurance Quotes Online' section present at the top-right corner of this page.
  • Fill the required details like phone number, name, and D.O.B. Click on the tab on 'Continue'.
  • Enter your Income, City, and click on 'Proceed'.
  • Please submit your education details and occupation type.
  • Analyze quotes and choose the Exide term insurance plan.
  • Tap on 'Buy this plan' under the chosen term insurance plan.
  • Check the details. Add relevant riders if needed.
  • Click on the tab 'Save & Continue'.
  • Your proposal is ready now. Click on the tab 'Pay Now'. It will redirect you to Exide Life's website.
  • Fill the details and make the payment using available payment options.
  • You will receive the policy documents on your registered email ID.

What Is The Claim Process of Exide Life Term Insurance?

  • Visit the official website of the Exide Life Insurance Company.
  • Take your cursor to the tab 'Customer Service'.
  • Click on the tab 'All Claims'.
  • Provide required details under the section 'Register a Claim Online'.
  • Click on the tab 'Next'.
  • Attach your documents. On registration, you will receive an Acknowledgement.
  • The company will analyze the claim documents.
  • Once the claim is approved, the amount will be released as per the terms and conditions of the policy. The payment will be made to the registered bank account number.
  • In the case of rejection, the company will share the reason with the claimant via email, letter, SMS, and text.

Note- Customers can also intimate the claim through the post, email, or by visiting the nearest branch of the company.

Documents Required To Register The Exide Life Term Insurance Claim

  • Original death certificate issued by the local authority.
  • Copy of the death certificate, medical records (discharge/death summary, test results, admission notes, outpatient consultation notes, etc).
  • Age proof & identification document (with photo) of the life assured.
  • Identification document (with photo) of Claimant.
  • Proof of bank account of the claimant (self-attested copy of passbook/account statement).

FAQs

1. How can I track Exide Life Term Insurance claim status?

To track the Exide Life Term Insurance claim status, you have to visit the official website of the company and log in to your account.

2. Can an NRI take Exide Term insurance in India?

If you are an NRI looking to invest in Exide term insurance in India, you are very much eligible. When you apply for a term plan (once the underwriting is completed for your policy), it will be considered as any other policy bought by an Indian.

3. If I don't die within the Exide term insurance period, what happens then?

At the end of the policy tenure, the insurance plan will terminate. The survival benefits/return of premium (if any) will be shared with you. Based on the provisions provided by the company, you can also renew the policy to continue life protection.

Last updated on 05-11-2020