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Exide Life Term Insurance Plan
  • 1 Crore Life cover @ ₹18* Day
  • Multiple Premium Payment Modes
  • Low Premium on High Sum Assured
  • Return on Premium Upto 150%
  • Tax Benefit Under 80C & 10D
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Exide Life Term Insurance Plan

Are looking for term insurance that promises lifetime financial protection of family after your death at a higher sum assured with lower premium rates and flexible term? Then you can trust Exide Life Insurance Term plans that safeguard your family members even after your death by providing timely coverage on happening of the claim.

All the term plans under Exide Life Insurance triggers to release the life assured from the tension of future risk and eventualities without sacrificing present and future lifestyle of the family. Exide Life insurance has been very active in instituting flexible term Insurance plans fabricated under intense research of different customers protection requirement.

Top Reasons to choose Exide Life Term Insurance

1. Claim Settlement Ratio- While choosing a term plan claim settlement ratio is of prime importance where Exide Life Insurance with 96.8% claim settlement ratio wins everyone’s heart. Also, the solvency ratio is a big deciding factor of claim settlement ratio. The current solvency ratio of the company is 206%.

2. Fast and Reliable Customer Service- Exide Life beats everyone in settlement of claim by providing quick fix solution to every claim and giving timely attention to each grievance.The company has achieved a good customer satisfaction rate and have 15 lakhs of engaging customers in over 200 cities of India.

3. Innovative and Flexible Term Plans- You will find most of the other term plans only offer death benefits and do not include any rider benefit, terminal illness benefit, maturity benefit, and survival benefit. But Exide Life Insurance term plans offer all these benefits plus the financial security to the family.

4. Tax benefits- All the term plans incorporate the features of tax benefits under section 80C and 80D of Income Tax Act.

5. Maturity benefits: What to do if you survive till the maturity of the policy? As we all know that term plan are solely for the protection of family after the death of a responsible person but in cases of Exide Life this idea is rejected by covering of survival benefit or maturity benefit.

Exide Life Term Insurance Plans

Exide Life has initiated two term insurance plans that are easy to understand and carries never-ending benefits.

1. Exide Life Elite Term Insurance Plan

The most preferred plan of Exide Life that include a high amount of coverage, flexible terms, lower premiums and many more. This term plan is best when it comes to family where it gives income benefits which preserve the current style of living in the future also.

Eligibility Criteria:

Minimum Age at Entry 21 years
Maximum Age at Entry 60 years
Maturity Age 70 years/ 80 years
Minimum Sum Assured Rs 50 lakhs
Maximum Sum Assured Rs 2 crores
Policy Term
  • 5 to 35 years (in multiples of 5 only) for Single Premium
  • 10 to 35 years under Regular Premium pay
  • 5 /10 years for regular premium paying policies if extended
Premium Payment Terms
  • Regular pay (same as the policy term)
  • Single pay (one time payment of premium)
Rider Protection 70 years
Rider Term 5 years – 40 years

Special Features of Elite Term Plan:

  • Keep your family current lifestyle alive even after your death with the option of regular monthly income payment of sum assured.
  • There are three death benefit payout options-
    • Lumpsum Payout: Payment to meet the immediate liabilities taken in past.
    • Family Income Benefit: The nominee/ family members after the death of assured will get regular income each month. The company guarantees payment of 1.07% of death benefit for the 120 months continuously.
    • Lumpsum with Family Income Benefit: Here, the nominee will get 50 % of the sum assured amount in lumpsum and the rest will be paid in regular monthly income for 120 months or 10 years.
  • Get additional coverage from 25 critical illnesses with the help of Critical Illness Rider.
  • Ensure your financial safety from uninvited deaths and disability by attaching Accidental Death Disability and Dismemberment Rider to base policy.
  • Cheap and reasonable premium amount for high sum assured (equal to or more than 5 crores) and policyholder who do not consume tobacco through smoking.
  • Lower premium values for female life assured to boost the empowerment of women.
  • Extend your basic policy term to 5 years or 10 years more available under regular premium paying option.

2. Exide Life Smart Term Plan

This plan combines the benefit of maturity of the policy term, survival and death of the life assured. The smart term plan gives freedom to choose the right level of protection with propitious benefits.

Special Features-

  • Refund of all premiums if the policy reaches the maturity stage and the life assured survives till date.
  • Pay premium either monthly or annually or half-yearly according to your financial capacity.
  • Protection from critical illness through Critical Illness Rider.
  • Secures the family from uncertain death or disabilities due to accidents through Accidental Death, Disability and Dismemberment Rider.

The Exide Life Smart Term Plan has three variants that contain various benefits.

  • Classic-Protection with return of premium:
    This variant help in two ways by giving protection to family in the form of death benefit and simultaneously ensuring the return of premium as maturity benefit on the survival of life assured till the completion of the policy term.
  • Step-up Protection with higher return of premium:
    This is an extension to the classic option where the life assured will get payment of premium which is increased by 10% to 50% as per the policy term selected at the time purchase. Overly, the premium received would be 110% to 150% of the premium paid till date with exclusion of underwriting extra premiums.
  • Comprehensive- Enhanced protection with return of premium:
    Under this variant the assured get enhanced protection through additional sum assured in addition to basic sum assured. It comprises of two factors namely-
    • Classic: Covers all the benefit mentioned classic plan.
    • Extra Protection: Assured can considerably increase the death benefit by the means of additional cover offered on extra premium.
Features Premium Payment Terms Classic option Step-up option Comprehensive option
Minimum Age at Entry Single Premium 18 to 65 years Not Available 18 to 65 years
5 Pay 18 to 65 years 18 to 60 years Not Available
Regular Premium 18 to 60 years 18 to 58 years 18 to 60 years
Minimum Sum Assured Single Premium 10 to 30 years Not available 10 to 30 years
5 Pay 10 to 30 years 10 to 30 years Not available
Regular Premium 12 to 30 years 12 to 30 years 12 to 30 years
Term of the Policy Single Premium Rs 5 Lakhs Not available Rs 10 Lakhs
5 Pay Rs 10 Lakhs Rs 10 Lakhs Not available
Regular Premium Rs 5 Lakhs Rs 10 Lakhs Rs 10 Lakhs
Premium Payment Modes Monthly/ Half Yearly/ Annually

Please Note: If monthly premium payment option is chosen, assured is liable to pay 3 months of premium in advance starting dorm the commencement period of the policy.

How the benefit is payable under Exide Life Smart Term Plan?

  • Classic- Total premiums are returned to the life assured on survival till the date of maturity of the policy.
  • Step-up- The premiums paid are refunded back on the policy maturity date if the assured survives throughout the policy term.
    Policy Term Selected Percentage of total premiums paid on maturity after excluding underwriting premium
    10 to 14 years 110%
    15 to 19 years 120%
    20 to 24 years 130%
    25 to 29 years 140%
    30 years 150%
  • Comprehensive- The premium paid in total will be returned on survival with deduction of extra protection premium, just like Classic option.
  • Death benefit is payable only on the occurrence of death where basic coverage, plus extra protection coverage opted, will be provided.

Riders Available Under Exide Life Term Plan

1. Exide Life Critical Illness Rider

Protect yourself from the risk of getting financially impaired through paying for the treatment of critical illness on the investigation by a medical practitioner. The assured can opt for this rider at the inception and the benefit is payable on the detection of disease.

This rider is available in two options as depicted below

  • Option A- Critical Illness covered are-
    • Cancer of Specified Severity
    • First Heart Attack – of specified severity
    • Stroke resulting in Permanent Symptoms
    • Open Chest Coronary Artery Bypass Graft (CABG)
  • Option B- Critical Illness covered are-
    Cancer of Specified Severity Major Organ/ Bone Marrow Transplant Permanent Paralysis of Limbs Major Head Trauma
    First Heart Attack – of specified severity Motor Neurone Disease with Permanent Symptoms. Major Burns Systemic Lupus Erythematosus with Lupus Nephritis
    Stroke resulting in Permanent Symptoms Multiple Sclerosis with Persisting Symptoms Heart Valve Surgery Parkinson's disease
    Open Chest Coronary Artery Bypass Graft (CABG) Aplastic Anaemia Surgery of Aorta Primary Pulmonary Hypertension
    Benign Brain Tumour End Stage Liver Disease Blindness Alzheimer Disease
    Kidney Failure Requiring Regular Dialysis Chronic lung disease Coma of Specified Severity Apallic Syndrome
    Primary Pulmonary Hypertension Apallic Syndrome Loss of speech Systemic Lupus Erythematosus with Lupus Nephritis

    Eligibility Criteria:

    Minimum Age at Entry 18 years
    Maximum Age at Entry 65 years
    Maturity Age 70 years
    Minimum Sum Assured 50000
    Maximum Sum Assured Rs 25 lakhs or Equal to the base policy
    Premium Payment Modes Equal to the base policy
    Premium Payment Terms Regular Pay
    Rider Term 5 years to 40 years

2. Exide Life Accidental Death Disability and Dismemberment Rider

Whenever a life assured suffers from accidental death or disability during the term of the policy, and if this rider is attached with the Exide Life insurance policy then the whole sum assured opted will be paid.

For availing this rider, you have to pay some additional premium in supplement to basic premium.

Eligibility Criteria:

Minimum Age at Entry 18 years
Maximum Age at Entry 65 years
Maturity Age 75 years
Minimum Sum Assured Equal to the base policy
Maximum Sum Assured Equal to the base policy
Premium Payment Modes Equal to the base policy
Premium Payment Terms Regular
Rider Protection 70 years
Rider Term 75 years minus the age at the time of purchase of rider or policy or outstanding premium paying term of the base of the policy

Conditions to eligible for Exide Life Rider-

Accidental death of life assured must comply with the following conditions:

  • The body must display the external injuries resulted through an encounter to the accident.
  • The death must solely arise from the accident which has caused life taking injuries.
  • Death should occur within 180 days starting from the date of injury caused.

For permanent dismemberment or disability, the assured must accomplish any of the one conditions:

  • Disability of an arm or above the wrist which is not recoverable
  • Loss of one leg or above the ankle
  • Irreplaceable physical injury of thumb and index finger or above metacarpophalangeal joint.
  • Permanent Inability to do daily self-maintaining activities like bathing, dressing, eating, moving from one room to another.
  • Loss of capacity to engage in any income generating profession or business and to earn revenues.

How benefits are payable under each disability if a claim is made?

In the following table, the percentage of benefit payable is revealed below. Check the coverage provided before you apply for any accidental death and dismemberment claim top Exide Life Insurance.

Event Percentage of benefit given on raising a claim
Death 100%
Dismemberment of Thumb and index finger on the same hand 25%
Dismemberment of Any one limb 50%
Dismemberment of Two limbs or more 100%
otal and Permanent Disability of:
Loss of speech 25%
Loss of hearing in both ears 50%
Loss of use of any one limb 50%
Loss of use of two limbs or more 100%

In case of dismemberment, assured will be paid on the admission of a claim by the Exide Life insurance on an immediate basis.

While in the case of permanent and total disability, then the assured will be subjected to receive a payment on

  • admission of claim OR
  • 180 days after the diagnosis of permanent disability has been confirmed by the doctor OR
  • After one year when the diagnosis of permanent disability has resulted OR
  • After two years when the diagnosis of permanent disability has resulted OR

Exclusions

  • Suicide committed within the first years of the policy starting from the commencement period of the policy, then no benefits are payable. However, the company will pay 80% of the premiums paid till the date death pertaining to effectiveness of policy.
  • In case the policy is revived due to any specific reason, then suicides committed from the date of revival of policy assured will get higher of 80% of the premium paid till date.

Exide Life insurance Reviews

Exide Life remained a pioneer in the life insurance domain who have flooded the insurance markets with it's innovative, flexible, suitable to individual needs and affordable life insurance plans. Exide Life insurance products not only offer freedom to choose and avail benefit from life insurance policies but also promises guaranteed claim processing on time with 96.8% claim settlement ratio. The company has traversed the minimum Claim Settlement Ratio as defined by IRDA and proved its resonance in customer service.

FAQ's

1. Does the company give grace period if the premium is not paid on due date?

Yes, all the term insurance plans introduced by Exide Life Insurance includes the feature of grace period where the life assured is designated 15 days of time for monthly policies to submit due premiums. Whereas annual premium paying policies are allotted 30 days to complete the payment of premium outstanding.

2. What is the claim settlement ratio of Exide Life insurance?

In respect to the guidelines of IRDA, the company has maintained a commendable claim settlement ratio of 96.8%. This highlights the concern and priority which Exide Life Insurance guarantees towards their bonafide customers.

3. What is the process to claim a death benefit in Exide Life insurance?

  1. Inform the company about the claim over a call or SMS or by writing an email.
  2. Register your claim immediately when the loss or illness has occurred by disclosing all the information on claim intimation form available with Exide Life Insurance.
  3. Submit the form with other required documents asked by the company for settlement of a particular claim.
  4. If documents are incomplete or unsatisfactory, the company may ask for other evidence to prove the authenticity of the claim.
  5. After the claim is confirmed and verified by the company, then the claimant or nominee will receive an acknowledgment of claim acceptance in writing.
  6. Company will proceed to make payment of claim as fast as they can in an allotted time frame.

4. What documents are necessary for Death Claim/ Terminal Illness/ Critical Illness?

  • Policy document
  • Original Death Certificate issued by the local municipal bodies of the state (only in death claim)
  • Medical Cause of Death Certificate (in case of death claim)
  • Medical Records (Discharge / Death summary, Test results, Admission notes, Outpatient consultation notes etc)
  • Identity proof of the claimant submitting the claim.
  • Bank Account details of the claimant like duly verified passbook photocopy or an account statement to transfer the claim amount directly to the account.

5. What documents are necessary for accidental death claim?

  • Original Death Certificate issued by the state or city municipal bodies.
  • Photocopy of Medical certificate of cause of death stating the reason for death.
  • Medical reports describing the health conditions like Discharge / Death summary, Test results, Admission notes, Outpatient consultation notes, etc.
  • Age proof and identity proof of the deceased assured.
  • Jurisdictional Police Station Attested Copy of FIR.
  • Post Mortem Report duly attested by the concerned officials.
  • Identity proof and bank details of the claimant (self-verified copy of passbook OR account statement of claimant)

6. What documents are necessary for Accidental Disability and Dismemberment Claim?

  • Policy document issued at the time of purchase of policy.
  • Medical reports of the assured stating and affirming the condition of disability.
  • Identity proof of the claimant.
  • Address Proof of current residence
  • Photo, Identity proof and age proof of the life assured whose death has happened.
  • Bank Account details of the claimant like self-attested passbook photocopy or an account statement for the transaction of claim amount into the account of the claimant.

7. Do term plans listed above contains tax benefits?

Under Section 80C of the Income Tax Act 1961, the premium paid on term insurance plan will get tax benefits up to 1.5 lakhs on the annual tax paid for yearly income.

While if the assured has opted for critical illness rider, then according to section 80D of the Income Tax Act 1961 tax benefits will be received up to Rs 25,000.

Exide Life Term Insurance News

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