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One such popular and known insurance company is Exide Life Insurance Company. It is an Indian life insurance company that is owned by Exide Industries. Exide Life Insurance Company provides a variegated list of insurance plans for different purposes. The company mainly deals with life insurance products as well as long-term savings and protection alternatives. Distributing its products through many multi-channels, Exide Life Insurance Company consists of a strong hold of more than 15 lakh customers and 50,000 advisors that are spread across the 200 branches in the country. Given the company’s expansiveness and popularity, the Exide Life Star Saver plan offered by them proves to be highly advantageous, as you can also enhance your savings while being protected. The Exide Life Star Saver plan is a policy that is comprehensive in nature. It is a savings as well as an insurance plan that provides guaranteed tax-free maturity benefit with coverage. This plan has been designed with the objective of assisting you to meet your monetary goals with guaranteed benefits.
This well devised tax saving investment plan has various significant characteristics. They are as follows:
Being an all-inclusive policy, an Exide Life Star Saver plan has various benefits. The significant ones are as follows:
The terms of the eligibility criteria for Exide Life Star Saver plan depend majorly on the term of the policy premium selected by the policy holder.
|Provisions of eligibility||10 years (policy term)||12 years (policy term)||15 years (policy term)|
|Term of premium payments||5 years||5 years||5 years|
|Premium payment mode||Yearly / Monthly||Yearly / Monthly||Yearly / Monthly|
|Minimum entry age||8 years||6 years||3 years|
|Maximum entry age||60 years||60 years||60 years|
|Minimum age on maturity||18 years||18 years||18 years|
|Maximum age on maturity||75 years||75 years||75 years|
24,000 INR yearly
5,500 INR monthly
24,000 INR yearly
5,500 INR monthly
24,000 INR yearly
5,500 INR monthly
|Maximum yearly premium||No limit||No limit||No limit|
|Minimum sum assured||65,037 INR||65,037 INR||65,037 INR|
|Maximum sum assured||No limit||No limit||No limit|
The premium for an Exide Life Star Saver plan depends greatly on the policy holders age, location, term of the policy and various other aspects. However, the minimum premium for this plan is Rs.24,000 for yearly and Rs.5,500 for monthly mode. There is no maximum limit on the premium of the Exide Life Star Saver plan, but it depends on the underwriting of the policy.
Following is the list of documents you will require in case you are purchasing an Exide Life Star Saver plan:
Add-on plans or Riders
Exide Life Star Saver insurance plan offers customers with additional alternatives to increase their financial coverage. These additional alternatives are commonly known as riders. Exide Life Star Saver plan provides two such add-ons or riders. With respect to your current requirement, you can either choose the Exide Life Term rider or the Exide Life Critical Illness rider. Select the former in case you are searching for an extra or additional life cover and select the latter option in case you desire coverage or protection for a defined critical illnesses. In both cases, these riders prove to extremely efficient and act as a backbone to the beneficiary in such times.
In addition to the incredible advantages Exide Life Star Saver plan brings you, you will be astonished to know that even more benefits await you. Here is a gist of the same.
Note: Original documents are a must
All insurance plans come with particular exclusions. As per the Exide Life Star Saver plan, the accidental death benefit would not be given to the beneficiary or nominee in case the insured’s death occurs because of the following reasons.
Being a Traditional Endowment Non Participating Plan, an Exide Life Star Saver plan offers assured returns. Every benefit mentioned under this plan is completely guaranteed. The guaranteed returns emanate as guaranteed additions and loyalty additions. This plan has a congenital accidental death benefit rider. The beneficiary or nominee will receive the sum assured on the death of the insured, plus the guaranteed additions accumulated till date. To receive optimum returns, you must opt for a 15 year term and select a sum assured amount more than Rs.2,00,000. For instance, Miss Maya, who is 26 years of age has purchased an Exide Life Star Saver Plan for a yearly premium of Rs.2,00,000. The term of the policy is 15 years and the term of the premium payment is 5 years. If all the premiums are paid duly, she will receive the following benefits.
Being an investment and savings plan from a prime insurance company in India, one of the top most reasons to purchase an Exide Life Star Saver plan is that Exide Life Insurance has an efficiently remarkable record of solving claims quickly without any hassle. Exide Life Insurance company’s precision and translucency is quite rewarding to policyholders at the time of claim settlements. You can also obtain solutions that fit your needs or suit your circumstances. An Exide Life Star Saver plan not only helps you save greatly, but also provides first-rate protection. This company is popular for its immense hard-work, trust and diligent work. It has gained the trust of an incredible number of customers over the years. Under the category of ‘Excellence in omni-experience’, Exide Life Insurance has received a recognition award in 2016. The company also received an ‘India Leadership Award’ for Marketing and Social Media enterprise. Hence, you can be assured that with an Exide Life Star Saver plan, your life is in the right hands!
Are there any riders provided by Exide Life Insurance?
Yes, there are 2 riders provided by Exide Life Insurance. By selecting riders that are offered by Exide Life insurance, you can enhance your life coverage. It gives you double coverage for a minimal extra premium, plus grants you additional tax benefits. The two riders are given below.
Can I check my policy status with Exide Life insurance?
Yes, you can check your policy status with Exide Life Insurance. To do so, you need to register online. Go to the official website of Exide Life Insurance and visit the ‘self-service’ page. Login with your policy number, birthdate and the mobile number that is registered with the Company. You will get an OTP on the registered mobile number. You need to enter the OTP accurately, after which you will be able to see the status of your policy. Alternatively, you can call on the toll-free number 1800-419-8228.
What is the process of claim settlement at Exide Life Insurance?
Visit the company’s official website and under the ‘Customer Service’ option, select ‘My claims.’ You are then required to fill in all the necessary and relevant details accurately with the claim form. The claim form is downloadable as well. After the documents have been sent to the company, you will obtain a reference number and a receipt that you must keep with you handy. The company follows certain procedures while settling a claim, so as to protect the interests of its customers in a very professionally effective and translucent manner.
How to make my premium payments?
There are various modes for making premium payments. They are:
You can also make payments through various online banking facilities. They are as follows:
How to calculate my Exide Life Star Saver premium?
Go to the official website of Exide Life Insurance Company and click on ‘premium calculator.’ Select the ‘Exide Life Star Saver’ plan and fill in the details like needed life coverage, birth date, premium paying term, policy term and gender. Type in your personal information like name, mobile number, city, state, email ID and if you are a smoker or a non-smoker. Now, a summary of the premium will be displayed on your screen. Additionally, you can also select for a premium summary or quotation being sent to your email ID.
How can I save with Exide Life Star Saver plan?
Owing to the various aspects of the Income Tax Act of 1961, policy holders can cherish tax benefits under this plan. You will enjoy tax benefits as per Section 80C of the Income Tax Act, 1961 when you pay your premiums for this plan. As per Section 80D of the Income Tax Act, 1961 you will obtain benefits when you pay for premiums of critical illness rider. According to Section 10 (10D) of the Income Tax Act, 1961, you can receive tax benefits on maturity of the Exide Life Star Saver policy.
What is the procedure for renewing my existing policy?
: For the purpose of renewing your existing policy, you can do the following online-
What are the different types of insurance plans offered by Exide Life Insurance?
Exide Life Insurance offers a varied list of insurance plans that cater to almost all walks of life. The company offers term plans, child plans, investment plans as well as pension/retirement plans. They are perfectly tailored to suit your needs at different stages of your life. Below is a list of the various types of plans offered by Exide Life Insurance.
Can I cancel my Exide Life Star Saver Plan? If yes, how?
Yes, if you wish to, you can cancel your Exide Life Star Saver plan. Go to the nearest Exide Life Insurance branch and take a surrender form. Fill the surrender form accurately and sign it. Submit the accurately filled surrender form along with the documents given below. Note that once this process is finished, the company will call and inform you regarding the resignation or cancellation of your insurance plan.