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Exide Life Star Saver Plan

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.

Key Features of Exide Star Life Saver Plan

This well devised tax saving investment plan has various significant characteristics. They are as follows:

  • Type of policy: Non-linked participating life insurance policy.
  • Financial protection: Maturity benefits, death benefits, loyalty benefits as well as guaranteed additional income.
  • Free look time period of 15 days.
  • Premium payments: Premium payments can be done monthly or yearly.
  • Grace time period of 30 days for non-payment of the unpaid premium. In the case of monthly mode of payment, the grace period is 15 days.
  • Tax benefits: As per the Income Tax Act of 1961, Section 80C, Section 10 (10D)-on maturity and survival benefits and Section 80D- only if critical rider has been chosen.
  • Loan against the policy: The policy holder or the insured can take a loan against his or her policy, provided at least two years of premium payment has been done.
  • Surrender of policy: If the insured wishes to surrender the policy, there will be deductions made like mortality fees from the income that is earned and premiums paid until that time.
  • Reinstallation: The policy has the feature of being reinstated or reinstalled, but is subject to certain terms and conditions.
  • Nomination: According to section 39 of the Insurance Act of 1938, the Exide Life Star Saver plan allows policy holders to make nominations.

Benefits of Exide Life Star Saver Plan

Being an all-inclusive policy, an Exide Life Star Saver plan has various benefits. The significant ones are as follows:

  • Maturity benefits: Upon maturity, the insured will receive the sum assured and accrued guaranteed additions as well as loyalty benefits.
  • Accrued Guaranteed Additions: Additional guaranteed benefits which is a percentage, depends upon the sum assured, the policy term and a specific guaranteed percentage that is based on the sum assured. For example, for a sum assured between Rs.24,000 and Rs.59,999 per annum, the policy term of 10 years, 12 years and 15 years, the additional guaranteed percentage is 7 percent for all. Similarly, for a sum assured between Rs.60,000 to Rs.179,999, the guaranteed additional percentage is 7.5%.
  • Death benefits: Upon the death of the insured or policy holder, the beneficiary or the nominee will receive the sum assured and the accrued guaranteed additions. This is true and applicable in the case of accidental deaths too.
  • Tax benefits: Tax benefits applicable as per the Income Tax Act of 1961 such as Section 80C, Section 10 (10D) and Section 80D.
  • Loyalty benefits: Loyalty benefit is another extra benefit which is paid off as a percentage of the sum assured. For a 10 year plan, the loyalty benefit is 30%. Similarly for a 12 year plan and 15 year plan, the loyalty benefit is 36% and 45%, respectively.

Eligibility Criteria

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 eligibility10 years (policy term)12 years (policy term) 15 years (policy term)
Term of premium payments5 years5 years5 years
Premium payment modeYearly / MonthlyYearly / MonthlyYearly / Monthly
Minimum entry age8 years6 years 3 years
Maximum entry age60 years60 years60 years
Minimum age on maturity18 years18 years18 years
Maximum age on maturity75 years75 years75 years
Minimum premium
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 premiumNo limitNo limitNo limit
Minimum sum assured65,037 INR65,037 INR65,037 INR
Maximum sum assuredNo limitNo limitNo limit

Premium details

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.

Documents Required

Following is the list of documents you will require in case you are purchasing an Exide Life Star Saver plan:

  • Proof of identity- Aadhaar card, voter’s ID, PAN card, passport
  • Proof of address- Aadhaar card, passport, utility bills such as telephone bill, electricity bill, etc.
  • PAN Card
  • Age proof- Aadhaar card, voter’s ID, passport
  • Proof of income- income or salary slips of the past few months
  • Attested bank passbook

Policy details

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.

Additional benefits of an Exide Life Star Saver plan

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.

  • Firstly, the official website of Exide Life Insurance is very proficient and reliable. It offers brilliant security tips that can assist you in shielding your life insurance policy completely.
  • Secondly, it includes variegated notable services like calculators, tools, etc. that can help you plan and assess your specific requirement for a life cover, whilst also evaluating the possible risks that may occur. These calculators can also help in evaluating investments and medical expenses.
  • Thirdly, a facility is provided by Exide Life Insurance that enables you to digitally maintain your insurance policy.
  • Fourthly, to succour you with relevant and important information pertaining to insurance policies you are keen about, Exide Life Insurance provides you with a financial advisor known as Birbal. The financial advisor helps you by giving comprehensive information regarding specifics of an insurance policy. For instance, it can help you with tax benefits, savings applicable, riders, etc.

Documents required to make a claim

  • Appropriately filled and signed intimation form
  • Policy documents
  • ID proof of the person making the claim
  • Photo ID proof of the person making the claim
  • Existing address details, along with proof
  • Bank passbook or account statement attested individually by the person making the claim
  • Identity proof of the insured i.e. policy holder
  • Death certificate
  • A copy of all medical records like test results, prescriptions, reports, admitting details, health notes, etc. along with a medical statement articulating the cause of death of the insured
  • A copy of FIR in case of an accidental death of the insured
  • Post mortem report (only in case of accidental death)

Note: Original documents are a must

How to make a claim?

  • Remember to make a claim as soon as possible after the insured’s death
  • Fill the claim intimation form. This form is available on the insurance website as well as at any nearest branch. You can also write an email to care@exidelife.in
  • Submit all the required documents vigilantly
  • Submit the form along with all relevant documents to an Exide Life Insurance branch near you or you can also mail it to them.
  • Once it has been registered, you will obtain an acknowledgement letter.
  • Your claim will soon be settled

Exclusions of Exide Life Star Saver

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.

  • Suicide / self-harm
  • Infection
  • Inclusion in any flying activity
  • Abuse of any kind of substance
  • Unlawful activities
  • Crimes
  • Nuclear contamination
  • Poison
  • War, hostiles, rebellion
  • Dangerous or any life-threatening activity

Review of Exide Life Star Saver

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.

  • Maturity benefit: Rs.18,28,225
  • Sum assured on death: Rs.21,00,000
  • Death occurred due to an accident: Rs. (21,00,000 + 21,00,000)

Reasons to buy an Exide Life Star Saver plan

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!

FAQs on Exide Life Star Saver Plan

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.

  • Exide Life Critical Illness Rider: You can attach this rider to any new or prevailing Traditional Exide Life Insurance policy. In unfortunate and unforeseen situations, wherein the policy holder suddenly gets diagnosed with a critical illness, this rider pays off a lump sum benefit to the insured.
  • Exide Life Term rider: Similar to the above rider, this rider too can be attached to a new or prevailing Traditional Exide Life Insurance policy. Owing to its name, it offers coverage against death caused by accidents. There is a list of exclusions for this add-on.

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:

  • Online payments
  • Cash payment at office and branch
  • Axis bank branch
  • SBI bank branch
  • NEFT
  • ECS
  • Auto-Debit

You can also make payments through various online banking facilities. They are as follows:

  • Credit card
  • Debit card
  • Net banking
  • eCollect
  • Electronic Bill payment & presentment with banks
  • Tech process solution
  • Wire transfer

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-

  • Visit the official website of Exide Life Insurance
  • Login to your account using your credentials i.e. your policy details and date of birth
  • Pay the applicable charge for renewing your Exide Life Star Saver plan through debit card, credit card or net banking facilities
  • You can do the payment for the same through cheque or cash as well
  • In case you have paid online, print the receipt

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.

  • Exide Life Term Insurance plan
  • Exide Life Smart Term plan
  • Exide Life Term Rider
  • Exide Life My Money Back plan
  • Exide Life Income Advantage plan
  • Exide Life Guaranteed Income Insurance Plan
  • Exide Life Jeevan Uday
  • Exide Life Wealth Maxima
  • Exide Life Secured Income Insurance Plus
  • Exide Life Secured Income Regular Pay
  • Exide Life Star Saver plan
  • Exide Life Nirmal Jeevan Insurance Plan
  • Exide Life Wealth Elite
  • Exide Life Prospering Life Plus
  • Exide Life Assured Gains PLus
  • Exide Life New Fulfilling Life
  • Exide Life Wealth Maxima- Maxima Child
  • Exide Life New Creating Life Plus
  • Exide Life New Creating Life Insurance Regular Pay
  • Exide Life Mera Aashirvad
  • Exide Life Golden Years Retirement Plan
  • Exide Life New Immediate Annuity with Return of Purchase Price

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.

  • Identity proof
  • Permanent Account Number (PAN Card)
  • Most recent bank statement
  • Cancelled cheque