Exide Life Insurance Company Limited, is an established and profitable life insurance company, which commenced operations in 2001-02. The Company is head quartered in Bengaluru. It manages assets of INR 18,381 Crores (as on 31 March, 2021). Exide Life Insurance distributes its products through multiple channels viz. Agency, Bancassurance, Corporate Agency & Broking, Direct Channel and Online. The Agency channel comprises of 40,000+ advisors attached to across 200 locations across the country (as on 31 March 2021). The Company offers individual as well as group life insurance solutions.
For more than six decades, Exide Industries has been one of India's most reliable brands, enjoying unrivalled reputation and recall. Constant emphasis on innovation, extensive geographic footprint, strong relationship with marquee clients and steady technology upgradations with global business partners has made Exide Industries, a reliable brand that India trusts. Recognized as the Economic Times Best Brand under the BFSI category in 2020, Exide Life Insurance Company Limited is 100% owned by Exide Industries Limited. One of the pioneers among private life insurers in India, the Company was founded in 2000, and started its operations from 2001.
Key reasons to buy this plan
2 plan options - Classic and Comprehensive
Life Cover: Classic Variant – Rs. 5 Lakhs to Rs. 10 Crores
Comprehensive Variant – Rs. 20 Lakhs Base sum assured to Rs. 10 Crores.
Key Benefits:
100% of total premiums paid will be returned as sum assured on maturity in Classic Variant.
100% Sum assured will be paid in case of an unfortunate demise
Tax Benefit: U/S 80C of the Income Tax Act 1961 on your premiums paid & U/S 10(10D) of the Income Tax Act 1961 on the survival and maturity proceeds of your policy
This plan protects you throughout the term of the policy. If the insured survives the term then an amount equal to 100% of total premiums is paid excluding the underwriting extra premiums, if any.
Like the classic, even this plan covers you throughout the policy term. On maturity though, you are paid an extra amount ranging from 110% to 150% of total premiums paid excluding the underwriting extra premiums, if any in line with the chosen policy term.
Features
This plan offers all the benefits under the Classic Variant. Additionally, the level of death benefit can be increased through purchase of Extra Protection
Features
You can choose from the following riders:
| Product Features | Classic | Step-up | Comprehensive |
|---|---|---|---|
| Entry Age | 18 to 60 | 18 to 58 | 18 to 60 |
| Maturity Age | 75 | 70 | 75 |
| Policy Term | 12 to 30 | 12 to 30 | 12 to 30 |
| Premium Payment Term | Equal to Policy Term | Equal to Policy Term | Equal to Policy Term |
| Premium Payment Frequency | Monthly, Half-yearly and Annual | Monthly, Half-yearly and Annual | Monthly, Half-yearly and Annual |
| Minimum Sum Assured | Rs. 5 Lakhs | Rs. 10 Lakhs | Rs. 10 Lakhs |
| Maximum Sum Assured | No Limit | No Limit | No Limit |
Suicide:
If the Life Assured commits suicide for any reason whether sane or insane within 12 months from the date of inception of the Policy or within 12 months from the date of Revival/Reinstatement of the lapsed policy, the company will not be liable to pay the benefits under the policy other than what is specified below:
If death occurs within one year from the date of inception of the policy provided and policy is in force: 80% of premium is paid and the policy terminates.
If death occurs within one year from date of Revival/Reinstatement, Higher of 80% of premiums paid or Surrender value as available on the date of death is payable and the policy terminates.
Let's have a look at the claim process:
Register your claims as soon as the loss has occurred. You can register your claim using the following options:
Fill the form and attach the required documents.
Complete list of documents required following demise under the below categories and these are mentioned on the website:
After submitting the documents to the nearest branch an acknowledgement letter will be provided. Your policy number can be used for all queries until such time that the claim is settled.
Exide Life Smart Term Edge Plan comes with three variants. The plan offers features of additional premium return on maturity and enhancing the death benefit sum assured. The plan offers a lump sum return on the death of the insured or on maturity of the policy. It also offers two useful riders Accidental Death, Disability, Dismemberment Rider and Critical Illness Rider. It offers discounted premiums for females and considerably low premium on high sums assured.
