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Exide Life Term Insurance

The term insurance, provided by Exide Life Insurance, is a smart term plan with a focus on providing long term protection. It also has a savings solution element to it with a strong traditional product portfolio along with a consistent bonus track record.

More than 50,000 trained advisors spread across the country

Exide life smart term plan, offer you comprehensive protection options and return the premiums paid by you on completion of policy term. This plan will provide a solid foundation and cover for your family to ensure no hurdles come in your family’s dream in case of an untimely demise.

Benefits of Exide Life Term Insurance

  • Multiple Choice of Plans – Classic, Step up and Comprehensive term insurance plans to suit your protection needs
  • Return of premium – All plans offer return of premium on maturity. Return on premium up to 150% of actual annual premium paid, based on plan selection.
  • Low premium on high sum assured - Benefit of lower premium rates on choosing higher Basic Sum Assured.
  • Riders – Further enhancement of policies by adding useful riders like Accidental Death, Disability and Dismemberment Rider and Critical Illness Rider.
  • Flexible payment options – Single pay, 5 pay and regular payment options available.
  • Surrender benefit – The policy will acquire a Guaranteed Surrender Value (GSV) if the insured has paid three full year’s premiums in Regular Premium (two full year’s premiums in 5 Pay). In case of Single Premium, the policy acquires GSV from the first policy year itself. The surrender benefits are payable immediately on surrender as mentioned in the policy contract.
  • Tax benefit – Tax Benefit under Section 80C (Up to Rs. 1.5 Lacs) and 10(10D) of the Income Tax Act for premiums paid and for any claim received. Tax laws are subject to change.

Types of Exide Life Term Insurance Plans

Exide Life Smart Term Plan with Return on Premium: This is the only term insurance plan offered by Exide Life but come in three variants to fulfill individual requirements.

Classic: Protection With Return of Premium

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.

  • Entry age for single and 5 pay is 18 to 65 years and for regular paying mode is 60 years.
  • On death during the policy term, sum assured will be paid.
  • On survival of the policy term, total premiums paid excluding the underwriting extra premiums, if any are returned.
  • Flexibility to pay premiums just once (Single Premium), for 5 years (5 Pay) and for the entire policy term (Regular Premium) as per your convenience.
  • Premium discount for female.
  • Tax benefit on premiums paid and claims received.

Riders:

  • Exide Life Accidental Death, Disability and Dismemberment Rider gives you protection not only in case of any eventuality caused by an accident, but also in case of accidental disability or dismemberment.
  • Exide Life Critical Illness Rider gives you an option to cover up to 25 critical illnesses like Heart Attack, Cancer, Paralysis, etc. It pays a lump sum benefit equal to the rider sum assured in case the life assured is diagnosed with any of these illnesses.

Step-up: Protection with Higher Return of Premium

Like 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

  • Entry age for 5 pay is 18 to 60 years and for regular paying mode is 58 years.
  • On death during the policy term, sum assured will be paid.
  • On survival of the policy term, an amount up to 150% of annual premiums paid by you is returned.
  • The extra payout depends upon the policy term chosen. The higher the term, maximum is the payout of premiums returned.
  • Flexibility to pay premiums just once (Single Premium), for 5 years (5 Pay) and for the entire policy term (Regular Premium) as per your convenience.
  • Premium discount for females.
  • Tax benefit on premiums paid and claims received.

Riders:

Exide Life Accidental Death, Disability and Dismemberment Rider gives you protection not only in case of any eventuality caused by an accident, but also in case of accidental disability or dismemberment.

Exide Life Critical Illness Rider gives you an option to cover up to 25 critical illnesses like Heart Attack, Cancer, Paralysis, etc. It pays a lump sum benefit equal to rider sum assured in case the life assured is diagnosed with any of these illnesses.

Comprehensive - Enhanced Protection With Return of Premium

This plan offers all the benefits under Classic Variant. Additionally, the level of death benefit can be increased through purchase of Extra Protection

Features

  • For extra protection cover, separate premium to be paid over regular premium for enhancing death benefit.
  • Under this plan you have to choose the higher Life Cover option at policy inception. Once chosen, option cannot be changed during the policy term.
  • Entry age for single premium is 18 to 65 years and for regular paying mode is 60 years.
  • The premium payment option chosen will be applicable for both the components.
  • Extra protection component enhances the death benefit of the policy by increasing the sum assured on death.
  • On death during the policy term, the basic sum plus the amount assured towards extra protection will be paid in lump sum.
  • On survival of the policy term, 100% of premiums paid excluding Extra Protection premiums and underwriting extra premiums, if any will be paid back.
  • Flexibility to pay premiums just once (Single Premium), for 5 years (5 Pay) and for the entire policy term (Regular Premium) as per your convenience.
  • Premium discount for female.
  • Tax benefit on premiums paid and claims received.

Exclusions of Exide Life Term Insurance

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.

Claim process of Exide Life Term Insurance

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:

    • Natural Death
    • Accidental or Unnatural death (including suicide)
    • Accidental disability and Dismemberment claim
    • Critical Illness
    • Terminal Illness
    • Waiver of Premium
  • 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.

Review of Exide Life Term Insurance

Exide Life Term insurance plan comes with one Standard Term plan called Smart Term Plan but with three variants. The plan offers features of additional premium return on maturity and enhancing the death benefit sum assured. The plan offers lump sum return on 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.

FAQ's on Exide Life Term Insurance

How the plan works?

  • Choose the amount of death benefit that you need.
  • Decide on the policy term and the premium paying term of your policy.
  • Choose from one of the unique policy options mentioned below:
    • Classic - Protection with return of premium;
    • Step-up - Protection with higher return of premium;
    • Comprehensive - Enhanced protection with return of premium.
  • Pay the premiums and help provide financial security for your family.

Is return on premium on maturity same in all plans?

No, return of premium is different in each plan.

  • Classic: 100% of total premiums paid excluding the underwriting extra premiums, if any.
  • Step-up: Proportion of total premiums paid, excluding the underwriting extra premiums, if any, on the basis of Policy Term chosen by Policyholder.
  • Comprehensive: 100% of premiums paid excluding Extra Protection premiums and underwriting extra premiums, if any.

Is loan facility available in this plan?

No, loan facility is not available in this plan.

What is the high sum assured discount?

You get benefit of lower premium rates on choosing higher Basic Sum Assured. The lower premium rates applicable are Basic Sum Assured bands of ‘10 to < 20 lacs’, ‘20 to < 50 lacs’ and ‘50 lacs and above.

What options are available on paying policy premiums?

Other than paying premiums regularly for the entire policy term you also have the flexibility to make commitment for a shorter time while being covered for the full policy duration. You can choose to pay premiums just once (Single Premium), for 5 years (5 Pay) and for the entire policy term (Regular Premium) as per your convenience.

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