- About Coverfox
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.
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 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.
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.
This plan offers all the benefits under Classic Variant. Additionally, the level of death benefit can be increased through purchase of Extra Protection
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 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.
How the plan works?
Is return on premium on maturity same in all plans?
No, return of premium is different in each plan.
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.