Exide Life Term Insurance

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.

Benefits of Exide Life Smart Term Edge Plan

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% of total premiums will be returned as sum assured on maturity in comprehensive variant excluding all extra protection premiums.
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

Exide Life Smart Term Edge Insurance Plan

Exide Life Smart Term Edge Insurance Plan: This is the term insurance plan offered by Exide Life comes 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 18 to 60 years.
On death during the policy term, the 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 Monthly and Annual as per your convenience.
Premium discount for females.
Tax benefit on premiums paid and claims received.

Step-up: Protection with Higher Return of Premium

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

On death during the policy term, the 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, the maximum is the payout of premiums returned.
Flexibility to pay premiums Monthly, Half Yearly, and Annual as per your convenience.
Premium discount for females.
Tax benefit on premiums paid and claims received.

Comprehensive - Enhanced Protection With Return of Premium

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

For extra protection cover, a separate premium to be paid over the regular premium for enhancing death benefit.
Enhance the overall protection by adding riders like Exide Life Accidental Death, Disability and Dismemberment Rider and Exide Life Critical Illness Rider.
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 18 to 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 a 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 Monthly and Annual as per your convenience.
Premium discount for female.
Tax benefit on premiums paid and claims received.

Riders available with Exide Life Smart Term Edge Plan

You can choose from the following riders:

Exide Life Accidental Death, Disability and Dismemberment Rider give you protection not only in case of any eventuality caused by an accident but also in case of accidental total and permanent 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.

Eligibility Criteria of Exide Life Smart Term Edge Plan

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

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:
- Company website www.exidelife.in/customer-service/claims
- Nearest Exide Life Insurance Branch Office
- Email Claims@exidelife.in
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 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.

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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.