Exide Life Insurance offers various long-term life insurance products to provide financial security to the family, in case the breadwinner suddenly passes away. A life insurance forms an important part of the financial planning. Apart from safeguarding the future, it also offers tax benefits.
Types of Exide Life Insurance Plans
There are 4 types of Exide Life insurance plans and you can pick one as per your need and requirement. The different types are:
- Protection Plans
- Savings and Investment Plans
- Retirement and Pension Plans
- Group Insurance Solutions
Documents Required to Purchase Exide Life Insurance Plans
- Passport size photograph
- Address proof (Passport, Aadhaar card, Utility bills, Ration card, Rent agreement, Sale deed, etc.)
- Age proof (Passport, Matriculate certificate, Birth certificate, PAN card, etc.)
- Income proof (Salary slips, ITR details, Bank statement)
- Identity proof (Voter ID card, Driving license, PAN card, Aadhaar card, Passport, etc.)
How to Buy Exide Life Insurance Plans
Buying an insurance plan from Exide Life Insurance is quite easy. The easiest way to start the process is online:
- Visit the official website of Exide Life Insurance Company
- If you already know the plan you want, simply click on the “I’m Interested in” link. You will be able to select your preferred plan and proceed further
- If you want to figure out which plan will suit your needs best, click on the second option “Help Me Choose a Plan.” You will be presented with a series of questions that will help you find out the best option for you
- Once you are done with these basic steps, an executive may call you to complete the process
- You can also call the Exide Life Insurance Customer Care number or visit the nearest branch to explore your options and buy a suitable insurance plan to secure yourself and your loved ones. While buying an insurance policy, read the Exide Life Insurance reviews and compare the plans
Exide Life Insurance Plans
Protection Plans: These are pure term insurance plans that provide financial protection for a specific period of time. They help to manage various financial requirements of the family, in case of any unforeseen incident like the sudden demise of the earning member of the family. The insurance does not provide any coverage, if the policyholder survives the policy term.
|Names of Plans||Entry Age||Sum Assured (Min)||Features|
|Exide Life Smart Term Plan||18-65 years (for 5 pay and single pay)|
18-60 years (for regular pay)
|Rs. 5 lakh (for single and regular pay)|
Rs. 10 lakh (for 5 pay)
|Exide Life Elite Term Insurance Plan||21 – 60 years||Rs. 50 lakh for online mode|
Rs. 2 crore for offline mode
Savings and Investment Plans: These plans not only fulfil insurance needs, but also help in creating wealth and saving money. You can choose a plan as per your requirement and life stage.
|Names of Plans||Entry Age||Sum Assured (Min)||Features|
|Exide Life Mera Aashirvad||21-50 years (for parents)|
0-15 years (for child)
|Rs. 3.50 lakh|
|Exide Life New Creating Life Insurance Plan||18-45 years (for parents)|
0-17 years (for child)
|As per policy rules|
|Exide Life Wealth Maxima Child||18-50 years||As per the policy rules|
|Exide Life Guaranteed Savings Plan- Child||Children: 0-12 years||As per the policy rules|
|Exide Life My Money Back Plan||14-54, 13 -50 and 12-46 years||Rs.1,94,489 and Rs. 2,14,286|
|Exide Life Income Advantage Plan||2 – 55 years||–|
|Exide Life Guaranteed Income Insurance Plan||3 – 55 years||Rs. 90,978|
|Exide Life Secured Income Insurance Plan||0-50 years||As per the policy rules|
|Exide Life Star Saver||8-60 years (for 10 years’ plan)|
6-60 years (for 12 years’ plan)
3-60 years (for 15 years’ plan)
|Exide Life Jeevan Uday||0-55 years||As per the policy rules|
|Exide Life Nirmal Jeevan Plan||3-55 years||As per the policy rules|
|Exide Life Assured Gain Plus||10-year policy: 8-60 years|
12-year policy: 6-58 years
15-year policy: 3-55 years
|Exide Life Wealth Elite||0-65 years||As per the policy rules|
|Exide Life Prospering Life Plus||0-55 years (for regular and limited pay)|
0-65 years (for single pay)
|Exide Life Secured Income Insurance Plus||0-50 years||As per the policy rules|
|Exide Life New Fulfilling Life||15-50 years (for PPT 12, 16 and 20 years)|
15-46 years (for PPT 24 years)
|As per the policy rules|
Retirement and Pension Plans: These plans provide insurance along with options to create a financial corpus for your retirement years. Through these plans, you can enjoy your retirement time and not worry about financial liabilities. Thus, these plans help an individual to enjoy a prosperous and peaceful old age.
|Names of Plans||Entry Age||(Min) Sum Assured||Features|
|Exide Life Golden Years Retirement Plan||18-65 years||–|
|Exide Life New Immediate Annuity Plan||0– 80 years||–|
|Exide Life My Retirement Plan||25-70 years||Rs. 1,68,023|
Group Insurance Solutions: These plans help a group of individuals reap the benefits of an insurance policy. Thus, they offer financial security to the family members of the employee. Various options available are listed here:
|Names of Plans||Entry Age||(Min) Sum Assured||Features|
|Exide Life Group Term Life Solutions||18-79 years (for employer-employee case)|
18-69 years (for others)
|Rs. 5,000 per group member|
|Exide Life Group Traditional Employee Benefit Plan||18-84 years||Rs. 1,000|
|Exide Life Group Loan Suraksha||15 years (for education loans)|
18 years (for other loans)
|Rs. 50,000 per member (for loan against property and housing loans)|
Rs. 5,000 per member (for other loans)
|Exide Life Group Gratuity Product||18-79 years||Rs. 1,000 per member|
|Employees’ Deposit-Linked Insurance Scheme||18-79 years||Rs. 5,000 per member|
|Exide Life Group Illness Rider||18-79* years||Rs. 1,000 per member|
|Exide Life Group Micro Term Insurance||Variant 1: 18- 65 years|
Variant 2: 18- 64
|Rs. 1,000 per member|
Getting your claim registered and then processed with Exide Life is quite easy, if done correctly. For this, you should be aware of the steps to be followed so that you get a timely claim.
- In case of any eventuality, inform the insurance company as soon as possible
- Then, you need to register the claim. For this, visit the official website of Exide Life Insurance under the Customer Services tab on the top bar. Click on the ‘Claims’ section. This will lead you to another page where you need to register for the claim using details like you Policy No., name and so on
- Use any of the following ways to file the claim:
- Online download @https://www.exidelife.in/downloads#claims
- Visit the nearest branch to complete formalities. Use the branch locator by visiting the site https://www.exidelife.in/branch-locator
- Or write to Exide Life Insurance Co. Ltd. @ Claims@exidelife.in
- Fill the claim form and sign the same before submission, along with submitting the required documents
- If you choose to post the claim form, use this address for correspondence:
- Claims Department, 1st Floor, Exide Life Insurance Company Limited, JP Techno Park,No.3/1, Millers Road, Bangalore – 560 001.
- After successful submission, you will receive an acknowledgement
- The insurance company will then conduct a survey to scrutinise the documents and the situation
- If the company approves the case, the claim amount will be transferred to the nominee’s bank account
- If rejected, the company will share the reasons for doing so
Documents Required for Claim Process
If the required documents are not provided, there is a chance of the claim to be rejected. Here are some common documents needed for filing claims:
Natural Death Claims
- Claim form
- Policy documents
- Original death certificate issued by local authority
- Medical certificate, stating the cause of the death
- Discharge/death summary, test results, outpatient consultation notes, etc.)
- Age proof & ID proof (with photo) of life assured
- ID proof (with photo) of claimant
- Cancelled cheque and bank account details of claimant (self-attested copy of bank passbook/account statement of claimant)
Additional documents in case of Unnatural/Accidental Death
- Jurisdictional Police Station Attested Copy of FIR
- Autopsy report duly attested by officials concerned
Certain situations are not covered by Exide Life Insurance Co. These are called exclusions. These cases can be death arising due to certain situations like
- Suicide or attempt to commit suicide. However, if the policyholder dies due to suicide within 1 year from the date of policy purchase, 80% of premium is paid and the policy ends.
- Drug or alcohol abuse
- Treatment for acts of war
- Pre-existing diseases
- Participation in risky sports like racing
Advantages of Exide Life Insurance Plans
Life insurance plans give peace of mind and provide a means to create wealth. Some other benefits are:
- Flexible plans & policies to suit your needs
- Low premium rates make the plans affordable
- Both premiums paid and the sum insured provide tax exemption as per Section 80(C) and Section 10(10D) of the Income Tax Act, 1961, respectively
- Hassle-free buying and claim filing process along with option to surrender your policy if need be
- Provides 3 riders to be used with traditional plans. Riders are additional benefits availed on payment of extra amount. They extend the coverage and make them more comprehensive. Exide Life term rider, critical illness rider and accidental death, disability and dismemberment rider. In case of detection of critical illnesses, the company gives lump sum amount for treatment. As part of accidental death, disability and dismemberment rider benefit, if the policyholder passes away due to an accident, the company gives additional sum assured. If he/she becomes disabled due to an accident and is not fit to earn, the company provides income to the family
Customer Care Details
There might be a possibility of you contacting the customer care department for any concern or query regarding your policy. In that case, here the details to get in touch with them:
- Call: 1800 419 0808 (Toll Free)
- Email: email@example.com
For after sales service
- Call: 1800 419 8228 (Toll Free)
+91 80 4134 5444 (9 am-7 pm; Monday to Saturday)
- Email: firstname.lastname@example.org (email to be sent via registered email ID only)
Q1. Does Exide Life have any mobile app?
Yes, it has two mobile apps – My Connect and My Money Book. With the help of My Connect app, an individual can conduct different business activities with ease. My Money Book is designed to give the policyholder easy and direct access to his/her policy details.
Q2. How to pick the right policy tenure or term?
The ideal or the right policy must cover the policy owner and their family and can be easily extended. The aim of insurance plans is to provide coverage against the risk of monetary loss. So, evaluate your savings, protection needs and financial goal before deciding the policy term.
Q3. Can a policyholder surrender his or her policy before the maturity date?
Yes, an insured can surrender the policy before the maturity date. There are different rules for different plans. So, it is best to thoroughly read the terms and conditions while buying an insurance policy. For more information, click here: https://www.exidelife.in/customer-service/surrender-process-at-exide-life-insurance.
Q4. Is it advisable to surrender Exide Life ULIPs?
The lock-in period for ULIPs is 5 years. However, it is advisable to continue in ULIPs to reap the benefits in the long run. The fund allocation charge in the initial years is high, so surrendering in initial years will give back little premium amount.
Q5. Can NRIs take insurance in India?
Yes, while applying for the insurance plan, the underwriting is conducted just like it would be done for any other Indian.
Q6. What is a ‘Regular Premium Policy’?
An insurance policy in which the proposer chooses to pay the premium amount throughout the policy term is known as Regular Premium Policy. The proposer can pay the premiums monthly, half-yearly or yearly. The frequency can be chosen as per the financial stability and convenience of the proposer.