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Exide Life Insurance

Claim Settlement Ratio - 97.03%*
*Data according to IRDA Annual Report (2018-19)
*Please note that the quotes shown will be from our partners

Exide Life Insurance, previously known as ING Vysya Insurance, offers a diverse range of protective solutions that not only provide financial stability but also lets the individual enjoy a stress-free life with his/her family in the future. One can choose from a variety of plans and can add on riders for critical illness and disabilities caused due to an unfortunate accident.

Exide Life Insurance provides a diverse range of plans starting from whole life protection, child education, and savings to investment plans, group life plans, and pension plans. They offer products that provide comprehensive coverage according to the financial requirements of the clients.

Why Should You Choose Exide Life Insurance plans?

This insurance provider gives flexibility in coverage and premium payment options to the insured. A customer can easily compare plans and choose the best one. According to the IRDAI report, Exide Life has had a commendable claim settlement ratio of 97.03% for the financial year 2018-2019.

Types of Plans Offered by Exide Life

Depending upon various financial requirements of customers, Exide Life Insurance offers a diverse range of plans to choose from. 

  • Term Insurance or protection plans

    Exide life insurance plans are considered to be the most economical and affordable plans that provide comprehensive life coverage at a little cost. They also provide financial help to the beneficiary of the insured person for a specific period. One can also enhance the coverage by adding riders to original plans at a minimal cost. It also gives him or her higher returns on the premium paid. 

    Entry age – 21-60 years

    Policy term – 5 to 35 years 

    Sum assured – Rs 50 Lakh (if bought online) Rs 2 Crore (if bought offline)

    Moreover, the premium paid on the plan is eligible for tax deduction under section 80C of Income Tax Act, 1961.

  • Exide Life Smart Term Plan

    Exide Life Smart Term Plan promises to offer comprehensive life cover options as well as higher returns on premiums paid over the period, at the time of maturity of the policy. This plan offers three variants of term insurance – Classic, Step Up, and Comprehensive. 

    • Classic – This plan not only provides extensive health coverage and high returns on the premiums paid over the tenure of the policy, but the insured also gets 100% of the sum assured after the policy matures or in the tragic event of the death of the insured
    • Step Up – Step Up term plans offer higher returns on the premiums paid as compared to classic plans. The percentage of return ranges from 110% to 150%
    • Comprehensive – This kind of plan offers enhanced protection to the insured, which means that he/she can add on riders to their original policy and subsequently enjoy additional benefits
    • Entry age – 18 to 65 years
    • Policy Term – 10-30 years
    • Sum Assured – Rs 5-10 Lakh

    The premium on this plan can be paid monthly, half-yearly, or annually as per the convenience of the insured person. The customer is also likely to get a discount on premium rates if they plan to buy a policy of higher sum assured. Some of the riders available in Smart Term Plan are:

    • Accidental death or disability caused due to the person due to accident
    • Critical Illness riders, which include 25 critical illnesses, some of them are heart attack, cancer, paralysis
  • Exide Life Smart Term Plus Plan

    This plan offered by Exide Life provides life cover for the entire term of the policy, along with 100% returns on the total premiums paid. The insured is required to pay the premium for a limited duration of time. It also gives you the choice of family income payout for 5-10 years, which means the sum assured will be disbursed as regular monthly payments.

    • Entry Age – 18-60 years
    • Policy Term – 15-40 years
    • Sum Assured – Rs 50 Lakh
  • Exide Life Elite Term Plan

    This plan offers a larger amount of sum assured. It offers extensive life coverage with affordable premiums. It helps in maintaining a healthy lifestyle at no extra expenditure. Elite Term Plan also comes with family income benefit for 5-10 years. The premiums can be paid either monthly or annually. 

    • Entry Age – 21-60 years
    • Policy Term – Single premium - 5-35 years (in multiples of 5)

    Regular premium – 10-35 years

    • Sum assured – Rs 50 Lakh (If bought online)

    Rs 2 Crore (If bought offline)

Types of Plans in Rural Postal Life Insurance

Exide Life Insurance offers three types of Child Plans – two of which are traditional plans, and one is a unit-linked plan.

Type of Plan Entry age of the parent Entry age of the child Maturity age Policy Term Sum Assured
Exide Life Mera Ashirwad Plan 21-50 years 0-15 years 36-65 years 15-25 years Rs 3,50,000 – no upper limit
Exide Life –New Creating Life Plan 18-45 years 0-17 years 60 years 15-25 years Min. – Rs 1,13766 Max. – Rs 1,23,995
  • Exide Life Wealth Maxima – Child plan

    It is a unit-linked plan which promises to provide financial stability to children in the event of the policyholder's death. The child will get a higher sum assured immediately after the death of the policyholder, and all further premiums to be paid will be cancelled.

    • Entry Age – 18-50 years
    • Policy term – 10-20 years
    • Sum Assured – Varies according to market performance.
  • Exide Life Pension Plans

    Pension Plans are created with the sole purpose of providing regular income to an individual after retirement so that their day to day requirements are easily met without hardships. The annuity payments usually begin after the maturity of the plan.

    Exide life offers two types of pension plans – Deferred annuity plan and Immediate annuity plan.

    • Deferred Annuity – In a deferred annuity, the policyholder is required to pay the premium for a specific period. After that period is over, the policy vests, and the annuity payment begins
    • Immediate Annuity – In an immediate annuity, the payment begins a month after the individual pays the amount. However, the nominee doesn't get any benefit in the event of the death of the policyholder. Another important aspect of this plan is that the insured cannot withdraw the amount invested in the plan

    Exide life retirement plans are as follows:

  • Exide Life Golden Years retirement plans

    • Entry age – 18 to 65 years
    • Policy term – 10 to 42 years           
    • Premium Payment term – 5 to 42 years
    • Annual premium amount – Min. Rs 24,000
  • Exide Life Immediate Annuity Plan

    • Entry Age – 0 to 75 years
    • Annual annuity amount – Rs 1000 – no limit
    • Purchase price – Rs 50,000 – no limit
    • Annuity pay-out frequency – Yearly, half-yearly, quarterly, monthly
  • Exide Life Investment Plans

    Exide Life offers a variety of investment plans. The customer can compare policies choose the one that ensures that his or her family's long term, as well as short-term requirements, are easily met. Here are some of the popular investment plans:

  • Exide Life New Fulfilling Life Plan

    This plan basically to people who aim to get long-term financial protection along with guaranteed returns. Unlike other plans, this plan provides coverage of up to 85 years. It also promises to provide survival benefits to the customer.

    Premium payment term (PPT) 12 years 16 years 20 years 24 years
    Entry Age 15-50 years 15-50 years 15-50 years 15-50 years
    Policy term 85 years 85 years 85 years 85 years
    Minimum premium amount Rs 24,000 Rs 12,000 Rs 12,000 Rs 12,000

    The customer can pay the premium amount either monthly or annually. The sum assured after the plan matures with a bonus accumulated over time.

  • Exide Life Income Advantage Plan

    For people looking to earn a second income, Exide life's Income advantage plan is all that they need to fulfil their financial needs. It is a savings-cum-life insurance plan and promises to provide regular income along with comprehensive life cover. This plan gives the flexibility to pay the premium in the first half of the policy tenure and get regular income in the second half.

    Policy Term 16 years 24 years 30 years
    Entry Age 10-55 years 6-55 years 3-50 years
    Premium payment term 8 years 12 years 15 years
    Maturity Age 
    20-71 years 30-79 years 33-80 years
  • Exide Life Star Saver Plan

    Policy Term 10 years 12 years 15 years
    Entry Age 8-60 years 6-60 years 3-60 years
    Premium paying term
    5 years 5 years 5 years
    Premium Payment Mode Annual, half-yearly, monthly Annual, half-yearly, monthly Annual, half-yearly, monthly
  • Exide Life Guaranteed Income Plan

    Policy Term 16 years 20 years 24 years
    Entry Age 10-55 years 8-55 years 6-55 years
    Premium payment term 8 years 10 years 12 years
    Income payout term 8 years 10 years 12 years
  • Exide Life Saral Bachat Plan

    Premium payment term 6 years 8 years 10 years
    Entry Age 12-50 years 10-50 years 8-50 years
    Policy Term 12 years (lump-sum) 6 years (income variant) 12-16 years (lump-sum) 8 years (income variant) 15-20 years (lump-sum) 10 years (income variant)
    Maturity Age 65 years 65 years 65 years
  • Exide Life Secured Income Plan

    Exide life offers two types of secured income plans, which not only provide protection but also offer long term benefits.

    Exide Life Secured Income Insurance Plan – 

    This plan provides life cover not only in lump-sum but also as a regular income of 5 years. This plan also promises to give an additional 10% guaranteed returns on the sum assured

    Exide Life Secured Income Insurance RP – 

    This is a regular payment plan. It is designed to provide a death benefit in lump sum amount as well as regular income for 5 years

    Plan type Exide Life Secured Income insurance Exide Life Secured Insurance RP
    Entry Age 0-50 years 0-55 years
    Maturity Age 18-70 years 18-70 years
    Guaranteed addition of 10% on sum assured Yes No

Features and Benefits of Exide Life Insurance Plans

Policyholders enjoy various benefits after buying Exide Life Insurance plans. Some of them are as follows:

  • Automated Service

    Exide Life Insurance provider has enhanced its social media presence by creating a Twitter Self Service account. To stay informed about their policies, the customers can tag @ExideLifeCares. The customer can Tweet with “Hi” or “Hello” @ExideLifeCares with their date of birth and Exide Life Insurance Policy Number and stay updated about their policies with the help of automated service.

  • Online Services

    Apart from social media, Exide Life Insurance offers other online services such as renewal premium payment, downloading payment receipt, updating contact details instantly, checking policy status on the website, getting due date reminders as well as other information about policy premium and survival benefits.

  • Easy Claims

    It is easy to apply for the claim process for Exide Life Insurance plans. Individuals can download the claim form from the Exide Life insurance website, or they can go into the nearest branch office to obtain a claim form. They must just fill in all the details and submit the claim form to the branch office, or it can be mailed to the head office for easy and quick processing of the claim.

  • Easy Online Payment

    One can easily pay insurance premiums online. They can also renew their policies by paying the premium online with the help of credit or debit cards, net banking, and e-wallets.

  • Mobile App

    Customers can also download the insurance provider’s mobile application and carry out all the required transactions with this app. It also gives the customers the flexibility to explore various plans available in the insurance provider. The customers can also track the status of their funds.

Documents Required to Apply for the Plan

Here is the list of the documents required to apply for Exide Life Insurance Plans. These documents must be attested to complete the application form.

  • Address proof
  • Identity proof
  • Income proof
  • PAN Card
  • Self-attested bank passbook copy

Exclusions of Exide Life Insurance Plans

Any policyholder will not be allowed to file a claim under the following circumstances:

  • The application for claim settlement may not be considered if the insured person, whether he or she is medically sane or insane, commits suicide
  • The claim settlement application will be cancelled if any policyholder is found to be misrepresenting facts, committing any fraud and forfeiture

Eligibility Criteria to Apply for Exide Life Insurance Plans:

Any person above 18 years can opt for Exide Life Insurance Plans. However, this age criteria may vary according to different plans, as mentioned in each of the plans above. 

Claim Process of Exide Life Insurance Plans

The claim settlement process must be initiated as soon as a loss occurs. The customer can go to any nearest Exide Life Insurance branch to initiate the claim process. He or she can also register it online by downloading the claim form. They can also write a mail to claims[at]exidelife.in.

The form must contain the following details:

  • Policy Number
  • Name of policyholder and dependants, nominees, etc.
  • Contact information and address
  • Relationship with the insured person (Nominee, appointee, assignee, etc.
  • Cause of event
  • Type of claim (death – natural/unnatural, dismemberment/ disability, terminal/ critical illness)

Once the customer has filled the claim form diligently, he or she must attach important documents. They can submit the documents to their nearest branch office or mail them to the head office in Bangalore.

After the customer’s claim query is registered, he or she will receive an acknowledgement letter.

Subsequently, the customer can use his/her policy number to get any information or interact with the Exide Life customer care representative until the claim is settled.

Policy Renewal Process

Here’s how you can renew your Exide Life Insurance Policy online:

  • Fill in the policy details
  • Click on 'Review Renewal premium.' Even if the policyholder has multiple policies, he/she can renew plans at one go by clicking on multiple options appearing on the screen
  • Select the preferred payment options credit card/debit card, net banking or e-wallet
  • After the customer has made the payment, he or she will get payment confirmation on their email or through an SMS on the mobile phone

How to Buy Exide Life Insurance Plans?

Given below are certain points one must keep in mind while buying Exide Life Insurance Plan:

  • Before choosing a plan, a person needs to understand his or her financial requirements based upon his/her lifestyle and family
  • Search for the coverage offered as the sum assured and the term of the policy
  • Thoroughly go through the benefits offered by various plans and how are these benefits going to help you
  • Look for add on riders that offer protection against critical illnesses and accidental disability

Here is how an individual can buy Exide life insurance plans online:

  • Go to the insurance provider’s website
  • Enter the basic details and get the quotes of various insurance plans offered by the insurance provider
  • Choose the sum assured and policy term that suits the requirements
  • Make online payments
  • The customer must fill up an online form that asks for personal details, medical history, and lifestyle-related question

People who are not well-versed with the virtual world can go to the nearest branch of Exide Life Insurance or call on the insurance provider’s toll-free number for any information. 

FAQs

Written By: Paisawiki - Updated: 17 November 2020