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.
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.
Depending upon various financial requirements of customers, Exide Life Insurance offers a diverse range of plans to choose from.
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 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.
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:
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.
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.
Regular premium – 10-35 years
Rs 2 Crore (If bought offline)
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|
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.
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.
Exide life retirement plans are as follows:
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:
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.
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|
||20-71 years||30-79 years||33-80 years|
|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|
|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|
|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 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|
Policyholders enjoy various benefits after buying Exide Life Insurance plans. Some of them are as follows:
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.
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.
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.
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.
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.
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.
Any policyholder will not be allowed to file a claim under the following circumstances:
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.
The form must contain the following details:
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.
Here’s how you can renew your Exide Life Insurance Policy online:
Given below are certain points one must keep in mind while buying Exide Life Insurance Plan:
Here is how an individual can buy Exide life insurance plans online:
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.