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Exide Life Term Insurance

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Exide Life Insurance offers long-term protection combined with savings solutions and a strong traditional product portfolio.

Exide Life Term Insurance Plans aim at providing financial stability to family members even after death. With Exide Term Plans, you can opt for a higher assured sum along with lower premium rates. It also offers flexible policy terms. Exide Life Term Insurance Plans are designed to safeguard the future of your dear ones without sacrificing their present.

Why should you buy Exide Term Insurance?

Exide Term Insurance has a wide array of term insurance plans. This is one reason that one should choose Exide Term Insurance Plans. There are more reasons to buy term plans from Exide. They are:

  • Diverse Choice of Plans

    Exide Life Insurance offers multiple choices of term insurance plans. The applicant has a variety of options to choose from depending on the needs of their family.

  • High Claim Settlement Ratio

    The claim settlement ratio plays a crucial role while choosing a term insurance policy. Exide Life Insurance has a claim settlement ratio of 96.8%.

  • Flexible Payments

    Exide Life Term Insurance Policy terms are super flexible. The policyholder has the flexibility in choosing the number of years for paying of premiums as per their convenience.

  • Rider Benefits

    Exide Life Term Insurance Policies offer additional rider benefits such as accidental death, disability, critical illness, etc.

  • Tax Benefits

    Premiums paid and claims received under Exide Life Term Insurance Policy qualify for tax deductions as per the Income Tax Act, 1961.

  • Maturity Benefit

    Unlike other term insurance plans, Exide Life Insurance offers survival benefit or maturity benefit to the policyholder upon survival until the policy term.

  • Return of Premium Option

    Some of the plans under Exide Life Term Insurance comes with the 'Return of Premium' option upon maturity. The amount of premium returned depends on the plan selected by the policyholder.

  • Grace Period

    Policies with monthly Premium payment modes are allowed a grace period of 15 days from the premium payment due date. Policies with regular premium payment modes are allowed a grace period of 30 days from the premium payment due date.

Types of Exide Term Insurance Plans

Exide Life Insurance Company offers a wide array of term insurance plans. They are:

  • Exide Life Term with Return of Premium Plan
  • Exide Life Elite Term Insurance Plan

  • Exide Life Smart Term Plus

  • Exide Life Smart Term Plan

  • Exide Life Term Rider

  • Exide Life Term with Return of Premium Plan

    This plan by Exide Life Insurance offers life cover at affordable premiums. Not only this, but Exide Life Term with Return of Premium Plan also returns the paid premiums at the end of the term of the policy.

    Features of the Plan:
    Here is a rundown to salient features of Exide Life Term with Return of Premium Plan:

    Complete Life Cover
    Exide Life Term with Return of Premium Plan by Exide Life Insurance offers complete life cover till the end of the policy term.

    Calculation of Death Benefit
    In the event of the demise of the policyholder during the policy term, an amount equivalent to assured sum on death is paid to the nominee.

    Assured Sum on Death of the life assured shall be the higher than:

    • The assured amount payable on the insured’s death; or
    • 105% of premiums paid till the death of the life assured; or
    • 10 times of Annualized premium for the base policy, if the policyholder was up to 44 years of age; or
    • 7 times the Annualized premium for the base policy, if the policyholder was of 45 years of age or above; or
    • Assured Sum on Maturity

    No Medical Tests Required
    Exide Life Term with Return of Premium Plan provides life cover to the applicant without the requirement of any medical tests.

    Benefits of the Plan:
    Some of the core benefits of Exide Life Term with Return of Premium Plan are as follows:

    Return of Premium on Completion of Policy Period
    The premiums paid during the policy term shall be returned to the policyholder on the maturity of the policy. The policyholder is entitled to receive an amount equivalent to 100% of the total premiums paid during the policy period.

    Flexibility
    The policyholder may choose to pay the premium for 5 years or the entire policy term, depending on their convenience.

    Discount for Females
    Exide Life Term with Return of Premium Plan offers a discount on the premium to female policyholders. The premium to be paid by a female policyholder shall be equal to the premium paid by a 3-year younger male.

    Tax Benefit
    Premium paid under Exide Life Term with Return of Premium Plan is eligible for tax deduction under section 80C of Income Tax Act, 1961. The premium returned to the policyholder under this term insurance policy is eligible for tax deduction under section 10 (10D) of Income Tax Act, 1961.

    Policy Particulars

    Particulars Minimum Maximum
    Entry Age (Years) 18 50
    Maturity Age (Years) 28 65
    Policy Term (Years) Limited Premium 10 30
    Policy Term (Years) Regular Premium 12 30
    Sum Assured (Rs) Limited Premium 10 Lakh 25 Lakh
    Sum Assured (Rs) Regular Premium 5 Lakh 25 Lakh
    Premium Paying Mode Annual
  • Exide Life Elite Term Insurance Plan

    Exide Life Elite Term Insurance Plan is a unique term plan, which not only offers a huge sum assured at an affordable premium but also protects the policyholder and rewards a healthy life during the term of the policy.

    Features of the Plan:
    Exide Life Elite Term Insurance Plan has exciting features. Some of the key features of this plan are as follows:
    Death Benefit Payout Options
    Death Benefit Pay-out is available in three options. They are:

    Option 1: The entire death benefit is paid in a lump-sum to the nominee.
    Option 2: The nominee shall be liable to receive 50% of the death benefit in lump-sum, and 0.95% of the death benefit shall be paid every month over the next 60
    months from the date of death of the life assured.
    Option 3: The nominee shall be liable to receive 1.07% of the death benefit every month over the next 120 months from the date of death of the life assured.

    Survival Benefit
    Exide Life Elite Term Insurance Plan does not provide any survival benefit.

    Surrender Benefits
    Guaranteed Surrender Value is available only for single premium policies. Exide Life Elite Term Insurance Plan does not offer surrender value for regular pay mode

    Alterations
    This term insurance policy does not allow any alterations other than a change in premium payment mode and increases in assured sum on health improvements under this policy.

    Benefits of the Plan:
    Here are the core benefits of Exide Life Elite Term Insurance Plan by Exide Life Insurance:

    Rewards for Maintaining a Healthy Lifestyle

    • Exide Life Elite Term Insurance Plan offers another chance to be eligible for their Super Elite Premium Rates, during the policy term
    • On completion of 25 months of the policy, if your medical evaluation turns out as per their underwriting guidelines, Exide Life Insurance will increase your policy sum assured
    • Such an increase in sum assured shall be w.e.f. 4th year of your policy, with no additional premium

    Flexible Payout Options

    • Exide Life Elite Term Insurance Plan offers 3 flexible payout options to choose from
    • It lets you choose how you would like your nominee to receive the policy payouts

    Option for Extension of Policy Term

    • This insurance plan allows you to increase your policy term by 5 or 10 years, depending on your needs
    • Such option is available on paying a higher premium without any change in the premium payment term
    • This option applies only to regular pay policies at inception only

    Rider Benefits

    • Exide Life Elite Term Insurance Plan offers the following additional riders:
    • Exide Life Accidental Death Disability and Dismemberment RiderExide Life Critical Illness Rider which covers 25 critical illnesses

    Tax Benefits

    • Premium paid under Exide Life Elite Term Insurance Plan is eligible for tax deduction under section 80C of Income Tax Act, 1961
    • Premium paid for critical illness rider is eligible for a deduction of tax under section 80D of Income Tax Act, 1961
    • Maturity proceeds received under this term insurance policy is eligible for tax deduction under section 10 (10D) of Income Tax Act, 1961
  • Exide Life Smart Term Plus

    Exide Life Smart Term Plus term insurance plan provides comprehensive life cover for the entire term of the policy along with 100% returns of the total paid premium on the completion of the term of the policy.

    Features of the Plan:
    Exide Life Smart Term Plus Insurance Plan has the following set of salient features:

    Calculation of Assured Sum on Death

    • The Assured Sum on the death of the life assured shall be higher of the following:
    • 7 times the Annualized Premium; or  
    • 105% of Premiums Paid; or
    • Basic Sum Assured

    Death Benefit Payout Options
    Following are the death benefit payout options:

    Option 1: The entire death benefit is paid in lump-sum to the nominee
    Option 2: The nominee shall be liable to receive 50% of the death benefit in lump-sum, and 0.95% of the death benefit shall be paid every month over the next 60 months from the date of death of the life assured
    Option 3: The nominee shall be liable to receive 1.07% of the death benefit every month over the next 120 months from date of death of the life assured

    Maturity Benefit

    • If the policyholder survives the policy term, he is entitled a Guaranteed Assured Sum on maturity
    • Guaranteed Assured Sum on maturity is equal to 100% of the total premiums paid by the policyholder

    Benefits of the Plan:
    Core benefits of Exide Life Smart Term Plus Insurance Plan are as follows:

    Pay Premium for a Limited Time

    • Exide Life Smart Term Plus offers its policyholders the flexibility to pay the premium for a limited duration of 5,8,10 or 12 years, as per their choice
    • This insurance policy provides life cover for the entire policy term in return of premiums paid for a limited duration

    Flexible Income Pay-out Options

    • At the inception of the policy, the policyholder can choose from 3 flexible payout options available to him
    • He may choose the single lump-sum option or monthly income option or a combination of both

    Rider Benefits

    • Exide Life Smart Term Plus offers enhanced protection through the following riders:
    • Exide Life Accidental Death, Disability and Dismemberment Rider 
    • Exide Life Critical Illness (4) Regular Pay; or
    • Exide Life Critical Illness (25) Regular Pay

    Tax Benefits

    • The premium paid under Exide Life Smart Term Plus is eligible for tax deduction under section 80C of Income Tax Act, 1961
    • Premium paid for riders under critical illness is eligible for a deduction of tax under section 80D of Income Tax Act, 1961
  • Exide Life Smart Term Plan

    Exide Life Smart Term Plan is a unique form of term insurance plans offered by Exide Life Insurance. This plan comes handy with comprehensive security and protection options and returns the entire paid premiums on completion of the term of the policy.

    Features of the Plan
    Salient features of Exide Life Smart Term Plan are briefed as follows:

    3 Plan Options
    Exide Life Smart Term Plan offers 3 variants of term insurance plan to choose from namely Classic, Step-up, and Comprehensive plan types.

    Alterations
    Exide Life Smart Term Plan does not allow any alterations to the benefits payable under this term insurance plan.

    Calculation of Death Benefit

    • In the event of the demise of the policyholder during the policy term, an amount equivalent to assured sum on death is paid to the nominee
    • Assured Sum on Death of the life assured shall be the higher:
      • The assured amount payable on the insured’s death; or
      • 105% of premiums paid till the insured’s death 
      • Assured Sum on Maturity
    • ‘X’ multiplied by the annualized premium for the base policy. 

    Multiple of ‘X’ times is defined as:

    For Regular Premium and Limited Premium

    Maturity Benefit

    • Assured Sum on maturity is calculated as follows under each variant:
    • Classic: 100% of the total premiums paid
    • Step-up: Proportion of total premiums paid based on Policy Term chosen by the policyholder
    • Comprehensive: 100% of total premiums paid excluding all Extra Protection premiums

    Benefits of the Plan:
    Core benefits of Exide Life Smart Term Plan are as follows:

    Flexibility in Premium Payment

    • The policyholder while being covered for the entire policy term, may choose to pay the premium for the entire policy term (Regular Pay); or 
    • Pay for a shorter duration (Single/5 Pay)

    Rider Benefits

    • Exide Life Smart Term Plan offers enhanced protection through the following riders:
    • Exide Life Accidental Death, Disability and Dismemberment Rider 
    • Exide Life Critical Illness (Covers up to 25 critical illnesses)

    Tax Benefits

    • Premium paid under Exide Life Smart Term Plan is eligible for tax deduction under section 80C of Income Tax Act, 1961
    • Premium paid for riders under critical illness is eligible for a deduction of tax under section 80D of Income Tax Act, 1961
    • Life insurance cover amount and premium refund received under this term insurance policy is eligible for tax deduction under section 10 (10D) of Income Tax Act, 1961

Exide Term Insurance – Documents Required to Buy the Plan

Below is life the list of documents required to buy Exide Term Insurance Plans:

  • Income Proof-like Salary slip or ITR form 16 minimum 3 years old
  • Address proof like Electricity Bill, Telephone Bill, Bank Statement, etc.

  • Identity Proof like Voter ID, PAN, etc.

  • Recent colour photograph (passport-sized)

  • PAN/ Form 16 (compulsory)

  • Age proof like Driving License, Passport, Birth Certificate, etc.

Exide Term Insurance – Exclusions

If within 12 months from the date of commencement of risk or revival of the policy, the life assured dies due to suicide, the nominee or beneficiary of the policy shall be entitled to at least 80% of the total premiums paid under the policy till the death or the surrender value available as on the date of death, whichever is higher.

Exide Term Insurance – Claim Process

  • Step 1: Register the claim with PaisaWiki. You can do so by visiting the official website or by calling on the toll-free number.
  • Step 2: Submit the required documents along with your claim.

  • Step 3: You will be given an acknowledgment of registration.

Exide Term Insurance – Revival Process

  • Step 1: A lapsed policy must be revived within 5 years from the date of first unpaid premium.
  • Step 2: The policyholder is required to make the payment of all due premiums together with payment of revival charge at such interest rate as may be prevailing at the time of the payment.

  • Step 3: Paisawiki may refer it to its medical examiner in deciding on the revival of the lapsed policy if it feels the need to do so.

Exide Term Insurance – Steps to Buy the Plan

PaisaWiki has made buying an Exide Term Insurance Plan is quick and easy. The applicant has to follow below-mentioned simple steps to buy the plan:

  • Step 1: Visit the company’s official website (https://www.paisawiki.com/)
  • Step 2: Enter your necessary details to get your desired term insurance quotes.

  • Step 3: Select the plan along with add-on riders (if required) and policy term as per your needs.

  • Step 4: Make an online payment through the online payment portal.

Exide Term Insurance - FAQ

  • Q: Who can report a claim?

    Ans: A claim can be filed by
    • The Policy Owner 
    • In the case of death claim, the nominee or any relative can report the claim
    • In the case of survival claims, the LA can report the claim
Written By: Paisawiki - Updated: 22 September 2020