Exide Life Traditional Plans

Exide life traditional plans is a group of affordable traditional plans. Previously known as ING Vysya Insurance Company Limited, Exide Life Insurance Company is headquartered in Bangalore.

The company started its operations in 2001-02 and claims to have a customer base of over ten lakhs. It distributes its various products through different channels like direct channels, alliances, bancassurance, and agency are to name a few.

Being one of the leading companies in South India and one of the growing companies in other parts of India, Exide life insurance company’s focus area is a strong traditional plan product portfolio.

Exide Life Traditional Plans: An Overview

The traditional insurance policies of Exide life insurance are designed to provide long-term protection, financial cover, investment potential, and guaranteed savings. Also called conventional plans, the premium money Exide Life traditional plans are invested as per the norms laid out in the Insurance Act. The whereabouts of the premium invested, and in which funds the money was invested are generally unknown to the insured. The policyholder is assured to get a fixed amount as death or maturity benefits. The policyholder can also avail of moneyback.

List of Exide Life Traditional Plans:

The following are the Exide life traditional plans to look into.

  • Exide Life Secured Income Insurance Plan

    This is a non-linked participating individual life insurance savings plan. It is ideal for safeguarding the policyholder and his/her dependents. It provides safe returns. It helps the policyholder with their long-term financial goals and financial protection for self and family. Some of the key benefits of this plan are:

    • Death benefits with an option for family income payout
    • Builds wealth corpus for future
    • Flexibility to choose the premium payment term

    Eligibility criteria for Exide Life Secured Income Insurance Plan 

    Min/Max age at entry

    0 to 50 years

     

     

    Min/Max maturity age

    18 – 70 years

     

     

    Min policy term

    Premium payment term

    5 years

    8 years

    10 years

    Min policy term

    10 years

    12 years

    15 years

     

    Min policy term

    20 years

     

     

    Premium payment term

    5, 8, or 10

     

     

    Min premium

    PPT/Mode

    10 years

    8 years

    5 years

    Annual

    25,000

    30,000

    50,000

    Monthly

    2,500

    3,000

    5,000

    Max premium

    No limit. But max premium is subject to the underwriting policy of the board

     

     

    Benefits of Exide Life Secured Income Insurance Plan

    • Death benefits

    In case of unfortunate death of the policyholder, the death benefit will be the accumulation of guaranteed death benefit, vested bonus, and if declared, the terminal bonus. The policy has to be in force for claiming death benefits.

    • Maturity benefit

    On maturity of the policy, 10% sum assured addition is provided. The maturity benefit is computed as a total of sum assured (guaranteed), 10% of sum assured (guaranteed), vested bonus (If declared, not-guaranteed), and terminal bonus (if declared, not guaranteed).

    • Shorter duration premiums

    Exide life traditional plans provide policies with flexible premium payment terms. This type of arrangement is suitable for those whose income is cyclical by nature.

    • Optional riders for enhanced protection benefit

    Protective covers can be customized by opting for riders, which can be availed by paying a small extra premium amount. Riders can be added on commencement of the policy, or at policy anniversary time, or during the policy term. The riders available in this policy are critical illness rider, accidental death disability and dismemberment rider, and term rider.

    • Bonus

    Since this is a participating plan, bonuses are declared as a percentage of the sum assured. Bonuses are dependent on fund performance and therefore, are not guaranteed. The types of bonuses offered are

    1. Simple reversionary bonus  

    2. Terminal bonus

    • Loan benefit

    The loan can be availed on the sum assured, once the policy attains surrender value.

    • Tax benefits:

    1. Premiums paid can be covered under section 80C of the Income Tax Act 1961

    2. Maturity proceeds can be covered under section 10(10D)

    3. Premium paid towards critical illness riders can be covered under Section 80 D

    • Discount on high premiums

    The higher the premiums paid, the more is the discount given.

  • Revival of Exide Life Secured Income Insurance Plan

    If a policy lapses, it can be revived within five years of the first unpaid premium. Proof of continued insurability needs to be submitted. All pending premium payments together with interest or revival charges have to be paid. Depending on the company's discretion, the policyholder could be referred to a medical examiner before reinstatement of the policy.

    The interest rate on the unpaid premiums is based on the following formula:

    RBI fixed bank rate as of April 1st + 2.5%

    The revival rate is generally around 9% per annum.

  • Surrender of Exide Life Secured Income Insurance Plan

    The policy can get the surrender value only if two years premium has been paid. Upon payment of surrender benefit, all other benefits of the policy are terminated.

  • Exide Life Jeevan Uday

    Similar to other Exide life traditional plans, this is an easy-to-purchase plan. It is a policy with life cover over the entire policy term. With this non-linked participating life insurance plan, no medical tests are required. The policy’s sum assured is the guaranteed lump sum amount that is to be paid after the term.

    Eligibility criteria for Exide Life Jeevan Uday

    Min/Max age at entry

    0 – 55 years

    Min/Max maturity age

    18 – 70 years

    Policy term

    10,15,20 years

    Premium paying term

    10 years

    Premium options

    Annual: Rs.6000, Rs.7000, Rs.8000, Rs.9000, Rs.9600

    Half-yearly – Rs.4000, Rs.4800

     

    Min sum assured on maturity

    Rs.37,734

    Min sum assured upon death

    Rs.42,000

    Premium payment modes

    Annual/half-yearly

    Benefits of Exide Life Jeevan Uday

    • Bonus

    Since it is a participating policy, it is eligible for bonuses. A bonus is a share of the company’s profits and is not guaranteed. Bonus is a percentage of the sum assured value on maturity. A simple reversionary bonus is a percentage of the sum assured on maturity. It is paid as a death benefit or maturity benefit. Terminal bonus accumulation starts from the 10th policy year and is paid as a death benefit or maturity benefit.

    • Maturity benefit

    On surviving the policy term, it provides maturity benefit, which is computed as the additions of sum assured, simple reversionary bonus, and terminal bonus.

    • Life cover

    This policy provides sum assured upon death along with reversionary bonus (if there is any), and terminal bonus (if there is any). Sum assured upon death is higher of all premiums paid or sum assured on maturity.

    • Extended life cover

    Exide life traditional plans have extended life covers. If at least a year’s premium is paid and no premiums are paid from hereon, the policyholder will still get full life cover under the policy. This cover extends for a year from the date of the first unpaid premium.

    • Policy loan for Exide Life Jeevan Uday

    Policy loan can be taken under this policy if it has acquired surrender value. The policy acquires surrender value if 3 years premium has been paid. The loan amount is computed as 90% of the special surrender value of the policy. The rate of interest on the loan may change from time to time and is determined by the company. If the loan and accrued interest surpass benefits payable value under this policy, the company can foreclose the policy.

  • Exide Life Nirmal Jeevan Insurance Plan

    This is a non-participating life insurance plan. It is an endowment assurance plan that provides protection as well as savings. Returns under this plan are guaranteed. No medical examination is required. The minimum premium is Rs. 6000. At any time during the policy term, if the insured is unable to pay the premium, the plan offers automatic life cover for the next 36 months. Benefits under this plan are guaranteed because they are not subject to external circumstances. This plan is suitable for those with moderate risk appetite and who want steady but guaranteed returns.

    Eligibility conditions for Exide Life Nirmal Jeevan Insurance Plan

    Minimum/maximum age at entry

    Min: 3 years for a 15-year policy term

    6 years for a 12-year policy term

    8 years for a 10-year policy term

    Maximum age: 55 years

    Min/max maturity age

    18 years or 70 years

    Policy term

    10, 12, or 15 years

    Premium payment term

    Is equal to the policy term

    Minimum annual premium

    Rs. 6000

    Maximum annual premium

    Rs. 12,000

    Payment mode

    Annual

    Exide Life Nirmal Jeevan Insurance Plan benefits

    • Guaranteed death benefit

    In case of unfortunate death of the life assured, the sum assured is paid out to the nominees.

    • Guaranteed maturity benefit

    On surviving the policy term, the guaranteed sum assured is paid

    • Automatic life cover

    Normally if premiums are not paid, the benefits of the policy lapse or are reduced, but this is not true in Exide life traditional plans, because in this plan, the benefits of the policy do not lapse.

    • Loan benefit

    The loan facility comes in handy during urgent financial needs. A loan facility is available if the policy premium is paid successfully for 3 consecutive years

  • Surrender of Exide Life Nirmal Jeevan Insurance Plan

    The policy is eligible for a special surrender value if at least three years' premium has been paid. After three years, the policy can be surrendered.

    Free look-in period

    The free look-in period allows canceling the policy. The policy can be canceled within 15 days of policy inception. If premiums have been paid, they will be refunded deducting the stamp duty charges.

    Suicide

    In case the policyholder commits suicide, within a year of the commencement of the policy, the company is not liable to pay any benefits. Only 80% of the premium paid is refunded in such cases.

FAQs

  • Q1. How to pay a premium towards Exide life's traditional plans? What are the payment modes available?

    Ans. There are several modes of payment available for Exide life's traditional plans. Some of them are namely:

    • Cash payment towards the policy at the bank
    • Payment at Axis Bank or ING Vysya Bank
    • Online Payment
    • ECS
    • Auto debit
    • NEFT
    • Other modes

    In other modes category, payment can be made at branches of South Indian Bank by cash, cheque, DD, credit, or debit card. For online payment, the policy can pay by providing their debit card, credit card, net banking details.

  • Q2. How can we check policy status for Exide life's traditional plans?

    Ans. Policy details can be checked only for those who have registered online. Else online registration can be done. It is an easy process. Once online registration is done, after entering your username and password, which is generally the policy number and date of birth, you are logged in to the dashboard where you can check your details.

  • Q3. What is the renewal process for Exide life's traditional plans?

    Ans. The policy can be renewed online. It is the recommended way to renew the policy.

    Step 1: Enter policy details and date of birth to login

    Step 2; Make payment via debit/credit card or net banking

    Step 3: A receipt is produced; print that out

  • Q4. What is the process of claim settlement of Exide life's traditional plans?

    Ans. Claims have to be registered on the Register Your Claim section. Enter all necessary information in the various fields of the online form. The claim intimation form is to be used.

    This form is available as a download online or can be taken from the bank. The form can also be sent to the policyholder’s email id by the customer’s support. Once all documents are submitted to Exide life insurance, a receipt and a reference number are provided by the company.

    The reference number can be used to enquire about the claim in any future communication with the customer support of the company. Claims are generally settled within 7 business days.

  • Q5. What is the process to cancel Exide life's traditional plans?

    Ans. Cancellation of a policy may not be made online. The policyholder will be required to personally visit the nearest branch with the policy documents and duly filled form of surrender.

    After validating all documents, the refund amount, if such an amount is applicable, is credited into the policyholder’s account within 7 business days like in all Exide life traditional plans.

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Exide Life Traditional Plans
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