About Exide Life Insurance Company
Exide Life Insurance Company was previously known as ING Vysya Life Insurance Company. The company was founded in the year 2001 and is now owned by Exide Industries Limited. The company’s headquarters are located in Bengaluru. The company has a range of life insurance products and it offers its products through insurance agents, corporate agents, brokers, Bancassurance, direct sales and also online sales. The company has more than 45,000 advisors selling its products to individuals. You can also easily locate a branch as the company operates through more than 200 branches across India. Among the products offered, you can easily find a solution for all your insurance needs and get insured with Exide life insurance plans.
Why choose Exide Life Insurance?
Here are some of the highlights of Exide insurance company which makes it an ideal choice for your insurance needs –
- As of 31st March 2020, the company has recorded eight successive years of earning profits on its operations
- The total premium income of the company, at the end of the financial year 2019-20 stood at INR 3220 crores
- The company’s Assets under Management stood at INR 15,795 as on 31st March 2020 showing a strong financial position
- The company enjoys a solvency ratio of 210% making it financially capable to handle the claims of its policyholders
- The company has been certified with ISO 9001:2015 for its Customer Service Operations and claims. It also has a certification for ISO/IEC 27001:2013 for Information Security Management System Standard. These certifications make the company a strong contender in the life insurance segment
Benefits of Exide life insurance plans
You can avail the following benefits from the insurance policies offered by Exide Life –
- The company had a claim settlement ratio of 98.15% during the financial year 2019-20. This shows a high probability of claim settlement under your Exide life insurance plans
- The plans offered by the company allow you to plan for all types of financial goals that you might have
- Exide life insurance plans offer an inclusive scope of coverage at affordable premiums making them a preferable choice for your insurance needs
- The company allows different premium payment modes. You can pay your premiums online, through cash centres, through direct debit from your bank account or through cheques or cash
- With the wide network of distributors that the company has, you can easily buy a suitable insurance policy without hassle
Life insurance plans offered by Exide Life
As stated earlier, Exide Life offers a variety of life insurance plans for its customers. So, here is a brief look into the different types of plans offered by the company –
- Term insurance plans
Term insurance plans are protection plans which offer coverage against the risk of premature death. These plans have low premiums thereby allowing you to opt for a high sum assured which would provide sufficient financial assistance to your family in your absence. Term plans are the most basic life insurance plans which have the following salient features –
- Term plans usually have no saving element. As such, they do not have any maturity value. They pay a benefit only when the insured dies during the policy tenure.
- There are different types of term plans and a return of premium plan refunds the premiums if the plan matures and the insured survives the tenure
- Term plans are usually offered for a long policy tenure so that you can enjoy coverage till the oldest possible age
- You can choose riders with term plans to enhance the coverage of the policy
- There is no surrender benefit under term plans and so if you stop paying the premiums, your coverage would lapse and you don’t get any benefit
List of Exide Term Insurance Plans
Exide life insurance offers the following types of term insurance plans –
Name of the plan
Exide Life Term with Return of Premium Plan
As the name suggests, this a return of premium term plan wherein the premiums paid during the policy tenure are refunded back if the plan matures and the insured is alive. The plan can be easily bought as no pre-entrance medical tests are needed to buy it
Exide Life Elite Term Insurance Plan
This is a high value term plan which allows you to choose high sum assured levels at affordable premiums. There are attractive premium discounts which lower the premium of the policy. These include lower rates for non-smokers and females, discounts on favourable medical reports and discount on choosing a high sum assured. You can extend the coverage tenure and also choose to enhance the sum assured if required
Exide Life Smart Term Plus Plan
This is a limited premium term plan which refunds the premiums on maturity. You can enhance the coverage with optional riders. Moreover, the death benefit can be chosen to be paid in lump sum, in instalments or in a combination of both
Exide Life Smart Term Plan
There are three options under this policy wherein you can choose to receive 100% to 150% of the premiums paid on maturity of the plan. In the third option, the coverage level also increases giving you increased protection. To enhance the coverage further you can choose from the available riders and enjoy an inclusive coverage
- Traditional Saving Plans
Traditional saving plans are those which, besides providing you an insurance cover, also help you to accumulate a corpus over the policy tenure. Traditional saving plans offer guaranteed returns without any market-linked volatility allowing you to create a risk-free corpus. Some of the salient features of traditional saving plans include the following –
- Traditional saving plans include both endowment plans and money back plans
- Endowment plans pay a lump sum benefit either on premature death during the policy tenure or on maturity of the policy
- Money back plans, on the other hand, pay the sum assured in instalments at specific intervals during the policy tenure
- Endowment plans can attract bonuses if they are offered as participating plans. Money back plans, however, are always offered as participating plans which earn bonuses declared by the insurance company
- You can take a policy loan against the surrender value of your traditional saving plans
- If the premiums are discontinued, the policy can become a paid-up policy if premiums for a minimum duration have been paid
List of Exide Life Traditional Saving Plans
Exide Life Insurance Company offers the following types of traditional saving plans –
Name of the plan
Exide Life Saral Jeevan Plan
This is an endowment policy wherein guaranteed additions are added to the sum assured for an enhanced corpus. You can choose to take the maturity benefit in lump sum or in instalments as per your preference
Exide Life Saral Bachat Plan
Similar to the Saral Jeevan Plan, Saral Bachat offers you insurance coverage throughout the policy tenure and builds up a corpus on maturity. The maturity benefit can be taken in lump sum or in monthly incomes for creating a source of income
Exide Life My Assured Income Plan
This is a limited premium money back plan wherein the money back benefit is paid in monthly instalments once the premium payment term is over. You can choose the tenure of guaranteed income payments as per your need. A terminal benefit is also added on maturity and you can enhance your coverage through riders
Exide Life Income Advantage Plan
This is also a limited premium money back plan wherein premiums are paid for half of the policy tenure and guaranteed incomes are paid in the second half. This is a participating plan allowing bonus additions and you can increase your coverage through riders. You also earn premium discounts if you choose to pay higher premiums under the policy
Exide Life Secured Income Insurance Plans
The plan offers you two options to pay premiums for a limited tenure or for the entire plan duration. The death benefit of the policy can be taken partly in lump sum and partly in regular incomes so that your family is financially taken care of in your absence
Exide Life Guaranteed Income Insurance Plan
This is a limited premium money back plan wherein premiums are payable for the first half of the policy. In the second half you receive guaranteed incomes @11% to 13% of the sum assured. These incomes are paid till the end of the tenure or death, whichever is earlier. Moreover, on maturity, the sum assured is paid in full for additional benefit.
Exide Life Secured Income Insurance Plus Plan
This is a participating endowment plan wherein you can choose to receive 50% of the death benefit in monthly incomes after the death of the insured. Premiums can be paid for a limited or regular period and there are attractive premium discounts for making the premiums affordable
Exide Life Sampoorna Jeevan Plan
This is a participating endowment plan wherein you can choose to avail lifelong cover till 100 years of age. The plan offers different bonus options to choose from. There are different benefit pay-out options too wherein you can avail the plan benefit in lump sum or in instalments
Exide Life New Fulfilling Life Plan
This is a participating money back policy which allows coverage till 85 years of age. The premium paying tenure is limited and 20% of the sum assured is paid as money back benefits at defined intervals
Exide Life Assured Gain Plus Plan
This is a limited premium participating endowment policy where you pay premiums only for five years but get covered for the entire policy tenure. The policy also adds a terminal addition and allows riders for a wider scope of coverage
- Unit linked insurance plans
Unit Linked Insurance Plans are called ULIPs in short and they are insurance-cum-investment plans. Under these plans you can get attractive market-linked returns on your invested premium and also enjoy life insurance coverage throughout the policy tenure. Some of the salient features of ULIPs are as follows –
- The premium invested in a ULIP plan is allocated to a fund which is chosen by the policyholder. Insurance companies offer different types of investment funds with different risk profiles. Thus, the policyholder can choose the fund into which he/she wants his/her premium to be allocated
- The allocated premium, then, earns returns based on the performance of the securities into which the fund has invested
- The insurance cover under the policy promises the higher of the sum assured or the fund value in case of death during the policy tenure
- Partial withdrawals are allowed after the completion of the first five policy years
- There is the facility of switching and premium redirection to change the investment funds if needed
List of Exide Life ULIPs
Exide Life Insurance offers the following types of ULIPs –
Name of the plan
Exide Life Wealth Maxima Plan
Under this ULIP you get three plan options wherein you can increase the sum assured at important milestones of your life. There are three investment strategies to help you invest as per your preference and get the maximum return on your investments
Exide Life Wealth Builder Plan
This is a single premium ULIP wherein 50% of the mortality charge is refunded back on maturity if you choose a 10-year policy term. The plan offers eight fund choices and three investment strategies so that every investor can invest in the plan
Exide Life Wealth Elite Plan
This unit linked plan has a choice of seven fund options with varied risk profiles to suit your investment strategy. There are tailor-made investment plans too to allow you to manage your investments without having to time the market regularly
- Child Insurance Plans
Child insurance plans are those which help you to create a secured financial corpus for your child. These plans earmark a financial corpus for the child’s future and help you achieve the corpus irrespective of death. Here are some of the features of child insurance plans –
- These plans are available for parents who have a minor child
- The child or the parent can be the life insured
- Child plans can be offered as traditional saving plans or unit linked plans
- There is a premium waiver rider inbuilt in the policy. This rider waives the premiums if the parent dies during the policy tenure. The policy continues and on maturity the maturity benefit is paid. The rider, therefore, safeguards the corpus even after the death of the parent
List of Exide Life child insurance plans
Exide Life offers one child plan called the Exide Life New Creating Life Insurance Plan. The plan comes in two premium variants – limited and regular. The plan is a participating endowment plan where the death benefit can be taken in instalments in the form of a family income. The policy continues even after the death of the parent and on maturity another benefit is paid so that the child can pursue its dreams.
- Pension plans
Pension plans are retirement oriented life insurance plans which help you create a corpus for retirement. Through pension plans you can create an earmarked retirement fund and also ensure regular incomes in your golden years. Pension plans have specific features which include the following –
- Pension plans are offered in two variants – deferred annuity plans and immediate annuity plans
- Under deferred annuity plans you build up a retirement corpus over specified policy tenure. Under immediate annuity plans, on the other hand, you pay a lump sum corpus to buy the policy and then lifelong annuities are promised
- Deferred annuity plans can be offered as traditional saving plans or as ULIPs
- Under immediate annuity plans you can opt to receive annuities in different variants. There is also a joint life annuity paying annuities to your spouse in case of your death
List of Exide Life pension plans
Exide Life offers one pension plan which is called the Exide Life New Immediate Annuity with Return of Purchase Price. This is an immediate annuity plan wherein you pay a lump sum amount to buy the policy and annuity pay-outs start immediately after your purchase. No medical check-ups are needed to buy the plan and you are promised lifelong annuities at a guaranteed rate. In case of death, the premium you paid to buy the plan is refunded back so that you can leave behind a legacy for your family.
- Health insurance plans
Health insurance plans are those which are designed to offer you financial assistance in a medical contingency. Health plans cover specified illnesses and if you suffer from the covered illnesses during the policy tenure, the policy pays a lump sum benefit. The salient features of health plans include the following –
- Most health plans offered by life insurers cover heart related conditions, cancer or critical illnesses
- The sum insured is paid partially or fully in case of a claim
- Some plans also have a premium waiver benefit wherein future premiums are waived but the plan continues after you suffer from a medical contingency.
List of Exide Life Health Insurance Plans
Exide Life offers one health insurance plan called Exide Life Sanjeevani. This health plan covers heart related contingencies and/or cancer which depends on the coverage you choose. 25% to 100% of the sum insured is paid in case of a contingency depending on the severity of the illness suffered. Moreover, if a claim is made for a moderate illness, premium is waived for the next five years.
Exclusions in Exide Life insurance plans
Exide life insurance policies do not cover suicides occurring within a year of buying a policy or reviving it. If the insured commits suicide and dies during the first 12 months of buying the policy, the premium paid is refunded back. On the other hand, if the insured commits suicide and dies within a year of reviving a lapsed policy, higher of the surrender value or 80% of the total premiums paid is refunded back. The death benefit is not paid in these cases.
Review of Exide life insurance plans
Exide Life offers all types of life insurance policies allowing you to choose a plan suitable to your financial goal. All the plans have a good scope of coverage and the premiums are also competitively priced. Moreover, if you choose participating plans, the bonus additions would enhance the corpus as the company has been earning profits since the last eight consecutive years. So, Exide life insurance plans are a good choice and can be taken for fulfilling your insurance needs.
How to buy Exide life insurance plans?
You can buy Exide life insurance policies online through Turtlemint. Turtlemint’s online platform allows you to easily select and buy the most suitable life insurance policy. You can visit https://www.turtlemint.com/life-insurance/ and then choose the financial need for which you want to buy a life insurance policy. Proceed to provide your details and you would be shown a list of suitable life insurance plans matching your needs. The premium rates of the plans would be displayed along with their coverage benefit. You can, therefore, choose a suitable policy and then buy the policy online through Turtlemint itself. Just pay the premium online and the policy would be issued at the earliest.
Claim process of Exide life insurance plans
You can have maturity claims or death claims in your Exide life insurance policies. The claim process for both these claims is as follows –
- Maturity claims
In case of maturity claims, the insurance company sends you a claim discharge voucher which you are required to fill up and submit. Once the discharge voucher is submitted, the maturity claim is processed and you get the claim in your bank account.
- Death claims
In case of death claims, the nominee should inform the insurance company of the death of the insured. A claim form should be filled and submitted along with the relevant claim-related documents. The nominee’s identity proof would also be required so that the insurance company can identify him/her and settle the claim.
You can follow the afore-mentioned claim process to get your insurance claim settled or you can contact Turtlemint. Turtlemint has an expert team for claim settlement and it helps you in getting your claims settled at the earliest. Just call Turtlemint at 1800 266 0101 or drop an email at firstname.lastname@example.org. Thereafter, Turtlemint’s executives would get in touch with you and help you get the claim settled.
Address and contact information of Exide Life
If you want to buy a policy online, you can call Exide Life at its toll-free number 1800 419 0808 or send in an email to email@example.com. For services on your policy, the number is 1800 419 8228 which is toll-free. You should call with your registered mobile number for any policy servicing request. If you don’t have the registered mobile number, you can contact +91 80 4134 5444. You can also drop an email at firstname.lastname@example.org for policy servicing requests.
The company’s registered office is located at 3rd Floor, JP Techno Park, No. 3/1, Millers Road, Bangalore- 560 001. You can also locate its branches in your city online using the link https://www.exidelife.in/branch-locator.