Exide Term Insurance

term insurance
Protect your loved ones against death, disability and Illness
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Exide Term Insurance: Brief Overview

Life is very unpredictable and uncertain. We cannot avoid unpleasant and misfortunes in future but we can always be prepared for them. You can secure your family’s future with term insurance plans offered by Exide Life Insurance. Term insurance is the minimum protection required to provide financial security for your dependents in your absence. With the right term insurance policy, you can focus on your goals with a tension free and peaceful mind. 

Most popular Exide Term Insurance Plans

Exide Life term insurance policy offers life coverage for a specified period and at a nominal premium. With Exide Life term plans, you get a life cover and many plans also refund the premium paid on maturity. 

  1. Exide Life Smart Term Edge

Exide Life Smart Term is a term insurance plan with unique features. It provides comprehensive protection and insurance so that your family can enjoy a secured future. This insurance plan offers three different plan options to meet your desired protection requirement - 

  1. Classic
    The Classic option provides protection with the return of premium. Under this option, the sum assured is paid to your nominee in the event of sudden demise. However, in case of survival till the expiry of the term of the policy, 100% of the total premiums will be returned. 

     
  2. Step-up
    The step-up option provides protection with a higher return of premium. Under this option, a death benefit is paid on the death of the insured. However, if the insured survives till the chosen tenure, an amount of up to 150% of the total premiums paid by you will be returned. The percentage of the total premium that will be returned depends upon the policy term selected at the time of buying the policy. 

     
  3. Comprehensive
    The comprehensive option provides enhanced protection with the return of premium. A chosen death benefit is paid under this variant in the case of sudden demise. In addition, you have an option to increase the amount of death benefit by paying an additional amount of premium. In case of survival till the completion of the policy term, 100% of the total premiums paid will be returned. 

Highlighting Features of the Plan

  • You can further enhance the protection of the plan through critical illness and accident riders.
  • Exide Life Smart Term provides life cover up to 75 years of age. 
  • The plan offers special rates of premium for female lives. It also offers a discount on premium for non-smokers. 
  • It provides life cover at nominal premiums along with the benefit of the return of the premiums at the end of the policy term.

Eligibility Conditions

Entry Age

Minimum- 18 years

Maximum- 58- 60 years (Depending on premium paying term that you choose) 

Maturity AgeMinimum of 70- 75 year (Depending on the premium paying term selected)
Base Sum AssuredMinimum 5 to 10 lakh (Depending on the variant) 
Premium paying term/ Policy term

Minimum- 12 years

Maximum- 30 years

Frequency of Premium PaymentMonthly, half-yearly and annually
  1. Exide Life Smart Term Pro

Smart Term Pro is a term insurance plan which provides life insurance coverage for the entire tenure of the policy against death. In case the life assured survives the tenure, the total premiums paid during the term of the policy will be returned.

Highlighting Features of the Plan

  • The plan offers comprehensive life insurance with the benefit of a 100% return on the premiums paid by you. 
  • It offers the option to pay the premiums for shorter durations but you can enjoy life coverage for the entire policy term. 
  • You can choose to receive the death benefit either in a lump sum amount or as a monthly income. You can also avail yourself of the option of receiving the death benefit partly in a lump sum and partly as monthly income.
  • Exide Life Smart Term Pro allows life insurance coverage for up to 80 years.

Eligibility Conditions

Entry age

Minimum- 18 years

Maximum- 60 years

Maturity ageMaximum- 8 years
Sum assuredMinimum- 50 Lakhs for 5-year premium paying terms and 15 Lakhs for other premium paying term
Policy term

Minimum- 15 years

Maximum- 40 years

  1. Exide Life Saral Jeevan Bima

Saral Jeevan Bima is a non-participating pure life insurance policy that provides financial coverage and security to your family in your absence. This plan provides life insurance cover for the entire policy term. 

Highlighting Features of the plan

  • The plan has a waiting period of 45 days from the commencement of risk. 
  • The plan offers flexible premium paying modes which include monthly, half-yearly or yearly modes. 
  • You can choose from the options to pay the premium under single pay, limited pay or regular pay. 

Eligibility Conditions

Entry age

Minimum- 18 years

Maximum- 65 years

Maturity ageMaximum- 70 years
Premium paying termSingle pay, regular premium and limited premium for 5 years and 10 years
Sum Assured

Minimum- 5 Lakhs

Maximum- 25 Lakhs

  1. Exide Life Term with Return of Premium Plan

As the name suggests, Exide Life Term with Return of Premium Plan allows term insurance coverage along with a maturity benefit. The plan refunds the premiums paid on maturity.

Highlighting Features of the plan

  • You can avail of the coverage without undergoing any medical check-ups 
  • If the insured survives till the end of the selected policy tenure, the premium paid over the duration would be refunded back
  • You get flexible premium payment options under the plan

Eligibility Conditions

Entry age

Minimum- 18 years

Maximum- 50 years

Maturity ageMaximum- 70 years
Premium paying termRegular premium and limited premium for 5 years 
Sum Assured

Minimum- 5 Lakhs

Maximum- 25 Lakhs

  1. Exide Life Elite Term Insurance Plan

This term plan allows very high levels of sum assured at affordable premium rates. Moreover, various flexible benefits are offered by the policy so that you can avail of coverage as per your needs.

Highlighting Features of the plan

  • If you lead a healthy lifestyle, the sum assured would be increased from the fourth policy year at the same premium rates
  • You can choose to receive the death benefit in a lump sum, in monthly instalments under the Family Income Payout option or in a combination  of lump sum and monthly incomes
  • You can increase the policy tenure by 5 or 10 years

Eligibility Conditions

Entry age

Minimum- 21 years

Maximum- 60 years

Maturity ageMaximum- 80 years
Premium paying termSingle pay or regular premium 
Sum Assured

Minimum- 50 Lakhs

Maximum- no limit

Benefits of buying Exide Life Term Insurance

Exide Life term insurance provides several benefits to the policyholders which are discussed as follows: 

  1. Affordability
    The term insurance policy provides a substantial life insurance cover at nominal and affordable premiums. 

     
  2. Peace of mind-
    Term insurance provides financial stability and security to your loved one in your absence. It gives you peace of mind that your family is financially secured even when you are not there. 

     
  3. Easy to buy and claim
    Exide Life offers a very simple and easy process to buy as well as claim the insurance policy.
     
  4. Wide options-
    Exide Life term insurance comes in different options. You can choose from a variety of options under a single plan as per your requirements and convenience. You can also increase or decrease the amount of sum assured if you want. 

     
  5. Enhanced protection through riders
    You can enhance the overall coverage by adding riders at a nominal premium with your base plan. You can choose from the available riders with term plans and customise your coverage as per your needs.

     
  6. Tax benefits
    You can avail of tax benefits on the premiums paid, maturity proceeds of the policy and the amount of premium paid for the riders. The premiums paid towards the term plan are tax-deductible. You can make a claim up to INR 1.5 lakh annually under Section 80C of the Income Tax Act.

     
  7. Paying off liabilities- 
    Exide Life term insurance helps your family pay off their loans and liabilities without any financial burden in your absence. 

What is covered in Exide Life Term Insurance?

Let us have a look at the coverage offered by the Exide Life Term insurance policy: 

  • Death benefit- 
    A death benefit is paid in the event of unfortunate death of the life assured during the term of the policy. Exide Life offers term insurance plans which provide you to receive the death benefit on a lump sum basis, monthly basis or in a combination of both.
  • Maturity Benefit- 
    Maturity benefit is paid if the life assured survives the term of the policy. Many Exide Life term insurance plans provide a return of premium on maturity.

     
  • Accidental death including suicide- 
    Exide Life term insurance pays the death benefit in case of accidental death of the life assured during the term of the policy. It also includes suicide. 

     
  • Critical illness- 
    A lump sum amount is paid to the life assured in the event of diagnosis of covered critical illness to meet the higher cost of medical expenses to treat the deadly disease. This is available as an additional rider.

     
  • Accidental disability and disablement- 
    An additional amount is paid in case of disablement or disability suffered by the life assured due to an accident. This cover is available on payment of an additional premium. 

What is not covered in Exide Life Term Insurance?

Term insurance plans come with a set of permanent exclusions. Exclusions are situations that are not covered under the insurance policy. The death benefit would not be paid if the life assured suffers death due to any of the following reasons: 

  • Death due to war or due to alcohol or drug abuse
  • Accidental death suffered by the life assured while driving the vehicle being intoxicated. 
  • If the life assured passes away while participating in any hazardous activity or adventurous sports
  • Death due to participating in any illegal activity.

If the insured suffers death due to suicide within 12 months of the issuance or revival of the policy, the nominee will be paid 80% of the total premiums paid till the date of death or the surrender value, whichever is higher.

You can visit the company website of the insurance company to check the detailed list of the exclusions of Exide life term insurance.

How to apply for Exide Term Insurance Plan

If you are planning to buy an Exide Life term insurance policy, then you will have to first select a suitable plan which best suits your insurance requirements. For choosing a suitable plan, you will have to visit the official website of the insurance company, compare different plans, check the premiums and read the policy wordings. Once you finalise the different aspects of a term insurance policy, you can go ahead with your purchase. You can buy any Exide Life Term insurance policy online and get a quote in three simple steps. Let’s have a look at the process of applying for an Exide Life term insurance policy: 

  1. Visit the insurer- 
    Visit the official website of Exide Life. Go to ‘Buy term insurance online’ and simply click on the link https://buy.exidelife.in/eliteterm/?utm_source=SEO&utm_medium=Mainfooter&utm_campaign=Eliteterm&utm_term=Desktop . Then, enter the details of the amount of coverage that you want. 

     
  2. Fill in the details-
    Submit the basic details such as your gender, date of birth, if you are a smoker or non-smoker, etc. and also fill in your contact information such as your email address and phone number.

     
  3. Get a quote- 
    After filling in all the details, the insurance company will offer you a quote depending on the amount of coverage selected. The premiums will be lower for non-smokers.

     
  4. Select a plan and choose add-ons-
    You can choose a plan from the range of options provided and customise your policy by choosing add-ons available with the plans. Once you specify the add-ons, you will have to choose the frequency of the payment and the policy tenure.

     
  5. Fill the application
    The next step is to fill the application form which is a very simple procedure. You should ensure to fill in all your details correctly and carefully so that your claims are not rejected at a later stage.

     
  6. Documents
    You will have to submit some basic documents along with the application form at the time of purchase of term insurance. The documents include age proof, address proof, income proof, identity proof, bank proof and passport size photograph.

     
  7. Medical screening- 
    You will have to undergo a pre-policy medical screening depending on the amount of sum assured, your medical history and your age.

     
  8. Payment
    Making the payment online is the last step to apply for a policy. Once you make the payment, a term insurance plan will be issued to you instantly. 

Exide Life offers a very simple and hassle-free process for buying a term insurance policy. You can buy your policy from the official website of the insurance company within a few minutes.  

Exide Term Insurance Riders

You have an option to enhance and customise the overall protection by adding riders at an additional premium. Exide Life Insurance offers the following riders with their term insurance policy: 

  1. Exide Life Accidental Death, Disability and Dismemberment Rider- 
    This rider provides protection against accidental death, disability or dismemberment.

     
  2. Exide Life Critical Illness Rider- 
    This rider provides an option to get coverage against 25 critical illnesses which include cancer, heart attack, paralysis, etc. A lump sum amount is paid under this rider in case the life assured is diagnosed with any of the 25 covered critical illnesses during the coverage tenure. 
  3. Exide Life Term Rider- 
    Exide Life term rider provides double life coverage in case of death during the term. An amount, in addition to the base cover, is paid in the event of unfortunate death of the life insured. 

Exide Life Term Insurance Claim Process

Exide Life Insurance ensures to pay the claims in a timely manner by following a transparent and fair claim practice. The claim process is discussed step-by-step as follows: 

  1. Intimate the Insurance Company- 
    In the event of the unfortunate death of the insured, a claim can be made. You will have to notify the insurance company about the claim and get in touch with the customer care department of the insurance company. You can initiate a claim online by just clicking on https://www.exidelife.in/customer-service/claims or by sending an email at Claims@exidelife.in 

     
  2. Fill in the details- 
    Register your claim online by filling in the policy details such as the policy number, your address, email ID, mobile number, etc. Then, attach the required documents. You also have an option to submit the documents at the nearest branch of Exide Life Insurance. The document includes the following: 

     
  3. In case of natural death
  • Duly filled and signed claim intimation form
  • Original death certificate issued by the local authority
  • Age and identity proof of the life assured
  • ID proof along with photographs of the claimant
  • Bank account proof of the claimant
  • A copy of the cause of death certificate of the life assured along with medical records and test results. 

     
  1. In the case of unnatural death
  • Duly attested post-mortem report by the concerned officials
  • Attested copy of FIR by the jurisdiction police station
  • Duly filled claim form and an original death certificate issued by the local authority
  • Age and ID proof of life assured and ID proof of the claimant
  • Copy of medical cause of death of the life assured along with medical records admission notice and test results.
  • Attested copy of bank passbook or account statement of the claimant

After the submission of all the documents, you will be given an acknowledgement. You can use your policy number for all queries regarding the claim till the claim is settled. You can call the insurance company on 08049280628 for checking the status of your claim after registration. 

Exide Life Term Insurance Customer Care Details

Official Websitewww.exidelife.in 
Email IDwebsale@exidelife.in/ care@exidelife.in 
Toll-free number1800 419 8228/ 1800 419 0808
Corporate address3rd, JP techno park, No. 3/1, Millers Road,  Bengaluru 560001 India

Exide Term Insurance Review

Exide Life Insurance is serving over 10 lakh customers in South India and is now growing its franchise in other parts of the country. Exide Life Insurance is ranked amongst ‘Top 10 Most Trusted Life Insurance Brands in India.’ It offers a wide range of benefits and options through its most economical and simplest form of life insurance providing you with higher coverage at a little premium cost. You have the flexibility to choose different variants under the term plans and also buy add-ons to enhance your coverage. Exide Term plans are very simple and easy to buy and easier to claim. The company offers a simple process to ensure that your claim is settled with minimum paperwork. The claim settlement ratio of Exide Life Insurance stood at 98.15%for the financial year 2019-20. Exide Life is focused on providing long-term protections with customers along with saving solution plans.

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