Exide Life Smart Term Edge Plan

Exide Life Smart Term Edge Plan is affordable term insurance that offers complete life coverage till the age of 75 years. With its return of premiums up to 150%, the Exide Life Smart Term Edge Plan is a unique non-linked, non-participating, individual insurance plan. With 3 different variant options to choose from, individuals are at the flexibility of selecting the plan that corresponds with their financial needs and meets the goal of fulfilling their responsibility towards the family.

Exide Life Smart Term Edge Plan also comes with a free-look period. During this window, you have 15 days (30 days in case you purchased it online or through Distance Mode) from the date of receipt to review the terms and conditions of the plan. If dissatisfied, you can return the plan stating the reason for the objection. The premium paid gets refunded after applicable deductions and stamp duty charges. 

Best Features of Exide Life Smart Term Edge Plan

Mentioned below are some of the notable features of the Exide Life Smart Term Edge Plan that make it a unique Life Term Policy in comparison to the other term plans:

• There are 3 different life cover variants that are offered under this plan, namely Classic, Step-Up, and Comprehensive. You can choose the one that best suits your financial requirements and protection needs
• Upon the completion of the policy term, the premiums paid by you are returned by the Company, depending upon the Plan variant chosen at inception
• You have the flexibility to choose the death benefit and the percentage of the return of paid premiums upon maturity, as per the chosen Plan variant
• Enhanced protection is offered through the additional Accident Rider and Critical Illness Rider
• The Comprehensive variant of the Exide Life Smart Term Edge Plan comes with an ‘Extra Protection’ component that offers increased death benefit through additional Sum Assured. Additional ‘Extra Protection’ premiums are required to be paid for this component
• There are 3 Premium Payment Modes available under this plan - Monthly, Half Yearly, and Annual
• You can also avail tax benefits on premiums paid by them and on the maturity proceeds of the chosen policy under the prevailing tax laws

Benefits of Exide Life Smart Term Edge Plan

Listed below are the different types of benefits available when you choose to buy the Exide Life Smart Term Edge Plan:

1. Death Benefit

In the event of the unfortunate death of the Life Assured during the policy term, the beneficiary receives the death benefit as a lump sum amount after which the policy is terminated. The policy should still be in force for a valid claim settlement. 

The death benefits payable to the beneficiary depend upon the Plan variant chosen by the policyholder.

The Sum Assured on Death is higher of-

• ‘X’ times the Annualized Premium for the base policy
• Sum Assured on Maturity
• Absolute Amount Assured that is payable on the death of the assured
• 105% of the total premiums that are paid till the date of death

The multiple of ‘X’ times is defined as:

Annualized Premium is the premium amount payable in a year, as chosen by the policyholder. Taxes, rider premiums, loadings for modal premiums, and underwriting extra premiums, if any, are excluded in the Annualized Premiums.

Total Premiums Paid amount to the total of all the Premiums received, excluding any rider premium, extra premium, and taxes.

The Absolute Amount Assured to be paid on death differs under each variant. The same is discussed in detail ahead.

2. Surrender Benefit

The Exide Life Smart Term Edge Plan has an acquired Surrender Value which is higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). For the Classic and Step-Up variant, a percentage of the total premiums paid is expressed as the GSV. For the comprehensive Plan variant, the GSV amounts to a percentage of the total premiums paid, excluding the Extra Protection Premium. GSV and SSV can be acquired provided that the premiums have been paid for at least 2 full years. SSV is declared by the Company from time to time and is subject to the prior approval of the IRDAI.

3. Rider Benefit

There are 2 Rider plans available to further customize the policy - the Exide Life Accidental Death, Disability, and Dismemberment Rider, and Exide Life Critical Illness Rider. You can add additional comprehensive support by paying additional Rider premiums and get coverage against accidental death, disability, or a critical illness. The Riders are discussed ahead in detai

 4. Maturity Benefit

There are Maturity Benefits for up to 150% of the paid premiums available under the different variants of the Exide Life Smart Term Edge Plan, in case the policyholder survives till the end of the policy term. All benefits stand extinguished once the maturity amount is released, and the policy is terminated thereafter.

5. Tax Benefit

The Life Assured may be eligible for the below-mentioned tax benefits as per the tax laws prevailing at the time:

• On the paid premiums
• On the maturity proceeds of the chosen Plan variant
• On the additional premiums paid towards Riders, if any

The aforementioned tax benefits are subject to change as per the changes in the tax laws.

What is Covered?

The Exide Life Smart Term Edge Plan comes with different life cover variants that cover the different contingencies. The coverage for the different variants are discussed below in detail:

Exide Life Smart Term Edge Plan - Classic

The Classic variant offers different benefits as part of its coverage scope:

1. Death Benefit
If the assured client, unfortunately, dies during the policy term, the Sum Assured on Death is paid to the beneficiary in a lump sum amount. The policy stands terminated after the benefit settlement. The Absolute Amount Assured to be paid as a lump sum in case of death of the policyholder is the same as the Basic Sum Assured.

2. Maturity Benefit
In the case where the policyholder survives till the end of the term, they are eligible to receive 100% of the total premiums paid in the entire policy tenure. All other benefits and claims cease to exist upon maturity of the policy.

All the premiums should be cleared and the policy should be in force to get the benefits.

How the Exide Life Smart Term Edge Plan - Classic plan works-

Example -

Benefits Payable

1. In case of the unfortunate death of Mr. Sharma during the policy term, the nominee(s) or the beneficiary will receive a lump sum amount of INR 50 Lakh.
2. In the event of maturity of the policy without any unfortunate scenario regarding Mr. Sharma’s health, he stands to receive a 100% of the total premiums paid to date. In this scenario, an amount of INR 4,38,036 is payable to Mr. Sharma upon the maturity of the policy.

Exide Life Smart Term Edge Plan - Step-up

This variant of the Exide Life Smart Term Edge Plan offers the below-mentioned benefits:

1. Death Benefit
In case the policyholder, unfortunately, dies during the policy period, the beneficiary is paid the Sum Assured on Death as a lump sum payout. The policy is terminated after the claim settlement.

2. Maturity Benefit
In the fortunate event where the policyholder survives till the end of the policy tenure, they are eligible for the maturity benefit. The benefit is defined by a fixed proportion of the total premiums paid. These proportions are calculated depending upon the Policy Term:

In order to get the benefits, the policy should be in force and all the premiums should be paid.

How the Exide Life Smart Term Edge Plan - Step-Up plan works-

Example -

Benefits Payable

1. In the unfortunate scenario where Mr. Sharma dies during the policy term, a lump sum amount of INR 50 Lakh will be paid to the beneficiary.
2. If Mr. Sharma survives the term plan, he is eligible for Guaranteed Sum Assured on Maturity. A payout of INR 6,73,873/- will be given by the Company to Mr. Sharma.

Exide Life Smart Term Edge Plan - Comprehensive

The Comprehensive plan variant has 2 components - Classic, and Extra Protection. The following are the benefits offered under the Comprehensive plan:

1. Death Benefit

In case of the death of the Assured Life during the policy term, the beneficiary is eligible to receive a Death benefit that depends upon the component chosen by the policyholder under the Comprehensive variant-

1. Classic - offers a lump sum payout of the Base Sum Assured, the same as under the Classic variant discussed above.
2. Extra Protection - by paying an additional ‘Extra Protection’ premium, the policyholder can increase the Death Benefit by enhancing the Sum Assured on Death.

Extra Protection component can only be chosen at the start of the policy and once chosen, no changes are allowed throughout the term of the policy.

2. Maturity Benefit

If the policyholder survives till the end of the policy term, he or she is eligible for return of a 100% of the total premiums paid, except the Extra Protection premiums.

All the due premiums should be paid and the policy should be well in force to claim the benefits.

How the Exide Life Smart Term Edge Plan - Comprehensive plan works-

Example -

Benefits Payable

1. In the unfortunate event of the death of Mr. Sharma during the policy term, a lump sum amount of the Basic Sum Assured under the Classic component is payable to the beneficiary, i.e. INR 40 Lakh in this scenario
2. If Mr. Sharma had opted for the Extra Protection component, then the beneficiary stands to receive a lump sum amount of INR 50 Lakh, which includes the Sum Assured for the Extra Protection.
3. If Mr. Sharma lives a healthy life till the end of the policy term, he will receive a sum total of INR 4,47,132/- upon the maturity of the policy, after which the policy is terminated.

Exide Life Smart Term Edge Plan Eligibility

The eligibility parameters for buying any of the Exide Life Smart Term Edge Plan variants are given below:

The Premium Payment Term and the Policy Term are the same in this product.

What is not Covered?

The primary exclusion under the Exide Life Smart Term Edge Plan is death occurring due to suicide.

• In case the policyholder dies due to suicide within the first 12 months of the commencement or revival of the policy, the beneficiary won’t be receiving any death benefits
• The beneficiary is only entitled to 80% of the total premiums paid, given that the policy is still in force.

Some other exclusions that come under the Exide Life Smart Term Edge Plan are:

• Acts done with criminal intent, participating in any illegal activity, committing an assault, or a criminal offence
• Drug and alcohol abuse
• Attempted suicide, or self-inflicted injuries
• Participation in aviation other than a bonafide passenger in a licensed aircraft
• Participating in any dangerous sports and activities, and hazardous pursuits
• Injuries resulting from nuclear contamination, war, riots, invasion, or any other war-like operations.

Exide Life Smart Term Edge Plan Claim Process

To settle any claim, steps mentioned below need to be followed:

• The policyholder or the nominee, in case of death, needs to inform the company about the claim or the death of the policyholder to initiate the claim process
• Correct and up-to-date data must be furnished along with duly filled relevant claim forms
• As soon as the forms and documents are found in order, the claim process is started for a hassle-free settlement at the earliest possible moment.

Checklist for the documents required for claim settlement –  

1.   Natural Death 

• Copy of the Death Certificate’s Medical Cause, Medical Records (Death /Discharge Summary, Test Results, Outpatient Consultation Notes, Admission Notes etc.)
• Real Death Certificate which is issued by the local authority
• Identification document of the claimant (with photo)
•  Identification Document and Age Proof of the life assured (with photo)
•  Proof of the claimant’s bank account (the self-attested copy of the bank passbook/ claimant’s account statement) 

2.   Unnatural or Accidental Death (which also include Suicide) 

• Copy of the Death Certificate’s Medical Cause, Medical Records (Death /Discharge Summary, Test Results, Outpatient Consultation Notes, Admission Notes etc.)
•  Real Death Certificate which is issued by the local authority
• Identification document of the claimant (with photo)
• Identification Document and Age Proof of the life assured (with photo)
• Proof of the claimant’s bank account (the self-attested copy of the bank passbook/ claimant’s account statement) 
• Post Mortem Report duly attested by the involved officials
• Jurisdictional Police Station attested FIR copy

3.   Accidental Disability & Dismemberment Claim 

• Records of medical treatment (investigation reports and discharge summary etc)
• Authentic policy document
• Identification Document and Age Proof of the life assured (with photo)
• Identification document of the claimant (with photo)
• Proof of the claimant’s bank account (the self-attested copy of the bank passbook/ claimant’s account statement
• The current address’s proof. 

4.   Critical Illness Claim

• Records of medical treatment (investigation reports and discharge summary etc)
• Authentic policy document
• Identification Document and Age Proof of the life assured (with photo)
• Identification document of the claimant (with photo)
• Proof of the claimant’s bank account (the self-attested copy of the bank passbook/ claimant’s account statement) 

5.   Terminal Illness Claim

• Records of medical treatment (investigation reports and discharge summary etc)
• Authentic policy document
• Identification Document and Age Proof of the life assured (with photo)
• Identification document of the claimant (with photo)
• Proof of the claimant’s bank account (the self-attested copy of the bank passbook/ claimant’s account statement) 
• The current address proof

Exide Life Smart Term Edge Plan Riders

There are 2 Riders available with the term plan for you to choose, depending upon your requirements:

• Exide Life Critical Illness Rider - It offers you an alternative for covering a maximum of 25 critical illnesses. This includes cancer, heart attack, and paralysis etc. It pays the lump sum benefit equivalent to the rider assured sum if the policyholder gets diagnosed with one of these illnesses.
• Exide Life Accidental Death, Dismemberment, and Disability Rider - It offers you security in case of any accidental eventuality caused. Besides, it also offers you protection in case of accidental permanent and total dismemberment or disability.

Exide Life Smart Term Edge Plan Review

Exide Life Smart Term Edge Plan comes in 3 variants and offers the features of extra premium return upon maturity. It provides you with the lump sum return upon the assured’s death or policy maturity. Moreover, this plan can be customised with the help of 2 valuable riders namely Critical Illness Rider and Disability, Accidental Death, Dismemberment Rider. This term plan provides discounted premiums for ladies and a relatively low premium upon the high sums assured. It also offers a grace period of 15 days for premium payment if the policyholder pays the premium monthly. In all other cases, the grace period is valid for 30 days. 

In a nutshell, Exide Life Smart Term Edge Plan offers an inclusive layer of security that helps you safeguard the financial future of your family at nominal annual premium. With 98.15% Claims Settlement Ratio in the FY 2020, the insurance provider proved the efficiency of its claim practises, ensuring adequate financial stability in case of the unfortunate event of the Life Assured’s demise to their loved ones.