Exide Life Insurance Company which is based in Bangalore and with a claim settlement ratio of 96.4% is a well known insurance company. They are known to offer variety of products such as term insurance, child plans, retirement plans etc.
Exide Life Insurance Company Limited is among the most reputed insurance companies in India. Headquartered in Bangalore, Exide Life started operations in 2001-02. Exide Industries Limited holds 100% of the stake in the company and more than 15 lac customers have purchased policies from Exide Life. The overall assets managed by the company exceeds Rs.9500 crores, and the premium income collected by the company in 2015-16 alone was Rs.2000 crores.
Benefits of Exide Life Insurance:
Exide Life Insurance Company Limited has built a strong reputation over the years for providing high quality life insurance products. The company offers savings solutions as well as long-term protection plans to an extensive customer base. With a portfolio as large as Exide Life’s, finding that perfect policy for your insurance needs becomes relatively simple. Moreover, the company also has an ISO 9001:2008 quality certification, thus ensuring that it is among the more reliable players in the market. Exide Life currently has over 50,000 advisors and agents who work with more than 200 offices across India, making it fairly simple to find the right policy in little to no time.
Different Types of Life Insurance Policies Offered by Exide Life:
Exide Life has a comprehensive portfolio filled with savings plans, child plans, retirement and investment solutions and more. Following is a list of life insurance policies you can purchase from Exide Life Insurance Company Limited:
| Protection Plans | Term Plans |
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| Health Plans |
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| Riders |
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| Savings and Investments Plans | Children’s Plans |
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| Life Goals Plans |
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| Surplus Fund Investment Plans |
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| Inheritance Plans |
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| Retirement and Pension Plans |
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| Group Business Plans |
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Exide Life Protection Plans:
At the moment, Exide Life has made available only one protection plan for its customers to ensure that the family of the policyholder is financially secure in case of the death of the policyholder. Following is a brief description of the protection plan offered by Exide:
| Type of the plan | Minimum and Maximum entry age | Basic sum assured | Premium Payment Term (PPT) | Policy term |
| Exide Life Elite Term Insurance Plan |
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Policyholders can choose either single-pay premium policies or regular premium policies |
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| Exide Life Smart Term Plan |
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There are two premium payment options that policyholders can choose from - Single premium policy and regular premium policy |
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| Exide Life Term Rider |
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The rider term will be between 5 years and 40 years |
| Type of the plan | Minimum and maximum entry age | Basic sum assured | Premium payment term (PPT) | Policy term |
| Exide Life Accidental Death Disability and Dismemberment Rider |
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| Exide Life Term Rider |
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| Exide Life Critical Illness Rider |
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| Type of the plan | Minimum and maximum entry age | Basic sum assured | Premium payment term (PPT) | Policy term |
| Exide Life Sanjeevani |
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Exide Life Child Plans:
Investing in a child plan at an early stage of your kid’s life can provide significant benefits when they grow older. Whether it is for their higher education or marriage, you can save enough money to ensure that they are financially secure to meet their long-term goals. Exide Life offers three comprehensive child insurance plans that are designed in a manner such that extensive benefits are guaranteed upon maturity. Following are the child plans offered by Exide Life:
| Type of the plan | Minimum and maximum entry age | Basic sum assured | Premium payment term (PPT) | Policy term |
| Exide Life Wealth Maxima - Maxima Child |
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| Exide Life New Creating Life Insurance Plus |
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| Exide Life New Creating Life Insurance Regular Pay |
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Minimum sum assured -
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| Exide Life Mera Aashirvad |
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Exide Life Savings and Investment Plans:
Exide Savings and investment plans are ideal for ensuring that the short term as well as long term financial requirements of your family are taken care of even if you can no longer provide for them. Following are the savings and investment policies you can purchase from Exide Life:
| Type of the plan | Minimum and maximum entry age | Basic sum assured | Premium paying term (PPT) | Policy term |
| Exide Life My Money Back Plan |
For policy term of 16 years:
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Minimum basic sum assured for Survival Benefit Option A - Uniform Money Back :
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The available policy terms are 16 years, 20 years, and 24 years |
| Exide Life Wealth Maxima |
Minimum entry age:
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The premium payment terms available are 10, 15, to 20 years | The policy terms available under the plan are 10 years, 15 years, and 20 years |
| Exide Life Income Advantage Plan |
Minimum entry age:
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The basic sum assured amount is fixed and is chosen by the insured during purchase of the policy |
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The policy terms that one can choose from are 16 years, 24 years, to 30 years |
| Exide Life Secured Income Insurance Regular Plan |
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The basic sum assured amount is chosen by the insured at the time of purchase of the policy | Insured can choose a premium payment term between 15 years and 25 years | The available policy terms are 15 years and 25 years |
| Exide Life Secured Income Insurance Plus |
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The basic sum assured amount is chosen by the insured at the time of purchase of the policy | Policyholders can choose a premium payment term of 5 years, 7 years, or 10 years |
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| Exide Life Guaranteed Income Insurance Plan |
Minimum entry age -
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The available policy terms that one can choose from are 15 years, 20 years, 24 years, and 30 years |
| Exide Life Star Saver |
For policy term of 10 years:
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The premium payment term (PPT) available is 5 years | The available policy terms one can choose from are 10, 12, and 15 years |
| Exide Life Jeevan Uday |
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The premium payment term (PPT) available is 10 years | The available policy terms one can choose from are 10, 15, and 20 years |
| Exide Life Nirmal Jeevan Insurance Plan |
Minimum entry age -
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The available premium payment terms that one can choose from are 10, 12, or 15 years | The available policy terms one can choose from are 10, 12, or 15 years |
Exide Life Pension Plans:
Exide Pension plans work as fine investment instruments since they provide a regular source of income after you have retired from employment. The premium payments made over the policy term will be returned to the customer in the form of regular income post their retirement. Following are the two pension plans offered by Exide Life:
- Exide Life Golden Years Retirement Plan: This policy offers customers three options for the payment of the premium. It can be paid all at once, for a limited period or throughout the term of the policy. It also offers guaranteed vesting and loyalty benefits.
- Exide Life Immediate Annuity with Return of Purchase Price: This is a pension plan that comes with a single premium payment option. It also requires no medical exams and offers death benefits where the enter purchase price will be returned in case of death within 30 years of purchasing the policy.
| Type of the Plan | Minimum and Maximum Entry Age | Basic Sum Assured (min and max) | Premium Payment Term (PPT) | Policy Term |
| Exide Life Wealth Elite |
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If a policyholder's age is up to 44 years, then:
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The available policy terms one can choose from are 10 years, 15 years, to 20 years |
| Exide Life Wealth Maxima |
Minimum entry age:
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Basic sum assured:
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The available premium payment terms are 10 years, 15 years, to 20 years | The available policy terms that one can choose from are 10 years, 15 years, and 20 years |
| Exide Life Prospering Life Plus |
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Basic sum assured:
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The available premium payment terms are 5 years, 10 years, or regular | The available policy terms one can choose from are 10 years, 15 years, or 20 years |
| Exide Life Prospering Life Plus SP |
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Basic sum assured:
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Only single premium payment is available under the policy | The available policy terms one can choose from are 10 years, 15 years, to 20 years |
| Exide Life Assured Gain Plus |
Minimum entry age:
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Minimum sum assured:
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The available premium terms are 5-year limited PPT and single premium policies | The available policy terms one can choose from are 10 years, 12 years, to 15 years |
| Exide Life Secured Income Insurance Plus |
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Sum assured is provided upon maturity of the policy and death of the policyholder | The available premium payment terms are 5 years, 7 years, or 10 years | Minimum policy term: |
| Exide Life New Fulfilling Life |
Minimum entry age - 15 years as of the last birthday
Maximum entry age:
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Minimum sum assured:
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The available premium payment terms (PPT) one can choose from are 12 years, 16 years, 20 years, or 24 years | The policy term is 85 years subtracted from the entry age |
Exide Life Group Plans:
| Type of the plan | Minimum and Maximum Entry Age | Basic Sum Assured | Premium Payment Term (PPT) | Policy Term |
| Exide Life Group Term Life Solutions |
Minimum entry age - 18 years
Maximum entry age -
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The minimum sum assured amount under the policy is Rs.5,000 for each member in the group | There are no premium payment terms available under the policy | The policy has a one-year term that can be renewed as and when required. |
| Exide Life Group Traditional Employee Benefit Plan | Minimum entry age - 18 years Maximum entry age - has to have completed 84 years, according to the established scheme rules | The minimum sum assured amount provided to each group member is Rs.1,000 | There are no premium payment terms available under the policy | Minimum policy term - The policy can be renewed after completion of one year for each member of the group. There is no maximum policy term as it is renewable every year, unless terminated by the Master Policyholder or Exide Life Insurance |
| Exide Life Group Loan Suraksha |
Minimum entry age:
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Minimum sum assured:
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Only a single premium paying term is available under the policy | No fixed policy term available. Policyholder is allowed to choose one at the inception |
| Exide Life Group Gratuity Solutions |
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The minimum sum assured amount under the policy is Rs.1,000 per member | There are no premium payment terms available under the policy |
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| Exide Life Group Illness Rider |
Minimum entry age:
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Minimum sum assured - Rs.1,000 per group member
Maximum sum assured:
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The available Premium Payment Terms (PPT) are annual, monthly, quarterly, and half-yearly | The available policy term is one year |
How to Claim Insurance with Exide Life Insurance Company Limited:
Following is the procedure to claim insurance with Exide Life:
Step1: Register your claim as soon as the loss/event has occurred.
Step2: Acquire a claim intimation form from your nearest Exide Life Insurance Branch Office, or download a form off the website. This form must contain details like:
- Policy Number
- Name of policyholder and dependants, nominees, etc.
- Contact information and address
- Name of the life assured
- Relationship with the life assured (Nominee, appointee, assignee, etc.)
- Type of claim (death – natural or unnatural, disability or dismemberment, critical or terminal illness)
- Cause of event.
Step3: Completely and diligently fill in the form and attach all required documents.
Step4: Submit the duly filled in claim intimation form with necessary documents and submit them at the nearest Exide Life Insurance Branch Office, or mail them to Customer Services, Exide Life Insurance Company Ltd., Gold Hill Square, 1st Floor, #690 Hosur Road, Begur Hobli, Bangalore – 560068.
Step5: Once the claim is registered, an Acknowledgement Letter will be sent to you. Use your policy number for all queries and interactions with Exide Life Insurance Company until your claim is settled.
Documents required for claims arising from Natural Death:
- Completely filled in Claim Intimation Form
- Original Policy Document
- Original death certificate issued by local authority
- Copy of medical cause of death certificate
- Medical records of discharge, death summary, test results, admission and outpatient consultation notes, etc.
- Age proof and Identity Proof (with photo) of life assure
- Identity Proof (with photo) of claimant
- Proof of Bank Account of claimant with a self-attested copy of his bank passbook, account statement
- Proof of current address.
Documents required for claims arising from Unnatural Death or Accidental Death (including suicide):
In case of unnatural or accidental death of a policyholder, all the documents as requested in case of claims arising from natural death must be presented in addition to the following documents:
- Copy of the FIR, attested by the jurisdictional police station concerned
- Post Mortem Report, attested by all concerned officials
Documents required for claims arising from Accidental Disability or Dismemberment are the same as those required for claims arising from natural death.
Documents required for claims arising from Critical Illness and Terminal Illness are also the same as those required for claims arising from natural death.
Exide Life Claim Settlement Ratio:
| Year | 2013-14 | 2014-15 | 2015-16 | 2016-17 | 2017-18 |
| Claim Settlement Ratio (%) | 83.16% | 86.10% | 89.36% | 96.40% | 96.81% |
| Total Premium (in crores) | 1830.67 | 2027.48 | 2046.99 | 2408.58 | 2531.89 |
Documents Required for Buying Exide Life Insurance:
Following are the documents that must be attested to the Exide Life Insurance application:
- Address proof
- Identity proof
- Income proof
- PAN Card
- Self-attested bank passbook copy
How to Check Exide Life Policy Status?
Individuals who purchase a life insurance policy from Exide Life can either check the status of their policy online or contact the customer care of the company via email or phone.
To check the status of your Exide Life insurance policy online, all you have to do is visit the company’s official website and find the Track Your Policy link on the home page. Login to your customer account by entering the username and then provide the requested details and your policy status information will appear on screen.
The alternative to checking your policy status online is getting in touch with a customer care executive over call or email. To check your policy status over phone, call 1800 419 8228.
Exide Life Insurance Online Payment:
Customers who wish to pay their premium online instead of visiting a branch of Exide Life can do so in four simple steps. All you have to do is visit the Payment section on the company’s main page and enter the requested details such as policy number and date of birth, check your policy and premium details, and make the payment using your credit card / debit card / net banking.
Exide Life Premium Calculator:
To calculate the premium applicable to your Exide Life insurance policy, all you have to do is visit the company’s website and locate the calculator. Then select the product category and then the plan / solution after which you will have to proceed to the next step where you will be required to enter your name and date of birth. Then, you will have to enter your policy details, such as the premium frequency, the annual premium you wish to invest, the capital guarantee you require, the policy term and the premium paying term. Once you have entered all of the aforementioned details in addition to any others that may be requested depending upon the policy you choose, the premium applicable to your plan will appear on screen.
Exide Life Insurance Customer Care:
Exide Life Insurance is one of the foremost life insurance provider in India which offers a bouquet of well-appointed policies. In addition to offering life insurance, the Exide Life is also committed to serving all policy related requirements which their customers may have. In their constant endeavour to not only improve but also provide greater convenience to their customers, the insurer has set up a special section dedicated to customer support. The sole purpose of the customer care division is to help customers with all their policy related requests. To execute this, the insurer has set up multiple channels via which customers can get in touch with the customer support staff. In addition to the helpline number and email address, customers can also get in touch with the customer support team at ay Exide life branch office. The insurer has also provided a number of self-service options on their website using which customers can perform a number of requests such as top up their premium, get a premium certificate, update their details, request for unclaimed amount, sign up for direct debit, get information about the surrender process, claim intimation, and download forms, among other requests.
Know More About: Exide Life Insurance Customer Care Number
Exide Life Frequently Asked Questions:
Q. How do I cancel my Exide Life insurance policy?
A. To cancel your Exide Life insurance policy, all you have to do is visit the nearest branch of the company along with your original policy bond and surrender it to the officials, and the company will refund your money after deducting certain fees within a few days.
Q. How do I renew my Exide Life insurance policy?
A. For renewal of Exide life insurance policies, you will have to contact the company’s customer care and complete the entire process online.
Q. Can I revive my life insurance policy even if I have defaulted on my premium payments in recent times?
A. In case of regular premium payment policies, you will have to clear your defaults within the grace period. If you have not made premium payments within the grace period, your policy will lapse. Once your policy lapses, you can revive it by making all arrears of premium payments along with the interest rate for that particular period of time. However, whether or not your lapsed policy can be revived is at the discretion of the company.
Q. How much life insurance do I need?
A. The amount of life insurance coverage you will require will depend on several different factors such as the number of dependents you have, the lifestyle you wish for your family to enjoy, the amount of mortgages or debts you still haven’t settled, provision for children’s education needs, you investment requirements, etc.
Q. What are the different types of insurance policies offered by Exide Life Insurance Company?
A. Exide Life Insurance Company has the following plans under its product portfolio:
- Child Plans.
- Inheritance Plan.
- Plans to help you meet your financial goals.
- Plans to help your redirect your surplus savings into investments.
Q. Does Exide Life Insurance Company have any Retirement Plans?
A. Yes, Exide Life’s retirement plans can take care of your post-retirement by providing you with a decent source of income, through the following plans:
- Exide Life Golden Years Retirement Plan.
- QROPS – which is a plan to transfer your pension from UK to India.
Q. What is Exide Life Insurance Company’s claim settlement ratio?
A. As in the assessment period of April 2014 to March 2015, Exide Life Insurance Company had a claim settlement ratio of 86.1%.
Q. What are the minimum and maximum Sum Assured options available under the various Exide Life Insurance plans?
A. Exide has many different insurance plans, and the Sum Assured can range from Rs.25,00,000 to Rs.25,00,00,000 – depending on the plan chosen.
Q. What are the documents needed to apply for Exide Life insurance?
A. Documents needed to apply for Exide Life insurance are given below :
- Identity Proof: Any legally acceptable photographic identification document. Could be your PAN card, driving license, voter’s ID, passport, etc.
- Age Proof: Any legally acceptable document that can confirm your age. Can be passport, driving license, passport, birth certificate, etc.
- Income Proof: Any record of incomes received over a pre-specified period. Can be salary slips, bank passbook, or bank account statement.
- Address Proof: Any legally acceptable document that attests to your claimed address of residence and correspondence. Can be passport, driving license, voter’s ID, etc.
- PAN Number: The number that appears on your Personal Account Number (PAN) card.
Q. Does Exide Life Insurance Company provide any riders to enhance insurance coverage?
A. Exide Life has the following riders available, although their applicability to your particular insurance plan may or may not be valid. Read your policy document to find out more.
- Exide Life Critical Illness Rider: This add-on protection can be attached to new or existing policies, and can cover up to 25 critical illnesses.
- Exide Life Accidental Death, Disability, and Dismemberment Rider: This add-on protection can be attached to new or existing policies, and offers a benefit against accidental death, disability, and dismemberment.
Q. What are the premium payment options available through Exide Life Insurance?
A. Online payment
Standing Instruction for Auto Debit
Auto Debit using Electronic Clearing Service (ECS) Bank branches
Q. What is the grievance redressal process at Exide Life Insurance?
A. Depending on the severity of the grievance, and whether the issue has been resolved or not, there are 4 levels of grievance redressal available. Various methods available for issue redressal are contacting customer care, visiting the nearest branch, getting in touch with the complaint’s officer etc.
Q. Does Exide Life have any plans for NRIs?
A. A. All the plans offered by Exide Life can also be taken up by NRIs, with the exception of Safal Jeevan Plans. It’s important to note that ULIPs cannot be applied for by US Nationals / Residents, and only Term Riders are allowed.
