The company started out as ING Vysya Life Insurance Company Ltd. It was originally a joint venture between Exide Industries Ltd and ING Vysya Bank, however, later on ING withdrew from the venture and sold its 26% stake to Exide which led to the creation of Exide Life Insurance. The company has been in operation since 2001 and maintains it headquarters at Bangalore. The company also boasts of an ISO 9001:2008 rating for all it processes relating to customer service. Exide’s network across the country is supported by over 35,000 advisors who operate through more than 200 offices.
Key Highlights of Exide Life Insurance
Claim Settlement Ratio
Claim-settlement ratio of 86.10% for year 2014-2015
Grievances Resolved
93.33% Grievances Settled for year 2014-2015
To be eligible for Exide Life Insurance
You should be at least 18 years old
You should be less than 65 years old
You should be either Salaried, Self- employed, a professional or have your own business
Exide Life Insurance at a Glance
A maximum tenure of 35 years
Min Sum Assured: Rs 25 Lakhs
Max Sum Assured: Rs 25 Crore
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Exide Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Types of Exide Life Insurance Plans
Some of the life insurance products offered by the company are
- Exide Life Insurance Term Plans:
The protection plans offered are term life insurance plans that are meant to ensure that in the event a policyholder's death, his/her family is provided for in terms of their financial needs.
Exide Life My Term Insurance Plan : This is a term life insurance plan that provides insurance benefits for affordable prices. It also offers limited payment options for the premiums and cover for terminal illnesses. It also offers enhanced protection through various riders.
- Exide Life Endowment Plans:
These endowment plans offer a host of benefits in the form of death benefits, maturity benefits and bonuses.
- Mera Ashirvad: Exide Life Mera Ashirvad is a child insurance plan that offers guaranteed benefits. The plan offers guaranteed life cover which is highest of the followings:
- Sum assured.
- 10 time of annual premium paid.
- 105 % of the premiums paid.
- Secured Income Insurance RP: Exide Life Secured Income Insurance RP is a non-linked participating insurance plan. The plan provides safe returns and protection against unpredictable situations.
- New Creating Life Insurance Plus: Exide Life New Creating Life Insurance Plus is a non-linked participating plan that comes with assured returns and protections against emergency situations.
- New Creating Life Insurance Regular Pay: also a non-linked participating child life insurance plan to protect your children again future unpredictabilities.
- Exide Life Savings and Investment Plans:
The savings and investment plans are designed to provide the dual benefit of life insurance cover and the chance to allow the wealth to grow.
- Exide Life New Fulfilling Life :This plan offers life insurance cover up to the age of 85 years and tax free maturity benefits that are equal to the sum assured plus other bonuses as applicable.
- Exide Life Guaranteed Income Insurance Plan :The Guaranteed Income Insurance Plan offers the option to pay premiums for a limited period of time and receive a regular monthly or annual income for the remainder of the policies term. It also offers maturity benefits and tax benefits on premiums paid.
- Exide Life Prospering Life Plus :This is a unit linked insurance plan that offers policyholders guaranteed life cover along with tax free benefits, loyalty benefits and the choice to invest in six different funds. It also allows for customers to switch funds as many times as they want.
- Exide Life Jeevan Uday :The Jeevan Uday plan is a scheme that can be availed without having to undergo any medical examinations. It also offers death benefits that are 10 times the premiums paid added to any bonuses earned on the policy.
- Exide Life Nirmal Jeevan Insurance Plan :This is an insurance plan that offers tax free maturity benefits along with an extension on the cover even if the premiums are not paid. This policy also offers policyholders that facility to avail loans against this policy if 3 annual premiums are paid.
- Exide Life Assured Gain Plus :This is a life insurance plan that comes with a limited pay option and tax free maturity benefits which are a sum of the guaranteed lump sum and any other bonuses. The limited pay option means that customers pay premiums only for 5 years but enjoy life cover for the entire term of the policy.
- Exide Life Secured Income Insurance Plans :This is a life insurance plan that comes with the option of limited payments or regular payments of premiums. Its other features include enhancement of protection via riders, discounts on higher premiums and tax free returns.
- Exide Life Wealth Maxima: A Unit Linked Insurance Plan (ULIP) that offers higher life cover at every new phase of life. It gives you an option to choose from six different funds to invest.
- Exide Life Insurance Pension Plans:
These are retirement life insurance plans offered with the sole purpose of making sure that when policyholders retire, they have a source of income to cover their expenses.
- 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.
- Exide Life Child Plans:
- Exide Life Mera Aashirvad : A child insurance plan that provides benefits on maturity as well as death. Both benefits are tax free and the plan includes a premium waiver clause in case of the unfortunate demise of the life insured. Scheduled payouts are offered to aid in the child’s future planning.
- Exide Life New Creating Life Insurance Plans : A limited or regular pay child insurance plan providing tax free returns to secure the future planning for the insured. Offering discounts on higher premiums, this plan can offer a waiver of premium along with enhanced protection through rider benefits.
- Exide Life Wealth Maxima – Maxima Child : A Unit Linked Insurance Plan that helps you maximize your wealth while securing your child’s future. One can pay the premium amount monthly, half-yearly or annually.
- 6. Exide Life Accidental Insurance Plan:
A plan that can be combined with any other main policy to provide for accidental death and disability. The plan’s premiums and benefits can have tax benefits and it provides an additional sum along with the sum assured amount provided in the main policy.
Exide Life serves over 10 lakh customers in over 200 cities in India. It has an established process for life insurance claims.
Life insurance claims be made in the event of Natural Death, Accidents or unnatural death, accidental dismemberment and disability, terminal illness and critical illness.
The procedure for making claims under all these heads is the same, whereas the documentation required changes depending on the claim.
Procedure for submitting a claim for life insurance benefits is as follows:
Step 1: Register your claim as soon as the loss/event has occurred.
Step 2: 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.
Step 3: Completely and diligently fill in the form and attach all required documents.
Step 4: 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.
Step 5: 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 assured.
- 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)
- 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 assured.
- 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.
- 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
- Completely filled in Claim Intimation Form.
- Original Policy Document.
- Medical treatment records including discharge summary and investigation reports.
- Age proof and Identity Proof (with photo) of life assured.
- 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 Critical Illness and Terminal Illness
- Completely filled in Claim Intimation Form.
- Original Policy Document.
- Medical treatment records including discharge summary and investigation reports.
- Age proof and Identity Proof (with photo) of life assured.
- 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.
Tips for making sure your life insurance claim is processed fast and efficiently
- Read all terms and conditions carefully.
- Provide updated contact details of all types – email addresses, phone numbers, physical addresses, etc.
- Pay regular premiums as and when they become due.
- Share details of the claim process and policy document with family and emergency contacts.
- Disclose all details to the best of your knowledge.
- Do not withhold information from the claims process.
Exide Life Insurance FAQs:
- 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?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. In order to apply for an Exide Life insurance policy, you will need the following documents:
- 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.
News About Exide Life Insurance
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My Money Book of Exide Life Insurance wins an award
The innovative product that has been inspiring many in the financial services sector, from Exide Life Insurance has won the FINNOVITI 2016. The one of its kind record keeping book called the My Money Book, was chosen among the top 20 innovations for the year. The idea was designed to help people be financially prepared for a long happy life. The creation of a consolidated, comprehensive summary of their financial information. This will help the customer stay organized and it is simple and easy to use.
15th February 2016
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New product launched by Exide Life Insurance
Exide Life Star Saver, a new payment plus insurance plan was recently launched by Exide Life Insurance. This is a unique plan which provides a maturity benefit coupled with protection of the insured for the complete policy term, with multiple term options. The premium paying term for this product is 5 years, with the maximum policy term being 15 years. The company aims to promote this as a simple and hassle free plan, designed to offer maximum protection to members.
24th January 2016
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Exide Life launches a savings cum insurance plan
Exide Life launched Exide Life Star Saver which is a limited payment savings cum insurance plan. The premium payment term of this plan is 5 years. There are 3 policy term options that you can choose from. The plan also offers a double life cover if you meet with an accident. The maximum entry age to enter this plan is 60 years. You get guaranteed lump sum amount on maturity that is tax free. The plan allows you to take Exide Life Critical Illness Rider to cover for up to 25 critical illnesses. The plan allows you to invest a minimum of Rs.24,000 as annual premium for 5 years.
22nd January 2016
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Customer Awareness Program by Exide Life Insurance
Exide Life Insurance has steadily focussed itself on prime earners of families in Tier 2 and Tier 3 cities in non-metro segments and its unique customer awareness program organised in Pune goes a step further in showing the company’s dedication towards its customers.
The program was organised to educate people about practical financial basics so that it would help them plan for a better future ahead. The program is an interactive one that uses audio-visual elements and some written exercises to demonstrate the importance and calculation of Human Life Value and the necessity of proper insurance. Launched in July 2015, this program has already been lauded by many participants for its informative and practical nature and the company itself is very optimistic of the programs recurring success.
8th September 2015
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Unit Linked Insurance Plan - Wealth Maxima, launched by Exide Life Insurance
Exide Life, the well-known insurance company in India has launched a new unit-linked insurance plan named Wealth Maxima. The plan is unique in its offering of increased life cover at various stages. Currently, three variants of the plan are available in the market. These are – Maxima Invest, Maxima Family and Maxima Child.
Wealth Maxima aims to offer investment opportunities to customers as well as standard protection of insurance schemes. The new insurance plan has been designed to offer great flexibility and investment freedom to customers by allowing them to choose and switch between six different funds as well as withdrawal of money as and when required. The plan has been offered to Indian customers, keeping in mind their risk appetite, the growing Indian economy and the chances of investment and growth that the Indian economy offers.
26th August 2015
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Exide Life Insurance will not dilute its stakes
The company MD and CEO, P.K.Kataky, said that the company is not considering a stake dilution and that they want to be a long-term player and that they are not in discussion with anybody. The Exide Industries firm had acquired 100 equity in ING Vysya Life Insurance in May 2014 after he ING group exited and renamed itself Exide Life Insurance.
The central government, in March 2015 approved the foreign investors to acquire up to 49 percent stake in the insurance sector and hence many Indian insurance firms have started discussions with foreign players.
The insurance ventures asset under management stood at Rs.8,800 crore as on 31st March, 2015. Kataky said that the firm will be focusing on automotive replacement market and intends to grow its business in the coming two- three years.
The company reported over 16 percent decline in its net profit at Rs.155.20 crore for the June –end quarter in comparison to the Rs.185.30 crore made in the corresponding time frame in the year 2014.
4th August 2015
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Rs. 65.3 crore profit for Exide Life Insurance
Private sector insurer Exide Life Insurance announced net profit of Rs. 65.3 crore for the last financial year. The year 2014-15 saw the company grow its total premium by 11%, renewal premium by 9% and new business premium growth by 14%. The company had assets under management (AUM) of Rs. 8008 crore by March 2015. The company’s launch of new protection, savings and investment plans and expansion of network has helped it increase its marketshare last year and it looks further to consolidate it, its MD & CEO Khsitij jain said. The company serves over a million customers in 200 Indian cities and towns.
28th May 2015
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Exide Life to focus on non-traditional plans
Exide Life Insurance Co. Ltd., formerly called ING Vysya Life Insurance, is aiming for growth through non-traditional product category. The company aims to promote its ULIP and Group Insurance products in order to enhance the premium share from these categories.
The company which revamped its brand identity hopes to further expand out of its southern boundaries into the northern, eastern and western markets of the country where it is already seeing a lot of business coming in.
The private life insurance major is currently in talks to set up bancassurance partnerships to help promote its products and extend its reach. Bancassurance channels have proved to be an effective distribution channel for many insurers in some cases bringing in the bulk of the business
6th May 2015
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‘Say No to Diabetes’ with Exide Life Insurance
Exide Life Insurance, one of India’s leading life insurance companies, and Thyrocare Technologies Ltd, India’s leading and most advanced fully automated laboratory have combined forces to launch the ‘Say No to Diabetes’ program that is initiated in time to commemorate the World Diabetes Day. An event organized on a massive scale, the campaign aims to educate the Indian public about the various aspects of diabetes and how to prevent its onset, or manage it accordingly. This program is aimed at the 25- 60 years old demographic, mainly housewives, pensioners and other people who are prone to diabetes due to their sedentary lifestyle and unhealthy eating habits and will be actively promoted in 133 cities across India. The program will seek to incite interest across various popular public outlets like parks, malls, retail outlets and Resident Welfare Associations (RWAs) among other places while benefitting from Exide Life Insurance’s wide reach- 13 years of on-field expertise with 10 lakh+ customers in over 200+ Indian cities.
17th November 2014
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Exide Life Insurance Marks Children’s Day with ‘Letter to Parent’
Exide Life Insurance has launched a unique initiative on Children’s Day- encouraging over 20,000 children from across India to write a letter to their parents, thanking them for everything and also sharing their dreams and ambitions with them. This inspirational consumer connect initiative is called ‘Letter to Parent’ and is aimed at helping children from all walks of life improve their writing skills, keep alive the dying tradition of writing thoughtful letters to a near and dear one, while also helping parents understand their kids’ deepest hopes and aspirations. Representatives from Exide Life Insurance will interact with over 20,000 children in the 5-10 years age group across 80 cities in India, helping them compile memorable write-ups on inland letters that will next be posted to the kid’s parents. The program began on 14th November and will run till 25th November 2014. Every participating child receives certificates, educative and stationary supplies from Exide Life Insurance.
17th November 2014
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Exide Life Insurance Offers Dual Benefits of Assured Income & Life Cover
Exide Life Insurance, one of the premier life insurance companies in India is launching Exide Life Assured Gain plus Insurance Plan, an ideal investment solution for people who are looking for tax free returns with capital guarantee and life cover to ensure financial security for themselves and their families. The primary reasons that make this policy an ideal investment option are-
✓ Pay for just 5 years- enjoy the benefits for full policy term of 10, 12 or 15 years.
✓ Comprehensive life cover for the entire policy duration.
✓ Attractive tax free returns with your capital guaranteed.
✓ Applicable for a wide demographic- from the age of 3 to 60 years old.
How does it work?
- It’s as simple as it sounds. The policy subscriber pays for a fixed duration of 5 years, say Rs. 1 lakh/annum. Next, the choice of policy term (10, 12 or 15 years) decides the sum assured on maturity. For the above scenario, at a policy term of 15 years, the sum assured on maturity would be Rs. 4.65 lakhs. Meanwhile, the subscriber also enjoys life insurance cover for the entire policy duration of 15 years. Definitely, a thoughtful option for those who give a lot of thought about their future.Exide Life Insurance Company Limited (formerly ING Vysya Life Insurance Company ltd) is a trailblazer in it's specialized domain. Founded in 2001 and HQ’ed in Bangalore, the company boasts of over Rs. 7000 crores in assets and over 10 lakhs satisfied customers across India. The company operates through a channel comprising of over 35,000 advisors who are attached to 200+ Exide corporate offices and customer care centers across the country.
30th September 2014
