Exide Life Child Plans

4.4 / 5 based on 24 User Reviews
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What is a child plan?

A child plan could be said to be like any other insurance plan where you have to pay premiums and the plan will provide you with the death benefit or the maturity benefit. However, the child plan differs from other insurance plans on various levels. Firstly, the plan is designed for the purpose of planning for a stable future of the child and secondly, there are differences in the features and aspects of the plan. To understand the plan, let us understand the plan’s different aspects which also give the plan a unique identification:

  • The plan is available either on the life of the parent which can either be the mother or father or on the life of the child. Though most plans are designed on the premises of covering the parent’s life, some plans in the market also cover the child’s life who should be a minor.
  • If the parent is being covered, it is mandatory that he or she should have a minor child for whose benefit the plan is being taken.
  • The plan can be sold either as a conventional insurance plan or a market-linked insurance plan.
  • Traditional plans may or may not earn bonuses depending on the plan’s design while unit-linked plans do not earn bonuses as they participate in the markets and the fund grows accordingly
  • If the life insured is the parent and if he dies during the period of the plan, a death benefit is immediately paid to the nominee. This benefit is pre-defined. After the parent’s death, the plan will not end. It will continue and the insurance company will become liable to pay the premium on each due date. This is by virtue of the Waiver of Premium Rider which is inbuilt under the plan and makes the insurer liable to pay premiums in the vent of the insured’s death. When the plan matures, another benefit, called the maturity benefit, will be paid by the company to the nominee.
  • In some plans where the life of the child is insured, there are two different concepts of deferment and vesting. Deferment is postponement clause and under this clause, the child’s life is excluded from the scope of coverage in the first few years after the policy starts. In case of death only the paid premiums are returned and the plan terminates. After the deferment period comes to an end, the child’s life is covered with the full Sum Assured and death after that period will result in full payment of the Sum Assured. Vesting, on the other hand, means reverting back of the ownership. When the plan is bought, the child is a minor and cannot be a legal owner of the policy. As such, the parent is assigned the ownership of the policy. When the child attains maturity, i.e. when he crosses 18 years of age, he is capable of becoming the owner of his policy. As such, the policy vests in the name of the child and he becomes the policyholder. Both deferment and vesting will occur on the policy anniversary which follows the child attaining the deferment age or the vesting age.
  • The inbuilt premium waiver rider will also be applicable in case of the child’s life being insured. In this case, however, this rider promises the premium contribution on behalf of the parent who is the policyholder and not the insured, when the parent dies during the continuation of the plan.

Exide life Insurance Company Limited (previously known as ING Vysya Insurance Company Limited) started its operation from 2001-02 onwards and its headquarters is in Bengaluru. It has a customer base of over 10 lakh customers. Its distribution channel comprises of multi channels like Agency, Bancassurance, Alliances and Direct Channels. Exide Life Insurance is one of the leading life insurance companies in South India and is growing in other parts of the country. The main focus of the company is to provide long term protection and savings solution with a strong traditional product portfolio with a bonus track record.

Exide Life Child Plans

Exide Life Insurance Company sells child plans in three varieties. While two of the plans are traditional plans which offer guaranteed benefits, one plan is a unit linked plan which has an option of utilizing the plan as a child plan. Let us take a look at the plans sold by the company

Exide Life MeraAshirvad Plan

It is a traditional insurance plan to provide a stable future of the child even after the death of the parent.

  • The premiums under the plan are supposed to be paid for a limited period only
  • The term for which premiums are to be paid depends on the age of the child
  • The Maturity Benefit can be availed in two options of Option A and Option B.
  • Under Option A, after the completion of the Premium Payment Tenure, the Sum Assured is paid as money backs in Staggered Payouts @ 7.5% in the first two years after the Premium Paying Term and 10% in the next two years. On Maturity, 65% of Sum Assured is paid
  • Under Option B, a Guaranteed Addition of 5% is added to the Sum Assured. Thus, on maturity, 105% of the Sum Assured is paid to the policyholder.
  • In case of death of the insured during the tenure of the plan, all future premiums are waived off and the plan continues. If Option A is chosen then the Staggered Payouts are paid as and when they fall due and the remaining Sum Assured is paid on maturity or else under Option B, 105% of the Sum Assured is paid on maturity.
  • On death, the benefit payable is highest of either 10 times the annualized premium or 105% of premiums paid until death.
  • Loan is available under the plan if three full years’ premiums have been paid
  • Discounts are allowed in the premium payable if the Sum Assured chosen is Rs.6 lakhs and above.

Eligibility Details

 

Minimum

Maximum

Entry Age of the Parent

21 years

50 years

Entry Age of the Child

0 years

15 years

Maturity Age

36 years

65 years

Policy Term

Premium Paying Term + 5 years

Premium amount

Depends on the coverage, tenure and age

Sum Assured

Rs.3.5 lakhs

No limit

Premium Payment Term

10 years

20 years

Premium Paying Frequency

Yearly or monthly

 

Exide Life New Creating Life Plan

Another traditional child plan which has the following features:

  • Bonus is declared under the plan as it participates in the company’s profits
  • The plan calls for regular payment of premiums
  • The Death Benefit can be availed in two options of Option A and Option B
  • On insured’s death, the benefit payable is defined as higher of 10 times the annualized premium or the base Sum Assured with a minimum benefit of 105% of premiums paid until death
  • Under Option A, the entire death benefit is paid in lump sum to the nominee.
  • Under Option B, 50% of the death benefit is paid in lump sum and the remaining is paid in instalments under the Family Income Benefit. Under the Family Income Benefit, 1% of the remaining benefit is paid as equated monthly instalments over a period of 5 years.
  • Under both the death benefit options, all future premiums are waived off on death and the plan continues. The maturity benefit is paid when the plan reaches maturity
  • The maturity benefit is defined as the aggregate of Sum Assured, vested bonuses and any Terminal Bonus subject to a minimum of 101% of premiums paid.
  • The plan provides loan facility
  • Discounts in premiums are allowed for higher levels of coverages
  • There is a provision of adding two riders to the plan for a more comprehensive coverage namely Accidental Death Disability & Dismemberment Benefit Rider and ING Critical Illness Rider.

Eligibility Details

 

Minimum

Maximum

Entry Age of the Parent

18 years

45 years

Entry Age of the Child

0 years

17 years

Maturity Age

-

60 years

Policy Term

15 years

25 years

Premium amount

Rs.12, 000

No limit

Sum Assured

Rs.113, 766

No limit

Premium Payment Term

Equal to plan term

Premium Paying Frequency

Yearly or monthly

 

Exide Life Wealth Maxima Plan

A unit linked insurance plan where there is a feature of Maxima Child which provides for the welfare of the child in the event of the insured’s death. On maturity, the Fund Value is payable. In case of insured’s death, higher of Sum Assured including top-up Sum Assured or 105% of premiums paid including top-up premiums paid is paid immediately on death of the insured. Furthermore, all future premiums are waived off and are paid for by the insurer and on maturity, the Fund Value is paid.

Applying for a Child Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Child Plans through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Exide Life Child Plans - FAQs

1. How to pay a premium? What are the modes of payment available?

Exide Life Insurance Company offers 8 modes of premium payment namely:

  • Cash payment at the branch
  • Payment at the Axis Bank
  • Payment at ING Bank
  • Online Payment
  • NEFT
  • ECS
  • Auto Debit
  • Other options

In the other options you can make the payment at South Indian Bank branches, in Karnataka you can make the payment at Karnataka one counters through cash, DD, Cheque, Debit or Credit card. In Bangalore you can also make payment at Bangalore one counters by cash, DD, Cheque, or credit cards. You can also pay at HDONE counters with cash, cheque, or DD if you are in Hubli or Dhrwad.

For the online payment mode, the policyholder can pay via;

  • Credit Card,
  • Debit Card
  • Net banking
  • Bangalore one
  • Tech process solution

2. How can I check policy status for Exide Life child pans?

You can check your policy sttaus if you are registered online. Simply login with your policy number and data of birth on MY LIFE tab to check the policy status. You may also check other policy details from the same link.

3. What is the policy renewal process for Exide Life child pans?

You can renew policy online.

Step 1: Simply enter your policy details and date of birth to log into your account

Step 2: Make payment via Debit/Credit card or Net Banking

Step3: Print the cyber recipt of the premium payment made

4. What is the company’s process to settle claim for Exide Life child pans?

Please register your claim on Register Your Claim section. Just provide all the necessary information asked in various fields. You also need to use the claim intimation form which can be availed from the branch, or can download from the website or can be sent to you on your mail if you ask the same to the company on their mail id. Once all the documents are submitted to the company, it will provide you with a receipt and a reference number that can be quoted during all the communication. The claim will be settled within 7 business days.

5. What is the policy cancellation process for Exide Life child pans?

To cancel the policy, you can visit the branch personally with your policy documents and duly filled surrender form. Upon successful validation of the documents, the refund will be directly credited in your bank within 7 bsuiness days.

Exide Life Child Plans Reviews

TOTAL REVIEWS (24)
Kiran
Hyderabad
July 19, 2016

Coverage Is Good

I purchase child insurance plan form exide insurance. The policy coverage is high ~89% and the claims are easily sanctioned. Service is fast given by the staff of the insurance company. Policy premium is less and daily updates of the plan can be seen on time website.

Parul
Indapur
July 08, 2016

Child Insurance Plan

The child insurance plan which i purchase for my child is good and premium is less. Policy coverage is maximum and claims are easy to sanction. Service given by the staff members is fabulous and online service is even better. Update are mailed to me time to time.

Jiten
Bangalore
June 28, 2016

Good

My child insurance plan has good number of m=benefits like low premium and policy coverage is high. The service is fantastic which provided by the company. Good future investment which has good internet portal service which reduces my paperwork. Hassle free documentation.

Nilesh
Mumbai
April 13, 2016

Marvelous Plan

Recently i bought a child insurance for my child from exide life insurance. The policy having great plans with low premiums. The policy coverage are really good and the services are good and on time. The claims are the best among all. Good future investment and it save taxes too. Really happy with the policy.

Lovely
Ahmednagar
April 13, 2016

Trustworthy

I have policy for my children from exide life insurance child plan. The plan has low premiums and high returns. The policy coverage is high ~96% and the claim is Rs.43 L. Service is also nice with good and on time availability. Nice future investment and it saves taxes too.

Prashant
Jarod
April 13, 2016

Super Policy

Finally found the policy for my child and buy it and the plan is exide life child insurance policy plan. The policy coverage is high and the premiums are low. The service provided by you guys is superb and the behaviour of your staff is great with good response. Nice future investment with tax saving.

Uttam
Hoshiarpur
April 13, 2016

Excellent Policy

I own child policy plan which i buy from exide life insurance. Policy have various benefits but the policy coverage is the best. Approx. 89% is covered in the policy. Claims are high and the premiums are low. Service is good. Nice future investment which saves tax also. The behaviour of executives are also great. I like the policy plan.

Kamal
Fakirpur
April 13, 2016

better policy than others

My child policy plan is with exide life insurance. The policy premium is low and the policy coverage is high. The service is fast and the claiming is become easy without any paper work. The payback amount is around Rs.40 L after policy get mature. Nice future security and it save tax also.

Jatin
Baleswar
April 13, 2016

Super Policy

Superb child policy plan which provided by exide life insurance. The policy coverage is 79% and the claims are ~Rs.33 L after policy ends. The investment is ~Rs.21 K quarterly per year till policy end. Services are great and fast too. Great work guys. I like the policy plan.

Tanmay
Salipur
April 13, 2016

High Policy Coverage

I buy child policy plan with exide life insurance which has very good policy coverage ~ 95%. The service is also good, fast and on time. The claims are high ~ 41 L and claiming process is easy because the executive and staff members providing good response and quick services. Nice work great policy.

Raghav
Lohara
April 13, 2016

Best Plan

The best child policy plan i bought from exide life insurance and the policy plan is awesome. The policy coverage is 90% and the claims are 39 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. I like my policy very much.

Abhishek
Lauriya
April 13, 2016

Damn Good

My child policy plan is very good and the insurer is exide life insurance. The policy has many benefits like good investments for future and it save taxes also. Policy coverage is 89% and the claims are around 43 L after policy ends. Fair Terms and Conditions. I like the policy plan.

Sumeet
Pilani
April 13, 2016

Fantastic

I purchase child policy plan from exide life insurance. The policy coverage is 91% and the claims are good with low premiums. Service you provided is very quick and the behaviour of the executives and staff members is nice. Good future investment and it reduces taxes also. Nice policy plan.

Gaurav
Nasik
April 13, 2016

Future Security

I own child policy plan which i buy from exide life insurance. Policy have various benefits but the policy coverage is the best ~97% is covered in the policy. Claims are high and the premiums are low. Service is good. Nice future investment which saves tax also.

Yogesh
Manesar
April 13, 2016

Policy coverage is good

I purchase exide life insurance policy plan and took child insurance policy plan. Policy coverage is good 91% and the payback amount is 35 L when policy ends. Claims are easily get due to great services by executives of the company. Nice future investment and it saves taxes also. Good Work.

Fabian
Malda
April 13, 2016

Satisfied

I have exide life insurance child policy plan. Policy coverage is good 82% but the premium is low. Service provided is bit slow and claims are good and Rs.34 L is the amount i get after policy get end. I just wanted to say that satisfactory policy plan.

Rohit
Dwarka
April 13, 2016

Ok Term Plan

My child policy plan is not super policy but an average one. Exide life insurance provide wide range of policies. My policy coverage is good 87%. Service is nice and work is done in short period of time. Claims are high and the payback amount is 37 L after policy get mature. The service provided by the executives and staff members are really nice. Good future security.

Dinesh
Ludhiana
April 13, 2016

Fine Policy

I buy a child policy plan for my child from exide life insurance. Policy coverage is high 89% but the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me time to time. Fine policy good work.

Sandeep
Patiala
April 13, 2016

Good Service

I purchase child policy plan by exide life insurance. Policy coverage is 92% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. Good future investment and it saves taxes too. I'm happy with my policy plan, nice job guys.

Amit
Lucknow
April 13, 2016

Awesome

I found awesome child policy plan from exide life insurance. The claim is high and the policy coverage is 87%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also. I like my policy.

Ishant
Coimbatore
April 13, 2016

Fine

I had child policy plan for my child through exide life insurance child plan. The policy is nice, Good policy coverage ~83% and claiming amount is Rs.31 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice. Good future investment with saving tax too.

Prabhjot
Agartala
April 13, 2016

Nice

Recently i bought a child insurance policy plan for my child from exide Life Insurance. The policy having great deals and low premiums. The policy coverage is approx. 91% and the services are even better and on time till now, rest see in future. The claims are the best. Happy with the policy plan.

Omesh
Kota
April 13, 2016

Good Service

Policy coverage is high ~89% and the policy claims are even better. Premiums are low approx. 28 k quarterly per year. Nice child policy plan which i buy from exide life insurance, is good investment for future and it save taxes also. Service is very good which facilitate by the executives and staff members. Good job guys.

Radhika
Delhi
December 18, 2015

Bought exide life mera ashirvad plan for my child

In today’s world savings are so much necessary for a smooth and planned life. I have decided to go for a child plan for my kids just because you never know what will happen to you in a split of seconds especially if you are living in metros. Appreciations goes to Policybazaar for their TV ads, I got interested in child insurance J and finally bought it for my two cute kids.