Exide Life Traditional Plans

4.4 / 5 based on 25 User Reviews
*Please note that the quotes shown will be from our partners

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.

What are Traditional / Investment Plans?

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

  • These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
  • In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
  • The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
  • The plans may be issued either as Endowment Plans or Money Back Plans

Exide Life Traditional / Investment Plans

Exide Life Insurance Company offers a range of traditional / Investment plans to its customers to meet all their savings and protection related needs. Let us take a look at the different types of traditional / investment plans offered by Exide Life and the features and benefits of each of them in details.

Exide Life Guaranteed Income Insurance Plan –

A traditional savings plan which also provides regular payouts after the completion of the Premium Paying Tenure. The features and benefits of the plan are as follows:

  • Premium under the plan is to be paid for a limited tenure only which is half of the entire policy term.
  • Regular Guaranteed Income is paid after the completion of the Premium Paying Tenure till the end of the term @11% - 13% of the Sum Assured depending on the premium amount paid and the premium paying term chosen. The income can be availed either annually or monthly.
  • On maturity, the Sum Assured and the last instalment of the Regular Guaranteed Income is paid to the policyholder
  • In case of death of the insured during the tenure of the plan, a Guaranteed Death Benefit is paid which is higher of the Sum Assured or 10 times the annual premium paid or 105% of total premiums paid till the date of death 
  • The nominee has an option to receive the death benefit either in lump sum or in installments. Under the instalment option, 50% of the benefit is paid in lump sum immediately on death and 60% of the benefit is paid as a Family Income Benefit wherein 1% of the benefit is paid every month following the month of death for up to 60 months.
  • Loans can be availed on the Surrender Value of a minimum amount of Rs.1000
  • If the insured is aged less than 12 years, the risk cover will start 2 years after the commencement of the plan. In case of death during that period, the premiums paid are returned to the nominee
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

3 years

55 years

Maturity Age

26 years

85 years

Policy Term

15, 20, 24 or 30 years

Premium amount

Rs.12, 000

No limit

Sum Assured

Rs.90, 978

No limit

Premium Payment Term

7, 10, 12 or 15 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Exide Life Secured Income Insurance Plan –

A traditional savings plan where the death benefit can be availed in instalments. The features and benefits of the plan are as follows:

  • The plan participates in the profits of the company by way of earning bonuses
  • The premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay option of premium payment.
  • On maturity, the Sum Assured along with the vested reversionary  bonuses and any Terminal Bonus is paid to the policyholder subject to a minimum of 105% of all premiums paid
  • In case of death of the insured during the tenure of the plan, a Guaranteed Death Benefit is paid which is higher of the Sum Assured or 10 times the annual premium paid subject to a minimum of 105% of total premiums paid till the date of death. Vested reversionary bonuses and any Terminal Bonus is also paid with the death benefit.
  • The nominee has an option to receive the death benefit either in lump sum or in installments. Under the instalment option, 50% of the benefit is paid in lump sum immediately on death and 60% of the benefit is paid as a Family Income Benefit wherein 1% of the benefit is paid every month following the month of death for up to 60 months.
  • Loans can be availed on the Surrender Value acquired by the plan
  • Discounts are allowed if higher levels of premiums are paid by the policyholder
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

0 years

55 years

Maturity Age

18 years

70 years

Policy Term

15 years

25 years

Premium amount

Rs.12, 000

No limit

Premium Payment Term

Equal to policy tenure

Premium Paying Frequency

Yearly or monthly

 

Exide Life Jeevan Uday Plan –

A traditional savings insurance plan with the following features:

  • The plan participates in the profits of the company by way of earning bonuses
  • Premiums under the plan are payable for a fixed tenure of 10 years
  • There is an Extended Life Cover option under which if the premium for one year is completely paid, the plan will run for one year if the subsequent premiums are unpaid. The death benefit will be paid in full if the insured dies during that one year even if his premiums are unpaid.
  • On maturity, the Sum Assured on maturity is paid along with the vested reversionary  bonuses and any Terminal Bonus
  •  In case of death of the insured during the plan tenure, the Sum Assured on death is payable which is higher of the Sum Assured on maturity or 10/7 times the annual premium depending on the age of the insured subject to a minimum of 105% of all premiums paid till the date of death. Vested reversionary bonuses and any Terminal Bonus is also paid along with the Sum Assured on death.
  • Loans can be availed up to a maximum of 90% of the Special Surrender Value
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

0 years

55 years

Maturity Age

18 years

70 years

Policy Term

10, 15 or 20 years

Premium amount

Rs.6, 000

No limit

Sum Assured on Maturity

Rs.37, 734

No limit

Sum Assured on Death

Rs.42, 000

No limit

Premium Payment Term

10 years

Premium Paying Frequency

Yearly or half-yearly

 

Exide Life Nirmal Jeevan Insurance Plan –

A traditional savings plan where premium rates are lower. The features and benefits of the plan are as follows:

  • Premiums under the plan are required to be paid for the entire duration of the plan
  • There is an Automatic Life Cover option under which if the premium for 2 years or 3 years is completely paid, the plan will run for 2 years and 3 years respectively if the subsequent premiums are unpaid. The death benefit will be paid in full if the insured dies during that 2 or 3 year period even if his premiums are unpaid.
  • No medical tests are required to avail of the plan
  • The plan pays a guaranteed amount of Sum Assured either on maturity or on death of the insured.
  • Loans can be availed under the plan provided at least 3 years’ full premiums have been paid
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

3 years

55 years

Maturity Age

18 years

70 years

Policy Term

10, 12 or 15 years

Premium amount

Rs.6, 000

Rs.12, 000

Premium Payment Term

Equal to policy tenure

Premium Paying Frequency

Yearly

 

Exide Life New Fulfilling Life Plan –

A traditional Money back plan which provides regular cash flows. The features and benefits of the plan are as follows:

  • The plan participates in the profits of the company by way of earning bonuses
  • Premiums under the plan can be paid for a limited tenure under the Limited Pay option or at one lump sum under the Single Pay option of premium payment.
  • Survival Benefits are paid during the Premium Paying Tenure in case of a limited pay plan. Three benefits @20% of the Sum Assured are paid at regular intervals and at the end of the premium paying tenure 40% of the Sum Assured is paid.
  • The policyholder is covered till 85 years of age and on maturity, the Sum Assured is paid to the policyholder irrespective of the survival benefits already paid.
  • In case of death of the insured during the plan tenure, Guaranteed Death Benefit is payable which is higher of the Sum Assured or 10 times the annual premium subject to a minimum of 105% of all premiums paid till the date of death. Vested reversionary bonuses and any Terminal Bonus are also paid along with the Sum Assured on death.
  • Loans are available under the plan after the completion of the Premium Paying Term
  • Discounts are allowed for paying higher premium amounts

 

  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

15 years

50 years

Maturity Age

-

85 years

Policy Term

85 – age at entry

Premium amount

Rs.12, 000

No limit

Sum Assured

Rs.75, 642

No limit

Premium Payment Term

12, 16, 20 or 24 years

Premium Paying Frequency

Yearly or monthly

 

Exide Life Assured Gain Plus Plan –

A traditional plan which facilitates savings and has the following features:

  • The plan participates in the profits of the company by way of earning bonuses
  • Premiums under the plan can be paid for a limited tenure under the Limited Pay option or at one lump sum under the Single Pay option of premium payment.
  • In case of the limited premium paying option, the tenure of premium payment is fixed at 5 years
  • After the plan completes 5 years, a Guaranteed Terminal Addition calculated as a percentage of the Sum Assured is paid on maturity or death of the insured. The rate of the addition depends on the plan tenure chosen
  • On maturity, the Sum Assured on maturity along with the Guaranteed Terminal Additions and vested simple reversionary bonuses is paid subject to a minimum of 101% of all premiums paid
  • In case of death of the insured during the plan tenure, the Sum Assured on death is payable which is higher of the Sum Assured on maturity or 10/7 times the annual premium depending on the age of the policyholder subject to a minimum of 105% of all premiums paid till the date of death for limited payment plans or higher of the Sum Assured on maturity or 1.25/1.10 times the single premium paid depending on the age of the policyholder subject to a minimum of 125% of the single premium paid for single pay plans . Vested simple reversionary bonuses and any Guaranteed Terminal Additions are also paid along with the Sum Assured on death.
  • Loan is available under the plan @60% of the Special Surrender Value
  • Discounts are allowed for paying higher premium amounts
  • The plan can be customized by availing two optional riders which are Exide Life Critical Illness (4) Regular Pay Rider or Exide Life Critical Illness (25) Regular Pay Rider.
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

3 years

65 years

Maturity Age

18 years

80 years

Policy Term

10, 12 or 15 years

Premium amount

Limited Pay - Rs.60, 000

Single Pay – Rs.240, 000

No limit

Sum Assured

Limited Pay - Rs.193, 000

Single Pay – Rs.219, 000

No limit

Premium Payment Term

5 years or Single Pay

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Other plans

Child Plans

  • Exide Life MeraAshirwad Plan – A traditional child insurance plan where the maturity benefit is available under two Options of A and B. while Option A provides money back benefits, Option B provides an additional 5% of the Sum Assured on maturity. On death of the parent, all future premiums are waived off and the benefits promised under the respective options continue to accrue thus taking care of the child’s future even in the absence of the parent.
  • Exide Life New Creating Life Plan – Another traditional child insurance plan where the death benefit is available under two Options of A and B. Under Option A, the entire death benefit is paid in lump sum to the nominee and under Option B, 50% of the death benefit is paid in lump sum and the remaining is paid @1% every month for a period of 5 years post death as a Family Income Benefit.

Applying for a Traditional / Investment 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 Traditional Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Traditional Insurance 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 Traditional 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 traditional plans?

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 traditional plans?

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 traditional plans?

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 traditional plans?

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 Traditional Plans Reviews

TOTAL REVIEWS (25)
SR.PANDURANGA
Anakapalle
January 25, 2017

Trusted company in returns

I was taken siip policy and creating life policy. I feel very happy to take a policy in exide life. Renewals fallow up super. Service fine. Thanks exide life.

Saahir
Bhopal
August 19, 2016

Trustable Policy

Thanks for the insurance policy which is very nice in all field. It has much more benefits than i think. The policy coverage is high and premium is less. Service is fab with on time availability. Easy renewals through online portal.

Tarun
Dwarka
July 19, 2016

Investment plan

Ing life insurance provides the best policies and service is awesome. I buy traditional insurance plan from them. Service is fast with good response from the staff members. Policy coverage and claims are high. Good plan for investment which reduces taxes.

Naved
Kamalpur
July 08, 2016

Traditional Plan

My traditional insurance plan is nice with some good benefits like policy cover maximum scenarios and claims are high which is easily cleared because of quick service given by company members. Premium is less and returns are many. Online service is also simple and easy to operate.

Ishita
Ashok_nagar
June 28, 2016

Good

The traditional insurance plan I have is good insurance policy in many ways like the policy has low premiums. Service is good but the internet service is fantastic which allow the user to renew the policy and more many works. This service reduces paperwork. Hassle free documentations for claims and more.

Bhupesh
Gautam_buddha_nagar
April 13, 2016

Wonderful Policy

I gifted exide life traditional plan to my wife. The policy coverage is 93% and the claims are Rs.39 L. Services provided by the executives is really very good and online facility also there which have easy interface. My wife is happy with this policy, so m i.

Vikas
Dwarakanagar
April 13, 2016

Marvelous

I have the best policy plan from exide life insurance. The benefits are many with low premiums. Policy coverage is 97%. Claims approx. Rs.42 L with easy procedure to get it. Good future investment. I'm happy with it.

Akash
Jhansi
April 13, 2016

Manageable

Bought exide life insurance and took traditional insurance policy plan. The policy is average and the coverage is 68%. The claims are normal but the premiums are low. The service is okay which provided by the staff members. Good future investment and tax cutter also. Satisfied.

Deepak
Ludhiana
April 13, 2016

Very Good

Buy traditional plans from exide life insurance. The policy coverage is around 80%. Services provided by executives is awesome. Claims are good and done without any interruption. Overall fine life insurance which have low premiums. Nice future investment and it saves taxes also.

Ishant
Navi_mumbai
April 13, 2016

Simple Plan

I have traditional plan from exide life insurance. Policy coverage is 87% and the claims are Rs.32 L. Service is good and quick provided by the executives and staff members. But please improve your online services. Good future investment which saves taxes too.

Kamal
Bareilly
April 13, 2016

Great Service

I bought exide traditional policy plan. Policy coverage is 91% and the premium is low. Claims are ~Rs.34 L. Service is quick and even the web services are also nice and the behaviour of the staff is perfect even after buying policy. I like the policy plan.

Ojasvi
Ulhas_nagar
April 13, 2016

Good Policy

Policy has all benefits and the investments are also low. Around Rs.31 L is payback amount. Exide life insurance provide me traditional plan which has nice facilities and the service is very quick. The service provided by the executives and staff members are really very good. The investment is good for future and it saves taxes also.

Gagan
Bengaluru
April 13, 2016

Average Policy

I finally buy exide life insurance traditional policy plan. Policy covers almost all cases and the amount of returns is around 36 K. Service provided by executives and staff members is fast and on time. Fantastic future investment which save taxes too. Good work guys, keep it up.

Manav
Bewar
April 13, 2016

Okay Plan

My traditional policy plan is with exide life insurance. The policy is great with maximum benefits. The policy coverage is high ~87%. The investment is low approx. Rs.27 K quarterly per year. The claims are good and easily cleared without waiting. Payback amount is nice ~rs.39 L. Good policy plan.

Yashu
Newada
April 13, 2016

slow service

The traditional policy plan i have is below average. The premium is good and the returns are less. Exide life insurance your services are bit slow and the waiting is compulsory. Web services are better. Good future investment which save my taxes too.

Vishal
Delhi
April 13, 2016

Great Investment

I invest my money in exide traditional insurance policy plan. The policy coverage is good ~94% and the claims are high. The premiums are low ~32 K quarterly per year. Paybacks are really very good Rs.46 L. Good investment and tax saver policy plan.

Jiten
Mumbai
April 13, 2016

superb plan

Superb policy by exide traditional insurance policy plan. The returns are good ~Rs.45 L in very low premiums ~Rs.27 K quarterly per year. Service is fast which facilitate by executives and all company members with nice behaviour and quick response. I like it.

Prem
Thane
April 13, 2016

Great Policy

Exide life insurance is one of the best insurance company. I took traditional insurance policy plan which provide me best service and good returns. The premiums are low and the policy coverage is 97% with high claims. The behaviour is good from executives and staff members. Nice insurance plan. I like my policy plan.

Chirag
Masur
April 13, 2016

Satisfactory

I own exide insurance traditional plan. Plan is good and premium is low. Policy coverage is high and payback returns too. Claiming amount is Rs.39 L. Service is fast like super sonic. The daily updates are mailed to me time to time. Overall, perfect policy plan.

Sumeet
Korba
April 13, 2016

Good Service

I have traditional policy plan from exide life insurance. The policy provides good coverage with low premiums. Claims are around Rs.41 L. Service always on time. The executives and staff members are facilitate great services. Satisfactory policy plan, nice work.

Abhishek
Jaipur
April 13, 2016

Normal Policy

I have exide life insurance traditional policy plan which is really nice. Policy coverage is awesome. Claims are high ~Rs.41 L, even premiums are low ~Rs.24 K thrice per year. But the only thing is the service you provided is bit slow. Please improve it for better outcome.

Prashant
Jaswant_nagar
April 13, 2016

Awesome

Exide life insurance traditional policy plan which have 92% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to may email id and cell number. Good work.

Jayant
Dehradun
April 13, 2016

Fine

Policy has all benefits and the investments are also low. Around Rs.41 L is payback amount. Exide life insurance provide me traditional plan which has good facilities and the service is very quick. The up gradation details in policy is mailed to me time to time. Good work.

Hemant
Baleshwar
April 13, 2016

Good Service

My exide life traditional policy plan is good in services. The policy coverage is good ~87% and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.44 L. I like it.

Lalit
Agartala
April 13, 2016

Nice

My policy is great with huge benefits. Exide traditional plan i have with low premiums and the policy coverage is 93%. Claim is easy to make because of fast service and the work is done on time. Nice job guys.