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- Exide Life Pension Plans
Exide Life Pension Plans
Exide Life Insurance Company Limited, is an established and profitable life insurance company, which commenced operations in 2001-02. The Company is head quartered in Bengaluru. It manages assets of INR 18,381 Crores (as on 31 March, 2021). Exide Life Insurance distributes its products through multiple channels viz. Agency, Bancassurance, Corporate Agency & Broking, Direct Channel and Online. The Agency channel comprises of 40,000+ advisors attached to across 200 locations across the country (as on 31 March 2021). The Company offers individual as well as group life insurance solutions. For more than six decades, Exide Industries has been one of India's most reliable brands, enjoying unrivalled reputation and recall. Constant emphasis on innovation, extensive geographic footprint, strong relationship with marquee clients and steady technology upgradations with global business partners has made Exide Industries, a reliable brand that India trusts. Recognized as the Economic Times Best Brand under the BFSI category in 2020, Exide Life Insurance Company Limited is 100% owned by Exide Industries Limited. One of the pioneers among private life insurers in India, the Company was founded in 2000, and started its operations from 2001.
What are Pension Plans?
Annuity or Pension plans are such plans which are designed with the purpose of providing income after retirement regularly so that an individual can meet his day-to-day expense without hardships. These are specialized pension plans with special features which are as below:
- When the plan matures and annuity payments start it is called the Vesting Date
- There are two types of plans as per individual requirements. One is the Deferred Annuity plan where the individual pays premiums for stipulated period and after the completion of that period, the plan vests and annuity begins. If he dies in that period, a benefit is paid to the nominee. The other is the Immediate Annuity plan where the individual pays an amount and annuity payments start immediately from the next month or any other period as chosen and there is no benefit payable on death. On death the annuity simply stops
- Annuity payments will be paid from the accumulated fund as the policyholder cannot withdraw the money invested in a pension plan. Only 1/3rd part of the money can be taken in cash as commuted pension.
Exide Life Pension/Annuity Plans:
You spend most of your time working hard towards fulfilling your responsibilities. Retirement years are said to be the golden years of your life, which allows you to enjoy everything you always wanted. To ensure you are able to enjoy and cherish your retirement years, it is important that you plan well. Retirement Solutions from Exide Life Insurance allows you to build substantial corpus for your retirement thereby ensuring your retirement is worry free.
Read Also : What is an Annuity | Present Value of an Annuity
Exide Life New Smart Pension Plan
Key reasons to buy this plan:
- Life cover upto 105% of total premiums paid (Including top-up premiums)
- Build a retirement corpus
- Flexibility to alter vesting date and premium payment term
- Loyalty additions
Eligibility Details
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Premium payment term(PPT) |
Single Premium or Other than Single Premium: 5 to 30 years |
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Policy Term (PT in years which may be changed later) |
Minimum: 5 years or PPT whichever is higher Maximum: 55 years |
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Minimum Age at Entry (in years as on last birthday) |
25 years |
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Maximum Age at Entry (in years as on last birthday) |
70 years |
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Minimum Age at Vesting Date (in years as on last birthday) |
45 years (55 years for QROPS) |
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Maximum Age at Vesting Date (in years as on last birthday) |
80 years |
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Premium Payment Frequency |
Yearly, Half-yearly, Monthly |
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Minimum Premium (Rs.) |
Non-single Premium |
Policy Term >= 10 & any Premium Payment Term |
Rs. 50,000 (Annual) Rs. 30,000 (HalfYearly) Rs. 5,000 (Monthly) |
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Policy Term < 10 & Premium Payment Term < 10 |
Rs. 1,00,000(Annual) Rs. 60,000 (HalfYearly) Rs. 10,000 (Monthly) |
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| Single Premium |
Rs. 2,00,000 |
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Maximum Premium (Rs.) |
No Limit (subject to Board approved underwriting policy) |
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Exide Life New Immediate Annuity Plan
Key reasons to buy this plan:
- Lifelong Annuity pay outs guaranteed for life
- Flexible options to receive annuity
- Large volume discount on annuity rates depending upon the purchase price range
- No medical examinations required
- On demise option for full refund of the purchase price
Eligibility Details
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Minimum Age at Entry (Age as on last birthday) |
0 years age last birthday (for Existing Customers) 45 years age last birthday (for Customers other than Existing Customers) 55 years age last birthday for customers (Customers other than Existing Customers) who were members of a United Kingdom (UK)/Ireland Registered Pension Scheme wanting to transfer their pension corpus from UK/Ireland into this scheme. |
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Maximum Age at Entry (Age as on last birthday) |
100 years age last birthday (Existing Customers) 80 years age last birthday (Customers other than Existing Customers) |
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Maturity Age |
Not Applicable |
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Premium Payment Term |
Single (one-time payment) |
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Minimum Purchase Price |
As per the minimum annuity amount of ₹1,000 per month |
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Maximum Purchase Price |
No Limit |
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Minimum Annuity Amount (per month) |
₹1,000 |
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Annuity Payout Mode |
Yearly, Half yearly, Quarterly, Monthly |
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Applying for a Pension 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 Pension Plans through PolicyBazaar
- On the PolicyBazaar homepage, click on Retirement under the Personal tab.
- Click New Quotes to compare and choose from top insurance providers.
- 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.
- Fill in your name, email address, city, country code, and mobile number. Click Continue.
- 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.
- After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
- 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.
- This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.
How does a guaranteed period annuity plan work?
Here, the annuitant opts to receive the annuity for a fixed number of years. If he dies within that term, the nominee will continue to receive the annuity till the term expires and the purchase price is exhausted.
How does a joint annuity plan work?
In a joint annuity plan, 2 or more people buy the plan together. Let us consider that Ram and his wife Lata have bought a joint annuity plan. Even though Ram dies after a few years, Lata continues to receive the annuity till the time she survives.
What role does a nominee play in annuity insurance?
The role of the nominee is very minimal in an annuity plan. This is because the life of the annuitant is not covered and if he dies, no death benefit is paid to the nominee. But yes, the purchase price (which is left over) is usually returned to the nominee when the annuitant dies.
Exide Life Pension Plans - FAQs
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Q1. How to pay a premium? What are the modes of payment available?
Ans: 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
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Q2. How can I check policy status for Exide Life Pension plans?
Ans: 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. -
Q3. What is the policy renewal process for Exide Life Pension plans?
Ans: 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
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Q4. What is the company’s process to settle claim for Exide Life Pension plans?
Ans: 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.You can also check National Pension Scheme Benefits
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Q5. What is the policy cancellation process for Exide Life Pension plans?
Ans: 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.
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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