Exide Life Pension Plans

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 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 1/3^rd part of the money can be taken in cash as commuted pension.

Exide Life Pension Plans

Exide Life Insurance Company is offering two types of retirement plans to its customers. Let us take a detailed look at the types of plans available and the features and benefits of the plans in details.

Exide Life Golden Years Retirement Plan

A traditional pension plan which promises multiple benefits to the policyholder. The features and benefits of the plan are as follows:

• Though it is a traditional plan, it is a variable plan where the premiums paid net of charges are transferred to the Individual Pension Account. The amount transferred to the Individual Pension Account is invested in the Capital Guarantee Plan
• Besides the growth in the Individual Pension Account, a Minimum Floor Rate of 1%, an Additional Interest Rate of 4%  and any Residual Addition is added from the 5^th policy year
• In case of death of the insured during the plan tenure, a benefit higher of 105% of all premiums paid including any top-up premiums paid or aggregate premiums paid including any top-up premiums compounded @1% or the available balance in the Individual Pension Account is payable to the nominee
• The nominee can withdraw the entire amount in lump sum or choose to avail annuity from the amount.
• On Vesting, a benefit higher of the total premiums paid including any top-up premiums compounded @1% or the available balance in the Individual Pension Account is payable.
• The policyholder can use the Vesting Benefit in multiple ways. The policyholder can commute 1/3^rd part of the corpus and avail annuity from the remaining part or use the proceeds to buy a Single Premium Annuity plan from the company or can even defer the vesting age if he is aged below 55 years
• Top-ups can be done to increase the corpus in any year except in the last two years before vesting. The minimum amount for a top-up is Rs.2000
• If the total premiums paid is higher than Rs.4.8 lakhs, Loyalty Benefits are paid which is equal to 100% of the allocation charges deducted from the premium
• The premium paying tenure can be changed subject to compliance with certain terms and conditions
• Income tax benefit on the premium paid as per Section 80CCC and on the commuted part as per Section 10(10A) of the Income Tax Act. Death benefit is exempt under Section 10(10D).

Eligibility Details

Exide Life Immediate Annuity Plan

A traditional immediate annuity plan with regular cash-flows post maturity for the entire lifetime. The features of the plan are as follows:

• Under the plan, the annuity payments will start immediately from the next chosen frequency (monthly, quarterly, half-yearly or annually) after the payment of the single premium
• In case of death of the annuitant, the entire Purchase Price is returned to the nominee if the policy year of death is 30 years and below. Otherwise, the Purchase Price less the aggregate of all annuity payouts already made is paid to the nominee
• If the policyholder purchases the plan utilizing the proceeds from an existing pension plan bought from the company, the rate of annuity payouts is higher
• If the Purchase Price is Rs.2 lakhs and above, the annuity rates will be higher
• The premium paid to buy the plan is exempt from taxation under Section 80CCC of the Income Tax Act.

Eligibility Details

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

1. On the PolicyBazaar homepage, click on Retirement 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. 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

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 Pension 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 Pension 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 Pension 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 Pension 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.