Exide Life Term Insurance 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 Term Insurance Plans?
Term Insurance Plans, also called Term Plans in short, offer the basic protection coverage to individuals. Term life insurance plans are the essence of life insurance which provides financial support to the family of the individual in case of premature death of the individual. In technical terms, term plans can be defined as a contract between the insurance company and the person insured wherein the company promises to pay a lump sum amount, called the Sum Assured, if the insured dies during the term of the policy. The term of the policy is the time, in years, for which the plan has been bought by the insured. In exchange of the promise made by the insurer, the insured needs to pay premiums to the company against the chosen coverage for the term of the policy.
Why Term Insurance Plans?
Term Insurance, being the basic insurance plan, is the cheapest plan in the market where by paying a minimal amount of premium one can avail a high coverage for protection purposes. Life is uncertain and everybody faces the risk of untimely death. On the death of a family member, the family suffers both emotional and financial loss. While emotional loss cannot be compensated, the financial loss suffered can be compensated considerably through insurance. Term insurance, at the same time, offers high coverage at lower costs thus making it affordable to have a high coverage. A high coverage ensures that the family is properly taken care of in the absence of the bread-winner without any financial hiccups.
Exide Life Term Plans
Exide Life Insurance Company currently offers only one type of term insurance plan called the My Term Insurance Plan. Let us take a look at the plan and its feature in details.
Exide Life My Term Insurance Plan –
A pure term insurance provides a higher Sum Assured at lower premiums. The features of the plan are as follows:
- The premiums under the plan can be paid for a limited tenure under the Limited Pay option or for the entire tenure under the Regular Pay option of premium payment.
- There are two options to avail the Death Benefit – Option A called the Base and Option B called the Base with Family Income Benefit (FIB)
- There is an inbuilt Terminal Illness Benefit rider under which if the insured is diagnosed with any Terminal Illness, 25% of the Sum Assured is paid immediately and the balance is paid as and when it falls due as per the death benefit option selected by the policyholder.
- Under the first Option of Death Benefit called Option A, the Sum Assured net of the Terminal Illness Benefit already paid is paid to the nominee
- Under the second option, Option B, in case of death of the insured during the tenure of the plan, 30% - 80% of the Sum Assured can be availed by the policyholder as per his choice and 110% of the balance amount is paid over a period of 5 years in monthly instalments.
- Discounts in premiums are given for female lives and non-smokers.
- Rebates in premiums are also given for choosing higher Sum Assured levels
- The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
|Annual Premium Amount
|Premium Payment Term
||Equal to policy term or 5, 7 or 10 years
|Premium Payment Frequency
||Yearly or monthly
Applying for a Term Plan from the company:
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
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Applying For Term Insurance through PolicyBazaar
- On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
- Click New Quotes to compare.
- 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.
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Exide Life Term Insurance Plans - FAQs
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
- 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
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.
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
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.
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.
Written By: PolicyBazaar