Exide Smart Term Plus

Exide Smart Term Plus policy is a non-linked, non-participating individual savings life insurance plan which returns all premiums to the policyholder if he/she survives the policy term. Exide Smart Term Plus is a pure term insurance plan that is available online and offline.



Policy Term

15-40 years

Premium Paying Term

5, 8, 10, and 12 years

Premium paying mode

Monthly, Quarterly, Half-Yearly, Yearly

Entry Age

18-60 years

Maturity Age

80 years

Grace period

30 days ( 15 days for the monthly premium payment plan)

Sum Assured

i) Rs. 50,00,000/- (for 5 years premium payment plan)

ii) Rs. 15,00,000/- (for 8, 10 & 12 years premium payment plan)



Benefits of the Exide Smart Term Plus

Key benefits of the Exide Smart Term Plus plan are as follows:

  • Maturity Benefits: A guaranteed sum assured on maturity is paid to the policyholder if the life insured survives the policy's full tenure. The guaranteed sum assured on maturity is 100% of the premiums paid to date.
  • Death Benefits: Death benefits shall be the higher amount of 7 times the annual premium, or basic sum assured, or105% of the total premiums paid.
  • Surrender Value: The policy will acquire a surrender value if the policyholder has paid at least 2 full year’s premium. Surrender value that will be the higher of guaranteed surrender value or special surrender value. Guaranteed surrender value is the total of premiums paid for at least 2 years. The insurance company declares special surrender value from time to time by prior approval of the Insurance Regulatory and Development Authority of India (IRDAI).
  • Tax Benefits: The premiums paid by the policyholder for the base plan and for the Critical Illness rider (if applicable) and the sum assured on maturity are all exempted by The Income Tax Act, 1961.

*Tax benefits are subject to changes in tax laws.

The Premiums for Exide Smart Term Plus

The rate of premium depends on the age of entry, and other factors like the chosen sum assured, policy and premium paying term of the plan. Insurance companies also take lifestyle habits like smoking or consumption of alcohol into consideration, as these are known to reduce life expectancy.

Policyholders can visit the official website of Exide Life Insurance and use the Exide Smart Term Plus premium calculator to get an approximation of their policy premium rate.

Additional Riders for Exide Smart Term Plus

Exide Smart Term Plus policy offers additional coverage through the option of three riders against the payment of an extra nominal premium amount, along with the base premium. The riders available are Accidental Death, Disability & Dismemberment, and two variants of Life Critical Illness riders.

Choosing a rider enables the insured to get additional financial coverage in the event of any specified critical illness or death, disability, or dismemberment due to an accident.

Eligibility for Exide Smart Term Plus

Eligibility criteria under the plan are:

  • Age of entry: 18 to 60 years.
  • Age of maturity: 80 years.

What are the Documents Required to Buy this Policy?

To buy the plan, the applicant needs to furnish the following documents:

  • Proof of Age
  • Proof of residence
  • Income proof
  • Recent passport-sized photographs
  • Medical reports

The insurance company may require the policy owner to furnish more documents upon their discretion.

How to Buy this Plan Online?

Exide Smart term plus plan can be bought online as well as offline:

To buy the plan online:

Step 1: Visit the official website of Policybazaar.

Step 2: Fill in the requirements, and as per the coverage, a plan will be suggested.

Step 3: Fill in other details like premium rate and term, riders, etc.

Step 4: Pay using their debit/credit card or net banking, and the policy will commence.

Exclusions of Exide Smart Term Plus plan

The plan does not cover suicide till a year of policy initiation or reinstatement. Suppose the death caused by suicide takes place within a year of buying or reinstating the policy. In that case, the applicable benefits are 80% of the Exide Smart term plus premiums paid till death if it occurs within a year of the policy commencement date, and higher of the surrender value or 80% of premiums paid till death if it occurs within a year of the policy reinstatement.


  • Q1. What is the claim process under the policy?

    Ans: A claim can be filed in case of death, accidental death, dismemberment, or disability of the nominees' policyholder. The life insured, their nominees or representatives can report a death claim. The steps for the same are as below:
    • The first step is filling out the claim form online or in person. However, the documents need to be submitted in person at any Exide Life Insurance branch or central office.
    • The claim processing involves all documents related to the policy and others as may be needed by the insurance company.
    • Once the claim is evaluated, the company proceeds with claim settlement, and the life insured/their nominee will receive the pay-out.
  • Q2. How is the rate of premium determined?

    Ans: The rate of premium depends on factors like age at entry and lifestyle habits. This plan also provides a lower rate of premium for women due to their increased life expectancy. However, another major factor is the sum assured and premium payment years that the policyholder has decided. Individuals looking to find out an approximate price can visit the website and check the premium rate by Exide Smart Term Plus Calculator for a better understanding.
  • Q3. What is the Grace period allowed under the policy?

    Ans: Under the policy, the grace period is 15 days for a premium every month and 30 days in all other cases.
  • Q4. What are the rider benefits under the plan?

    Ans: The riders available under the plan are critical illness and accidental death, disability and dismemberment benefits,

    Critical illness benefit rider protects the life insured against the medical expenses incurred on the treatment of life-threatening diseases like heart attack, cancer, kidney failure, paralysis, etc.

    With the accidental death, disability, and dismemberment rider, the nominee gets the full sum assured as an accidental death benefit in case of their death due to an accident. In case of disability or dismemberment, the life insured receives a part of the sum assured.

  • Q5. What are the reduced paid-up benefits under the policy?

    Ans: If 2 years of premium have been paid and the is not surrendered, the policy attains the status of reduced paid-up upon the expiry of the grace period. Once the plan attains the status of reduced paid-up, its value is:

    Total premiums paid ÷ Total premiums payable, and the result should be multiplied by the sum assured on death.

    This is the reduced paid-up value, and it remains the same until the policy is revived/reinstated.

  • Q6. Can the policy be revived upon non-payment of premium?

    Ans: The plan can be revived within 5 years from the date of the first unpaid premium. However, the policyholder has to submit proof of continued insurability and pay all the due premiums along with interest incurred for such a delay. It is the sole decision of the insurer henceforth to revive or reinstate the policy.
  • Q7. What is the procedure for surrendering policy?

    Ans: The life insured can surrender his/her policy any time after the completion of the lock-in period. Once the lock-in period is complete, policyholders have to submit the following documents:
    • Surrender Form
    • Policy document
    • Copy of photo identity proof of the life insured.
    • Cancelled cheque of the account they want to surrender policy with

    Once the life insured intimates the insurance company's surrender request and submits all relevant documents, Exide Life Insurance will take 15 days to process the request.

Written By: PolicyBazaar - Updated: 19 January 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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