Exide Life ULIP Plans

4.2 / 5 based on 23 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 ULIPs?

Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIPs are as follows:

  • The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund.
  • Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc.
  • Insurance coverage depends on the amount of premium paid
  • The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value
  • Switching option is available which enables the policyholder to switch his investment between funds

Exide Life ULIP plans

Exide Life Insurance Company offers two types of ULIP Plans to its customers. One is a wealth maximizing plan while the other offers three different variants in one plan. Let us take a look at the plan on offer and the features and benefits of each in details.

Exide Life Wealth Maxima Plan –

A unique unit linked insurance plan that is flexible to adapt to the customer’s requirements. Let us take a look at the features and benefits of the plan:

  • The premiums under the plan are payable for the entire tenure of the plan.
  • The premiums paid net of charges are invested as per a choice of three investment options chosen by the policyholder namely Self-Managed Option, Automatic Asset Rebalancing Strategy and Systematic Transfer Plan
  • Under the Self-Managed Option, the policyholder manages his investments himself and he has a choice of 6 investment funds to choose from namely –Exide Life Secure Fund, Exide Life Preserver Fund, Exide Life Growth Fund, Exide Life Balanced Fund, Exide Life Active Asset Allocation Fund and Exide Life Prime Equity Fund
  • Under the Automatic Asset Rebalancing Strategy, the net premium is invested in a specified ratioin the Exide Life Prime Equity Fund and Exide Life Preserver Fund with a higher proportion in the Prime Equity Fund. The ratio changes over time and with the date of maturity approaching, the proportion of investment increases in the Preserver Fund to protect the fund from market volatility. The funds rebalance themselves as per the relevant ratio every year
  • Under the Systematic Transfer Plan, the net premium is first invested in the Exide Life Preserver Fund and thereafter every month, a part of the fund is transferred to the Exide Life Prime Equity Fund to utilize the benefit of rupee cost averaging.
  • The plan has three variants namely Maxima Invest, Maxima Family and Maxima Child. The policyholder may choose any variant as per his requirement.
  • On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature
  • In case of death of the insured during the tenure of the plan, the death benefit payable depends on the applicable variant at the time of death.
  • In case of the Maxima Invest variant, the death benefit is higher of the basic Sum Assured including top-up Sum Assured or the Fund Value or 105% of all premiums paid till the date of death
  • Under the Maxima Family Variant, the death benefit will be higher of the Sum Assured or 105% of all premiums paid along with the Fund Value on the date of death
  • Under the Maxima Child variant, higher of the Sum Assured including top-up Sum Assured or 105% of all premiums paid including top-up premiums paid is paid immediately on death of the insured. Furthermore, all future premiums are waived off and are paid for by the company and on maturity, the Fund Value is paid.
  • The policyholder may switch between variants as per his life stage requirement. A Maxima Invest variant can be switched over to Maxima Family only in case of marriage or Maxima Child if the policyholder has a child and the minor child is made the nominee. The Maxima Family Variant can be changed to Maxima Child on the birth of a child by making the child the nominee. The Maxima Child can be switched to Maxima Family if the nominee child dies and the policyholder chooses to nominate another child or any other family member.
  • Loyalty Additions are added to the fund value after the 10th policy year and every 5 years thereafter for annual premium ranges of Rs.72, 000 and above @2% of the average fund value over the last two years
  • Top-ups can be done to increase the Sum Assured and the Fund Value with a minimum amount of Rs.6000
  • Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000
  • Unlimited free switching is available and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one
  • 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

Maxima Family & Child -18 years

Maxima Invest – 0 years

Maxima Family – 55 years

Maxima Child – 50 years

Maxima Invest – 65 years

Maturity Age

-

Maxima Family – 70 years

Maxima Child – 65 years

Maxima Invest – 75 years

Policy Term

10 years or 15-20 years

Premium amount

Rs.36, 000

No limit

Sum Assured

10 or 7 times the annual premium

Premium Payment Term

Equal to policy term

Premium Paying Frequency

Yearly, half-yearly or monthly

 

Exide Life Prospering Life Plus Plan –

A unit linked insurance plan providing the dual benefit of wealth maximization and insurance protection. The features and benefits of the plan are as follows:

  • The premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure.
  • The premiums paid net of charges can be either invested in a choice of 6 funds or invested under the Automatic Asset Rebalancing Strategy
  • Under the strategy, the net premium is invested in a specified ratio in the Exide Life Prime Equity Fund and Exide Life Preserver Fund with a higher proportion in the Prime Equity Fund. The ratio changes over time and with the date of maturity approaching, the proportion of investment increases in the Preserver Fund to protect the fund from market volatility. The funds rebalance themselves as per the relevant ratio every year
  • Under the Self-Managed Option, the policyholder manages his investments himself and he has a choice of 6 investment funds to choose from namely –Exide Life Secure Fund, Exide Life Preserver Fund, Exide Life Growth Fund, Exide Life Balanced Fund, Exide Life Active Asset Allocation Fund and Exide Life Prime Equity Fund
  • Loyalty Additions @0.5% or 0.75% of the fund value depending on the amount of premium is added to the fund value on maturity if the premium paid is equal to or more than Rs.96, 000.
  • On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured including top-up Sum Assured or the Fund Value or 105% of all premiums paid till the date of death
  • Top-ups can be done to increase the Sum Assured and the Fund Value with a minimum amount of Rs.6000
  • Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000
  • Unlimited free switching is available and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one
  • 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

75 years

Policy Term

10 years or 15-20 years

Premium amount

Rs.24, 000

No limit

Sum Assured

10 or 7 times the annual premium

Premium Payment Term

Equal to policy term or 5 or 10 years

Premium Paying Frequency

Yearly or monthly

 

Exide Life Prospering Life Plus SP Plan –

A unit linked plan where only one premium is payable at the start of the tenure. The features of the plan are as follows:

  • Premium is paid once at the starting of the plan
  • The premium paid net of charges can be either invested in a choice of 6 funds or invested under the Automatic Asset Rebalancing Strategy
  • Under the strategy, the net premium is invested in a specified ratio in the Exide Life Prime Equity Fund and Exide Life Preserver Fund with a higher proportion in the Prime Equity Fund. The ratio changes over time and with the date of maturity approaching, the proportion of investment increases in the Preserver Fund to protect the fund from market volatility. The funds rebalance themselves as per the relevant ratio every year
  • Under the Self-Managed Option, the policyholder manages his investments himself and he has a choice of 6 investment funds to choose from namely –Exide Life Secure Fund, Exide Life Preserver Fund, Exide Life Growth Fund, Exide Life Balanced Fund, Exide Life Active Asset Allocation Fund and Exide Life Prime Equity Fund
  • On maturity, the Fund Value is payable which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured including top-up Sum Assured or the Fund Value or 105% of all premiums paid till the date of death
  • Top-ups can be done to increase the Sum Assured and the Fund Value with a minimum amount of Rs.6000
  • Partial withdrawals can be made after 5 completed policy years at a minimum of Rs.5000
  • Unlimited free switching is available
  • Loyalty Additions @0.5% or 0.75% of the fund value depending on the amount of premium is added to the fund value on maturity if the premium paid is equal to or more than Rs.144, 000.
  • 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

65 years

Maturity Age

18 years

75 years

Policy Term

10 years or 15-20 years

Premium amount

Rs.96, 000

No limit

Sum Assured

1.25 or 1.1 times the annual premium

Premium Payment Term

Single Pay

 

Applying for a Unit Linked 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 ULIPs through PolicyBazaar

  1. On the PolicyBazaar homepage, click on ULIPs 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.

Exide Life ULIP 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 ULIP 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 ULIP 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 ULIP 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 ULIP 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 ULIP Plans Reviews

TOTAL REVIEWS (23)
Yashu
Indapur
August 19, 2016

Good Investment

The exide ulip policy i have is fabulous. Service is fast provided by the executives of the insurance company. Claims are high and coverage is good. One of the best policy which has best terms and conditions. I bought this for me and my whole family.

Vinod
Mussorie
July 19, 2016

Ulip Insurance Plan

I have ulip insurance plan from ing vysya insurance. The insurance is perfect and it fully satisfactory for me and my family. The service is also nice with easy renewals and online service reduces paperwork also.

Zakir
Kota
June 30, 2016

Excellent service

My colleague show his insurance policy it was quite good actually. I buy it in very low investment. The ulip insurance plan of mine is really very nice. Terms and conditions of the policy is very flexible. Service is very nice and good response from your side.

Eshant
Jaisalmer
June 30, 2016

Coverage Is High

The exide life insurance is very good company and i took ulip insurance plan from them. Service of the company is perfect and the internet service is also nice with easy interface. The renewal of the policy is easily done on the internet.

Rishi
Darjeeling
June 30, 2016

ULIP Plan

Policy i purchase is ulip insurance plan and it has many advantages. Policy coverage is good and premium is low of the insurance. Good response of the staff of the company and behaviour is nice. The policy has health claims too.

Tannu
Ambala
June 30, 2016

Best Plan

i have the ulip plan policy which has low premiums and good returns. Policy has good coverage too with awesome claims which can be easily sanctioned. Service is very fast and good response through your executives and staff f your company.

Yashu
Gwalior
June 28, 2016

Good Response

The exide life ulip insurance plan i have is normal one but the some benefits are really very nice like premium is low and the returns are high. Service is bit slow but the internet website of yours is awesome, easy to access and everybody can operate it easily.

Umakant
Mumbai
June 28, 2016

Average Policy

My father advice me to look this policy and after seeing the plan, I purchase the ulip insurance policy. The service is so good and the customer care service is always working like 24X7. Policy coverage and claims are high and premium are less. Good returns in less investment.

Ishita
Jhansi
June 27, 2016

Fantastic Insurance

My ulip policy plan is fantastic. Policy coverage is high and claims are even better. Service you provided is fantastic with good behaviour of the staff members. Updates and renewal of the insurance policy is can be done on the internet.

Prashant
Delhi
June 27, 2016

ULIP Policy Plan

The policy i have is very nice and it has low premium benefit. The service is good and claims are easy to clear with the help of company members. The documentation is hassle free. Internet service is mind blowing, simple and easy to accessed.

Akash
Rohtak
June 26, 2016

Wonderful Plan

My friend suggested me a ulip insurance plan which has low premium and many more benefits. The policy coverage is high and the claims are easily sanctioned due to fast service facilitate by the company executives. Policy updates are mailed to me email id regularly.

Sandeep
Islampur
June 25, 2016

Trustworthy

Finally got the ulip insurance plan which i wanted from very long time. The premium is low and the claims are high which easily sanctioned due to fast service facilitate by the company members. The policy coverage is fantastic. Good insurance which has web service too which renew the policy easily.

David
Chittaurgarh
June 25, 2016

Future Secure Plan

My ulip insurance plan is damn good because of the premium is low and the policy coverage is high. Service is superb and fast and because of this the claiming become easy. Updates are send to me. Really good advice of your executive to invest my money in this plan.

Gautam
Siliguri
June 24, 2016

Awesome Plan

The ulip insurance plan of mine is fabulous. It has high policy coverage and low premiums. Service facilitate by the executives of the company is fast that's why the claiming become easy. The any up gradations in the policy is mailed or texted to me regularly.

Harish
Mussorie
June 24, 2016

Satisfactory Plan

I have ulip insurance plan which is not that good as i expected. The service is bit slow and the premium is high. Policy coverage is 70% and claims are less. The website of yours is not easy to operate and it collapse some times. Please improve the insurance policy.

Jiten
Lonavla
June 23, 2016

Perfect Policy

Policy which i have is very simple one but the returns are really very good. The premium is low but the policy coverage is high. Service is fast and claims are easy to clear. The web service is good and very simple to access which can be operate by anyone.

Karan
Jorhat
June 23, 2016

Good Service

I purchase ulip insurance plan from exide life insurance. The policy has many benefits like low premiums, Policy coverage is high, Claims are easily cleared from the company side because of fast service of the department. Good web services which are simple to use.

Lokesh
Chhatrapur
June 22, 2016

Above Average Plan

The policy i have is very nice with some nice terms and conditions which are flexible too. The service provided by the staff member of the company is awesome and policy cover around ninety percent cases. Updates regarding policy mailed to my email address regularly.

Manish
Amritsar
June 22, 2016

Okay Insurance Policy

My ulip insurance policy has maximum benefits which provided in low premiums. The service is perfect which is on time too. The customer care service is working 24X7. Policy coverage is high and claims are easily cleared due to quick service by company members.

Nadeem
Fatehgarh
June 22, 2016

Super Policy

Fantastic ulip insurance plan i have taken from exide life insurance. The service you facilitate, it was fantastic guys. You provided good policy coverage and claiming become easy due your executives fast and responsive service. Good insurance which has easy online web portal with simple interface.

Bhupesh
Bhiwadi
June 21, 2016

Nice Insurance

Exide ulip insurance plan i purchase in very low premiums. The policy coverage is ~85% and the claims are high. Service is fantastic provided by the company members. Updates are also mailed to me regularly regarding the insurance policy.

Vikram
Dwarakanagar
June 21, 2016

Fine Policy

The policy covers most of the cases and scenarios. Policy coverage is approx. 89% and claims are high. Good exide ulip insurance plan which has low premiums too. Service is good and claims are sanctioned easily.

Chandan
Alwar
June 21, 2016

Good

I have ulip insurance plan which has good paybacks. Service is fast and on time. The policy coverage is good and claims are high. Claiming is easy due to quick service provided by the executives. Internet service is also nice with easy interface.