Exide Life Elite Term Plan Brochure

Exide Life Elite Term Plan Brochure is a highly practical and useful document as it describes in-depth all the necessary information an individual must know about before purchasing an insurance plan. It is tremendously imperative for the person to know the plan in detail before buying it as it is something that he is investing his hard-earned money into, and thus, it has to be made sure that the plan he chooses is able to provide maximum coverage and benefits for him as well as his family even in the long run.

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Eligibility Criteria for Exide Life Elite Term Insurance Plan

The Exide Life Elite Term Plan Brochure describes the eligibility criteria required for individuals to be able to purchase any of the plans under the Corporation. The requirements are as follows: 

Parameter

Conditions

Minimum Entry Age

21 years

Maximum Entry Age

60 years 

Maximum Age at Maturity 

70 years

80 years if Extended term has been opted for

Policy Term

Single-Premium: 5-35 years

Regular Premium: 10-35 years

Premium Paying Term

Single-Premium/Regular Premium

Minimum Sum Assured

Rs. 50 Lakh (online mode)

Rs. 2 Crore ( offline mode)

Maximum Sum Assured

No Limit

Premium Mode

Yearly And Monthly

Modal Factor

11.01 (Yearly)

1 ( Monthly)

Salient Features of Exide Life Elite Term Policy

The salient features as mentioned in the Exide Life Elite Term Plan Insurance are as follows: 

  • It extends a free look period of 15 days.
  • It provides maturity and death benefits.
  • 15-30 days provided within which the premiums have to be paid.
  • The policy is on an individual plan basis.

Core Benefits of Exide Life Elite Term Insurance Plan

The Exide Life Elite Term Plan Brochure briefs the individuals regarding the myriad of benefits the plan offers to its customers. Some of those benefits are mentioned as follows: 

  1. Affordable Life Cover & Premiums

    The insurance provides substantial life cover for all at extremely low premiums. However, it can be even more affordable for individuals with a healthier lifestyle:

    • The amount of premiums paid by non-smokers is comparatively on the lower side.
    • Each individual has to undergo a medical examination before he becomes eligible to purchase the plan. A favourable medical report makes the person entitled to enjoy the Super Elite Premium Rates.
    • If an individual gets qualified for the Super Elite Premium Rates and opts for a plan that has a sum assured of Rs5 Crore or above, the company further offers lower premium rates to the customer.
    • Premiums rates are further lower for females than for males.
  2. Death Benefit

    In the event of the unfortunate demise of the policyholder, the nominee/dependant receives the sum assured in the form of the death benefit. The company provides three options as to how they would like to receive the benefit.

    • Lump-sum Amount: The nominee receives the entire amount as a lump sum.
    • Lump-sum with Family Income Payout: According to this option, the policyholder’s nominee receives 50% of the sum assured as a lump sum and the rest of the amount in the form of monthly income at the rate of 0.95% monthly for the next 60 months from the insured’s death date.
    • Family Income Payout: Under this option, the nominee receives 1.07% of the death benefit in the form of monthly income for the following 120 months from the death date of the Life insured.
  3. Tax Benefits

    The Exide Life Elite Term Plan Brochure specifies the tax benefits the policyholders receive on opting for the plan under the company. He receives tax benefits under Section 80C of the Income Tax Act of 1961 on all the premiums paid and Section 80D for the premiums paid towards the Critical Illness Rider provided that the policyholder has opted for it. *Tax benefit is subject to changes in tax laws.

  4. Surrender Benefits

    The policyholder can choose to surrender the policy if the plan is a single premium policy. He could cancel the plan one year after the policy commencement date if he wished to.

    In case the policyholder becomes eligible for the Super Elite premium rates at the time of purchasing the policy, he can undergo medical tests again completely at the cost of the company. However, the regular premium policy has to complete 25 months in order to avail of the feature. 

    If the medical evaluation fulfils the pre-existing guidelines of the Super Elite plan, the Insurer will increase the Sum Assured of the policyholder from the 37th month or fourth year of the date of commencement of the policy. This increase in the Sum Assured will be correspondent with the Super Elite rates on the assumption that the policyholder continues paying the same premium rates as before.

How to Purchase the Exide Life Elite Term Plan Online?

Who should purchase the plan: The Exide Life Elite Term Plan Insurance is a wonderful option for all individuals that wish to secure a stable financial position for their family even in their absence. This allows the family to continue living a comfortable life financially and prevents the occurrence of obstacles and hindrances due to lack of finances. It is also a great option for those who wish to spend their hard-earned money on taxes as the premiums paid on a monthly, quarterly, semi-annually, or annual basis and even the death benefits the dependent receives after the death of the Life insured has been exempted from taxes.

How to Purchase the Plan?

The Exide Life Elite Term Plan Brochure lets individuals know how they can go on to purchase the policy of their choice. Firstly, they can make the purchase by simply visiting the official website of Exide Term Insurance and then filling up the required details such as name, address, DOB, and so on, after which they can also pay the premium amount in online mode through debit/credit card, net banking, etc.

Secondly, they can also make the purchase through agents or brokers.

However, the plan becomes slightly cheaper if purchased through online mode.

Documents Required to buy Exide Life Elite Term Policy

The Exide Life Elite Term Plan Brochure mentions the documents that the person will have to provide while purchasing the policy. The documents required are as follows: 

  • Proof of Income – Salary certificate of the past few months
  • ID Proof – PAN Card, AADHAR Card, Passport, Voter ID, etc.
  • Proof of Address
  • Attested Bank Passbook
  • Age Proof – Birth Certificate 

Below mentioned documents are required in order to make a claim by the nominee of a dependent after the death of the Life Insured:

  • FIR Report, if police report of the incident has been done by the claimant
  • Copy of the Panchanama 
  • Death Certificate
  • Post Mortem Reports (if conducted)
  • Identity Proof such as PAN Card, AADHAR Card, Voter ID, or Passport of the Life Insured.
  • The driving License of the policyholder provided that he was driving the vehicle when the accident occurred.
  • Identify Proof of the person making a claim.
  • Hospital Records, records of medical treatments, etc.
  • Address details along with Proof

Terms and Conditions

Different terms and conditionsof Exide Life Elite Term Plan:

  1. Grace Period

    For plans which require the premiums to be paid on a monthly basis, a Grace Period of fifteen days has been granted to the policyholders. On the other hand, thirty days is allowed for those policies with regular payment of premium. If the policyholder fails to pay the premium within the grace period as specified by the company, the policy lapses, and all the benefits under it get discontinued as well.

  2. Survival Benefit

    No survival benefits are offered to the policyholder if he survives the policy term.

Key Exclusions of Exide Life Elite Term Insurance Policy

The nominee of the policyholder receives no benefits if the death of the policyholder has been caused by any of the factors mentioned below:

  1. Self-Inflicted Injuries

    The Exide Life Elite Term Plan Brochure mentions that the nominee becomes ineligible to claim the benefits if the policyholder has died as a result of injuries due to self-harm, suicide, intentional consumption of poison, or consumption of drugs, narcotics, etc.

  2. Participation in Dangerous and Hazardous Activities

    If the demise of the policyholder has been caused due to injuries from participation in life-threatening and hazardous activities such as bungee jumping, rock climbing, mountain biking, scuba diving, skiing, paragliding, and others, the nominee of the policyholder does not receive the sum assured of the policy. 

    • The insurance plan does not extend benefits to the nominee if the policyholder has died due to injuries on account of participation in violent activities such as rebellions, riots, civil hostilities, armed forces, military services, or any sort of police activity.
    • The insurance policy does not provide a death benefit if the death of the Life insured is on account of any natural disasters, such as earthquakes, floods, landslides, wildfires, etc. However, in this case, the policyholder can opt for a rider beforehand that provides cover even in the case of death caused by natural calamities.
    • Nuclear fuel leakage or nuclear contamination.

    *For more information about exclusions, please refer to the plan brochure or the policy document.

About the Insurance Company

Exide Life Insurance is an insurance company owned by Exide Industries, which has been providing financial assistance and benefits to thousands of its customers all over the country since its inception in the year 2001. Since the commencement of financial services by Exide Life Insurance Company in the year 2001, it has been able to attract over 15 lakh customers throughout the country with the commendable customer care and a plethora of benefits it provides to its customers. The headquarters of the company is situated in Bengaluru.

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