Exide Life Life Insurance Plan

A life insurance policy provides financial support to the family members of the policyholder in case of his/her demise. If you are a sole breadwinner for your family, you must buy a life insurance policy to ensure your loved ones do not face financial problem to sustain their lives, when you are not around. The money received from life insurance policy can help them live the same standard of living as they live when you are around.

The benefits of life insurance include:

• Financial stability for your loved ones even after you are not there
• Regular Money back payouts in case you have opted for a money back/endowment plan
• Reduction in tax liability up to Rs 1.5 lacs under section 80C
• Avail loan against life insurance policy which has savings component (Endowment/ money back plan)

A term plan provides a lump-sum to the family of the policyholder in case of his/her demise during the policy period. A pure term plan provides substantial life insurance cover at affordable premium. Financial advisors often advise taking a term insurance as the first step towards financial planning. This is because after taking a term insurance plan, you can then begin to invest in other avenues to build your corpus for future goals.

A term plan is important for the following reasons:

• A term insurance provides substantial life insurance cover at affordable premium
• The sum assured helps your family members live the same standard of living as they live when you are around
• It gives you peace of mind by ensuring your family will have financial support even when you are not there

The thumb rule for deciding the cover of your term plan is that it should be at least 10 times your annual income. For example, a person earning ₹5 lakh annually must have a term policy of about ₹50 lakh for adequate support to his family after his death. Any term plan providing up to 10 times your income or more, can be considered positively.

You can also find adequate cover amount by using Human Life Value Calculator.

You can enjoy tax benefit of up to ₹1.5 lakh from your taxable income for paying the premium of your term insurance plans, thereby reducing your tax liability. The proceeds received from a term insurance plan after the demise of policy holder is also tax exempt under section 10(10D).

If you are a Non-Resident Indian looking to buy a term insurance plan in India, you are very much eligible. When you apply for a term plan while visiting India, once the underwriting is completed for your policy, it will be considered as any other policy bought by an Indian. You can apply for a term plan from your home country, by writing or contacting the life insurance company in India. Such policies are verified by a local notary (equivalent to an Indian diplomat or an Indian Embassy official).

Yes, you can always buy term insurance from two separate companies. Both the insurers from which you've purchased term insurance plans are liable to pay claim to the nominee in case of the policyholder’s demise during the policy period. It’s prudent to buy more than one term life insurance plans for enhanced coverage.

To buy term life insurance online, you need to furnish the following documents:
• Age proof
• Proof of residence
• PSalary slips/income proof
• PRecent passport-sized photographs
• PMedical reports
Please note that the document required by an insurance company may vary on case to case basis.

Steps to buy term insurance online:

• Visit the distribution partner’s website like eindiainsurance
• Select an online term plan, use How Much Life Cover You Need Calculator to find your appropriate life cover.
• Enter the appropriate life insurance cover for yourself and policy period.
• Mention your birth date and whether you smoke or not
• Provide basic details like name, contact number and email ID
• Compare the premium for various insurance companies across the opted sum assured and policy period. After finalizing, proceed to complete the purchase by paying the premium amount.
• You will have to fill online proposal form where you will need to provide your personal details, occupation details, medical records etc

A life insurance rider enhances the scope of protection offered by the base life insurance policy by providing multiple additional benefits and more protection against risks. They are optional and can be added to base policy by paying a nominal additional premium. Examples- Critical Illness Rider, Term Rider, Accidental Death Disability and Dismemberment Rider etc.

A critical illness insurance policy is essential to protect you against the risks of life-threatening diseases like heart attack, cancer, kidney failure, paralysis etc. Critical illness insurance ensures that your family is not burdened with high medical expenses.

A critical illness insurance typically covers you against the risk of life-threatening diseases such as cancer, heart attack, kidney failure, paralysis, coma etc. You’ll be paid a lump-sum if you’re diagnosed with any of the major illness as listed in the critical illness cover.

A term rider can be added to a life insurance policy and it helps to increase the life insurance cover. In other words, these riders provide extra coverage over the initial sum assured.

In accidental death, disability and dismemberment rider 100% of the rider sum assured will be paid to the nominee in case of accidental death of the insured person, while a percentage is paid if an accident results in permanent disability or dismemberment. You can buy accidental death insurance plans to add to your new or existing life insurance policy with a nominal addition to your premium.

Death claims arising due to corona virus COVID 19 will be covered and processed as per the terms and conditions of the policy. Hospitalization claims arising due to COVID 19 will also be covered by the Company products.

A claim is rejected if 'non-disclosure' or 'misstatement' of facts is discovered during an investigation. When a fact that affects the policy issuance decision is not disclosed in the proposal, it is termed as, 'non-disclosure'. Similarly, withholding information or providing incorrect information while answering questions in the proposal form^^ is termed as, 'misstatement'.

(For example, when an applicant suffering from kidney failure does not inform the insurer about the same in the proposal form, it is termed as non-disclosure. Similarly, when an applicant overstates his or her income, then it is called a misstatement.)

The claim benefit can be received by:

• The nominee or the guardian (in case of minor nominee), if you are the Life Assured
• The proposer, in case you are not the Life Assured
• Assignee, in case the policy is assigned
• Life Assured, in case of living benefit claims such as, claims under disability, critical illness and major surgery rider.

In such circumstances, we would require the proof of title/succession certificate issued by a competent court. The claim would then be paid to the person specified in the said proof. Such a condition is called 'Open Title' situation.

If we have accepted the claim but are waiting for the issued certificate of proof, we hold the money till the proof is submitted and pay interest as directed by the Insurance Regulatory and Development Authority of India.

Our process of medical examination is very simple. Immediately after the making payment, basis your pin code you will be eligible either for home visit or for centre visit.

• Home visit: If you have selected this option, you can choose the date and time of examination as per your convenience.
• Medical centre visit: If home visit option is not available for your location or in case of tests which require medical centre visit like X ray, TMT (Treadmill test) etc. You can choose the date, time & centre of examination as per your convenience.

Your family will receive the claim amount in the event of both natural and accidental death. Life insurance is designed to provide your family with a certain amount of money, irrespective of the reason of death. However, there are some exclusions like suicide in 1-year, non-disclosure of rightful facts that can lead to a decline of your claim amount. To know more about such exclusions, please refer to the terms & conditions section in the policy document.

Online transactions are completely secure and are done directly on the insurance company’s or it’s official distributors’s website. Today almost all financial transactions including banking, stocks, etc have moved completely online and lacs of people are making online payments every day. You can evaluate Exide’s plans on eindiainsurance

Yes, smokers are eligible for term insurance subject to prescribed medical tests. Get Insurers typically charge a higher premium for term insurance for smokers. Most life insurance companies charge a higher premium amount for smokers. It is essential that you do not hide your smoking habit from your insurer. If you are found to be lying about it:

• Your insurance cover will be null and void, and insurance claims will not be honoured.
• You may be charged with fraud.

To get a duplicate physical copy of your policy document, you need to visit any Exide Life Insurance branch with the following documents:

• Notarised copy of an indemnity bond printed on stamp paper of ₹500/
• Cheque/ demand draft of ₹500/- (towards reprint charges) in favour of Exide Life Insurance Company Ltd

An assignment is a method of transferring all rights and benefits under a life insurance policy to an individual or institution. You can assign your policy to take a loan against it, as a security or to gift it to someone. The person who transfers his right is called the "Assignor" (i.e. the policyholder) and the person to whom the right is transferred is called the "Assignee". You can assign your policy to an individual or a financial institution provided there is an insurable interest between you and such an individual/ financial institution. There are two types of assignment:

• Absolute Assignment: In an Absolute Assignment you transfer all interests, benefits, liabilities, obligations and rights under your policy to the assignee, without any condition
• Conditional Assignment: This is an assignment of your policy which is dependent on a condition. Right of ownership, responsibility to pay future premiums and right of servicing is as per the terms of the assignment

An insurer would be willing to provide you with a life cover based on your health condition, even if you suffer from heart related or diabetic related ailments. Remember that an insurer decides on the premium to be charged based on your health condition, age at the time of entry, tenure of the coverage requested and your medical history. In case you are a heart/diabetic patient, you would be considered at a high risk and therefore attract a high premium. Some of the factors that an insurer would consider are your age, family history related to heart ailments, obesity, use of tobacco, diabetes, blood pressure, nutrition being taken and exercising habits.

The underwriters would consider your health condition, and the risk associated with heart/diabetes disease when deciding upon the cover to be provided. Typically, the premium would be higher side for a patient with the disease than for someone without a the same- all things being equal. Though, remember that both the severity of your condition and steps you have taken to manage your health will be the deciding factor.