|Minimum / Maximum Age at Entry||21years / 60 years (Age last birthday)|
|Maximum Maturity Age||70 years (Age last birthday)
80 years age (If Extended Term opted for)
No premiums are payable during the Extended Term
|Premium Paying Term (PPT)||
|Minimum Sum Assured (`)||50 Lakhs (online mode)
2 Crore (offline mode)
|Maximum Sum Assured (`)||No Limit ( Subject to underwriting guidelines)|
|Premium Mode||Annual and Monthly|
|Maturity Benefit||There is no maturity benefit applicable under this plan. In case you survive till Date of Maturity, no additional benefits are payable and your Policy will terminate.|
|Surrender Benefit||Exide Life advises you to continue your Policy for the complete tenure to enjoy the total benefits of this plan. However, in case one wishes to surrender your policy, the surrender benefit available will depend on the plan option chosen.|
|Free Look Period||Distance Marketing Channel – 30 days|
All Other Channels – 15 days
|Grace Period||15 days for Policies under Monthly Frequency
30 days for Policies under Yearly / Half-yearly Frequency
|Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI)||Death Claims||Health Claims|
|Raising Claim Requirements||Within 15 days of receipt of claim.||Within 15 days of receipt of claim.|
|Settlement or Rejection or Repudiation of claims wherein Investigation is not required||Within 30 days from the date of receipt of last necessary document.||Within 30 days from the date of receipt of last necessary document.|
|Settlement or Rejection or Repudiation of claims wherein Investigation is required||Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter.||Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document.|
A life insurance policy is a contract between the policyholder and the insurer, wherein the latter promises to pay a designated lump-sum of money to the family of the policyholder upon his/her demise during the policy period. The policyholder pays a regular amount of money, called ‘premium’ to avail this benefit.
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:
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:
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.
Steps to buy term insurance online:
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:
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.
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:
To get a duplicate physical copy of your policy document, you need to visit any Exide Life Insurance branch with the following documents:
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:
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.