Exide Life

Exide Life Life Insurance Plan

Exide Life Insurance Company Limited, an established and profitable life insurance company, commenced operations in 2001-02 and is head quartered in Bengaluru. The company is 100% owned by Exide Industries Limited. The company serves over 15 lakh customers and manages assets of over INR 15,795 Crores. Exide Life Insurance distributes its products through multi-channels viz. Agency, Banc assurance, Corporate Agency & Broking, Direct Channel and Online channel including Web Aggregators. The Agency channel comprises of 45,000+ advisors who are attached to over 200 company offices across the country. The company also offers group life insurance solutions.

The company is focused on providing long term protection and savings solution plans and has a strong traditional product portfolio with a consistent bonus track record. The company has ISO 9001:2015 quality certification for all Customer Service processes and the ISO/IEC 27001:2013 for information security management.

The company’s promoted Exide Industries is India’s largest manufacturer of electric storage batteries and its biggest power-storage solutions provider with a market capitalization of over INR 20,000 crores, with a robust nation-wide network of 48,000 plus outlets and 180 plus sales & service touch points ( as on March 2019).

Exide Life Insurance had a claims settlement ratio of 98.67%in 2018-19, they also covered 20.69lac lives during the year 2019-20 and had a 13th Month Persistency ratio of 59.62%(amongst the highest in the Life Insurance industry, as per the data provided by IRDAI as well as the Public Disclosures available on the company’s website.
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Exide Life insurance review

Exide Life Insurance plans
Distribution - Number of branches pan India (March 2019)
Entry Age Minimum/Maximum (Years) - Term Plans
Sum Assured Minimum / Maximum - Term Plans
15 lacs / as per T&C
Policy Term Minimum / Maximum (Years) - Terms Plans
Solvency Ratio (FY 2018-19) *
Number of Policies Sold (Ind+Group) *
Number of Lives Covered (Ind+Group) **
Claims Settlement Ratio (Ind+Group) ***
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Exide Life Insurance Plans - review

  • Eligibility
  • Awards & Recognitions
  • Why Should we buy?
  • Key Benefits
  • Claims Process
  • Exclusions

Eligibility criteria

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)
Policy Term
  • Single Premium (SP): 5 to 35 years (multiples of 5 only)
  • Regular premium (RP): 10 – 35 years
  • Extended Term: RP +5 or +10 years

No premiums are payable during the Extended Term
Premium Paying Term (PPT)
  • Single Pay
  • Regular premium: Same as policy term
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

Payout Options

  • Payout Option A: Lumpsum Payout On choosing this option, the entire Death Benefit is paid as a lumpsum to the nominee
  • Payout Option B: Lumpsum with Family Income Payout (FIP) : On choosing this option, the nominee shall receive 50% of the Death Benefit as lump sum and 0.95% of the Death Benefit every month over the next 60 months from the date of death
  • Payout Option C : Family Income Payout : On choosing this option, the nominee shall receive 1.07% of the Death Benefit every month over the next 120 months from date of death

Award & Recognitions

  • Exide Life Smart Term Plan was voted Product of the Year 2019. by research company, Nielsen
  • Exide Life Insurance won the prestigious title of Digital Insurer of the Year 2018 (India) at the Insurance Asia News Awards.
  • Exide Life Insurance’s Corporate Social Responsibility Program – Helmet Saves has been recognized with Certificates of Excellence under two categories at The Sabre Awards 2018 South Asia.
  • Exide Life Insurance won IDC Insights Award-2016, under “Excellence in Omni-Experience” category, for successful development and implementation of MyConnect, an internal portal used for the smooth running of Exide Life Insurance sales force.
  • Exide Life Insurance won below two prestigious awards at the highly acclaimed platform ‘Global Marketing Excellence Awards’ powered by World Marketing Congress in 2016
  • Exide Life Insurance was recognized as one of the '100 Best Companies for women to work in India', in a survey conducted jointly by Working Mother (a US based firm) and the AVTAR Group 2016

Why Should you Choose Exide Life Insurance?

Some of the key reasons as a customer to opt for Exide Life are as follows:
  • With Exide Life’s products, you and your family’s unique needs are taken care through their Term Plans, Saving & Investment Plans and Retirement & Pension Plans
  • Widespread Network of Branches across India : They have 212 branches across the country, and growing rapidly to expand the presence pan India
  • Quick Issuance : Your policy will be issued in 2 days of completion of medicals (if applicable) and submission of documents
  • Hassle-free claim settlement process : While settling the claim, only three steps are followed viz. initiate the claim, submit all the necessary documents, and at last, the company settles the claim amount
  • The company’s solvency ratio of 2.08 is amongst the highest in the industry, showing the company’s financial ability to pay claims promptly
  • 30 Day Free Look Period : If not satisfied, one can return the policy and get your money back within this period

Key Benefits of Exide Life Term Plans

The plan is a must for all bread winners to make sure your family’s financial future always remain protected. It is recommended that at any given time, you should have life insurance coverage equivalent to 5 to 20 times your annual income.
Some of the Key Benefits under this Plan include:
  • Substantial Life Cover at affordable premiums
  • Increased sum assured on maintaining healthy lifestyle at no extra cost
  • Option for Family Income Payout of 5 or 10 years
  • Option for term extension by 5 or 10 years
  • If you do not smoke or consume tobacco, you are offered preferential premium rates.
  • If your medical evaluation turns out to be favourable as per our underwriting guidelines, you may be eligible for our Super Elite Premium Rates
  • We offer further premium discounts when you choose a sum assured of ₹5 Crores and above
  • Lower Premium rates are applicable for females
  • Increased Sum Assured on maintaining healthy lifestyle
  • Enhanced protection through Riders
    • Exide Life Accidental Death Disability and Dismemberment Rider
    • Exide Life Critical Illness Rider covering 25 critical illnesses
  • Tax Savings under Section 80D as per prevailing tax laws

Other Benefits

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

Claims Process

To register a claim, please follow one of the following:
Call us at: Toll Free 1800 419 8228
Call us at: +91 80 49280628
Email us at: Claims@exidelife.in
Register Claims Online at: https://www.exidelife.in/customer-service/claims
Write to Us at: Claims Department, Exide Life Insurance Company Limited,
1st Floor, Exide Life Insurance Company Limited,
JP Techno Park,No.3/1,
Millers Road,
Bangalore - 560 001
Visit our nearest branch: Anywhere in India, closest or in your city of residence

Claims Documents Required for Natural Death

Checklist for documentation required for claim settlement
  • Completely filled in Claim Intimation form
  • Original Death Certificate issued by Local Authority
  • Copy of Medical Cause of Death Certificate, Medical Records (Discharge / Death summary, Test results, Admission notes, Outpatient consultation notes etc)
  • Age Proof & Identification document (with Photo) of Life Assured
  • Identification document (with Photo) of Claimant
  • Proof of Bank account of Claimant (Self Attested copy of Bank Passbook / Account statement of Claimant)

Additional Documents for Unnatural and Accidental Death

  • Jurisdictional Police Station Attested Copy of FIR
  • Post Mortem Report duly attested by the concerned officials
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.

Exclusions under Exide Life Insurance Plans:

Please find below some of the key exclusions under the Exide Life Insurance plans. For the entire list of exclusions, kindly go through the Terms and Conditions shared with your policy kit:
  • Existence of any sexually Transmitted Disease (STD) and its related complications or Acquired Immune Deficiency Syndrome (AIDS) or the presence of any Human Immunodeficiency Virus (HIV).
  • ‘Pre-existing diseases’ which are defined as “Any condition, ailment or injury or related condition(s) for which the assured life had signs or symptoms, and / or were diagnosed, and / or received medical advice / treatment within 48 months prior to the first policy issued by the insurer”. Pre-existing illness will be covered after 48 consecutive months of continuous coverage have elapsed from the coverage effective date
  • External Congenital Anomaly which is in the visible and accessible parts of the body
  • Failure to seek or follow medical advice deliberately or failure to follow treatment under reasonable circumstances from any registered and qualified Medical Practitioner.
  • Intentional self-inflicted injury, attempted suicide, while sane or insane.
  • Alcohol or Solvent abuse or taking of Drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner.
  • War, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes.
  • Taking part in any naval, military or air force operation during peace time.
  • Participation by the insured person in any flying activity, except as a bona fide, fare-paying passenger or pilot and cabin crew of a recognized airline on regular routes and on a scheduled timetable.
  • Participation by the insured person in a criminal or unlawful act with criminal intent.
  • Engaging in or taking part in professional sport(s) or any hazardous pursuits, including but not limited to, diving or riding or any kind of race; underwater activities involving the use of breathing apparatus or not; martial arts; hunting; mountaineering; parachuting; bungee-jumping.
  • Disability due to psychiatric illnesses, post-traumatic stress disorder, chronic fatigue, chronic pain, and fibromyalgia are excluded
  • Nuclear Contamination; the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature

Exide Life Insurance FAQ’s

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:

  • 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.

Cost of medical exam would be borne by the company.12 hours fasting is required for blood samples.

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

Once we receive your request, the duplicate copy will be couriered to you within 10 working days.

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.

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025