Exide Life Insurance - Compare Features, Benefits & Plan Details Online

Established in September 2001, Exide Life Insurance Company Limited is one of the reputable insurance providers in South India. It serves over 15 lakh customers in more than 200 cities across India. Owned by Exide Industries Ltd., the company is headquartered in Bengaluru. Managing assets worth Rs.9,530 crores, the company gained a total of Rs.2,047 crores in Premium Income during FY 2015-16.

Highlights of Exide Life Insurance _{Updated on 30 Mar 2023}

Why should you go for Exide Life Insurance?

Exide Life Insurance Company Limited provides long-term savings and protection plans including group life insurance solutions. The wide array of products are distributed through multi-channels such as Bancassurance, Agency, and Corporate Agency & Broking. Listed below are some facts with regards to the operation and achievements of Exide Life Insurance:

• More than 50,000 agents serve customers from over 200 offices across the country. Exide Life Insurance was awarded the Indian Insurance Award for achieving the highest productivity among its agents in the year 2016.
• As an ISO 9001:2008 certified company, customers can be assured of receiving quality products from Exide Life Insurance Company Limited.
• Exide Life Insurance was ranked as one of the Top 10 Most Trusted Life Insurance brands in India. It won a Bronze award for its Pension Pass Book Program at the DMA Asia ECHO Awards. It won the Top Innovation Award at the FINNOVITI awards for its Money Book Program in 2016.
• The Claims Settlement Ratio of Exide Life Insurance for FY 2015-16 is 89%.

Different types of Policies Provided by Exide Life Insurance Company Limited:

Listed below are the different types of life insurance products offered by Exide Life Insurance Company Limited:

Exide Life Term Insurance or Protection Plans:

The term insurance plan offered by Exide Life comes with flexible premium paying options and offers you comprehensive protection options. You will receive return of premiums upon policy maturity. Pay a nominal annual premium and secure the financial future of you and your family with the Exide Life Smart Term Plan. You can get enhanced protection through Exide Life critical illness and accident riders. Under this plan, you can benefit from tax deductions for premiums paid under Section 80C of the Income Tax Act, 1961.

Exide Life Child Plans:

As a parent, it becomes your responsibility to secure your child's future by investing in a good life insurance plan. Exide Life Insurance offers comprehensive child insurance plans that are designed to provide for your child's education, wedding and other expenditures.

Exide Life Savings and Investment Plans:

Ensure your family’s short-term and long-term financial needs are met with Exide Life Savings and Investment Plans. You will get tax benefits on premiums paid for most Exide Life Savings and Investment Plans.

Exide Life Retirement and Pension Plans:

Plan ahead for your retirement with the retirement and pension solutions offered by Exide Life Insurance.

How to make a claim with Exide Life Insurance Company Limited?

Making a claim with Exide Life Insurance is a simple and easy process. Follow below mentioned steps:

• Step 1: Make your claim immediately after the loss has occurred.
• Step 2: Make use of the claim intimation form that is available at the nearest Exide Life Insurance branch, the insurance provider’s website or write to care@exidelife.in.
• Step 3: Attach the relevant documents with the duly filled claim intimation form.
• Step 4: You can submit the form with the documents at the nearest Exide Life Insurance branch or mail it to Customer Services, Exide Life Insurance Company Limited, JP Techno Park, 1st Floor, No. 3/1, Millers Road, Bangalore - 560 001
• Step 5: You will receive an acknowledgement letter after registration. Your policy number can be used for any queries you may have until the claim is settled.
• Claim settlement ratio: The company maintained a claim settlement ratio of 96.81% for the FY 2017-18, according to the annual report of the IRDA.

Claim Settlement Ratio of Exide Life Insurance

Exide Life Insurance has a well-established presence all over the country, and it offers its products through multiple channels. Its claim settlement ratio for the fiscal year 2017-18 is given as follows:

Claim settlement trend of the company over the years is given as follows:

Documents required to make a claim in the case of natural death:

The list of documents needed for claim settlement with Exide Life Insurance are:

• Duly filled claim Intimation form
• Original policy document
• Original death certificate issued by local authority
• A copy of medical cause of death certificate and medical records including admission notes, test results, discharge, outpatient consultation notes, and death summary.
• Age and identity proof with photo of the life assured
• Identity proof with photo of claimant
• Current address proof
• A self-attested copy of the claimant’s bank passbook or account statement

Documents required to make a claim in the case of accidental or unnatural death including suicide:

The list of documents needed for claim settlement with Exide Life Insurance are:

• Duly filled claim Intimation form
• Original policy document
• Original death certificate issued by local authority
• A copy of medical cause of death certificate and medical records including admission notes, test results, discharge, outpatient consultation notes, and death summary.
• Age and identity proof with photo of the life assured
• Identity proof with photo of claimant
• Current address proof
• A self-attested copy of the claimant’s bank passbook or account statement
• Copy of FIR attested by jurisdictional police station
• Post mortem report attested by the concerned officials

Documents required for buying Exide Life Insurance Policy:

Listed below are the documents you must submit to buy an Exide life insurance policy:

• Identity proof (Passport or Voter’s ID)
• Age proof (Voter’s ID)
• Income proof (previous months’ payslips)
• Address proof (Passport or utility bills such as electricity bill, telephone bill or water bill)
• Self-attested bank passbook
• PAN card

How to Check Policy Status?

Your Exide life insurance policy status can be checked through one of two ways:

• Online method: Visit the Exide Life Insurance website, click on ‘Track your policy’ link, and log into your ‘My Life’ account using the registered user ID and password to check your policy status.
• Offline method: You can also send an enquiry via email or contact an Exide Life Insurance customer care executive at 1800 419 8228 toll-free number.

Exide Life Insurance Online Payment:

Premium payment options at Exide Life Insurance include:

• Pay online: Visit the Exide Life Insurance website and pay your renewal premiums online via net banking, e-wallet, credit card or debit card.
• Auto-Debit Arrangement: Set up auto-debit facility by filling up the Direct Debit mandate and submitting it along with a copy of a personalised cancelled cheque at the nearest Exide Life Insurance branch. Regular debits will be automatically made from your bank account for your renewal premium payments.
• Visit the nearest Exide Life Insurance branch: Make payments via cash, credit card, debit card, cheque or Demand Draft in favour of 'Exide Life Insurance Policy No.'
• Axis Bank branch: Make payments via cash, DD or local cheque.
• NEFT or RTGS: Make payments using any of your bank account via NEFT or RTGS facility by adding Exide Life Insurance as beneficiary.
• Karnataka One Counter, Bangalore One Counter, and HD One Counter: Pay your premium via cash, DD, credit card, debit card or local cheque.
• South Indian Bank branch: Show your renewal premium receipt or notice and pay via cash (up to Rs.49,999).

Exide Life Insurance Premium Calculator:

Exide Life Insurance Premium calculation can be done in few simple steps:

• Step 1: Visit the Exide Life Insurance website and click on ‘Premium Calculator’ link.
• Step 2: Choose an Exide Life Insurance Plan.
• Step 3: Enter Plan details such as required Life Cover, date of birth, gender, Premium Paying Term (PPT), and Policy term.
• Step 4: Enter personal details such as name, mobile number, email ID, city, state, and whether you’re a smoker or non-smoker.
• Step 5: View a summary of premium. You can also opt to have a premium quotation sent to your email ID.

Exide Life Insurance FAQs:

Listed below are some of the frequently asked questions about Exide Life Insurance:

1. How do I renew my Exide Life Insurance Policy?

   You can renew your life insurance policy by logging into your ‘My Life’ account on the Exide Life Insurance website or calling a customer care executive for assistance.

2. How do I cancel my life insurance policy?

   After paying a stipulated premium or continuing the policy for a stipulated period, the policy reaches a surrender value. Visit the nearest Exide Life Insurance branch to get the surrender form. Submit the duly filled and signed surrender form along with the following documents:

   • Original policy bond
   • Original Photo ID proof
   • Cancelled personalized cheque or latest bank statement
   • PAN card

   Once the surrender process is complete, you will receive a confirmation call from the company.

3. What are the various riders provided by Exide Life Insurance?

   You can opt for enhanced life cover by choosing one of two riders offered by Exide Life Insurance:

   1. Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider: This ADDD Rider can be attached to new or existing traditional Exide Life Insurance policies. As the name suggests, it offers protection against accidental death, disability, and dismemberment.
   2. Exide Life Critical Illness Rider: This rider can be attached to new or existing traditional Exide Life Insurance policies. This add-on pays a lump sum benefit if the life assured has been diagnosed with a critical illness.

4. What are the benefits of a rider?

   Following are the benefits of an Exide Life Term Rider:

   1. Get up to double life cover
   2. Get enhanced life cover for a nominal additional premium
   3. Get tax benefits under section 80C and 10(10D).

5. What is QROPS?

   Managing a retirement corpus of over Rs.1,000 crores, Exide Life Insurance is your ideal choice for Qualifying Recognized Overseas Pension Scheme (QROPS). If you have contributed to a pension fund in the UK and have decided to move out or relocate outside of the UK, then you can transfer your pension fund from the UK to India using Exide Life Insurance QROPS. Keep in mind that only non-active pension funds can be transferred.

6. What is the grievance redressal process at Exide Life Insurance?

   For any grievance or complaint, visit the nearest Exide Life Insurance branch, call toll-free number 1800 419 8228 or write to care@exidelife.in. If you are dissatisfied with the resolution or haven’t received any response within 10 days, mail to complaintscell@exidelife.in or contact The Complaints Officer at Exide Life Insurance Company Limited, 3rd Floor, JP Techno Park, No. 3/1, Millers Road, Bangalore. You will need to quote the reference number provided to you, your policy number, and contact number. If you aren’t satisfied with The Complaints Officer resolution, mail the Head Customer Service at gro@exidelife.in.

7. Under what circumstances can you approach an Insurance Ombudsman for grievance redressal?

   If you are not satisfied with the resolution offered by the insurance company, you can approach the nearest Insurance Ombudsman for grievance redressal under such circumstances as:

   1. Rejected insurance claim
   2. Claim dispute on legal construction of the policy
   3. Delay in claim settlement
   4. Non-receipt of insurance document
   5. Dispute with regard to premium

8. What are the uses of Exide Life Insurance ‘My Life’ account?

   Listed below are the uses and features of Exide Life Insurance ‘My Life’ space:

   1. Pay your premium
   2. Revive your policy
   3. View policy value
   4. Switch funds
   5. Print tax certificates, policy fund statement, and portfolio statement

9. What are the features of Exide Life Insurance Mobile app?

   Listed below are the uses and features of Exide Life Insurance Mobile app:

   1. You can calculate premium and sum assured instantly
   2. Pay renewal premium on the go
   3. Link to Exide Life Insurance on YouTube and LinkedIn
   4. Make use of financial need assessment calculators

10. Does Exide Life Insurance offer plans for NRIs?

    NRIs can apply for most insurance plans offered by Exide Life Insurance except the Safal Jeevan Plans. US Residents and Nationals can’t apply for Unit Linked Insurance Plans.