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Exide Life Accidental Death Disability and Dismemberment Rider

Provide your family with additional financial protection in the case of an unfortunate event such as accidental death, disability or dismemberment. Get additional protection for a nominal additional premium with Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider (ADDDB) offered by Exide Life Insurance Company Limited. This rider can be added to a traditional Exide Life Insurance Policy.

Under the ADDDB rider, 100% of the rider sum assured will be paid to the family in the case of death of the life assured due to an accident. In the case of accidental disability or dismemberment, a percentage of the sum assured will be paid. You also get tax benefits on premiums paid under Section 80C and on benefit amounts under Section 10(10D) of the Income Tax Act, 1961.

Eligibility - Who is Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider for?

New or existing customers of Exide Life Insurance can add Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider to the following base policies:

To purchase Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider, you have to meet the following eligibility criteria:

Plan Name Entry Age Age at which rider protection ceases
Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider 18 years to 65 years 75 years

Sum Assured and Premium Range - What you get and what it costs?

The premiums payable for Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider are calculated based on the Sum Assured chosen by the policyholder under this rider. If the rider premium is discontinued at any time, then the benefits under this rider policy will automatically cease.

Plan Name Sum Assured Policy Term Premium Paying Term (PPT)
Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider Maximum Sum Assured equals lower of Rs.20 lakhs or sum assured of the base policy. Minimum Sum Assured is same as that of the base policy to which the rider is attached. Minimum 10 years to maximum 75 years of age or outstanding PPT of base plan at the time of rider attachment, whichever is earlier. PPT is same as that of the base policy. Only Regular Pay is allowed.

The premium payment frequency is same as that of the chosen base policy. If you choose the monthly payment mode, you will have to pay 3 months’ premiums in advance on the policy commencement date. These advance premiums are not refunded except in the case of free look cancellation.

Plan Coverage - What Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider covers?

The benefits available under Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider are:

  • Additional protection: The eligible persons will be paid an additional lump sum amount in the case of accidental death, disability or dismemberment of the life assured.
  • Easy to purchase: You need not buy a new policy to avail this rider. It can be added to your existing traditional Exide Life Insurance Plans.
  • Rider Sum Assured: In the case of death of the life assured due to an accident, 100% of the rider sum assured will be paid to the family. A percentage of the sum assured will be paid in the case of accidental disability or dismemberment.
  • Table of benefits: Exide Life ADDDB rider covers accidental death, dismemberment and total and permanent disability. The total benefits payable under this rider will never be more than 100% of the sum assured of the rider.
Event % of sum assured Payable on
Death 100% Rider benefits will be paid immediately on admission of claim
Dismemberment of thumb and index finger on the same hand 25% Rider benefits will be paid immediately on admission of claim
Dismemberment of a limb 50% Rider benefits will be paid immediately on admission of claim
Dismemberment of 2 limbs or more 100% Rider benefits will be paid immediately on admission of claim
Total and permanent loss of speech 25%
  • 10% of the benefit payable will be paid on the date of admission of the claim by the company.
  • 30% of the benefit payable will be paid 180 days after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
  • 30% of the benefit payable will be paid 1 year after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
  • 30% of the benefit payable will be paid 2 years after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
Total and permanent loss of hearing in both ears 50%
  • 10% of the benefit payable will be paid on the date of admission of the claim by the company.
  • 30% of the benefit payable will be paid 180 days after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
  • 30% of the benefit payable will be paid 1 year after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
  • 30% of the benefit payable will be paid 2 years after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
Total and permanent loss of the use of a limb 50%
  • 10% of the benefit payable will be paid on the date of admission of the claim by the company.
  • 30% of the benefit payable will be paid 180 days after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
  • 30% of the benefit payable will be paid 1 year after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
  • 30% of the benefit payable will be paid 2 years after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
Total and permanent loss of the use of 2 limbs or more 100%
  • 10% of the benefit payable will be paid on the date of admission of the claim by the company.
  • 30% of the benefit payable will be paid 180 days after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
  • 30% of the benefit payable will be paid 1 year after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
  • 30% of the benefit payable will be paid 2 years after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
Total and permanent disability 100%
  • 10% of the benefit payable will be paid on the date of admission of the claim by the company.
  • 30% of the benefit payable will be paid 180 days after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
  • 30% of the benefit payable will be paid 1 year after permanent disability diagnosis or on the date of admission of the claim, whichever is later.
  • 30% of the benefit payable will be paid 2 years after permanent disability diagnosis or on the date of admission of the claim, whichever is later.

Exclusions - What Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider doesn’t cover?

Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider doesn’t cover death, disability or dismemberment caused by any of the following:

  • A disease or infection
  • Under the influence of alcohol, narcotics or drugs
  • Self-inflicted injury, suicide or attempted suicide
  • Participation in any flying activity except as a passenger in a commercial flight
  • Participation in a criminal act
  • Injury sustained before the commencement of this rider policy
  • Participation in hazardous sports, hobbies or pastimes like racing, mountaineering and the like
  • Nuclear explosion or any kind of radiation exposure
  • War, invasion, riots and the like

Other key features of Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider – Freelook Period, Surrender Values, Grace Period etc.

Listed below are few other important features of Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider:

  • Free look Period: From the date of receipt of the rider document, you are given 15 days to review the terms and conditions of the rider. You can return the rider policy and claim premium refund if you find the terms and conditions objectionable. The company will refund the rider premium after deducting the risk premium for the appropriate time covered and stamp duty charges, if any. If you have purchased the rider through distance marketing, you will be given 30 days to review the terms and conditions of the rider. Once the rider policy is cancelled, all benefits under the policy will cease.
  • Grace Period: The grace period for paying rider premium follows the same rules as your chosen base policy. If you have chosen annual or half-yearly payment mode, then you are given 30 days grace period within which to pay your rider premium. For monthly payment mode, you are given 15 days from the premium payment due date to pay your rider premium. If the payments are not made within the grace period and your base policy hasn’t achieved Surrender Value, then your base policy will lapse and the benefits under this rider will cease.
  • Surrender Value: This rider doesn’t offer maturity or surrender benefit, only protection benefits. The rider benefits will cease if the base policy is cancelled or surrendered.
  • Revival of rider benefits: If the rider is discontinued or terminated, then it can’t be revived. Reinstating the Exide Life ADDDB rider benefits follows the same rules as the chosen base policy. You can restore the rider benefits to its original state by reviving the rider during the policy term within 2 years from the time you stopped paying premium. Steps to revive your rider are as follows:
    • Submit proof of your eligibility for continued insurance cover.
    • Pay all due premiums at once along with the revival charge.
    • A medical examiner may be consulted with regards to your policy revival by the company.
  • Termination: The rider will be automatically terminated under the following scenarios:
    • Rider premium not paid within the grace period.
    • The base policy is surrendered or terminated.
    • 100% of Sum Assured is paid under the rider.
  • Claims: The eligible person for the Exide Life ADDDB Rider benefit has to give the claim in writing to the company within 30 days of raising the claim.

Tax Benefits – How you can save with Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider?

You can get tax benefits on premiums paid under Section 80C and on benefit amounts received under Section 10(10D) of the Income Tax Act, 1961.

Other Benefits – How you can save with Exide Life Accidental Death, Disability, and Dismemberment Benefit Rider?

Listed below are the reasons for buying life insurance plans and rider policies from Exide Life Insurance Company Limited:

  • Check your policy status: Visit the Exide Life Insurance website and log into your ‘My Life’ account to check your policy status. You can also send an enquiry via email or call Exide Life customer care at 1800 419 8228 toll-free number.
  • My Life: By registering for My Life, you can enjoy the benefits of various online features such as:
    • Make premium payments
    • View your policy value
    • Switch funds under Exide Life Investment and Savings Plans
    • Revive your policy
    • Update contact details
    • Make enquiries through E-box
    • Print your policy fund statements, tax certificates, and portfolio statements
  • Policy alerts: You can get policy related information via SMS on your registered mobile number with Exide Life Insurance. The company will send SMS or email notifications regarding the confirmation of policy renewal payment, change of nominee, change in contact details, etc.
  • Easy premium payments: Visit Exide Life Insurance website to pay policy renewal premiums online via e-wallet, net banking, credit card or debit card. Other premium payment modes include:
    • Auto-Debit Arrangement: Regular debits will be made from your bank account for your renewal premium payments.
    • Pay premiums using any of your bank account via NEFT or RTGS facility by adding Exide Life Insurance as beneficiary.
    • Exide Life Insurance branch: Pay premiums via cash, debit card, credit card, cheque or Demand Draft in favour of 'Exide Life Insurance Policy No.'
    • South Indian Bank branch: Show your renewal premium receipt or notice and pay via cash up to Rs.49,999.
    • Axis Bank branch: Premium payments can be made via cash, DD or local cheque
    • Pay your premium via cash, DD, credit card, debit card or local cheque at Karnataka One Counter, Bangalore One Counter, and HD One Counter.
  • Grievance redressal: Visit the nearest Exide Life Insurance branch for any grievance or complaint. You can also write to care@exidelife.in or call toll-free number 1800 419 8228.
  • Complaints and feedback: Fill up a simple form on the Exide Life Insurance website to register complaints and feedback.
  • Life Cover and Premium calculator: You can determine how much life cover you need and calculate how much premium you have to pay using the respective online calculators available on the Exide Life Insurance website.

Why you should buy Accidental Death, Disability, and Dismemberment Benefit Rider from Exide Life Insurance?

As an ISO 9001:2008 certified company, Exide Life Insurance is dedicated to providing long-term protection and savings plans to its customers. By adding the Exide Life ADDDB Rider to your existing base policy at a nominal cost, you and your family can get financial security in the case of an unfortunate event.

The company caters to more than 15 lakh customers in India. During FY 2015-16, Exide Life Insurance Company Limited has gained a total of Rs.2,047 crores in Premium Income, with the experience of managing assets worth Rs.9,530 crores. The company holds a strong traditional insurance portfolio with a steady bonus track record.