You can get enhanced life cover against critical illnesses with Exide Life Critical Illness Rider. Pay a nominal additional premium to avail this rider and benefit from enhanced protection in addition to the life cover provided by your base policy. This rider covers 25 major critical illnesses.
Pay a small premium to avoid major financial crisis. If you, the policyholder is diagnosed with a critical illness covered by the Exide Life Critical Illness Rider, you will be immediately paid a one-time lump sum amount equal to the rider sum assured to cover your medical expenses.
Eligibility - Who can avail Exide Life Critical Illness Rider?
New or existing customers of Exide Life Insurance can add Exide Life Critical Illness Rider to the following base policies:
- Exide Life Smart Term Plan
- Exide Life Mera Aashirvad
- Exide Life New Creating Life Insurance Plus
- Exide Life New Creating Life Insurance Regular Pay
- Exide Life Star Saver
- Exide Life Assured Gain Plus
- Exide Life Income Advantage Plan
- Exide Life Guaranteed Income Insurance Plan
- Exide Life Secured Income Insurance Plus
- Exide Life Secured Income Insurance Regular Pay
To purchase Exide Life Critical Illness Rider, you have to meet the following eligibility criteria:
||Age at which rider protection ceases
|Exide Life Critical Illness Rider
||18 years to 65 years
Sum Assured and Premium Range - What you get and what it costs?
The premiums payable for Exide Life Critical Illness 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. The rider premium rates are fixed for 5 years, after which they can be revised. If you want to discontinue rider benefit, you can stop paying the rider premium. Once the rider is discontinued, it can’t be reinstated.
||Premium Paying Term (PPT)
|Exide Life Critical Illness Rider
||Minimum Sum Assured is Rs.50,000 and maximum is lower of Rs.25 lakhs or sum assured of the base policy
||Minimum 5 years to maximum 40 years
The rider term is never more than the base policy term and the rider PPT is equal to the base PPT if the rider was added to the base policy at the time of inception or policy anniversary.
The premium payment mode is same as that of the chosen base policy, annual or monthly. 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 the Exide Life Critical Illness Rider covers?
The benefits available under Exide Life Critical Illness Rider are:
Benefit payout: If you, the policyholder is diagnosed with any of the below listed critical illnesses, you will be paid a lump sum amount equal to the rider sum assured immediately after diagnosis, irrespective of the actual medical expenses incurred during treatment.
Critical illness cover: Under the Exide Life Critical Illness Rider, you are given 2 options:
Option A: It covers 4 critical illnesses: heart attack, cancer, stroke, and coronary artery bypass graft.
Option B: It covers 25 critical illnesses:
- Cancer of specified severity
- First heart attack of specified severity
- Stroke resulting in permanent symptoms
- Open chest coronary artery bypass graft
- Kidney failure requiring regular dialysis
- Major organ or bone marrow transplant
- Benign brain tumour
- Permanent paralysis of limbs
- Major burns
- Loss of speech
- Major head trauma
- Primary pulmonary hypertension
- Systemic Lupus Erythematosus with Lupus Nephritis
- Apallic syndrome
- Parkinson's disease
- Alzheimer disease
- Chronic lung disease
- End stage liver disease
- Aplastic anaemia
- Heart valve surgery
- Surgery of aorta
- Motor neurone disease with permanent symptoms
- Multiple sclerosis with persisting symptoms
Once the Rider Sum Assured is paid, CI benefits will cease under this rider and no more premiums need be paid.
Exclusions - What the Exide Life Critical Illness Rider doesn’t cover?
Exide Life Critical Illness Rider doesn’t cover the specified critical illnesses if caused directly or indirectly by the following:
- Any disease, illness, injury or medical condition that the life assured had contracted before the commencement or revival date of the rider policy.
- Any medical condition that was not disclosed in the base policy proposal form.
- Diagnosis or medical advice given by a health professional or symptoms of a condition that was ignored or delayed medical treatment.
- Living outside India for more than 13 consecutive weeks in a year. However, if the life assured was medically examined and underwent tests in India, and is available for medical examination in India to confirm the occurrence of the specified critical illness, then the person is paid critical illness rider benefits.
- War, terrorist attacks and the like.
- Riot, civil unrest, rebellion, revolution and the like.
- Participation in peacekeeping activities or any sort of armed forces.
- Any unlawful or criminal act.
- Self-inflicted injury, suicide or attempted suicide.
- Drug abuse except under the direction of a registered medical practitioner.
- Disease caused due to an HIV infection or AIDS.
- Nuclear explosion, nuclear waste or radiation exposure.
- Participation in sporting activities like racing, scuba-diving, bungee-jumping, parachuting, hang-gliding, skydiving, etc. Any aerial flight activities other than as a crewmember or passenger on a commercial plane.
Other Key Features of Exide Life Critical Illness Rider:
Listed below are few other important features of Exide Life Critical Illness Rider:
Claim waiting and Survival Period: The rider benefit can be claimed only if the illness is diagnosed after a waiting period of 90 days which starts from the date of Rider Risk Commencement or policy reinstatement, whichever is later. In addition, the life assured has to survive the illness for a period of 30 days starting from the date of diagnosis. Claim has to be given in writing to the company within 60 days of the claim arising.
Grace Period: You are given a grace period of 30 days for paying the rider premium if your chosen premium payment mode is annual or half-yearly. For monthly payment mode, you are given 15 days (starting from the premium payment due date) to pay your rider premium. Grace period for Exide Life Critical Illness Rider follows the same rules as the chosen base policy. If the payments are not made within the grace period and the base policy hasn’t achieved Surrender Value, then the base policy will lapse and the benefits under this rider will cease.
Free look Period: After buying the policy, you are given 15 days from the date of receipt of the rider document to review the terms and conditions of the rider. If you find the terms and conditions objectionable then you can return the rider policy and claim premium refund. The rider premium will be refunded after the risk premium for the appropriate time covered and stamp duty charges are deducted. 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.
Revival of rider benefits: If the rider is discontinued or terminated, then it can’t be revived. Reinstating the Exide Life Critical Illness 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.
Termination: The rider will be terminated automatically if the rider premium is not paid within the grace period, the base policy is surrendered or terminated, and 100% of Sum Assured is paid under the rider.
Surrender Value: Exide Life riders don’t offer maturity or surrender benefit, only protection benefits.
Tax Benefits - How you can save with the Exide Life Critical Illness Rider?
With Exide Life Critical Illness Rider, you can get tax benefits on rider premiums paid under section 80D and on lump sum payouts under section 10(10D) of the Income Tax Act, 1961.
Other Benefits - How you can save with the Exide Life Critical Illness Rider?
Listed below are reasons why buying life insurance plans and rider policies from Exide Life Insurance Company Limited is easy and convenient:
- To check your policy status, log into your ‘My Life’ account on the Exide Life Insurance website or send an enquiry via email. You can also call Exide Life customer care at 1800 419 8228 toll-free number to check your policy status.
- My Life: As a policyholder, you can register for My Life and enjoy the benefits of various online features such as:
- Online premium payment
- View Policy Value
- Switch funds
- Revive an insurance policy
- Update your contact details
- Make enquiries through E-box
- Print policy fund statements, tax certificates, and portfolio statements
- Policy notifications: 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: Online payment methods include e-wallet, net banking, credit card or debit card. Other premium payment modes include:
- Auto-Debit Arrangement
- NEFT or RTGS
- Cheque, DD or cash deposit at Exide Life Insurance, South Indian Bank, and Axis Bank branches
- Cheque, DD or cash deposit at Karnataka One Counter, Bangalore One Counter or HD One Counter.
- Life Cover and Premium calculator: You can determine how much life cover you need and premium you have to pay using online life cover and premium calculators that are available on the Exide Life Insurance website.
- Complaints and feedback: Fill up a simple form on the Exide Life Insurance website to register complaints and feedback. For grievance redressal, visit the nearest Exide Life Insurance branch or write to firstname.lastname@example.org. You can also call toll-free number 1800 419 8228.
Why should you buy Critical Illness Rider from Exide Life Insurance Company Limited?
Exide Life Insurance Company Limited is considered one of the trustworthy insurance providers in South India. It serves more than 15 lakh customers in over 200 cities across India. The company manages assets worth Rs.9,530 crores and had gained a total of Rs.2,047 crores in Premium Income during FY 2015-16. The Claims Settlement Ratio of Exide Life Insurance for FY 2015-16 was 89%.
If you are looking for long-term protection cum savings plans, then opt for Exide Life Insurance Plans. The company boasts a strong traditional product portfolio that is distributed through multi-channels such as Banc Assurance, Agency, and Corporate Agency & Broking. More than 50,000 agents spread across 200 offices are dedicated to serving customers of Exide Life Insurance. As an ISO 9001:2008 certified company, customers can expect quality products and services from Exide Life Insurance Company Limited.