Companies function well when all employees are taken care of. Happier the employees, better is the company’s performance. Most employees have a liability to avail the Employee’s Deposit Linked Insurance Scheme of 1976 through which Life Insurance is provided to all employees. However, if the said employer has provided better insurance advantages via other schemes, the employer may be exempted from contributing to the Insurance Scheme of 1976. One of the better alternatives that could be availed by the employer is the Exide Life Group Term Life in lieu of Employees’ Deposit Linked Insurance Scheme.
This plan provides a higher Sum Assured and also requires a lower premium amount. This plan also ensures that claim settlements are done a lot more quickly. In addition to all of this, employers can also avail income tax benefits. Through this plan, both employers and employees can procure a number of benefits. This plan can be availed by all members of a Provident Fund scheme in the said company.
This plan can be availed by companies for their employers who are members of a Provident Fund Scheme. In order to avail this plan, they will have to meet the following eligibility criteria:
|Minimum age (in years)||Same as that of Provident Fund Scheme|
|Maximum age (in years)||Same as that of Provident Fund Scheme|
The Sum Assured will depend on the salary of the individual and the service that has been put in from the first day regardless of the actual balance that is available in the Provident Fund.
|Sum Assured that can be availed by employees||
Beneficiary of the said employee will be the same as the one under the Provident Fund Scheme.
Benefits under the scheme differ for employers and employee. These benefits are listed below:
|For Employers||For Employees|
In case of death of member due to suicide within a period of one year from the date of coverage or date of entry, full death benefit will be paid as suicide clause is not applicable to ‘Employer-Employee’ group.
|Grace Period||For monthly mode of payment, 15 days is the grace period that is offered and for quarterly and semi-annual mode of payment, 30 days is the grace period offered. This amount of time is from the due date of premium payment. In case the payment mode is annual, there is no grace period applicable. In case of insured member’s untimely demise during grace period, the death claim will be payable based on the receipt of unpaid premium.|
|Free Look Period||Customers have the option of cancelling the policy by writing to the company along with reasons within a period of 15 days from date of receipt of policy document.|
|Nomination||Nomination with regards to this policy should be in agreement with all provisions of Section 39 of the Insurance Act of 1938.|
|Loan||Loan is not applicable under this policy.|
|Surrender Benefit||Surrender benefit is not applicable under this policy.|
|Maturity Benefit||Maturity benefit is not provided for this policy.|
Premiums that are paid by the employer is eligible for tax benefits as they are looked upon as normal business expenses for the purpose of Income-Tax. Additionally, claim amount that is being paid under the scheme will be exempt from tax based on Section 10() (d) of Income Tax Act of 1962.
Individuals can procure Life Insurance plans from Exide Life very easily as they have the option to apply online. The Self-Service portal is one of the unique benefits offered by this company. Through this feature, individuals can download their premium certificate, check the amount that they have not claimed yet, change their contact details and also make top-up payments on their policies.
Other than this, Exide Life also provides features such as investment calculator, risk analyser, calculator for medical costs. These features are exceedingly convenient as well. In addition to the above, ‘Meet an Advisor’ is an option that can be availed in case individuals require advice regarding their insurance policies. This company is also active on social media.
Exide Life Insurance is one of the premier insurance providing companies in the country and is very innovative in its approach. In addition to providing a number of unique plans catering to a large client base, this company also has a high claim rate.
This company is owned by Exide Industries Limited has won the “IDC Insights Award” in the year 2016 under the category of “Excellence in Omni-Experience” category due to the development of an internal portal known as MyConnect. Exide Life is also known for their hassle-free claims process. In short, this company exemplifies the values on which this company is based on which are - dynamin, dependable, foresighted and responsive.
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.